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Mariah Carey's secret grunge album part of tribute at MusiCares event
Mariah Carey has been honored as MusiCares Person of the Year for her musical achievements and philanthropy. Two days before the Grammy Awards, Carey enjoyed hearing performances of her hit
Google takes down an invisible network that was secretly using your phone's internet
Google wipes out IPIDEA botnet that hijacked millions of home routers.
Of mice and humans: What to know about the diseases mice can spread in the region
This is the latest installment of Pittsburgh Pests, an occasional series examining the insects and other creatures that pose health risks in our region. As...
How the right won the internet
In the second part of our series on digital politics, we look at how online provocateurs have advanced extreme political ideas – and watched them seep into the mainstream, says digital media academic Robert Topinka
High school basketball: Friday's scores
CIF City Section and Southern Section high school boys' and girls' basketball scores for Friday's games.
Atlanta's 500 Most Powerful Leaders in 2026: Arts, Sports, & Entertainment
These are Atlanta's 500 most powerful leaders. We spent months consulting experts and sorting through nominations to get a list of the city's most influential people—from artists to chefs to philanthropists to sports coaches and corporate CEOs. In this section, we focus on arts, film, music, entertainment, and sports.
Tigers take care of business at Woodland Hills
North Allegheny traveled to Woodland Hills High School on Friday night to take on the Wolverines in a Section 1-6A battle. The Tigers took care of business defeating Woodland Hills, 44-11. NA jumped all over the Wolverines defensively only allowing one field goal in the opening frame to lead 15-3 after a quarter of play…. More »
Tigers take care of business at Woodland Hills
North Allegheny traveled to Woodland Hills High School on Friday night to take on the Wolverines in a Section 1-6A battle. The Tigers took care of business defeating Woodland Hills, 44-11. NA jumped all over the Wolverines defensively only allowing one field goal in the opening frame to lead 15-3 after a quarter of play…. More »
US government shuts down partially over homeland security funding
Democratic senators refuse to vote for bill authorizing continued DHS spending after killings of two US citizens
No. 3 Michigan holds off Michigan State's second-half comeback for 83-71 win in East Lansing
Government shutdown or ICE accountability? Senator says that's 'bottom line'
On the verge of another government shutdown, California Sen. Alex Padilla wants more accountability for ICE and less funding for Homeland Security.
Senate passes government funding deal despite GOP backlash
President Donald Trump made a deal with Democrats to carve out Homeland Security funding and allow Congress to debate new restrictions on federal immigration raids across the country.
Senate Passes Deal to Fund Government and Negotiate ICE Limits
Democrats agreed to fund the Department of Homeland Security for two weeks while they negotiate with President Trump on restricting his immigration crackdown.
Orange County health officials confirms second measles case in toddler
The Orange County Health Care Agency on Friday confirmed a second measles case, this time in a toddler with no reported international travel. “Measles is highly contagious. The risk is particularly…
Shutdown nears as lawmakers brace for next round of ICE negotiations
Over the next two weeks, Democrats and Republicans will weigh competing demands on changes to Department of Homeland Security operations.
A Secret Panel to Question Climate Science Was Unlawful, Judge Rules
The researchers produced a report a that was central in a Trump administration effort to stop regulating climate pollution.
The silent breakthrough: why Apple paid $1.5 billion for a secret Israeli startup
Apple has announced the acquisition of Israeli startup Q.ai, which developed technology that deciphers speech without sound, by reading micro-movements of the face and jaw, the system translates whispers and silent speech into words and commands
The Next Crisis Won’t Wait: Why Pandemic Preparedness Is a Business Imperative
Global health security —the ability to protect against the negative impacts of disease outbreaks — is too important to be left solely to the public sector. Industry has a vital interest in helping countries better prepare for future epidemics and pandemics.
Prison Stocks Tumble With ICE Backlash Stoking Business Angst
Wall Street investors who drove a massive surge in the shares of the two biggest private prison operators when President Donald Trump won the US election are seeing the trade fizzle out barely a year into his second term.
Delivra Health Brands Announces Appointment of New Director
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2026) - Delivra Health Brands Inc. (TSXV: DHB) (OTCQB: DHBUF) ("Delivra Health", "Delivra" or the "Company"), a consumer packaged goods company uniquely positioned in the health and wellness sector, is pleased to announce the appointment today of John Barrett as a director of the board of directors of the Company (the "Board"). Mr. Barrett was previously a senior executive with Frito Lay and PepsiCo, and served as Chief Commercial...
