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New Hampshire, Vermont health care providers alerted about Legionnaires' disease cases

The alert comes as the Vermont Health Department investigates a deadly outbreak in Windsor.

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Jan 29 • 9:03 AM EST • Health • wmur.com
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Cairn review – obsession, suffering and awe in a climbing game that hits exhausting new heights

A punishing, beautiful survival game that turns mountaineering into an intimate test of endurance, fixation and emotional resolve – you’ll be in tears by the end

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Jan 29 • 9:00 AM EST • Technology • theguardian.com
DOH-Lee Issues Blue Green Algae Health Alert for Caloosahatchee River-Sebastian Canal - Florida Department of Health in Lee County

Contact:

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Jan 29 • 8:41 AM EST • Health • lee.floridahealth.gov
Top 100 transfer portal players for 2026: Destinations and impact projections

There's a ton of talent on the move, and it has the potential to shift the balance of power across the college football landscape

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Jan 29 • 8:37 AM EST • Sports • cbssports.com
Science, Innovation, and the National Institutes of Health

Failing to support independent agency science imperils the uptake of innovative drugs.

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Jan 29 • 8:30 AM EST • Science • blog.ucs.org
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Entertainment this week: Ullr Fest, Grateful Shred and more

Friday, January 30 Kilowatt Hours – 9 p.m., Bar of America, 10040 Donner Pass Rd.. Additional dates: 1/30, 1/31. For more information, visit https://www.barofamerica.com/calendar.html or call (530) 587-2626. Manzanita – 7:30-10:30 p.m., Moody’s Bistro, Bar...

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Jan 29 • 8:04 AM EST • Entertainment • sierrasun.com
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Spring Health Set to Acquire Alma to Enhance Existing Care Infrastructure

Global mental health benefits platform Spring Health has entered into an agreement to acquire Alma, a digital platform that helps providers streamline

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Jan 29 • 8:00 AM EST • Health • bhbusiness.com
Newport News creates a new vibe: City forms nonprofit to support entertainment events

Newport News will create a nonprofit called NNVibes to help coordinate large-scale entertainment events. This comes after Mayor Phillip Jones announced the city will host a major music festival lat…

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Jan 29 • 7:54 AM EST • Entertainment • pilotonline.com
Confrontational politics is here to stay. It’s time Europe got on board.

It’s time to stop complaining about America First and get on with putting Europe First.

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Jan 29 • 7:36 AM EST • Politics • politico.eu
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I have 5 major concerns about Google's Android desktop OS

A leaked screen recording showed off what Google's Android desktop OS (Aluminium OS) will look like, and it's very concerning for any Chrome OS user.

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Jan 29 • 7:31 AM EST • Technology • androidauthority.com
This Week in Sports Trivia: January 29, 2026

How closely were you following the sports news this week? Find out and test your knowledge by taking The Athletic's weekly quiz.

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Jan 29 • 7:00 AM EST • Sports • nytimes.com
Amy Klobuchar Announces Run for Minnesota Governor

The Democratic senator, who signaled her bid after Gov. Tim Walz said he wouldn’t run again, talked about moving past political divides in a video announcement.

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Jan 29 • 7:00 AM EST • Politics • nytimes.com
Nearly 2,000 Products Recalled in 3 States After Being Exposed to Rodent Waste—FDA Issues Risk Warning

Diet Coke, Hershey's, and Tylenol are among the many popular products under recall. They were held in a facility with rodent and bird waste.

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Jan 29 • 7:00 AM EST • Health • health.com
Scientists found a way to cool quantum computers using noise

Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
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.

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Jan 29 • 6:29 AM EST • Politics • economist.com
Videos emerge of previous confrontation between Alex Pretti and federal officers 11 days before he was killed

On Wednesday The News Movement published a video from 13 January where officers appeared to grab Pretti

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Jan 29 • 6:05 AM EST • Politics • theguardian.com
The Memo: Minneapolis trauma shifts the politics of immigration

Public outrage over the killings of Alex Pretti and Renee Good in Minneapolis is scrambling the politics of immigration. The Trump administration’s initial reaction to the Pretti killing, in partic…

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Jan 29 • 6:00 AM EST • Politics • thehill.com
How widespread sports betting affects NFL players: ‘People have said they’d kill me’

We asked NFL players about their interactions with sports bettors and fantasy players — and whether they participate themselves.

