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Accelerating science with AI and simulations

For more than a decade, MIT Associate Professor Rafael Gómez-Bombarelli has used artificial intelligence to create new materials. Now, he believes AI is poised to transform science in ways never before possible.

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Feb 12 • 12:00 AM EST • Science • news.mit.edu
This Comet Stopped Spinning. Then It Started Rotating Backward.

The unusual event, never seen before, might be a way small comets are “blown to bits” in the solar system.

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Feb 11 • 9:19 PM EST • Science • nytimes.com
Democrats vying for Michigan Senate seat clash over corporate money at first forum

Mallory McMorrow no longer accepts donations from corporate PACs. Abdul El-Sayed boasts that he never did. Haley Stevens, who does, sidestepped a question about the issue.

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Feb 11 • 1:15 PM EST • Politics • nbcnews.com
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Health officials detect 'rhino tranq' in illegal drugs around Southern Nevada

Health officials say they’ve detected a powerful sedative in Southern Nevada's illicit drug supply.

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Feb 11 • 1:03 PM EST • Health • news3lv.com
Pokémon Pokopia - The Final Preview

We’ve had some relaxing Pokémon games over the years, but we’ve never quite had a game that embraced this secondary cozy aesthetic fully into its gameplay–until now, with Pokémon Pokopia. I played the first hour of Pokémon’s first life-sim, and the sheer amount of discovery to be made hooked me.

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Feb 11 • 9:00 AM EST • Technology • ign.com
Celebrating Women in Science Day 2026 at CERN

Every year, on 11 February, CERN celebrates the International Day of Women and Girls in Science. In an effort to amplify diverse voices in STEM, six women scientists from CERN open up about their careers and the lessons they hope to pass on to the next generation. Francesca is an Italian biomedical engineer pursuing her PhD at CERN, working in the robotics team of the Beams Department. She’s currently working on the MARCHESE project, in affiliation with Campus Bio-Medico University of Rome, focusing on contactless monitoring of physiological parameters. Despite choosing a scientific career and often volunteering in scientific outreach initiatives, Francesca continues to nurture her passion for the humanities and arts. “I firmly believe that collaboration and inclusion are the right paths to improve the world together. I’m driven by a strong curiosity about everything around me.” Berare is a Turkish experimental physicist who worked with the ATLAS experiment during her MSc and PhD on searches for physics beyond the Standard Model. During her PhD, she became a Support Scientist for the Beamline for Schools (BL4S) competition, which marked the beginning of her journey combining research with science communication. She now works for both BL4S and ELISA, the mini proton accelerator at CERN’s Science Gateway. She fondly remembers the moment when the BL4S 2022 winners arrived at the experimental zone: “I felt incredibly lucky to share my passion with young, curious and really passionate people. We spent two weeks of beam time together watching their ideas turn into reality. All the intricate details of running an experiment, we accomplished them as a team.” Mia is a Canadian research fellow in the Accelerator Systems Department, working on beam developments for fundamental physics with radioactive molecules. Mia pursued a bachelor’s degree in mechanical engineering before moving to Vancouver for a master’s degree in engineering physics. Her interest in radioactive ion beam production brought her to CERN, where she studied actinide beams for three years as a PhD student in the Marie Curie European Training network “LISA” (Laser Ionisation and Spectroscopy of Actinides) at ISOLDE – a facility at CERN where scientists study the properties of atomic nuclei, with further applications in fundamental studies, astrophysics, and material and life sciences. Laura is a German mechanical engineer at CERN working on research and development to produce cavities for future accelerators. She studied mechanical and aerospace engineering at the Technical University of Munich. She joined CERN four years ago as a technical student for her master’s thesis and continued as a fellow working on collimators. Laura says that “as a child, I took part in girls’ day initiatives, which sparked my fascination for astrophysics and engineering. Later, it felt natural for me to give something back by organising workshops for young students to make STEM seem less intimidating and more accessible.” She particularly enjoys being close to the CERN Main Workshop and understanding how design ideas become real components. Paraskevi is a Greek physicist working at CERN’s HiRadMat (High-Radiation to Materials) facility, designed to deliver high-intensity beams to an irradiation area where material samples, as well as accelerator component assemblies, can be tested. She studied physics at NKUA, specialising in nuclear and particle physics, and is now pursuing her PhD at HiRadMat in collaboration with the University of Liverpool, studying novel materials for high-intensity beam diagnostics. “Continuous learning is one of my biggest motivators, and I am looking forward to exploring the limits of our knowledge on beam-material interactions,” says Paraskevi. Silvia is a Spanish physicist and deputy project manager for the Muon Drift Tube of the CMS detector, a general-purpose detector at the Large Hadron Collider (LHC). She started her career at CERN more than 20 years ago as a technical student, working on prototypes of the first dipoles for the LHC. “My first motivation came in high school, from my teacher,” says Silvia about what made her pursue a career in STEM. “My favourite part about my job is learning. You can learn something new every day.” In parallel to this initiative, like every year since 2017, from 2 to 6 February 66 women scientists and engineers visited schools in Geneva, Switzerland, and in the Haute-Savoie and Ain regions of France to meet with students. Organised in collaboration with CERN, the University of Geneva, EPFL, LAPP and LAPTh, this event allowed more than 4200 students between 6 and 17 years old to meet a woman scientist, discuss their profession and career path, ask questions and participate in classroom activities.

