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How Trinity Rodman's deal changed the business of women’s soccer
Trinity Rodman was at the center of the biggest contract dispute in women's sports. Her NWSL peers have her back.
Winter weather hits local businesses hard as snow forces closures
Local business owners are grappling with the financial strain of consecutive winter weather weekends, with closures significantly impacting service industry employees and small retailers.
Testing the system: regional simulation exercises advance global health security
These exercises – South-East Asia Regional Practice of All-Hazard IHR Event Communications (SAPHIRE), Joint Assessment and Detection of Events (JADE) in the European Region, and IHR Exercise Crystal in the Western Pacific Region – bring together National Focal points (NFPs), who play a critical role under the IHR in safeguarding global health security. These annual exercises stress-test IHR event communication procedures and contingency plans, demonstrating a sustained commitment by countries to strengthening preparedness and learning.
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases
Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.
Santa Fe businesses to close Friday as part of nationwide anti-ICE protest
The Santa Fe closures are part of a national effort to convey dissatisfaction with recent actions of ICE officers in Minneapolis.
NFL fans react to Eagles' official Sean Mannion announcement
The Philadelphia Eagles have hired Sean Mannion.
Midtown businesses to close Friday as part of national ICE protest
Businesses in Minneapolis and across the country will close Friday to protest ICE activity.
Back to business: Local shops, restaurants come back to life after snowstorm
Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm
Predictions market regulator scraps proposed ban on sports contracts, says new rules are coming
Contracts on live sports offered by Kalshi, Polymarket and others have drawn comparisons to the wave of legalized sports betting in the U.S.
Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support
When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Tittle Law Firm Guides Dallas Businesses Through Chapter 7 Bankruptcy Attorneys Support When debt problems escalate, local leaders can contact Tittle Law Firm, PLLC for Chapter 7 bankruptcy attorneys support and clear next-step direction. Dallas, TX , Jan. 29, 2026 (GLOBE NEWSWIRE) -- Dallas businesses dealing with mounting debt and tightening cas
6 Tactics Black Businesses Can Apply To Spur Revenue Growth In A Post-DEI World
Starting roughly a year ago, DEI rollbacks have meant $217 million in lost federal contracts to small businesses, including Black-owned ones.
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
NASCAR Clash schedule changes with snow forecast
NASCAR will move Clash practice and qualifying heats to Sunday afternoon due to forecasted snow and winter weather on Jan. 31.
Austin businesses shutting down Friday in nationwide ICE protest
Local businesses will close Friday to join a nationwide protest against ICE operations, part of a growing wave of actions happening this weekend.
Bills' Dalton Kincaid gets $8.73 million contract update
Buffalo has a new head coach but a lot of cohesiveness.
Google Project Genie lets you create interactive worlds from a photo or prompt
Project Genie lets you generate new worlds 60 seconds at a time, but only if you pay for AI Ultra.
ICE Will Play a Big Factor in the Maine Senate Race
Seems like Republican senator Susan Collins is trying to take credit for the agency’s removal from the state. Governor Janet Mills, who’s challenging for her seat, had a rebuttal.
Google disrupts IPIDEA residential proxy networks fueled by malware
IPIDEA, one of the largest residential proxy networks used by threat actors, was disrupted earlier this week by Google Threat Intelligence Group (GTIG) in collaboration with industry partners.
Contractor data breach nay have exposed the protected health info of thousands of Central Oregonians
BEND, Ore. (KTVZ) -- Thousands of Central Oregonians soon will receive letters in the mail to inform them of a data breach at TriZetto Provider Solutions last fall that may have exposed the personal health information of more than 700,000 people around the country. TPS is a third-party contractor that provides insurance-eligibility verification services to
Trump is scared of the politics of ICE. And it’s showing.
Even after a press conference Thursday morning from the new leader of President Donald Trump’s immigration crackdown in Minneapolis, Tom Homan, it’s still not clear exactly how much the mission will change in the aftermath of Alex Pretti’s killing.
Genes may shape how long we live more than once thought
New research challenges the view that human life span depends mostly on lifestyle. Genes may account for half the factors that determine longevity.
John Leguizamo under fire for demanding fans choose between him and ICE
John Leguizamo sparks controversy telling ICE supporters not to follow him or watch his movies. Fans remain divided over the actor's bold stance.