New movies to watch this weekend: See 'Send Help' in theaters, rent 'Anaconda,' stream 'The Wrecking Crew' on Prime Video
Ahead of the Oscars, rent or buy Wagner Moura's "The Secret Agent" — or stream Rose Byrne's "If I Had Legs I'd Kick You."
A World Safe for Autocracy: How Chinese Domestic Politics Shapes
China studies expert Jessica Chen Weiss of the Johns Hopkins School of Advanced International Studies reveals how the Chinese Communist Partyʼs pursuit of domestic survival, which balances sovereignty, security, and development, drives
Bouncy balls and beyond: Collaborative project connects science with community
Through “Mission: Materials Science,” a long-running outreach initiative supported by Penn State’s U.S. National Science Foundation–funded Materials Research Science and Engineering Center, graduate students from across disciplines have partnered with museum educators and media professionals to transform materials science research into free, hands-on learning activities.
Pens Points: Winning ways continue
Here are your Pens Points for this Friday morning… Forwards Anthony Mantha and Egor Chinakhov scored in a 31-second span in what was a dominant second period, as the Pittsburgh Penguins breezed by the Chicago Blackhawks 6-2 on Thursday night for their fifth straight victory. [Recap] As seen during the game, the Penguins officially recalled […]
Kristi Noem treated FEMA as an adversary. Then came a massive winter storm
When Homeland Security Secretary Kristi Noem strode into the Federal Emergency Management Agency headquarters last week, ahead of a monster winter storm set to wallop much of the country, she caught staffers buzzing around the agency’s response center off guard.
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world's second-largest economy, just hours after U.S. President Donald Trump signaled a possible opposition to any deal...
Apple buys secretive Israeli AI company Q.ai for $1.6 billion in biggest acquisition of its history
With the move, Apple aims to improve its access to AI technology, which has suffered recent setbacks, especially after several delays in deploying Apple Intelligence's full announced capabilities.
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world’s secon…
Starmer arrives in Shanghai as he looks to boost UK business opportunities
British Prime Minister Keir Starmer has arrived in the Chinese financial center of Shanghai in his bid to boost business opportunities for U.K. firms in the world’s second-largest economy, just hours after President Donald Trump signaled a possible opp...
Cooper Flagg breaks NBA teen record with 49-point game
Cooper Flagg scored 49 points -- the most ever by a teenager in a single NBA game -- but it was not enough to save the Dallas Mavericks from a 123-121 loss to the Charlotte Hornets on Thursday.It was a third consecutive loss for the Mavericks, but a fifth straight win for the lowly Hornets, who sit 11th in the Eastern Conference.
Trump says ‘very dangerous’ for UK to do business with China, after Starmer hails progress in Beijing
US president warns Keir Starmer over closer ties with China during British PM’s trip to secure lower tariffs and better access to Chinese market
FGCU secures 72-64 victory over North Alabama
FORT MYERS, Fla. (AP) Jordan Ellerbee had 18 points in FGCU's 72-64 win over North Alabama on Thursday.
Sean Hannity: Democrats’ anti-ICE outrage is pure political theater
Fox News host Sean Hannity dissects how Democrats’ anti-I.C.E. ‘outrage’ is detached from reality on ‘Hannity.’
UN criticizes Haiti for lack of progress on a political transition
UNITED NATIONS (AP) — The U.N. Security Council criticized Haitian authorities Thursday for the lack of progress in achieving a political transition and called for urgent security sector reforms to tackle increasing violence by gangs and criminal groups.
'Very unfortunate': Fort Pierce Downtown business owners upgrade security after recent burglaries
Two Downtown Fort Pierce businesses were burglarized early Tuesday morning, prompting police to search for suspects and business owners to upgrade security.
Winter weather hits local businesses hard as snow forces closures
Local business owners are grappling with the financial strain of consecutive winter weather weekends, with closures significantly impacting service industry employees and small retailers.
Scaling innovations in public health systems: guidance and toolkit
This guidance is a strategic instrument to position governments as drivers of health systems transformation. By embracing the roles, processes and strategies outlined herein, public sector leaders can move beyond short-term initiatives and isolated successes toward lasting, large-scale improvements in health outcomes.