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Feb 11 • 2:46 AM EST • Science • home.cern
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Local sports schedule for upcoming week

Although it seems like winter never came to Durango, local winter sports will be over sooner, rather than later. Durango High School’s boys and girls basketball teams will celebrate their seniors on ...

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Feb 11 • 12:30 AM EST • Sports • durangoherald.com
Drones, Entertainment, Ticket Specials, a World Record Attempt and More: The 2026 International Fireworks Championship Las Vegas

“It’s not just a fireworks show. We’re telling a story in the sky.” LAS VEGAS – Fireworks fans across the country and in Las Vegas are gearing up for the 2026 International Fireworks Championship in

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Feb 10 • 7:30 PM EST • Entertainment • nevadabusiness.com
He’s back, but probably not from Africa: Perennial candidate Paul Congemi joins St. Pete Mayor’s race

The repeat mayoral candidate has never earned much support, but he made national headlines in 2017 for telling another candidate to go back to Africa.

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Feb 10 • 8:39 AM EST • Politics • floridapolitics.com
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Dallas Cowboys superfan remembered after passing

Cowboys Nation mourns Carolyn Price, a superfan who never missed a moment of her team's historic ride over the decades.

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Feb 10 • 8:01 AM EST • Health • nbcdfw.com
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When immune cells stop fighting cancer and start helping it

Scientists have uncovered a surprising way tumors turn the immune system to their advantage. Researchers at the University of Geneva found that neutrophils—normally frontline defenders against infection—can be reprogrammed inside tumors to fuel cancer growth instead. Once exposed to the tumor environment, these immune cells begin producing a molecule called CCL3 that actively promotes tumor progression.

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Feb 10 • 7:00 AM EST • Science • sciencedaily.com
One of the Winter Olympics’ oldest sports is facing steady decline. Its savior could be finally allowing women to compete

Nordic combined is one of the 16 original Winter Olympics events, dating back to the Games’ origins in 1924 in Chamonix, France. It’s also the only winter sport to never allow women to compete at the Games.

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Feb 10 • 3:00 AM EST • Sports • cnn.com
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How the Epstein files are upending U.K. politics : Consider This from NPR

The latest disclosure from the U.S. Department of Justice’s investigation of Jeffrey Epstein is threatening the U.K. ruling government.New documents have led Peter Mandelson, a former ambassador to the U.S., to resign from Britain’s House of Lords and from the Labour Party.The fallout has already claimed two key staff members close to Prime Minister Keir Starmer, and some in his own party are calling for him to step down too.Edward Luce, chief U.S. commentator for the Financial Times, helps explain the scandal – and why the reaction in the U.K. differs from the U.S.For sponsor-free episodes of Consider This, sign up for Consider This+ via Apple Podcasts or at plus.npr.org. Email us at considerthis@npr.org.This episode was produced by Jordan-Marie Smith and Connor Donevan, with audio engineering by Hannah Gluvna. It was edited by Patrick Jarenwattananon and Michael Levitt. Our executive producer is Sami Yenigun.