A Business Owner Is Getting Divorced, Asks Dave Ramsey If He'll Lose The Business. 'She's Actually 98% Owner Of The Business And I'm 2% Owner'
A Texas business owner is facing a painful split, not just from his wife, but potentially from the company he helped build. He says he’s done almost all the work since 2021, but legally owns just 2% of the business. His wife holds the other 98%, a structure their accountant recommended for tax reasons. Divorce And Ownership Don't Match Up Manny, who shared his story on the “EntreLeadership” podcast recently with personal finance expert Dave Ramsey, said, “She’s actually 98% owner of the business
Samsung’s confusing Galaxy S26 pricing raises base model cost, but makes Ultra cheaper
New reports reveal that Samsung is, in fact, planning to raise the price of the Galaxy S26 series, but only...
A defining week at Davos
Davos was a standout week for Business Insider, bringing our journalism to life on the world stage through standout reporting, smart products, and high-impact events.
Democratic Governors Promise Accountability After Alex Pretti Killing
The chin-out rhetoric of Democratic governors about holding Trump administration officials responsible for violence in their cities may be more political than practicable.
SkyLake Adventures teams with Butler Institute for Sports and Entertainment
Under the partnership, Butler University students will receive real-life experience in hospitality and entertainment, and real-life experiences and practical skills in marketing, social media and communications.
Explore Utica Zoo's Snowshoe Trails
Snow shoe rentals are a popular winter activity at the Utica Zoo.
Tanzania eyes East Africa’s pharmaceutical hub crown {Business Africa}
Tanzania is betting on local drug manufacturing to reduce imports and become East Africa’s pharmaceutical hub and we find out how Africa's private sector is fixing the supply chain to minimise the billions lost in post-harvest logistics.View on euronews
AI helps expand medical response capacity for treating Bay Area's homeless
The Future Communities Institute and its partners in the San Francisco Bay plan to use artificial intelligence to act as a force multiplier for street medical teams that help to improve patient outcomes and social referrals for the region's homeless.
Glow Golf, Blind Boxes, and DIY Crafts Bring New Entertainment and Retail to South Shore Plaza - Boston Real Estate Times
Braintree, Mass.— South Shore Plaza, the premier shopping and dining destination south of Boston, has unveiled three new additions aimed at expanding its interactive and creative offerings: Aloha Mini Glow […]
Fighting for Stronger Political Transparency | IFES - The International Foundation for Electoral Systems
We stand ready to support all actors in strengthening the integrity of political finance around the world.
Hear possible options for watching Tigers after FanDuel Sports Network
On "Days of Roar," The Athletic senior writer Evan Drellich details the struggles of regional sports networks and the impact on Detroit Tigers fans.
Department Launches Outreach Campaign to Promote Stream Protection, Herd Health
Department Launches Outreach Campaign to Promote Stream Protection, Herd Health Up to 87.5% Cost-Share Available for Most Practices ANNAPOLIS, MD (January 29, 2025) – The Maryland Department of Agriculture has launched a new public awareness campaign to educate farmers about the environmental and animal health benefits of fencing livestock out of streams and providing them with Read the Rest…
Xevant Named a 2025 Modern Healthcare Best in Business Company for AI
Xevant, a leader in real-time pharmacy benefits intelligence, today announced it has been named a 2025 Modern Healthcare Best in Business company in the Artificial Intelligence (AI) category. The recognition honors healthcare suppliers and technology partners whose innovations delivered measurable impact across the healthcare ecosystem in 2025.
After assault on Ilhan Omar, Trump responds with another blame-the-victim conspiracy theory
President Donald Trump did it after the 2021 attack on the US Capitol. He did it after the 2022 attack on the husband of then-House Speaker Nancy Pelosi. He did it after the murder last month of filmmaker and Democratic activist Rob Reiner. And he did it again on Tuesday after an attack on another Democrat, Rep. Ilhan Omar of Minnesota.
DOH-Lee Issues Blue Green Algae Health Alert for Caloosahatchee River-Sebastian Canal - Florida Department of Health in Lee County
Contact:
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
Why Music Catalogues Are Becoming The Hottest Asset In Entertainment
Music catalogs are emerging as stable, long-term assets, attracting investors with consistent returns and cultural value.