Testing the system: regional simulation exercises advance global health security
These exercises – South-East Asia Regional Practice of All-Hazard IHR Event Communications (SAPHIRE), Joint Assessment and Detection of Events (JADE) in the European Region, and IHR Exercise Crystal in the Western Pacific Region – bring together National Focal points (NFPs), who play a critical role under the IHR in safeguarding global health security. These annual exercises stress-test IHR event communication procedures and contingency plans, demonstrating a sustained commitment by countries to strengthening preparedness and learning.
Democrats, White House strike deal that would avert shutdown
The two sides agreed to separate homeland security funding from the rest of the legislation and fund it for two weeks while they debate Democratic demands for curbs on ICE.
Corpus Christi Hooks announce coaching staff for 2026 season
Ricky Rivera, the 10th manager in 21 seasons of Hooks baseball, returns to Corpus Christi for a second consecutive campaign.
Intermountain Health freezes pension plans. What does it mean for employees?
Intermountain has been a holdout in a business sector that has mostly migrated to contribution-based retirement plans
Google Project Genie lets you create interactive worlds from a photo or prompt
Project Genie lets you generate new worlds 60 seconds at a time, but only if you pay for AI Ultra.
'New evidence' gives Jordan Chiles a chance to secure the return of her Olympic bronze medal
Switzerland's highest court has sent the case of Jordan Chiles' disputed bronze medal from the 2024 Paris Olympics back to the CAS based on 'new evidence' that might prove favorable for the U.S. gymnast.
Ohio political blog 'The Rooster' banned from X after criticizing DHS Secretary Kristi Noem
The blog's author, D.J. Byrnes of Columbus, wrote that Noem "will have to die in prison. No other way around it." The social media platform banned Byrnes for violent speech and abuse.
The secret to long life? It could be in the genes after all, say scientists
New study into ‘heritability’ shows that 50% of the variation in human lifespan could be down to genetics
Apple buys Israeli startup Q.AI as the AI race heats up
Apple announced its acquisition of Q.AI for a reported nearly $2 billion, making it the company's second-largest acquisition to date.
Former reality TV father of 8 reveals major health scare: ‘I could have died’
It happened just weeks before his marriage to his second wife.
Browns Myles Garrett takes home yet another award
Garrett is the first player in NFL history to be The Sporting News’ DPOY for 3 consecutive years.
Apple buys Israeli start-up Q.AI as it races Meta and Google on AI devices
Deal worth close to $2bn for secretive group that creates technology that analyses facial expressions
Susan Collins Claims ICE Is Ending Maine Surge
The Maine senator said she discussed the matter with Secretary of Homeland Security Kristi Noem.
AirTag 1 vs. AirTag 2 Buyer's Guide: All 15+ Differences Compared
Apple's new AirTag introduces a series of small improvements, so how does it compare to the original model from 2021? The second-generation...
War Department Boards Merge to Form New Science, Technology and Innova
Secretary of War Pete Hegseth approved a major overhaul of the War Department's legacy advisory boards, directing the merger of the Defense Innovation Board and the Defense Science Board into the new
Tanzania eyes East Africa’s pharmaceutical hub crown {Business Africa}
Tanzania is betting on local drug manufacturing to reduce imports and become East Africa’s pharmaceutical hub and we find out how Africa's private sector is fixing the supply chain to minimise the billions lost in post-harvest logistics.View on euronews
SEC survey results: Fans on the state of the conference, Indiana and the future of the sport
By and large, SEC football fans are humbled. However, they’re not in a panic, based on the results of a reader survey by The Athletic.
Jake Bird’s adjustments could give him a second chance
The right-hander was awful for the Yankees, both in MLB and Triple-A, but has tons of room to improve.
AI Real Estate Business Taps $100 Million Private Credit Loan
Propy, a real estate technology company, tapped the private credit market for the first time, securing $100 million to support the startup’s acquisition strategy.
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster
Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.
SEC.gov | 45th Annual Small Business Forum
The SEC will host its annual Small Business Forum to discuss capital formation for small businesses.
The Joy Rematch: How can sports win over non-fans?
How can sports leagues attract non-fans? Download The Joy Rematch to see how leagues can secure this untapped market.
Illinois job market loses momentum after year-end slide
Illinois shed jobs for a second straight month at the end of 2025, the sharpest pullback since the post-pandemic rebound began, even as Chicago’s job market proved more resilient.
The US in brief: Agents who shot Alex Pretti on leave
The latest news in US politics, with coverage of Donald Trump’s second term.