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Feb 9 • 5:40 PM EST • Politics • npr.org
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How — and why — to keep politics out of the office

Never assume that your work colleague shares your opinions on politics, our guest columnist writes along with seven golden rules for keeping the workplace conflict-free.

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Feb 9 • 9:56 AM EST • Politics • mainebiz.biz
Healthy Hofstra makes Towson look sick

The Pride raced out to a 46-20 lead at halftime and never looked back

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Feb 8 • 8:39 AM EST • Health • midmajormadness.com
Healthy Hofstra makes Towson look sick

The Pride raced out to a 46-20 lead at halftime and never looked back

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Feb 8 • 8:39 AM EST • Sports • midmajormadness.com
Sooo ... About Last Night

Last night (Sat., Feb. 7, 2026), Ultimate Fighting Championship (UFC) returned home to the Meta APEX in Las Vegas, Nevada for UFC Vegas 113. Luckily, the first “Fight Night” event of 2026 was a step up from the average APEX affair. There were intriguing bouts booked throughout the evening featuring some quality prospects and familiar […]

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Feb 8 • 1:00 AM EST • Sports • mmamania.com
OPINION: America’s runaway sports betting obsession ensures that ‘Everybody Loses’

OPINION: America’s runaway sports betting obsession ensures that ‘Everybody Loses.' Read more at The Nevada Independent.

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Feb 7 • 9:00 PM EST • Sports • thenevadaindependent.com
From COVID’s uncertainty, a stronger small-business culture emerged in Nevada

In the middle of the pandemic, when it seemed like business after business in Las Vegas was closing, Upbeat Health was just getting started. Today, the Summerlin clinic’s mobile wound-care team has grown nearly tenfold, one small example of ...

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Feb 7 • 9:00 PM EST • Business • lasvegassun.com
Zambia bishops instruct clergy and faithful to stay out of partisan politics

“The Church is not and must never be a mouthpiece for any political party or candidate,” the Zambian bishops stated. Read more in this roundup of world news that you may have missed this past week.

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Feb 7 • 9:00 AM EST • Politics • ewtnnews.com
Opinion | Lincoln as you’ve never known him

Matthew Pinsker reveals how the 16th president carefully built a partisan base essential to his rise.

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Feb 7 • 7:00 AM EST • Politics • washingtonpost.com
They paid thousands for new solar panels. Then their Oregon contractor went dark

One man says he used all his savings to pay for solar panels that were never installed.

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Feb 6 • 9:00 AM EST • Business • oregonlive.com
Saying Goodbye to the Mass Market Paperback

The mass market paperback, light in the hand and on the wallet, once filled airport bookstores and supermarket media aisles. You may never buy a new one again.

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Feb 6 • 5:00 AM EST • Technology • nytimes.com
CBER Report: Nevada Led the Nation in Post-Pandemic Small Business Growth

New analysis by UNLV's Center for Business and Economic Research shows that 40 percent of Nevada’s employer firms were created after COVID-19 as new entrepreneurs reshaped the state’s recovery.

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Feb 5 • 5:09 PM EST • Business • unlv.edu
Mark Davis to be inducted in Southern Nevada Sports Hall of Fame

The Raiders and Aces owner will be honored for bringing a Commitment to Excellence to Las Vegas.

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Feb 5 • 3:15 PM EST • Sports • raiders.com
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Stop Using Windows 11 Like a Beginner: 31 Hidden Tricks Microsoft Never Taught You

Windows 11 is more advanced than you might think. We show you how to take advantage of AI‑powered Copilot tricks, customization tips, hidden settings, multitasking tools, security tweaks, and more.

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Feb 5 • 11:45 AM EST • Technology • pcmag.com
Student Health Center at University of Nevada, Reno

The Student Health Center provides convenient, high-quality care — medical, mental health, nutrition, and sports medicine — for student well-being.

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Feb 5 • 3:00 AM EST • Health • unr.edu
US man shares clever AirTag trick that Apple never explains when you buy it

US tech creator reveals a simple AirTag setup trick Apple doesn’t explain, plus a small habit that makes trackers far more useful day to day

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Feb 5 • 1:47 AM EST • Technology • supercarblondie.com
Analysis: The Epstein storm could topple a world leader — but it’s not Trump

British Prime Minister Keir Starmer was never mixed up with Jeffrey Epstein but is in grave peril of losing his job because of him.

