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Legendary country music band sets date for final show after 60 years together
The legendary group began its farewell tour back in 2024.
An American cross-country skier charms the world at a tense political moment
Silver medalist Ben Ogden has drawn almost unanimous approval from teammates and opponents on both sides of the pond.
Trump to Kudlow: ‘This country should have the lowest interest rates in the world’
Trump calls for "lowest interest rates in the world" during a FOX Business interview, claiming rate cuts could eliminate federal deficit and boost the economy.
Drones, Entertainment, Ticket Specials, a World Record Attempt and More: The 2026 International Fireworks Championship Las Vegas
“It’s not just a fireworks show. We’re telling a story in the sky.” LAS VEGAS – Fireworks fans across the country and in Las Vegas are gearing up for the 2026 International Fireworks Championship in
Country Star Calls Trump An ‘Oppressor’ And Tells Musicians To Take Notes From Bad Bunny
Charley Crockett says his industry peers should pay attention to a musician who “hasn’t forgotten his heritage.”
'It saved my season': The 3D-printed tech reshaping sports medicine
From a Duke dorm room to locker rooms across the country, a Durham company is using custom 3D-printed braces to help injured athletes return to play.
An American xc skier charms the world at a tense political moment: He’s “the kind of president America should have”
PREDAZZO, ITALY — Particularly among the citizens of the Scandinavian nations where cross-country skiing is religion, bringing up the United States right now does not exactly elicit warm fuzzies in Europe. U.S. President Donald Trump, after all, has done his best to shred traditional North Atlantic alliances, complained to Norway’s prime minister that he should have been awarded the Nobel Peace Prize and said he could take over Greenland by force. At the Winter Olympics…
Saks Fifth Avenue, an anchor at New Orleans’ Canal Place since the 1980s, to close for good
Saks Global, which filed for Chapter 11 bankruptcy protection last month, will close eight Saks Fifth Avenue stores and one Neiman Marcus around the country.
Health insurance enrollment up in New Mexico amid national decline – New Mexico Health Care Authority
SANTA FE, NM – Health insurance enrollment has increased 17% in New Mexico thanks to the Health Care Affordability Fund, which lowers premiums and out-of-pocket costs for people who get coverage through BeWell, New Mexico’s Health Insurance Marketplace. Across the country, the loss of enhanced federal subsidies has driven up health insurance costs and contributed […]
This Startup’s Clever Way To Cut Health Costs Helped It Hit A $1.4 Billion Valuation
Garner Health uses data to identify the country’s best doctors based on quality and cost, then gives its customers’ employees financial incentives to go to them — which can save 12% on healthcare costs.
Traditional food could help reverse Nepal’s ‘diabetes epidemic’, studies suggest
With medication largely unaffordable in the country, experts hope community support and a change in diet could reduce soaring type 2 diabetes rates
Trump threatens to block opening of new US-Canada bridge
President Donald Trump threatened Monday to block the opening of a new bridge connecting the US and Canada, again lashing out at his country’s northern neighbor over a range of economic issues as the rift between Washington and Ottawa deepens.
Mexico state steps up health screening in schools as measles cases grow nationwide
MEXICO CITY (AP) — Mexico’s most populous state said Monday it was stepping up health screening at schools and recommended the use of face masks for students and staff as the country confronts a growing measles outbreak.
The midterm map is beginning to take shape : The NPR Politics Podcast
Beginning in March, voters will start picking their preferred candidates to run for House and Senate races throughout the country. With a record number of incumbents retiring, we look at what seats are especially competitive & the issues that might play big roles in how voters make up their minds.This episode: voting correspondent Miles Parks, political reporter Stephen Fowler, and senior political editor & correspondent Domenico Montanaro.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.
Rock The Country festival defends patriotic message after artists exit, 'loving America isn't political'
Kid Rock's Rock The Country festival canceled Anderson stop after Shinedown and multiple other artists withdrew over political division concerns.