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Jan 29 • 5:30 AM EST • Sports • nytimes.com
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IDF accepts Gaza Health Ministry estimate of over 70,000 Palestinians killed in the war

Although Many International Experts Have Accepted the Health Ministry's Data as Reliable, and Even Conservative Relative to the True Death Toll, Israel Had Refused to Accept the Health Ministry's Count Until Noiw

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Jan 29 • 5:20 AM EST • Health • haaretz.com
Popular streaming service is shutting down. Here’s when it will start going offline

Nintendo might have accidentally revealed when the shutdown will be begin.

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Jan 29 • 5:00 AM EST • Entertainment • pennlive.com
The Polanski effect? These charts reveal how much the Greens have advanced

The Green party has made gains under its leader – but there is also uncertainty ahead

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Jan 29 • 2:37 AM EST • Politics • theguardian.com
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Weak dollar drives gold over $5,500 an ounce for first time, amid geopolitical and debasement fears

Rolling coverage of the latest economic and financial news

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Jan 29 • 2:24 AM EST • Business • theguardian.com
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Survey of over-50s women finds almost two in three struggle with mental health

Of those affected by midlife challenges such as menopause, nine in 10 do not seek help, therapists’ organisation says

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Jan 29 • 2:00 AM EST • Health • theguardian.com
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Lakers' top trade target revealed ahead of next week's deadline

Los Angeles is reportedly eyeing this defensive specialist.

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Jan 29 • 1:56 AM EST • Sports • sportingnews.com
Xi-Starmer meeting: Chinese leader tells PM he hopes both countries can ‘rise above differences’

At Beijing talks, British prime minister Keir Starmer tells Xi he wants a ‘more sophisticated’ relationship with China

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Jan 29 • 12:31 AM EST • Politics • theguardian.com
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Connections: Sports Edition hints for Jan. 29, 2026, puzzle No. 493

Welcome to Connections: Sports Edition Coach — a spot to gather clues and discuss (and share) scores.

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Jan 29 • 12:00 AM EST • Sports • nytimes.com
Are men being misled over testosterone?

In part one of a miniseries exploring the popularity of testosterone, Madeleine Finlay hears from Professor Channa Jayasena of Imperial College London, who is chair of the Society for Endocrinology, about how this craze is manifesting in NHS clinics, and from ‘Sam’ who tells Madeleine about his own journey with the hormone

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Jan 29 • 12:00 AM EST • Science • theguardian.com
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A potentially habitable new planet has been discovered 146 light-years away – but it may be -70C

The Earth-size planet HD 137010 b has a ‘50% chance of residing in the habitable zone’ of its sun-like star, scientists say

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Jan 29 • 12:00 AM EST • Science • theguardian.com
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Laura Coates assesses the new video showing Alex Pretti clashing with agents days before his death
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Jan 28 • 11:47 PM EST • Politics • cnn.com
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Valeri Nichushkin with a Goal vs. Ottawa Senators
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Jan 28 • 9:44 PM EST • Sports • sports.yahoo.com
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Chicago Bears’ Offensive Player of the Year is Caleb Williams

The Bears name Caleb Williams their Offensive Player of the Year. More here from @thechicagosares.

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Jan 28 • 8:00 PM EST • Sports • windycitygridiron.com
VA reorganization aims to shift health care workforce to hubs with growing veteran population

Congress directed the VA to make similar changes under the first Trump administration, but blocked it from implementing them under the Biden administration.

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Jan 28 • 6:46 PM EST • Health • federalnewsnetwork.com
Geoff Mason, Sports Producer Thrust Into Covering Terrorism, Dies at 85

He played a critical role in ABC Sports’s reporting on the attack by a Palestinian group at the 1972 Summer Games in Munich that left 11 Israeli team members dead.

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Jan 28 • 6:30 PM EST • Sports • nytimes.com
Oklahoma businesses face challenges as winter storm impacts sales

A winter storm in Oklahoma has significantly affected local businesses, leading to decreased customer visits and financial challenges.

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Jan 28 • 6:05 PM EST • Business • koco.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
Get an Expert Guide to What’s Driving D.C.

In our newly relaunched Politics newsletter, Washington coverage chief Damian Paletta illuminates the people and powers shaping the nation’s capital

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Jan 28 • 5:35 PM EST • Politics • wsj.com
Alex Vindman pulls in $1.7M in first 24 hours of Senate campaign

The whistleblower who testified in Donald Trump's first impeachment saw a national profile translate into hard cash.