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Feb 5 • 12:01 AM EST • Politics • cnn.com
Headliners and announcements for Entertainment Council’s annual Brainfreeze show

The winter quarter concert will feature Rocco, Sarah Kinsley, a pre-show art gallery and more By MIRIAM RAMAKRISHNAN — arts@theaggie.org In the midst of classes, midterms and the never-ending tule fog, the music scene at UC Davis doesn’t stop kicking. Brainfreeze, the annual winter concert hosted by ASUCD’s Entertainment Council (EC), is set to return […]

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Feb 4 • 9:13 PM EST • Entertainment • theaggie.org
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Mental health at Olympics is taken seriously, but it wasn't always

Gracie Gold knows all about the pressure of the Winter Olympics, and she's helping Olympians care for their mental health with resources she never had

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Feb 4 • 4:00 PM EST • Health • usatoday.com
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The No. 1 Heart Disease Symptom a Cardiologist Never Ignores in Her Own Body

A cardiologist at the Columbia Women's Heart Center shares the heart disease warning signs she looks for in her own body, including the most alarming symptoms besides chest pain.

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Feb 4 • 12:21 PM EST • Health • today.com
'Let a thousand flowers bloom': Jensen Huang says demanding ROI from AI is like forcing a child to make a business plan for a hobby

You don't ask your kids to prove to you how they're going to make money for you, Huang said. "We never do that at home. But we do it at work."

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Feb 4 • 11:49 AM EST • Business • fortune.com
The Milan Cortina Winter Olympics take shape, in photos

The 2026 Winter Olympics in Italy are fast approaching. As the torch relay nears completion, athletes are arriving, with some already making headlines. There are 16 sports in total, including some never before seen, with 116 gold medals to be awarded.

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Feb 4 • 9:44 AM EST • Sports • sports.yahoo.com
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Trump criticizes CNN reporter for 'not smiling' after Epstein question

President Trump told Kaitlan Collins he's never seen her smile after the CNN anchor asked him about the Jeffrey Epstein files.

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Feb 4 • 8:21 AM EST • Politics • usatoday.com
Patriots' rookies ready to take on sport's biggest stage as they prepare for Super Bowl

More than half of New England's players had never played in a postseason game before last month, and they now find themselves on the biggest stage in sports.

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Feb 3 • 6:44 PM EST • Sports • wmur.com
This 3D Printer Just Broke My Tests, Because the Future Is Here

I've never seen a 3D printer complete my tests as well as the Bambu Lab H2C.

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Feb 3 • 2:37 PM EST • Technology • cnet.com
Laura Smith | College of Business Advising

Laura Smith is an advisor in the College of Business at the University of Nevada, Reno.

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Feb 3 • 2:06 PM EST • Business • unr.edu
The last US-Russia nuclear treaty is about to expire. What happens now?

Is an arms race inevitable in the post-New START world.

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Feb 3 • 7:15 AM EST • Politics • vox.com
Musheinesh: Trump ignores the devastating toll tariffs have on Michigan businesses

No person — not even the President of the United States — has the unilateral power to slap taxes on the entire nation whenever they feel like it.

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Feb 2 • 7:58 PM EST • Business • detroitnews.com
Normalizing surveillance under the banner of helping lost pets

Now, surveillance doesn’t arrive announcing itself as surveillance. It shows up wagging its tail, asking for help, and hoping you won’t notice that the cameras never stop looking.

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Feb 2 • 6:52 PM EST • Technology • boingboing.net
What is the US strategic minerals stockpile?

President Trump said the stockpile would 'ensure that American businesses and workers are never harmed by any shortage'.

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Feb 2 • 6:51 PM EST • Business • aljazeera.com
Lindsey Hendrickson | College of Business Advising

Lindsey Hendrickson is an academic advisor in the College of Business at the University of Nevada, Reno.