Country superstar coming to central Pa. venue for concert
The singer has charted more than 50 singles on the Billboard country charts, including 19 hits reaching number 1.
An Olympian Made One Small Comment About the State of the Country, and MAGA Lost Its Mind
The president and his sycophants really do have paper-thin skin.
At Least One Country Is Having a Serious Epstein Reckoning
U.K. Prime Minister Keir Starmer faces cabinet resignations and calls to step down for appointing Epstein friend Peter Mandelson as U.S. ambassador.
Country star feels ‘more proudly American’ after watching Bad Bunny’s Halftime Show
She said Bad Bunny's performance made her feel "more proudly American than anything Kid Rock has ever done."
Kid Rock's 'Rock the Country' festival cancels several dates after artists drop out
Kid Rock has canceled several of his 'Rock the Country' tour dates in South Carolina after multiple artists dropped out. One band says its 'purpose is to unite, not divide,'
Biathlon at 2026 Milano Cortina: How it works, U.S. stars to watch
The U.S. has medaled in every Winter Olympic sport, except Biathlon, which combines cross-country skiing and rifle shooting. Here's what to know:
Making science more visible
As he enters a laboratory with saltwater pools full of fish, Luka Žuvić explains how climate change is affecting the feeding ecology and reproductive biology of Atlantic bluefin tuna, and how the species is adapting.It is a topic that may seem remote to many people. But in a country where fishing and aquaculture are important to the economy and national identity, Žuvić’s research is at the intersection of science and society. “In Croatia, marine and environmental science are closely connected to people’s lives because fisheries, aquaculture, tourism and coastal development are a big part of our lives,” explains Žuvić, a doctoral student working at the Croatian Institute of Oceanography and Fisheries in the Adriatic coastal city of Split. He also serves as one of Croatia’s ambassadors to Science Comes to Town (SCTT), a European Commission-funded project that aims to make scientific research more accessible, while inspiring young people to study the sciences. The project kicked off in Spilt on 20 January with a conference attended by partner institutions, community representatives, policymakers and scientists. Along with Split, Brest (in France) and Kiel (in Germany) will host a year of activities connecting scientists with the public.Žuvić, 31, is part of the Young Researchers' Career Development Project, a doctoral programme funded by the Croatian Science Foundation. His research on Atlantic bluefin tuna builds on a foundation-backed project focusing on the reproductive potential of farmed tuna, including their sexual maturation and spontaneous spawning in captivity, which has implications for the restoration of the Adriatic Sea's natural tuna populations. He also studies the tuna's feeding ecology through stomach-content analysis, using DNA metabarcoding and morphological approaches, and employs geometric morphometrics to improve the identification of juvenile tuna and related species. The research aims to enhance understanding of the tuna farming ecology, improve fish farm management and contribute to sustainable aquaculture and fisheries research.Engaging with local communitiesConnecting with the community is crucial for Žuvić’s research. Conversations with fishermen help him better understand the bluefin tuna's habits and how marine pollution affects the fish. “They are also curious about the biology and ecology of bluefin tuna,” he says of local fishermen, adding that sharing research with non-scientists benefits everyone. “Sometimes scientific research is invisible,” he explains. “That's why we as researchers need to go out from our institutions and labs to the public so that we can show them what we are working on. This helps create more trust in the scientists and their research.”Engaging the public also raises awareness about the anthropogenic changes to the marine environment resulting from human activities and pollution. Žuvić helps remove plastic and other rubbish from the Adriatic Sea that pose a direct threat to marine species. Predators, such as bluefin tuna, are especially vulnerable to ingesting waste churned up by fishing trawlers. “They are very opportunistic fish that follow trawlers and ingest everything,” he notes. To illustrate the impact, he has shown students the contents of bluefin tuna stomachs. “Finding a plastic bottle cap in the stomach of a bluefin tuna is concerning,” he says. "Science can be a powerful way to turn curiosity into practical solutions,” Žuvić adds, and sharing research outcomes “helps increase public awareness and improve understanding of human impacts on the marine environment.”The research also has implications for Croatia's economy. The Atlantic bluefin tuna’s