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Jan 28 • 5:30 PM EST • Politics • floridapolitics.com
Tigers Pounce on Pilots for 74-51 Victory on Dignity Health Night

Taking control early in the game, the Pacific men's basketball program overwhelmed Portland in a 74-51 win Wednesday on Dignity Health Night at the Alex G. Spanos Center.

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Jan 28 • 5:22 PM EST • Health • pacifictigers.com
Virginia Tech visits coveted in-state LB Noah Glover

It’s a new era for Virginia Tech football and new head coach James Franklin is looking to make an impact on the recruiting trail for the Hokies. Virginia itself has been on the rise when it comes to producing blue-chip talent at the high school level. The 2026 cycle had multiple top-100 prospects in the […]

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Jan 28 • 4:58 PM EST • Sports • on3.com
’Canes Science Bowl brings STEM education to more students

University of Miami student Sabrina Cuba and graduate Alberti Regalado started the ’Canes Science Bowl to build an interest in STEM education in current ’Canes and pre-college education students. Adriana Gonzalez and Aaliyah Davis, the new ’Cane Science Bowl presidents, are keeping the dream alive. They will host the annual spring ’Canes Science Bowl with

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Jan 28 • 4:44 PM EST • Science • themiamihurricane.com
DeWine defends hemp beverage ban: Businesses knew the risks

A veto by Gov. Mike DeWine eliminated a provision that would have allowed popular THC drinks to remain on sale through the end of 2026. The governor said Wednesday businesses knew the risks when they got started.

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Jan 28 • 4:35 PM EST • Business • cleveland.com
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Meta Says Revenue to Beat Estimates, Supporting AI Spending

Meta Platforms Inc.’s better-than-expected sales outlook helped ease Wall Street concerns about plans for unprecedented spending on artificial intelligence this year.

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Jan 28 • 4:07 PM EST • Business • bloomberg.com
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.

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Jan 28 • 3:57 PM EST • Politics • npr.org
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Tampa Bay Business and Wealth under new ownership, and the transaction is made-for-TV drama

Bridgette Bello’s departure from the magazine turns out to be more than what it seemed.

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Jan 28 • 3:57 PM EST • Politics • floridapolitics.com
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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.

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Jan 28 • 3:34 PM EST • Politics • npr.org
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Dispatch Is Censored on Nintendo Switch Due to Platform 'Content Criteria', Developer Says

Dispatch, the superhero workplace comedy made by Telltale veterans at AdHoc Studio, is out now on Nintendo Switch. But a number of excited new and returning players aren't super happy about the release, as it turns out the game has been pretty aggressively censored on the system.

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Jan 28 • 3:05 PM EST • Technology • ign.com
Where Congress stands on the DHS funding fight

The killing of ICU nurse Alex Pretti in Minneapolis has sparked anger and dominated political thought since it happened Saturday.

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Jan 28 • 2:52 PM EST • Politics • pbs.org
🙂 Positive (35%)
Hialeah man accused of stalking, planting tracker on ex-business partner’s car in Doral

A 44-year-old man from Hialeah was arrested Tuesday after police said he repeatedly stalked a former business associate and installed a tracking device on the victim’s vehicle.

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Jan 28 • 2:29 PM EST • Business • local10.com
😐 Neutral (0%)
Henry Cavill suits up for eternal battle in first look at long-gestating 'Highlander' reboot

After a long wait, Henry Cavill shares the first look at his turn as Connor MacLeod in Chad Stahelski's upcoming 'Highlander' reboot: 'This has been quite the journey for me.'

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Jan 28 • 2:10 PM EST • Entertainment • ew.com
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

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Jan 28 • 2:07 PM EST • Politics • theguardian.com
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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

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Jan 28 • 2:04 PM EST • Technology • droid-life.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Sports • nytimes.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Business • nytimes.com
Ray J says he has only a short time left to live after hospitalization: 'Heart is only beating, like, 25 percent'

Ray J says he was notified by doctors that he only has a short time left to live after his recent hospitalization: 'My heart is only beating, like, 25 percent.'

ew.com logo
Jan 28 • 1:15 PM EST • Entertainment • ew.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …

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Jan 28 • 1:00 PM EST • Entertainment • yahoo.com
Live Nation Entertainment, DF Entertainment, and Dale Play Live Enter Into Long-Term Partnership With Club Atlético River Plate at Mâs Monumental Stadium

Live Nation Entertainment today announced a long-term partnership with Club Atlético River Plate, alongside DF Entertainment, Argentina’s leading international live entertainment company; and Dale Play Live, Argentina’s leading Latin live entertainment company, to further elevate Mâs Monumental Stadium as one of the world’s premier destinations for global touring artists and…