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Feb 2 • 2:42 PM EST • Business • unr.edu
As Democrats Press Trump on ICE, Gallego and Pritzker Preview 2028 Pitches

Speaking at a party gathering in Nevada, the two politicians urged opposition to President Trump’s deportation agenda, while appearing to lay the groundwork for potential presidential runs.

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Feb 2 • 1:28 PM EST • Politics • nytimes.com
What can you do today to improve your heart health? Simple steps can make a difference

It’s never too late to protect yourself from heart attack and stroke. Here’s what experts say you can do now. #HeartMonth

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Feb 2 • 7:00 AM EST • Health • heart.org
EU reaffirms commitment to science-based multilateralism

Countries are meeting in Geneva for the first Intergovernmental Science-Policy Panel on Chemicals, Waste and Pollution plenary.

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Feb 2 • 7:00 AM EST • Science • environment.ec.europa.eu
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Geneva campus moves ahead with major science center buildout

A major new science complex is taking shape in Geneva as Hobart and William Smith Colleges finalize plans for the Fish Center for the Sciences, a four-story facility designed to bring multiple STEM disciplines under one roof. With design work nearly complete, the $25 million project marks one of the largest academic investments in the… MoreGeneva campus moves ahead with major science center buildout

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Feb 2 • 3:51 AM EST • Science • fingerlakes1.com
A parent’s guide to preventing measles infection and what to look for

Measles cases are rising in the U.S., and for many parents, it’s a never-before-seen disease. Here's how to spot the rash, and protect your family against this dangerous infection.

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Feb 1 • 2:59 PM EST • Health • pbs.org
Pixel 10 Pro Laughs at Profit Margins With $250 Off Sale

Pixel 10 Pro deal sends it to $200 off, while the Pixel 10 Pro XL drops by $250. We talk quite often about how you should never pay full price for any of the Pixel devices made by... #Deals #Google

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Feb 1 • 11:54 AM EST • Technology • droid-life.com
‘I’ve never taken drugs or drunk alcohol,’ says Zack Polanski

Green party leader wants to legalise all drugs, regulate their use and not be ‘the fun police’

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Feb 1 • 8:28 AM EST • Politics • theguardian.com
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“Existential risk” – Why scientists are racing to define consciousness

Scientists warn that rapid advances in AI and neurotechnology are outpacing our understanding of consciousness, creating serious ethical risks. New research argues that developing scientific tests for awareness could transform medicine, animal welfare, law, and AI development. But identifying consciousness in machines, brain organoids, or patients could also force society to rethink responsibility, rights, and moral boundaries. The question of what it means to be conscious has never been more urgent—or more unsettling.

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Feb 1 • 7:00 AM EST • Science • sciencedaily.com
Pols & Politics: Teamsters endorse Moulton, Shortsleeve picks up support

Saying that Democratic Congressman Seth Moulton “has never wavered in his support for our members,” the Massachusetts Teamsters union announced it endorses his bid for U.S. Senate.

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Feb 1 • 4:57 AM EST • Politics • bostonherald.com
Basketball box scores, other sports results for Saturday, January 31, 2026; Sunday's schedule

SATURDAY’S RESULTS Boys Basketball WPIAL CLASS 3A Section 2 Bishop Canevin 56, McGuffey 41 McGuffey 12 8 12 9 — 41 Bishop Canevin 13 13 12...

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Jan 31 • 10:58 PM EST • Sports • post-gazette.com
Nevada Science Bowl to crown new champions for national competition

The 2026 Nevada Science Bowl took place on Jan. 31 at the College of Southern Nevada, North Las Vegas campus, featuring 24 teams from 20 high schools.Students

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Jan 31 • 3:05 PM EST • Science • news3lv.com
The 4 best wired earbuds for super-reliable sound, tested by editors

Wired earbuds can offer superior sound quality, and they never run out of battery. Here are the four best pairs our editors found after years of testing.

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Jan 31 • 10:00 AM EST • Technology • cnn.com
LaRussell joins Super Bowl 60 entertainment lineup with game-day performance

The Vallejo rapper’s rise has never followed the industry playbook. Now, his hometown ethos is taking center stage at Super

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Jan 31 • 8:30 AM EST • Entertainment • yahoo.com
Sydney Sweeney on “MAGA Barbie” Nickname: “I’ve Never Been Here to Talk About Politics”

"I’ve always been here to make art, so this is just not a conversation I want to be at the forefront of," the 'Christy' star said in conversation with Cosmopolitan.