rich, flavourful meat is highly valued for sushi and other raw fish dishes. However, overfishing nearly brought its population to collapse by the early 2000s. Although the species has made a comeback in the Atlantic and Mediterranean regions, catches continue to be managed through agreements with the International Commission for the Conservation of Atlantic Tunas. Croatia was a pioneer in developing commercial aquaculture as an alternative to open-sea fishing and accounts for about 10% of the EU’s farmed production of the bluefin tuna, with Japan being a key export market.A history of European collaborationCroatia has participated in Europe’s framework programmes for research and innovation since 2007, six years before officially joining the EU. Žuvić believes that EU funding and collaboration with other European researchers is vital for Croatian science. As part of the SCTT opening conference, the Institute of Oceanography and Fisheries, the University of Split and other local institutions were part of a science fair to showcase research on topics, such as robotics and an EU LIFE project on the protection of sharks and rays in the Mediterranean. “I hope that Science Comes to Town will help increase scientific literacy and curiosity among citizens, particularly students, and show that science is not something that is distant or abstract, but something that directly affects everyday life,” Žuvić concludes. “Ultimately, I hope that projects like it contribute to building a society that values knowledge and critical thinking, and that we can think about long-term sustainability using knowledge from science.”Science|Business, which connects policymakers, academics and industry through its news reporting, analysis and events, is an SCTT partner.
Sunday Sports: Basketball and wrestling throughout the North Country
Here’s a recap of your North Country sports this Sunday.
Trump accepts ownership of the current economy: 'I'm very proud of it'
In an exclusive interview with NBC News, the president said the country is already experiencing the "Trump economy."
Nostalgic breakfast restaurant chain sells business after 78 years
There is something deeply comforting about a classic country-style breakfast with all the staples: stacks of pancakes drenched in syrup, fried eggs, home fries, bacon, sausage, and, of course, warm buttermilk biscuits. For many families, sharing a hearty breakfast on a cozy morning is an American ...
Statistics and data science symposium hosts early-career scientists
Researchers celebrated the role of numerical data in scientific research at a Jan. 26 event at the Meyer and Renee Luskin Conference Center. The Lange Symposium on Computational Statics and Biomedical Data Science – hosted by the UCLA Department of Computational Medicine and Human Genetics – invited six speakers from across the country to discuss their research.
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.
Why robotic surgeries are bringing patients from across country to Louisville
Louisville is leading the charge in a handful of robotic-assisted surgeries, attracting patients from across the globe seeking life-changing care.
Christian McCaffrey shows his versatility goes way beyond the gridiron
San Francisco 49ers running back Christian McCaffrey performed on stage with country music star Zach Bryan on the Friday before Super Bowl 60.
As political talk rages in Milan, U.S. athletes are answering for their country
The Olympics have always been a political crucible. What's different about this one is that it's the United States that's taking heat.
Olympians and scientists explain how machine-made snow makes ski racing faster and riskier
U.S. Olympic skiers and scientists explain the sharp differences between natural snow and machine-made snow, from the science to the rising risk of crashes.
Trump administration planning ‘Board of Peace’ meeting in DC on February 19
The Trump administration is planning a meeting of the “Board of Peace” on February 19 in Washington, DC, per a US official and a diplomat from a country that was invited.
Country star Gavin Adcock backs Kid Rock's patriotic alternative to Super Bowl halftime show
Country singer Gavin Adcock backs Kid Rock's alternative Super Bowl halftime show event with Turning Point USA for conservative fans.
Will pro-military message bring Thailand’s ‘most hawkish’ party to power?
Thailand's border war with Cambodia has fuelled an election campaign as nationalistic sentiments surge in the country.
Democrats Had a Very Messy Week in Texas. Here’s What That Means for the Rest of the Country.
Yes, Democrats’ odds of winning a Senate seat in Texas are low, but Republicans look ready to make things interesting.
Country music star, actor boyfriend split up again and this time it might be for good
The couple's on again, off again relationship is apparently off again and for good this time.