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Jan 28 • 1:00 PM EST • Entertainment • newsroom.livenation.com
Google DeepMind launches AI tool to help identify genetic drivers of disease

AlphaGenome can analyse up to 1m letters of DNA code at once and could pave way for new treatments

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Jan 28 • 11:15 AM EST • Technology • theguardian.com
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Google DeepMind launches AI tool to help identify genetic drivers of disease

AlphaGenome can analyse up to 1m letters of DNA code at once and could pave way for new treatments

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Jan 28 • 11:15 AM EST • Science • theguardian.com
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Super Bowl 2026 TV deals: The best sales ahead of kickoff

From sub-$500 sets to high-end OLEDs, you can save on a new TV ahead of this year's big game.

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Jan 28 • 11:00 AM EST • Technology • engadget.com
This 'perfect' Amazon Fire TV is on sale for under $200 right now — plus 5 more can't-miss TV deals

You don't need to spend a fortune to upgrade your TV.

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Jan 28 • 10:51 AM EST • Technology • ca.style.yahoo.com
Tory peer’s punishment for fiddling expenses criticised as too lenient

Campaigners demand ‘real consequences’ for peer who claimed expenses for car journeys he did not take

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Jan 28 • 10:40 AM EST • Politics • theguardian.com
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Darden Restaurants: Wonderful Business At A Below Average Price

Darden Restaurants (DRI) shows resilient sales amid inflation, trades below its 10-year P/E, and targets 9% sales growth. Read the latest analysis on the stock here.

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Jan 28 • 9:55 AM EST • Business • seekingalpha.com
Starbucks Says Turnaround ‘Ahead of Schedule’ as Sales Rebound

The coffee chain’s stock jumped after a better-than-expected earnings report.

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Jan 28 • 8:31 AM EST • Business • nytimes.com
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.

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Jan 28 • 8:02 AM EST • Business • ftc.gov
The unique sports collectibles that landed The Realest a $12 million investment round

The sports world is taking notice of The Realest's efforts to expand the definition of collectibles.

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Jan 28 • 8:00 AM EST • Sports • nytimes.com
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Getting yelled at comes with the job. Why Sacramento youth sports officials still show up

Youth sports officials in the Sacramento region face unsportsmanlike fans that make them sometimes question the work.

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Jan 28 • 8:00 AM EST • Sports • abridged.org
Sheldon Kasowitz Champions Science-Based Solutions for Addiction

For Kasowitz, the motivation is deeply personal and urgent

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Jan 28 • 7:30 AM EST • Science • today.uconn.edu
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.

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Jan 28 • 7:23 AM EST • Sports • nytimes.com
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‘I don’t let bullies win’ Ilhan Omar says after attack, as Trump says he will ‘de-escalate’ in Minneapolis

President had mocked congresswoman hours before she was sprayed with unknown substance during a town hall event

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Jan 28 • 7:07 AM EST • Politics • theguardian.com
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‘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

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Jan 28 • 7:00 AM EST • Health • theguardian.com
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‘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

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Jan 28 • 7:00 AM EST • Business • theguardian.com
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Barry Keoghan Is Nearly Unrecognizable with Long Hair in London, Plus Halle Berry, King Charles, Queen Camilla and More

Barry Keoghan is nearly unrecognizable with long hair in London, plus Halle Berry, King Charles, Queen Camilla and more. From London to Los Angeles, and everywhere in between, see what your favorite stars are up to.

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Jan 28 • 7:00 AM EST • Entertainment • people.com
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed

Two former enemies of Scott now rally by his side.

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Jan 28 • 7:00 AM EST • Technology • gameinformer.com
What Happens to Your Body When You Take Vitamin D Supplements Every Day Long Term?

A daily vitamin D supplement can support bone strength, muscle function, and balance—especially in people who are vitamin D deficient.

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Jan 28 • 7:00 AM EST • Health • health.com
Hidden struggles: Cambridge scientists share the truth behind their success

In a career defined by constant questioning, self-doubt can become an occupational hazard. Now, for the first time, a group of Cambridge scientists reveal the personal struggles they’ve faced – and continue to face – as they strive for success.

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Jan 28 • 7:00 AM EST • Science • eurekalert.org
Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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Exclusive: Climatic inhales $10M for respiratory wellness

Lerer Hippeau led the consumer health startup's seed round.

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Jan 28 • 6:00 AM EST • Health • axios.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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