New study shows WVU, WVU Health System have huge impact on West Virginia
President Michael T. Benson and Albert L. Wright, Jr. share details from the Tripp Umbach Economic Impact Report.
More KC businesses train workers on ICE protocols
Kansas City business owners are prepping staff for rising ICE activity in workplaces.
Innovators removing barriers to health care, accelerating impact on communities in need
DALLAS, Jan. 29, 2026 — Driven by an older, more diverse population and a significant increase in risk factors, at least 6 in 10 U.S. adults are projected to have some form of cardiovascular disease, causing related health care costs to triple.[1] That’s...
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.
The Joy Rematch: How can sports win over non-fans?
How can sports leagues attract non-fans? Download The Joy Rematch to see how leagues can secure this untapped market.
Actor Paul Dano responds to Quentin Tarantino’s criticism of him
Actor Paul Dano has broken his silence about Quentin Tarantino’s harsh criticism of him.
Commentary: Farewell to Peter Duesberg, a godfather of scientific disinformation
Peter Duesberg squandered his scientific reputation by advancing a debunked theory about AIDS, but his influence on anti-vaccine activists lives on.
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…
Why is India’s Nipah virus outbreak spooking the world?
The virus spreads from animals to humans, via person-to-person contact or through consuming contaminated food.
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.
Hampton Town Meeting preview: Voters to weigh ICE pact, business trash
Should the town budget and proposed money articles gain approval, a homeowner with a $600,000 property will see a $301.24 increase in their tax bill.
Cairn and Peak Capture the Thrill of Climbing Mountains
With infinite pathways and incredible tension, video games like Cairn and Peak are recreating the activity’s emotional highs and lows.
Health Care Costs Tops the Public’s Economic Worries as the Runup to the Midterms Begins; Independent Voters Are More Likely to Trust Democrats than Republicans on the Issue
Heading into this midterm election year, the cost of health care tops the public’s economic anxieties and more than 4 in 10 voters say the issue will have a major impact on their vote, this KFF Health Tracking poll finds.
KFF Health Tracking Poll: Health Care Costs, Expiring ACA Tax Credits, and the 2026 Midterms
Looking ahead to the midterm elections, health care costs are the public’s top economic concern, and many voters say the issue will have a major impact on their vote. On health care issues, including the cost of health care, voters currently trust Democrats more than Republicans, though neither party has an advantage on addressing the overall cost of living. Following the expiration of the ACA enhanced tax credits, two-thirds of the public say Congress did the “wrong thing” by not extending them.
Minneapolis small business supports strike against ICE, raises money
ICE activity and tariffs are making for an especially tough month for Perennial Cycle in Minneapolis. The owner is focusing on the community.
Science at risk: Massachusetts must lead the fight for facts
Rejecting evidence threatens lives and innovation. Massachusetts must defend the scientific method.
ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo
Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.
Xavier 68-86 Seton Hall: What was that?
My first job in high school was cleaning bathrooms at a state park campground. Camping is a foul enough activity, but what people did in those bathrooms defies explanation. I say this to let you know I have stared into the dark heart of a man experiencing a bowel emergency and apparently the desire to […]
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.
The President Sees Iran as a Gas Station with a Flag
Get ready—Trump is going to be talking about the country for a while to cover for the fact that he’s backed down on Greenland and Minneapolis.
8 Santa Monica Businesses Win Green Certification Awards
8 Santa Monica businesses received Green Business Certification on January 16th at the YMCA, recognizing their sustainable practices and environmental leadership.
WSOC-TV & KFF Health News Win Prestigious duPont-Columbia Award
The SSA's practice left millions of Americans, including some in the Carolinas, facing unexpected financial hardship and prompted sweeping policy changes in the nation’s capital.
US ski resorts devastated as worsening crisis impacts business: 'It's been really slow'
"You lose people, employees."
'EGREGIOUS!' Sports World Reacts To Bill Belichick’s First-Ballot Hall of Fame Snub
The sports world reacts to the news that NFL coaching legend Bill Belichick will not be a first-ballot Hall of Famer.
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.