N-able Ushers in New Era of Business Resilience Fueled by AI
BURLINGTON, Mass., January 29, 2026--N-able, Inc. (NYSE: NABL), a global software company delivering an end-to-end cyber resilience platform, today announced enhanced AI capabilities across its platform to help organizations operate securely, efficiently, and resiliently as AI reshapes both cyberthreats and IT complexity.
North Allegheny defeated by Fox Chapel, 44-33
North Allegheny hosted the Fox Chapel Foxes at UPMC Court on Wednesday night in a Section 1-6A contest. Neither offense was very explosive but the Foxes did enough offensively to defeat the Tigers by a score of 44-33. NA got a three-pointer from Will Robertson in the opening frame but trailed 10-5 after a quarter of play. Cole… More »
Palat scores, assists in Islanders' 5-2 win over Rangers
Ondrej Palat scored the opening goal and added an assist in his debut with the New York Islanders, who defeated their cross-town rival New York Rangers 5-2 on Wednesday night. Simon Holmstrom had a goal and two assists, David Rittich made 14 saves, and the Islanders won their second straight game. Mathew Barzal, Jean-Gabriel Pageau and Emil Heineman also scored.
Justice Department bracing for more resignations in Minnesota
The Justice Department is bracing for a new wave of resignations in the Minnesota federal prosecutors’ office over recent immigration enforcement efforts in the state, sources familiar with the matter said.
Prosecution requests July 1 state trial for Mangione in health care executive's killing
Defense attorneys for Luigi Mangione, charged with fatally shooting UnitedHealthcare CEO Brian Thompson in 2024, said the date is unrealistic with a federal case also pending.
Case of measles confirmed in Arizona ICE facility
The US Department of Homeland Security says a person in detention at an Arizona Immigration and Customs Enforcement facility has measles, a highly contagious virus that can cause high fevers and a distinctive rash.
The Alliance for Primary Health Care in the Americas marks two years and formally welcomes Bolivia and Uruguay as members
PAHO, the World Bank, and the IDB initiative has driven health system transformation and aligned more than one billion dollars in investments across five countries. Brazil expressed its support, signing a letter of intent.Rio de Janeiro, 28 January 2026 — The Alliance for Primary Health Care (PHC) in the Americas, a joint initiative of the Pan American Health Organization (PAHO), the World Bank (WB), and the Inter-American Development Bank (IDB), is celebrating its second anniversary with achievements in transforming health systems across the region.
Trump's response to Pretti killing upends Second Amendment politics : Here & Now Anytime
Alex Pretti was legally carrying a gun when a federal agent shot and killed him in Minneapolis last weekend. President Trump and other federal officials blamed his death on the fact that he had a gun, but Minnesota Gun Owners Caucus chair Bryan Strawser explains why he disagrees.And, after leading immigration operations in Minneapolis, Border Patrol Commander Gregory Bovino has returned to his previous job in California. CalMatters investigative reporter Sergio Olmos talks about Bovino’s record in California.
Internal review contradicts Trump administration on Alex Pretti shooting : The NPR Politics Podcast
An initial internal review into federal immigration officers’ fatal shooting of Alex Pretti in Minneapolis last weekend contradicts the description of the incident by Homeland Security Secretary Kristi Noem. We discuss President Trump’s shifting messages on immigration policy and how his administration’s efforts to restrict legal immigration pathways are changing the political environment. This episode: senior White House correspondent Tamara Keith, immigration policy correspondent Ximena Bustillo, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Bria Suggs and Lexie Schapitl, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Hearing on Veterans Affairs Health Care System
The Senate Veterans' Affairs Committee will hear testimony from Secretary Doug Collins on proposed changes to the department's health care system.
Viral Moltbot AI assistant raises concerns over data security
Security researchers are warning of insecure deployments in enterprise environments of the Moltbot (formerly Clawdbot) AI assistant, which can lead to leaking API keys, OAuth tokens, conversation history, and credentials.
High school roundup: Hastie’s shot lifts Pelham boys
Gavin Hastie’s jumper in the lane with 1.5 seconds remaining lifted the Pelham boys basketball team past host Lebanon, 50-48, in a Division II contest on Tuesday night.
Burner phones and lead-lined bags: a history of UK security tactics in China
Starmer’s team is wary of spies but such fears are not new – with Theresa May once warned to get dressed under duvet
Here's the Secret Galaxy S26 Ultra Display Security Feature You'll...
