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Seahawks parade hands a win to Seattle businesses
While the Seattle Seahawks won Super Bowl LX, the Emerald City's businesses triumphed Wednesday during the World Champions Parade.
Seahawks parade brings business to multiple Seattle neighborhoods
After the Seahawks took their victory lap through the heart of downtown as champions, a sea of navy and green flooded Seattle as fans continued to celebrate.
Kraft Heinz to Pause Work on Separation, Boost Investments in Food Business
Kraft Heinz said it will pause work relating to its separation and increase investments in its food business, aiming to turn around years of struggling sales.
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.
The Brazilian Supreme Court at the Center of Politics
--Miguel Gualano de Godoy, Professor of Constitutional Law at the Federal University of Paraná (UFPR) School of Law, currently affiliated with the University o
Column | Asking Eric: Alexa’s eavesdropping makes for uncomfortable visits
Is the letter writer paranoid to be suspicious of smart speakers in friends’ homes?
Businesses along Seahawks parade route prepare for big boost in customers
Some of these establishments are opening early and offering special promotions to attract the crowds.
Uber to acquire Getir delivery business in Türkiye for $335m
The company will separately invest $100m for a 15% stake in Getir’s grocery, retail and water delivery operations.
Israeli strikes in Lebanon kill 4, including a child, Lebanese health ministry says
Israeli forces killed four people, including a child, in southern Lebanon on Monday, Lebanon's National News Agency reported, citing the health ministry, in two separate strikes that the Israeli military said targeted members of the Shi'ite Muslim armed group Hezbollah.
Amendment narrows ‘agricultural disparagement’ language in sweeping farm bill
The amendment would align the definition with federal commodity classifications.
New research reveals humans could have as many as 33 senses
We don’t experience the world through neat, separate senses—everything blends together. Smell, touch, sound, sight, and balance constantly influence one another, shaping how food tastes, objects feel, and even how heavy our bodies seem. Scientists now believe humans may have more than 20 distinct senses working at once. Everyday illusions and experiences reveal just how surprisingly complex perception really is.
Knicks blitz Celtics 111-89 on Super Bowl Sunday
The Celtics wanted to treat a Sunday showdown against the Knicks as a big game, but their performance didn't back up their preparation.
Ledecka halted in quest for snowboarding 3-peat
Ester Ledecka's quest to become the first snowboarder to win gold medals in three straight Olympics came to a surprisingly early end when she lost her quarterfinal race in parallel giant slalom by 0.06 seconds.
Jelly Roll's Vision for a Country Super Bowl Halftime Show Faces Backlash Online
The country star was asked who he'd like to see take the NFL stage next.
Inside The Inn at Little Washington’s geese parade
Three evenings a week, the farm manager at The Inn at Little Washington, known as “Farmer Andy,” leads a small procession in the alley along Patty O’s Cafe. A line of well-trained American Buff Geese march to the tune of Thewlis’ soprano saxophone.
Photos: The Magical Krewe of Mad Hatters parades in Metairie
The Magical Krewe of Mad Hatters was founded in 2019.
Photos: The Knights of Nemesis parade rolls in Chalmette
The krewes mission: A social club with the intent to promote business and fellowship within St. Bernard Parish.
Dear Abby
Dear Abby: My wife of 10 years has asked for a separation. She is set on divorce. She feels that, during the last four years since we had kids (2
Colorado Politics Calendar Feb. 9-15
CoPo’s weekly political calendar will help you find political and public-policy events throughout Colorado. It includes candidate and issue campaign events, public policy meetings, court hearings, state and local party conventions, assemblies, debates, rallies, parades, speaking engagements, traveling dignitary appearances, water meetings, book signings, county commission hearings, city council meetings and more. As a subscriber, […]
Dease and Valparaiso secure 70-63 OT win over Evansville
VALPARAISO, Ind. (AP) Owen Dease scored 18 points, including four in the overtime, as Valparaiso took down Evansville 70-63 on Friday night.
‘One Mile’ Trailer: Ryan Phillippe Stars In Two-Parter Survival Thriller From Republic Pictures & Kapital Entertainment
Paramount has released the official trailer for 'One Mile', a survival thriller starring and produced by Ryan Phillippe, from Kaplan Entertainment.