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 […]
Giannis Reaction, NFL Coaching Carousel, and State of the Agent Business
The guys dive straight into the latest news around Giannis Antetokounmpo, as well as the NFL coaching carousel. Speaking of coaches, today’s edition of Five-Minute Max has to do with yesterday’s Bill Belichick news. Plus, after what transpired at Clemson, Rich wants to talk about the state of the agent business, including why ‘Jerry Maguire’ actually hurt that business!
Seven things to know about how Apple's Creator Studio subscriptions work
For the Mac versions of pro apps, things aren't actually changing much (yet).
Madina Ismail joins Essentia Health-Fargo to provide hospitalist care
Essentia Health-Fargo is proud to welcome Madina Ismail, an advanced practice registered nurse and certified nurse practitioner who will provide hospitalist care.
Legionella detected in North Oakland Health Center and the Resource and Crisis Center in Oakland County
Oakland County is taking proactive measures after routine water testing detected Legionella bacteria at the North Oakland Health Center (NOHC) and the Resource and Crisis Center (RCC).
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.
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.
With boost from successful Burger Battle, DTSF details year ahead for downtown development, programming
The Downtown Burger Battle is bigger than ever this year – and Downtown Sioux Falls Inc. hopes that's a sign for the activity to come.
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
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
Fact check: Trump says Democrats don’t talk about affordability anymore (they do) because inflation is over (it isn’t)
President Donald Trump tried Tuesday to concoct an alternative reality on the subject of “affordability” – piling lie on top of lie to try to convince Americans that the issue has vanished.
How to watch NASCAR races on FOX, FS1, FS2, FOX Sports App
Check out the best ways to watch NASCAR action on the FOX Sports family of networks in 2026 for the Cup Series and Craftsman Truck Series.
Brillstein Entertainment Partners Signs Comedian, Actor & Writer Paul Chowdhry
Paul Chowdhry, the comedian, actor, and writer, has inked with Brillstein for global management in all areas, Deadline can report exclusively.
Dispatch is censored on Nintendo Switch 2 and Switch
Although there was initially speculation about Dispatch being censored on Nintendo Switch 2 and Switch, it’s now confirmed that this is indeed the case. In the PC and PS5 versions, the game featured a “Visual Censorship” setting. This is gone on Nintendo Switch 2 and Switch, so you’re always getting the censored experience. All scenes are in tact, but there...
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
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PE-backed CT masonry business acquires New England manufacturer
US Masonry and Building Products said it purchased York Flashings LLC, which manufactures products designed to seal joints and channel moisture out of building walls to help prevent water damage.
PlayStation Plus Monthly Games lineup for February 2026 announced
Sony Interactive Entertainment has announced the February 2026 Monthly Games lineup for PlayStation Plus Essential subscribers. All titles will be available from February 3, 2026 until March 2, 202…
2nd Show Announced for State Fair 2026 Concert Lineup
The Great New York State Fair has announced its second music act for Suburban Park.
Beyond testosterone: The real crisis in men’s health
Increasing testosterone in men ignores deeply rooted cultural and social factors at the center of this health emergency.
Leak shows Google's new Aluminium OS in action for the first time
In screenshots and videos, we get a first peek at Google's new operating system that combines Android and ChromeOS.
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation
Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.
Opinion | When Conservative Politics Hit Cash-Starved Universities
If college education is merely a transaction, educators — and facts — are vulnerable.
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't
The real challenge isn't building better AI—it's actually using it.
Deli manager stole $92K from Chicago-area business: police
A deli manager at a suburban Chicago business has been charged with felony theft after allegedly stealing over $92,000 by voiding cash transactions.
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.
Companies rush to refinance amid increased policy uncertainty
The activity may be a signal of corporate borrowers losing confidence.
Scott Pilgrim EX Arrives In March, Two New Playable Characters Revealed
Two former enemies of Scott now rally by his side.
Teamsters California endorses proposed billionaires tax
Teamsters California, with 250,000 members statewide, becomes the largest union to back the proposed November ballot measure to enact a onetime billionaires tax.
The surprising science behind how certain foods can make you smell more attractive
Beneath fancy perfumes and deodorants, our food choices may be quietly shaping our natural scent in unexpected ways
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
A CT health care system achieved a first-of-a-kind status in nation. What it is and why it matters.
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