Olympics Officials Signal Sanctions on Russia in Sports May End
In Milan this week, Olympics officials signaled a willingness to ease years of restrictions imposed on the country over its state-backed doping program and invasion of Ukraine.
From The Sports Desk: An authentically Italian opening ceremony
Lindsey Vonn tested her knee, figure skating kicked off, and host country Italy paid tribute to its culture and artistry at the opening ceremony.
Teton Science Schools invites 4th-6th graders on a spring break adventure
Campers will travel across Grand Teton National Park on cross-country skis and snowshoes, uncovering how wildlife thrives in winter, how snow impacts our water, and how scientists study these vital ecosystems.
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.
Epstein files set off Norwegian political storm: What we know
Two high-profile Norwegian politicians and the country's crown princess have been linked to the late sex offender.
Country star cancels pre-Super Bowl LX event at last minute: ‘Family comes first’
The singer announced that he was out of the event the day before it was slated to take place.
Weeks Medical Center controversy puts North Country health care system under microscope
When North Country Healthcare formed in 2016 through the merger of four rural New Hampshire hospitals, it was viewed as a first-of-its-kind model. Weeks Medical Center in Lancaster, Androscoggin Valley Hospital in Berlin, Upper Connecticut Valley Hospital in Colebrook, and Littleton Regional Healthcare in Littleton would all maintain independence and self-governance but combine administration, finance, […]
With ICE Using Medicaid Data, Hospitals and States Are in a Bind Over Warning Immigrant Patients
The Trump administration’s move to give deportation officials access to Medicaid data is forcing hospitals and states to consider alerting immigrant patients that information from emergency medical coverage applications could be used in efforts to remove them from the country.
She’s Upending Japanese Politics With Two Words: ‘I’m Pregnant’
Hikaru Fujita, who’s running in Sunday’s parliamentary election, is a standout in a country where expectant mothers rarely enter national politics.
San Diego County health officials urge measles vaccinations amid nationwide surge
County health officials Thursday urged residents to protect themselves from measles by vaccinating as cases surge across the country, including local cases in Los Angeles and Orange counties.
Thailand's popular progressives are leading the polls - but winning is only the first hurdle
The country votes again this weekend after three years of political turmoil.
With ICE using Medicaid data, hospitals and states are in a bind over warning immigrant patients
The Trump administration’s move to give deportation officials access to Medicaid data is putting hospitals and states in a bind as they weigh whether to alert immigrant patients that their personal information, including home addresses, could be used in efforts to remove them from the country.
Visa Introduces Visa & Main, A New Platform to Accelerate Small Business Growth Across the U.S.
New program aims to tackle biggest challenges for entrepreneurs across three pillars: Business Capital, Business Connect and Business Essentials Visa Main launches $100M working capital facility Visa (NYSE: V) today announced the launch of Visa Main , a new platform designed to give small business owners across the United States better access to the resources they need to succeed. Built in direct response to the most pressing challenges entrepreneurs face—access to capital, reaching customers and adopting modern business tools—the platform brings together capabilities across Visa’s network to help small businesses succeed. Attendees at Visa Main launch event in Atlanta “Small businesses are the heartbeat of local communities and represent nearly half of our country’s economic activity,” said Kim Lawrence, Regional President of North America, Visa. “With Visa Main, we’re connecting Visa’s products and in-house knowledge with the expertise of our clients and
Why haven’t business elites stood up for Minnesota?
If US elites can find the courage to speak up, we can still prevent our country from descending into full-blown autocracy
Country music world heartbroken as fourth legendary performer dies to start 2026
Country music has lost four performers who lit up the stages and airwaves for decades.
Is a country music icon replacing Bad Bunny at Super Bowl LX? The latest on the rumors
A petition online now has more than 126,000 signatures asking for the switch.
A tumultuous two decades in Thailand's politics
Thailand has seen two coups, multiple rounds of street protests and court rulings that have brought down five prime ministers in the past two decades, underlining the intractable power struggle between conservatives, reformists and populists in the Southeast Asian country.