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Jan 30 • 8:07 PM EST • Politics • hollywoodreporter.com
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Attorney General Jeff Jackson Announces Health Care Fraud Conviction and Settlement

FOR IMMEDIATE RELEASE Friday, January 30, 2026 Contact: comms@ncdoj.gov RALEIGH – Today, Attorney General Jeff Jackson announced Kathy Briggs, co-owner of Neveah & Company, operating as Restorative Medical, was sentenced to 24 months in prison, followed by two years of supervised release, which includes 13 months of home confinement, and ordered to pay $2,483,855.72 in […]

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Jan 30 • 3:58 PM EST • Health • ncdoj.gov
Nevada's first-in-the-nation primary bid gets boost from political group Latino Victory

Nevada, New Hampshire and South Carolina are vying to be the first state to vote in the 2028 Democratic presidential primaries.

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Jan 30 • 2:00 PM EST • Politics • cbsnews.com
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I Treat Pregnant Moms. I’ve Never Seen So Much Anxiety.

As our government abandons science, pregnant women are increasingly turning to unvetted online resources to soothe their worries.

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Jan 30 • 7:22 AM EST • Health • thecut.com
Milan Cortina 2026 events calendar

The 2026 Winter Olympics are here. Follow all the Milan Cortina Olympic action and track upcoming calendar events before they happen so you'll never miss a beat.

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Jan 30 • 6:00 AM EST • Sports • nbcnews.com
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Louisville Defeats Stanford 84-66

Louisville played a balanced game against Stanford and never trailed and racked up another 20-win season. They finished with five players in double figures with Mackenly Randolph and Laura Ziegler having career highs. However, Coach Jeff Walz was not impressed with his team’s outing. Coach Walz said, “Actually I don’t think we played well at […]

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Jan 29 • 10:46 PM EST • Sports • sports.yahoo.com
Johnson says government will 'inevitably' shut down despite Senate deal

House Speaker Mike Johnson said that "logistics" for House members may force the federal government into a brief shutdown, despite a funding deal made in the Senate.

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Jan 29 • 9:29 PM EST • Politics • usatoday.com
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Stephanie Grace: Washington Mardi Gras attempts to bypass politics. It only somewhat succeeds.

If there’s a key word to the annual Washington Mardi Gras, it’s camaraderie. Yet as columnist Stephanie Grace reports from the nation’s capital, politics are never far from the surface.

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Jan 29 • 7:00 PM EST • Politics • nola.com
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Tim Walz says he’s done with politics: ‘I will never run for office again’

Minnesota Gov. Tim Walz declares "I will never run for an elected office again" amid massive fraud scandal that forced him to abandon 2026 re-election bid.

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Jan 29 • 3:04 PM EST • Politics • foxnews.com
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At World’s Busiest Port, China’s Unbalanced Economy Comes Into View

The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.

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Jan 29 • 12:00 AM EST • Business • nytimes.com
Tim Walz says he'll never seek elected office again

The Minnesota governor unexpectedly announced this month that he wouldn't run for re-election.

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Jan 28 • 10:17 PM EST • Politics • nbcnews.com
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Alexander Volkanovski shuts down Jean Silva title talk

Not yet, “Lord.” Ultimate Fighting Championship (UFC) Brazilian fan-favorite Jean Silva scored the biggest win of his career at UFC 324 last weekend (Sat., Jan. 24, 2026), outworking the ultra-durable Arnold Allen to a unanimous decision victory inside T-Mobile Arena in Las Vegas, Nevada. The win immediately launched Silva into the division’s elite and title […]

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Jan 28 • 5:49 PM EST • Sports • mmamania.com
The White House’s shocking lies about Minneapolis

Never forget how this administration misled you.

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Jan 28 • 7:15 AM EST • Politics • vox.com
Analysis: Trump’s team almost never backs down from its false claims. This past week has been different

From the start, this has been a say-anything presidential administration.

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Jan 28 • 6:00 AM EST • Politics • cnn.com
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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

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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