Experts Warn: The Dangerous Blur Between Science and Wellness in Mental Health Bestsellers
A marketplace where labels blur In many bookstores, titles rooted in clinical science sit inches from glossy self-help guides promising instant serenity. That proximity can make rigorous research look interchangeable with lifestyle advice, especially when everything shares the same bright displays. Readers encounter a single aisle labeled “psychology,” even when the content ranges from peer-reviewed evidence to spiritual rituals. The result is a subtle but pervasive blur, turning a complex health landscape into a grab-bag of mixed claims. Why the shelves can mislead Retail categories are built for convenience, not for methodological clarity or clinical accuracy. When “development personal” or “wellness” becomes the default bin, evidence-based psychology competes with coaching manifestos and mystical manuals. The visual language of covers—calming color palettes, confident subtitles, glowing endorsements—flattens the distinction between randomized trials and anecdotal wisdom. In that aesthetic harmony, a guide on cognitive behavioral therapy may appear no more “serious” than a book on moon manifestation. The stakes for readers and patients Confusion carries real risks, including delayed care when people self-treat serious symptoms with untested routines. Vulnerable readers—facing depression, trauma, or anxiety—may be swayed by charismatic voices over careful data. Some messages frame recovery as pure willpower, which can amplify shame when symptoms persist despite effort. Others overpromise universal solutions, ignoring cultural context, diagnostic nuance, and comorbidity. “Shelving is not neutral; it shapes beliefs, expectations, and choices.” What professionals and retailers are asking Clinicians and public-health experts argue for clear, readable signage that separates science-based mental health from broader wellness. Books by licensed psychiatrists or psychologists that cite peer-reviewed studies could be grouped under “Evidence-Based Mental Health.” Adjacent space might host reflective memoirs, coaching workbooks, or contemplative philosophy—valuable in their way, but clearly labeled as non-clinical guidance. Booksellers emphasize their dual role as cultural curators and commercial actors, noting they respond to demand while striving for quality standards. How clarity could look and feel The goal is not to police ideas, but to help readers navigate with confidence. Transparent categorization respects reader autonomy while lifting the signal of credible practice. Clear tags—such as “scientific references,” “clinical overview,” or “personal narrative”—can work like map legends, turning a maze into a route. And when a book blends modes, hybrid labels can acknowledge both insight and limitation. A practical checklist for choosing wisely Check the author’s credentials: clinical license, academic affiliation, or relevant training. Scan the references: citations to peer-reviewed journals or reputable guidelines. Look for scope limits: clear statements about who the book is and isn’t for, and when to seek care. Seek methods, not miracles: approaches tested across diverse groups, with measurable outcomes. Watch the language: be wary of absolute claims, stigmatizing tones, or one-size-fits-all promises. Cross-verify with trusted bodies: national psychology associations or public-health agencies. The publisher’s responsibility Publishers can raise the bar by standardizing disclosure on methods, sample sizes, and limitations. Editorial policies could require conflict-of-interest statements, transparent citations, and plain-language summaries of evidence. Marketing should avoid medicalized framing for books that lack clinical validation, even when sales incentives press for bold claims. When a manuscript mixes reflection with research, honest jacket copy can prevent false equivalence. Coexisting without confusion Wellness writing can offer genuine comfort, perspective, and daily habits that support well-being. Scientific texts can provide structured tools, validated therapies, and realistic expectations for progress. The aim is to let these strands coexist, while giving readers the navigational cues to tell them apart. With clearer shelves, informed labels, and modest design tweaks, we can protect reader trust—and keep the aisle both inviting and intelligent.
Preparation key for No.7 Iowa State against versatile Baylor
Iowa State coach T.J. Otzelberger doesn't buy the hype that a team flips a switch when February arrives.
Aurora James And Fifteen Percent Pledge Return To Honor Black Business Owners At 2026 Gala And Block Party
James and her organization are continuing to support and advance equity for Black-owned businesses by hosting their annual Fifteen Percent Pledge Fundraising Gala as part of the 15th Street Block Party Weekend at Paramount Studios in Los Angeles on February 7- 8.
Paid Leave at a Crossroads: Business Leadership, Caregiving, and the Power of Story | National Partnership for Women & Families
Every day, working people across the country wake up already making tradeoffs. They plan their commutes around childcare drop-offs, take calls from doctors' offices during lunch breaks, and quietly calculate how many sick days they have left if something goes wrong. For millions of caregivers, work and care are not separate parts of life — they are deeply intertwined, often in ways that leave little margin for error.
7 Game-Changing Business Lessons Every Entrepreneur Can Learn From the Super Bowl
Here's what the Super Bowl can teach you about pressure, preparation and winning in business.
FIS aims to quash penis-enlargement sideshow, but science makes sense
World skiing's governing body has moved swiftly to quash talk of ski jumpers injecting their penises with paraffin or hyaluronic acid to gain a competitive edge, but scientists and ski jumpers at the Winter Olympics say if true it would make perfect sense.
Arlington Vendors: Learn About World Cup Business Opportunities
In preparation for the FIFA World Cup in 2026™, the North Texas FIFA World Cup Organizing Committee is establishing the North Texas Business Connect Program to engage with local suppliers and maximize procurement opportunities for goods and services.
Lancaster County public sales: Feb. 6, 2026
Kline, Kreider and Good Auctioneers, of Ephrata, conducted a public auction of real estate Jan. 23 for Matthew and Anna Newswanger at 119 Harristown Road, Paradise. A four-bedroom split-level house
Winter Olympics marred by suspected mafia infiltration
Preparations for the games have been marred by allegations of corruption and suspected infiltration by the mafia. Local activists warn of limited transparency and even the CEO of the Games admits ballooning costs.
The Monkees Star’s Unforgettable Solo Song Was Originally a Flop
The Monkees singer’s 1971 single didn’t chart, but it became his most remembered TV moment.
PARANORMASIGHT: The Mermaid’s Curse announced for Switch, PC, iOS, and Android
Square Enix has announced PARANORMASIGHT: The Mermaid’s Curse for Switch, PC (Steam), iOS, and Android. It will launch on February 19.
Education, Entertainment Makes for Successful Second Annual Kids Day Game
Last Thursday, Valparaiso University and Valpo Athletics welcomed 500 fifth-graders from Valparaiso Community Schools to campus for the second annual women's basketball Kids Day game.
Baltimore City Health Department held racially segregated equity meetings: report
Baltimore health department reportedly separated employees by race for DEI training using taxpayer funds, sparking widespread controversy.
What is curling? Everything you need to know about this winter sport
When the Winter Olympic and Paralympic Games come around every four years, there are many sports which compete to grab the attention of viewers around the world. However, there is one in particular that seems to capture the hearts and minds of many every time: curling.
Baltimore City Health Department held racially segregated equity meetings, records show
The Baltimore City Health Department (BCHD) separated employees by race for a series of taxpayer-funded equity meetings, according to internal documents obtaine
Mayor Mamdani Joins DCWP and NYC Health + Hospitals to Promote Free Tax Preparation Services for New Yorkers - NYC Health + Hospitals
New York, NY – Today, Mayor Mamdani joined the Department of Consumer and Worker Protection (DCWP), NYC Health + Hospitals
Dr. Robert Roose: Our chrysalis moment in health care (Viewpoint)
This is our chrysalis moment where transformation is paramount — to be both high-tech and high-touch, grounded in innovation and trust, driven by strategic collaborations in ways we have not seen before.
Usher and Big Sean Open Detroit Entertainment Innovation Incubator at Michigan Central
The two artists shared why investing in Detroit’s youth mattered to them as they introduced a new $1 million production space inside Michigan Central.
‘Biblical Diseases’ Could Resurge in Africa, Health Officials Fear
Parasites and infections that cause blindness and other disabilities were nearly eliminated in some countries, but drug distribution to prevent and treat them was derailed in many places in 2025 after the U.S. cut aid.
Beacons Host Evansville for Girls & Women in Sports Game Thursday
The Valpo women's basketball team hosts its annual Girls & Women in Sports game on Thursday evening as the Beacons return to the ARC to host Evansville.
Expedition 74 Kicks Off Week with Dragon Preps and Science Gear Work
The Expedition 74 crew kicked off the week with SpaceX Dragon spacecraft preparations and science hardware maintenance ensuring research continues providing pristine results aboard the International Space Station.
How Team USA has evolved mental health services for Olympians
U.S. Olympic and Paralympic athletes will benefit from a robust mental health program despite scrutiny it faced in past years, according to the USOPC.
Legion Y700: Lenovo officially confirms next-gen compact Android gaming tablet
Lenovo has officially confirmed the next-generation Legion Y700, with promotional images showing the tablet's rear design in two color options and an RGB ring light. A leak has separately revealed the device's key specifications and launch month.
FULL THROTTLE TO HISTORY: FOX SPORTS RACES INTO RECORD BOOKS WITH UNPARALLELED 23RD DAYTONA 500 BROADCAST ON FOX - Fox Sports Press Pass
FOX NASCAR Announces Broadcaster Lineup for 2026 Daytona Speedweeks and 26th Consecutive Season of NASCAR Coverage FS1’s FIRST THINGS FIRST Live from Daytona Thursday and Friday FOX Sports Celebrates Its 30th Season of ARCA Menards Series Coverage, Beginning with Season Opener […]
UFC 325 Bonuses! Ruffy Banks $100K For Nasty TKO
Alexander Volkanovski added another UFC featherweight title defense to his record last night (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, outworking Diego Lopes in a rematch from their first meeting back in April 2025. In co-main event action, lightweight contender Benoit Saint Denis put […]
House Speaker Johnson says he has votes to end partial shutdown by Tuesday
The deal approved by the Senate would separate the Department of Homeland Security from the broader spending package.
Prep Sports Recap: Jan. 31, 2026
PEORIA, Ill. (WMBD) – The winter high school sports postseason is officially underway as IHSA boys wrestling regionals were held around Illinois on Saturday. 2A powerhouse Washington won their tournament at Metamora with eight separate wrestlers winning weight class titles. In 1A, Olympia cruised to a regional title at Dee-Mack with seven weight class titles. […]
LIVE! Watch UFC 325 Post-Fight Presser Here
With UFC 325 officially in the books after an exciting night (Sat., Jan. 31, 2026) of action LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, fight fans can check out the post-fight press conference video above for all the best reaction and official bonus winners. Remember, there’s a new post-fight bonus system in place for 2026. […]
Photos: Krewe du Vieux parades in the cold
Krewe du Vieux paraded through the French Quarter on a freezing evening to the theme, "Save The Wet Glands.” Co-founder and CEO of Glass Half Full, Franziska Trautmann, reigned over the satirical parade with Glass Half Full co-founder Max Steitz as Royal Consort.
UFC 325 Highlights! Salkilld Shines Again With Dominant Submission Win
Quillan Salkilld kept the hype train rolling earlier tonight (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, pushing his UFC record to 4-0 with a first-round submission (rear-naked choke) over battle-tested lightweight veteran Jamie Mullarkey. As expected, Salkilld was a large favorite heading into this […]
UFC 325 Highlights! Micallef Sleeps Elliott With Comeback Choke
Jonathan Micallef pushed his Octagon record to 2-0 earlier tonight (Sat., Jan. 31, 2026) at UFC 325 LIVE on Paramount+ from inside Qudos Bank Arena in Sydney, Australia, stopping welterweight Oban Elliott with a comeback second-round submission (rear-naked choke). Elliott, who came into Saturday as a betting underdog, was out for blood from the opening […]
February stargazing: A planet parade comes to town
And why 2026 could be a big year for spotting auroras.
Another government shutdown looms -- what you need to know : The NPR Politics Podcast
After immigration officials killed two people in Minneapolis this month, congressional Democrats demanded funding for immigration action be separated from other government funding. That's leading to a potential, partial, government shutdown. We unpack the latest from Capitol Hill.Then, why did the FBI raid Fulton County, Ga.'s election center this week, and what does it have to do with President Trump's continued false claims that the 2020 presidential election was stolen?And, we bid a fond farewell to one of our podcast stalwarts.This episode: senior White House correspondent Tamara Keith, congressional reporter Sam Gringlas, immigration policy correspondent Ximena Bustillo, political reporter Stephen Fowler, senior political editor & correspondent Domenico Montanaro, and political correspondent Sarah McCammon.This podcast was produced and edited by Casey Morell & Bria Suggs.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.
What’s Up: February 2026 Skywatching Tips from NASA
NASA's Artemis II mission has its first opportunity to launch to the moon, Orion the Hunter takes center stage, and a planetary parade marches across the night sky.
Apple just completely changed how you buy a new Mac
Each component is treated separately, as if you’re building a machine from scratch.
Canon Fodder: Parasite’s Cake
Welcome back to ye ol’ Canon Fodder in 2026, a year of rather significant proportions as Halo will be celebrating its twenty-fifth anniversary. A whole quarter of a century—our very own and very first quadranscentennial! Indeed, it has already been over a month since Halo: Edge of Dawn released, and the latest novel from Kelly […]
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.
Apple Stops Selling $200 'Pro Apps' Bundle With Final Cut Pro and More
Following the launch of Apple Creator Studio this week, Apple has quietly stopped selling its valuable "Pro Apps Bundle for Education" (archived link). "Pro Apps Bundle for Education" included one-time-purchase versions of Apple's Final Cut Pro, Logic Pro, Motion, Compressor, and MainStage apps at a steep discount, with U.S. pricing set at $199.99. Purchasing each of the included apps separately costs $629.95, so the bundle provided more than $400 in savings.
Paramount+ plans move into short-form video, UGC: internal docs
Paramount executives want to add short-form video and user-generated content to Paramount+, according to leaked emails and presentations.
Footy Fix: Catch Champions League action only on Paramount+
All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24
Snap is spinning off its AR glasses into a separate business
Snap’s augmented reality glasses business will now be its own entity, with the company establishing Specs Inc. as a wholly-owned subsidiary.
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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