IBX’s commitment to getting health care right
Health care costs are weighing heavily on everyday Americans and their families. Across the country, more people are seeking health care and prices for medical care and prescriptions continue to rise. As a result, health insurers are increasing premiums to keep up. At the same time, employer provided health coverage is eating into paychecks. All of this is making it more difficult for hardworking Americans to afford the coverage and care they deserve.
Trump’s Call to ‘Nationalize’ Elections Adds to State Officials’ Alarm
Some top state election officials, who run voting across the country, worry that the federal government has become hostile to them and their work.
‘Health crime’: Aoun slams Israel over spraying chemicals in south Lebanon
Lebanese president says latest 'aggression' represents an environmental crime and a violation of country's sovereignty.
RFK Jr.: ‘Fragmented’ addiction treatment system ‘has not worked in this country’
Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr. on Monday touted a new $100 million effort to fight opioid addiction highlighting the country’s “fragmented” system for…
Conservatives Boycott All Forms Of Entertainment
WASHINGTON—Decrying the un-American nature of any activity intended to provide amusement or the slightest bit of diversion, conservatives across the country announced an immediate boycott Tuesday of all forms of entertainment. “The insidious liberal bias in music, movies, literature, and television is just the tip of the iceberg,” said Nashville, TN, resident Drew Cardona, one […]
Country star Tim McGraw will perform in Hershey this summer
Grammy Award-winning country music star Tim McGraw will perform in Hershey this summer, and he's bringing plenty of friends with him.
Donald Trump set to welcome Colombian president to White House for talks
US president to meet with Gustavo Petro weeks after threatening military action in the country
India’s Neo Group Hires Veteran Banker To Boost Wealth Business
India’s Neo Group Ltd. hired senior banker Tajinderr Pal Singh Bhatia as a founding member and president of its wealth business, said people familiar with the matter, as demand for private bankers heats up in the the country’s fast-growing wealth management industry.
Texas Democrat who scored major upset in Trump country speaks to CNN
The U.S. Has Exited the World Health Organization. Here's What That Means for the Country
The U.S. departure from the World Health Organization became official in late January 2026, according to the Trump administration – a year after President Donald Trump signed an executive order on inauguration day of his second term declaring that he was doing so. He first stated his intention to ...
Braves share update on plans for club's future broadcasts
The Atlanta Braves are aware of the reports regarding Main Street Sports Group. While disappointed with this development, we have been actively preparing for this outcome and are well on our way towards launching a new era in Braves broadcasting. Throughout Braves Country and beyond, we have one of the
Trump cuts deal with India to reduce tariffs, increase oil purchases
Donald Trump said he was lowering the tariff on India as part of a deal for the country to stop buying Russian oil and increase purchases from the United States.
Country music star explains why he didn’t talk politics at Grammys
He appreciated the chance to explain why he doesn't talk politics.
Country music world rocked by deaths of 3 legends, including its oldest performer
Country music lost some iconic performers in January.
SA ready to host AFCON 2028, will be about 'fair play'
South African sports, arts & culture minister Gayton McKenzie told ESPN that his country seeks to host the Africa Cup of Nations (AFCON) 2028, and emphasised that he wanted the tournament to be remembered as one of "fair play".
Country Star Makes Surprising 'Jesus' Comment During Grammys Acceptance Speech
“Jesus is for everybody," he said.
STEM students gather on campus to participate in annual Science Olympiad
Middle and high schoolers from around the country traveled to Purdue’s campus for the invitational competition of the Science Olympiad. Students participated in events, practicals, and exams on various STEM-related topics to prepare for further competitions and expand their scientific expertise.
Q&A With 3 Star Edge Troy Mailo
Happy Sunday Husky fans. I’m sorry this is late today but I’m in Hawaii having some family time. I got the chance to talk to 3 star edge Troy Mailo from Mullen HS, CO about his recruitment and interest in UW. Mailo is rated as the 42nd best edge in the country and besides UW […]
Zoning change sought to turn southeast Rochester hotel into behavioral health facility
A zoning change will be considered Monday for a 25-year-old southeast Rochester hotel eyed for conversion into a 94-bed substance-abuse treatment facility.
The 10 Most Unique American Sporting Events
Take a look at some of the most unique sporting events and venues in the country.
Feeling sick? Bad flu season gets worse as a 'second peak' looms.
Cases across the country had appeared to decline before new public health data showed upticks in infections.
Senate passes government funding deal despite GOP backlash
President Donald Trump made a deal with Democrats to carve out Homeland Security funding and allow Congress to debate new restrictions on federal immigration raids across the country.
Venezuela’s Rodriguez Announces Amnesty For Political Prisoners
Venezuela’s interim government announced broad amnesty for political prisoners on Friday, a move that could benefit hundreds of people still held in the country’s jails, EFE reported, citing comments from acting President Delcy Rodríguez.
Melania Trump documentary won't be released in this country
Melania Trump's new documentary, "Melania," has been pulled from theaters in South Africa after the film's distributor abruptly canceled its release.
Burkina Faso junta announces ban on all political parties
The multiparty system had been "promoting division among citizens", the country's interior minister said.
Kristi Noem treated FEMA as an adversary. Then came a massive winter storm
When Homeland Security Secretary Kristi Noem strode into the Federal Emergency Management Agency headquarters last week, ahead of a monster winter storm set to wallop much of the country, she caught staffers buzzing around the agency’s response center off guard.
Science Fair spotlights student talent in STEM
The Tulsa Regional STEM Alliance Science Fair, returning Feb. 12, is an annual event that not only inspires young minds in Green Country but also showcases the potential of Oklahoma’s
The nation’s cartoonists on the week in politics
Every week political cartoonists throughout the country and across the political spectrum apply their ink-stained skills to capture the foibles, memes, hypocrisies and other head-slapping events in the world of politics. The fruits of these labors are hundreds of cartoons that entertain and enrage readers of all political stripes. Here's an offering of the best of this week's crop, picked fresh off the Toonosphere. Edited by Matt Wuerker.
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.
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.
Rochester businesses join Friday’s national strike against ICE
ROCHESTER, N.Y. (WROC) – In response to the immigration crackdown taking place in Minnesota, businesses across the country and close to home are planning to go on strike this Friday. It’…
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
Hill Country floods are worsening mental health issues in Kerr County, report finds
In Kerr County, the July 4 flood is expected to quadruple serious emotional disturbances in children and more than triple adult PTSD cases this year.
Will the government shut down this weekend? Latest updates
The country is facing a partial shutdown this weekend if lawmakers can't find a deal over a DHS funding measure.
Pakistan becomes latest Asian country to introduce checks for deadly Nipah virus
Authorities in Pakistan have ordered enhanced screening of people entering the country for signs of infections of the deadly Nipah virus after India confirmed two cases, adding to the number of Asian countries stepping up controls.
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.
How Ohio mayors are responding to ICE
The fatal shooting of two Minneapolis residents by federal agents this month has triggered protests in cities across the country, as well as a range of responses from local officials.
'Miracle on Ice' players discuss political climate heading into Winter Olympics
Mike Eruzione says the country needs a unifying moment: "We could use an '80 now."
Republicans Gave ICE a Slush Fund. Democrats Want to Limit It.
The sweeping domestic policy law that Republicans muscled through Congress last year made ICE the highest-funded federal law enforcement agency in the country, with no strings attached.
Iran delegates import powers as US war threats keep economy unstable
Iranian governors gain new powers as country prepares for possible war amid sanctions and looming geopolitical tensions.
Trump’s immigration approach is gumming up the courts, frustrating his DOJ and judges
The Justice Department and federal courts are struggling to keep up with the exponential increase in federal court cases of immigrants in custody who are challenging their detentions, another result of the Trump administration’s aggressive immigration enforcement policies across the country.
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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