You guys know what a privacy screen is, right? A privacy screen allows someone viewing a display straight-on to be able to view content, while any off angle brings a tint... #GalaxyS26Ultra #Samsung
Give Your Problems (and Passwords) to Moltbot, Then Watch It Go
A viral new virtual assistant formerly known as Clawdbot is complex and brings security risks—but some early adopters say it feels like the future.
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
1st Zipps Sports Grill location reopens following Homeland Security raids
Zipps Sports Grill in Tempe, located near McClintock Drive and Warner Road, reopened on Jan. 28, the company announced.
Norma Izzo Continues Earning Business Leader Recognition from AZ Big Media
For the third consecutive year, Spencer Fane attorney Norma Izzo has been recognized in AZ Big Media’s annual AZ Business Leaders issue for her
Marco Rubio admits Trump confused Iceland with Greenland
Secretary of State Marco Rubio admitted during a Senate hearing on Jan. 28 that his boss confused Iceland with Greenland during a speech last week.
WATCH: Coons, Rubio disagree on whether Congress should’ve been consulted before Maduro ouster
Sen. Chris Coons, D-Del., said the Trump administration failed to properly consult with Congress in the months leading up to the dramatic U.S. military raid that ousted President Nicolás Maduro. Secretary of State Marco Rubio said it was "a trigger-based operation."
Leadership turmoil returns to Hispanic Silicon Valley business group
For the second time in seven years, the Hispanic Chamber of Commerce Silicon Valley has found itself embroiled in a leadership dispute that has led to the sudden ouster and replacement of multiple board members.
2nd Show Announced for State Fair 2026 Concert Lineup
The Great New York State Fair has announced its second music act for Suburban Park.
Galaxy S26 Qi2 25W wireless charger is a MagSafe puck, hints you’ll still need a case
It’s no secret that the Galaxy S26 series is rumored to add Qi2 magnets to the device itself, but if...
Maduro was an 'impediment to progress' and refused deal, Rubio says
Secretary of State Marco Rubio made the comments at a Jan. 28 Senate hearing on Venezuela.
The Odds: Is DHS Secy. Noem becoming an unavoidable political problem for President Trump?
Business Success
Ohio Wesleyan Celebrates Innovation at Second Annual U.S. Entrepreneurship Competition
Recognize Data Privacy Day by protecting your small business from cybercriminals
Your small business likely has had many milestones. Hiring your first employee. Opening your doors for the first time. Making your first sale. But some milestones you’d probably rather avoid — like experiencing your first cyberattack. Think you’re too small to target? Think again. Cybercriminals target companies big and small, so this Data Privacy Day keep your business’s data (and your customers’ data) safe by reviewing the FTC’s updated resources at ftc.gov/cybersecurity.
On Data Privacy Day (and every day): Protect your small business
Cybercriminals target companies big and small. Today is Data Privacy Day — a great opportunity to take a look at how you keep your business and customer data protected. Get started with the FTC’s updated resources at ftc.gov/cybersecurity.
The US in brief: DHS’s first report on Pretti
The latest news in US politics, with coverage of Donald Trump’s second term.
Viral AI assistant Moltbot rapidly gains popularity but poses security risks
The open source "Jarvis" chats via WhatsApp but requires access to your files and accounts.
Do college sports actually want rules? How high should Indiana be ranked? Mandel’s Mailbag
Plus, why the SEC and Big Ten control the CFP, what coaching hires were actually downgrades and Deion Sanders' future at Colorado.
‘Shameful’: Trump’s EPA accused of prioritizing big business over public health
A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters
‘Shameful’: Trump’s EPA accused of prioritizing big business over public health
A year into Trump’s second term, critics say the EPA is rolling back dozens of protections and giving a leg up to polluters
Sharing Good News Pays Off for Palm View K-8 Science Teacher
On Friday, we were proud to SURPRISE and announce the second-ever recipient of the School District ...
New WhatsApp lockdown feature protects high-risk users from hackers
Meta has started rolling out a new WhatsApp lockdown-style security feature designed to protect journalists, public figures, and other high-risk individuals from sophisticated threats, including spyware attacks.
Who was Ajit Pawar, the Indian politician killed in plane crash?
Pawar was a key political figure and served as second-highest elected official in Maharashtra, India's wealthiest state.
Why it’s so hard to uncover the truth about a president’s health
Bruises on Trump’s hands and other apparent ailments have invited speculation. But secrecy, politics, and the vagaries of aging make drawing conclusions difficult.
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash