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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.
International science cooperation must go on, say research leaders
Science leaders in Europe and Canada say international cooperation must go on amid geopolitical turmoil. At the same time, Europe and like-minded countries should continue to enhance and diversify international partnerships, a Science|Business conference hears. Hugh Brady, president of Imperial College London, told delegates that Europe’s response to the current geopolitical climate should be to “diversify in terms of research partnerships and build resilience and scale into our own system.”A first priority should be for the EU to sort out the scope of the upcoming European Competitiveness Fund and ensure that, together with the next iteration of Horizon Europe, it can drive the development and scale up of new technologies. The EU and the countries associated to the Horizon Europe programme represent “the world's most successful research innovation ecosystem,” Brady said. In order to mitigate the negative effects of shifting geopolitics, the EU together with the UK, Switzerland, Canada, South Korea and others should talk about “building resilience” and address their own “regional needs,” he added. Responding to TrumpUnder Donald Trump’s leadership, the US government has slashed science budgets and shut down international research programmes. Nearly 8,000 grants at the National Institutes of Health and the National Science Foundation have been frozen or terminated. Courts have overturned most of these cancellations, but the disruption caused remains significant. While Europe may persuade a few thousand disgruntled scientists to move across the ocean to work on topics that have been de-funded in the US, it’s unclear what should happen next with transatlantic scientific cooperation more broadly.“Now is the time for us to show [US researchers] our support as much as we can,” Brady said.The European Research Council (ERC), the EU’s basic science funder, has seen a surge in applicants from the US. According its latest data, US-based researchers submitted 347 proposals to the last three big funding rounds, up from 158 in the previous set of calls. The European Commission has also launched a €22.5 million pilot call in 2025 for the Marie Skłodowska Curie Actions, the EU’s researcher training scheme. It plans to extend this support with a €51.25 million call in 2027 as part of the Choose Europe initiative, which is intended to make the continent a more attractive place to pursue a career in research. Related articlesData corner: US researchers are choosing EuropeEU-India deal highlights growing alignment on technology policyMeanwhile, in the private non-profit sector, the Volkswagen Foundation is experimenting with a new type of grant that would allow US researchers to split their time between the US and Germany. While these schemes are useful, Europe should not bet on an exodus of scientists from the US. “The idea that we might all see them flocking over to Europe is naïve and counterproductive,” said Maria Leptin, president of the ERC, also speaking at the Science|Business conference on February 5. “We need research in the US to be as healthy as possible. I really admire those who are staying there with a will to fight and an optimism that the world will turn into a better place again,” Leptin said. Preserving dataDespite political disruption, academics have found ways to continue cooperating and sharing research data. Leslie Weir, president of the International Federation of Library Associations and Institutions and Canada’s national librarian, said the US cuts have raised concerns about research data security, after ideologically sensitive databases were limited or deleted by the Trump administration. But international organisations teamed up to ensure that the data is not lost. “It's interesting to see that researchers and libraries across North America are collaborating to make sure that data at risk is duplicated elsewhere outside [the US],” Weir said.
Exclusive | Trump Administration to Make It Easier to Fire 50,000 Federal Workers
A rule expected to be completed on Thursday would create a government-employee category that offers fewer job protections.
KB5074105: Windows 11 asks for admin access to open Storage settings, but breaks Temporary files cleanup for some files/folders
Windows 11 KB5074105 adds a UAC prompt for Storage settings, but Settings can’t clean Windows Update files anymore.
Jeanine Pirro faces pushback over comment about guns in DC
Comments from top officials in the Trump administration and Trump himself about guns similarly angered such groups last month
US agency investigates Nike for alleged discrimination against white workers
EEOC demands firm turn over ‘DEI-related objectives’ amid Trump administration crackdown on diversity initiatives
Two new polls show how Alex Pretti’s killing made the Minneapolis crackdown untenable
The Trump administration on Wednesday delivered its surest sign yet that it’s de-escalating its highly controversial immigration crackdown in Minneapolis.
How Big Is the Minnesota ICE Drawdown?
Border czar Tom Homan says 700 federal agents are leaving. State and local leaders say the Trump administration needs go further.
NYC, NJ Business Groups Urge Trump to Restore Gateway Funds
Business leaders, labor groups and transit advocates are calling on the Trump administration to restore funding to a $16 billion rail tunnel that links New Jersey and Manhattan as work on the project is set to shut down on Friday absent federal dollars.
Supreme Court allows new California congressional districts that favor Democrats
The Supreme Court has allowed California to use a new voter-approved congressional map that is favorable to Democrats in this year’s elections, rejecting a last-ditch plea from state Republicans and the Trump administration
After the Minneapolis shootings, Trump says his administration could use 'a softer touch' on immigration
In an exclusive interview with NBC News, President Donald Trump added: "But you still have to be tough."
In America science-sceptics are now in charge
The Trump administration seems to want less clean energy and more preventable diseases
Trump admin. attorney leaves Minnesota after telling judge her job ‘sucks’ amid crush of immigration cases
An Immigration and Customs Enforcement attorney detailed to Minnesota to help handle the Trump administration’s immigration crackdown in the Twin Cities has been removed from her post after telling a judge that the job “sucks” because of the crushing workload and the government’s apparent inability to comply with court orders.
Governor Michelle Lujan Grisham
Yesterday I joined leaders, business owners, and residents of the city of Deming and Luna County to learn about the progress they're making. My administration is proud to support this work with...
Live updates: The latest on the Trump administration
The Department of Homeland Security will withdraw 700 personnel from Minneapolis, according to border czar Tom Homan. Follow for live news updates.
Microsoft actually does something useful, adds Sysmon to Windows
: After years of bolting AI onto everything, Redmond remembers admins exist
How the Trump Administration’s Embrace of Oil, Gas, and Chemical Industry Interests Will Endanger Children’s Health
The Trump administration’s actions to eliminate lifesaving environmental protections would allow corporate polluters to emit more toxins and chemicals, exposing more than 2 million kids to pollutants that increase the likelihood of lifelong health concerns—such as asthma, autism, ADHD, and cancer—while undercutting the administration’s own “Make America Healthy Again” agenda.
Trump wants Republicans to ‘nationalize’ US elections. The Constitution might get in the way
A wide array of election experts say President Donald Trump’s call for Republicans to “nationalize the voting” is an alarming and potentially dangerous escalation of his continued efforts to transform how US elections are administered.
Trump wants Republicans to ‘nationalize’ US elections. The Constitution might get in the way
A wide array of election experts say President Donald Trump’s call for Republicans to “nationalize the voting” is an alarming and potentially dangerous escalation of his continued efforts to transform how US elections are administered.
Bonta: California will 'remain resolute' in pushing back on Trump administration
Over the last year, California has sued the Trump administration 55 times – an average of more than one case a week.
Trump administration bars non-citizens from agency's small-business loans
The rule change goes into effect on March 1.
Small Business Administration shuts out non-U.S. citizens from its main lending program
Trump says Republicans should ‘nationalize’ elections : The NPR Politics Podcast
President Trump suggested during an appearance on the Dan Bongino Show that Republicans should “take over the voting” in at least 15 states and “nationalize” elections. We unpack what to make of these comments and how they fit into a bigger picture of Trump’s repeated efforts to interfere with states’ administration of elections. This episode: senior White House correspondent Tamara Keith, voting correspondent Miles Parks, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Casey Morell and Bria Suggs, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
Trump says Republicans ‘should take over the voting’ as his administration pushes for state voter data before the midterms
Millions Of Legal Immigrants Are About to Lose Access To Government Loans for Small Businesses
The Small Business Administration is cutting off lending to any business with any amount of non-citizen ownership, excluding more than 5 million business owners from federal loans.
Illinois joins World Health Organization network, after Trump administration withdraws from group
Joining the World Health Organization’s Global Outbreak Alert and Response Network is the state’s latest move into an area that was previously the domain of the federal government, before the…
Autism: myth-busting and what scientists still don't know : Short Wave
Autism has a long history of misinformation that continues to today. The Trump administration has perpetuated some of this misinformation in the last year. Among other things, officials have claimed certain groups of people don’t get the condition and that taking Tylenol while pregnant causes autism to later develop in children. Today, NPR Science Correspondent Jon Hamilton sets the record straight with host Emily Kwong on what scientists do and don’t know about autism. If you liked this episode, check out our episodes on an Autism researcher’s take on Trump’s claims about Tylenol and a Fragile X treatment that may be on the horizon.Interested in more science in the news? Email us your question at shortwave@npr.org.Listen to every episode of Short Wave sponsor-free and support our work at NPR by signing up for Short Wave+ at plus.npr.org/shortwave.This episode was produced by Berly McCoy. It was edited by Rebecca Ramirez. Tyler Jones checked the facts. The audio engineer was Damian Herring.
Football, politics, and protest: This year’s Super Bowl comes at a tinderbox moment in the US
The NFL faces pressure to take a stance against the Trump administration's immigration policies ahead of the Super Bowl.
Football, politics and protest: This year's Super Bowl comes at a tinderbox moment in the US
The NFL faces pressure to take a stance against the Trump administration’s immigration policies ahead of the Super Bowl
Football, politics and protest: This year's Super Bowl comes at a tinderbox moment in the US
The NFL faces pressure to take a stance against the Trump administration's immigration policies ahead of the Super Bowl
Federal judge temporarily blocks Trump’s termination of protections for Haitians
A federal judge has paused for now the Trump administration’s termination of Temporary Protected Status for more than 350,000 Haitians. The status, known as TPS, allows holders to live and work in the US and was set to expire after Tuesday.
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 ...
Yet another judge rejects Trump effort to block offshore wind
It's the fifth such project put back on track after the Trump administration halted them in December.
Nicki Minaj says Trump bullying pushed her into politics as MAGA supporter
Since aligning herself with the Trump administration, Minaj has garnered blow back from prominent voices in the entertainment industry.
SBA bars green card holders from business loan ownership starting March 1
A new Small Business Administration policy taking effect March 1 will bar businesses with any legal permanent resident ownership from receiving SBA-backed loans, reversing longstanding eligibility rules and moving in a direction that lenders say
HHS Secy Kennedy Jr., Dr. Oz & Admin Officals Discuss Behavioral Health
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Dr. Mehmet Oz, and others announce "Action for Progress," an initiative addressing mental health and addiction.
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.
Indirect Cost Caps: A Hidden Threat to American Science
Reductions in federal reimbursement rates for institutional research facilities and administration costs could bankrupt America’s research universities.
How music's biggest stars protested Trump's immigration crackdown at the Grammys
Entertainment’s awards season has coincided with the Trump administration’s mass deportation campaign in Minneapolis, forcing artists to decide whether and how to join the growing cultural revolt against immigration crackdowns. Pushback from music’s biggest stars was visible Sunday from the Grammys red carpet and throughout the telecast. Activists spent the week pressing celebrities to don pins protesting the U.S. Immigration and Customs Enforcement presence in cities, working with their teams to spread the message and
This global health leader praises Trump's aid plan -- and gears up to beat malaria
Bill Steiger, who served in the George H.W. Bush and first Trump administrations, reflects on the past year's changes in the U.S. role — and his new job as head of Malaria No More.
Watch live: Top health officials launch initiative addressing mental health, addiction
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Mehmet Oz and other officials on Monday will announce an initiative addressing me…
Fear, tears and stress: Workers allege toxic culture inside Colorado’s Behavioral Health Administration
Nine current and former Colorado Behavioral Health Administration staffers told The Denver Post that Commissioner Dannette Smith fostered a chaotic and stressful work culture.
Newsom leads resistance to RFK Jr.’s public health upheaval
California Gov. Gavin Newsom (D) is making California the frontline in the resistance to the Trump administration’s revamped healthcare policies under Health Secretary Robert F. Kennedy Jr, in what…
Colorado's mental health care providers face too many administrative burdens
Colorado should address the administrative burdens associated with becoming a credentialed mental health care provider on insurance panels.
HHS Secy. Kennedy, Dr. Oz & Others Announce New Mental Health Initiative
Health and Human Services Secretary Robert F. Kennedy Jr., Centers for Medicare and Medicaid Services Administrator Dr. Mehmet Oz, and others announce "Action for Progress," an initiative addressing mental health and addiction.
The Grammys bring more celebrity pushback to the Trump administration's immigration crackdown
Artists this awards season are having to decide whether and how to join the growing cultural revolt against the Trump administration’s immigration crackdowns
UND Nistler College of Business of Public Administration to introduce new real estate major
Also, Department of Economics and Finance has been renamed the Fransen Department of Real Estate, Economics and Finance in honor of Robert "Bob" Fransen, who helped the real estate major come to be.
Amy Klobuchar navigates thorny politics of immigration as first test in run for governor
The moment will test Klobuchar’s record of bipartisan work in Washington and relationships with Minnesota progressives, who want a fighter against the Trump administration.
Samsung Galaxy S26 Ultra: First official promotional poster leaked
It is widely known how the camera of the Galaxy S26 Ultra will change, but now we can see it in large format in a first leaked official promotional poster, in the primary color option purple and without any distracting watermarks.
New US envoy to Venezuela arrives in Caracas as administration aims to reopen embassy
Laura F. Dogu, the United States’ new top envoy to Venezuela, arrived in Caracas on Saturday as the Trump administration aims to reopen an embassy there for the first time in nearly seven years.
Trump claims Minnesota fraud exceeds $19B, faults Biden administration
President Donald Trump renews attacks on Rep. Ilhan Omar and Gov. Tim Walz over the Minnesota fraud scandal linked to the Somali community.
Will corporate America finally stand up to the Trump administration?
The brutal handling of immigration raids and the killing of Alex Pretti have tested the reticence of the corporate class
From a recalibration in Minnesota to an Epstein files release: Inside the Trump administration’s chaotic week
For a brief moment following the fatal shooting of Alex Pretti, President Donald Trump appeared to recalibrate.
Fresno protests, student walkouts and business closures mark nationwide strike against ICE
A nationwide strike brought protests, student walkouts and business closures to Fresno as demonstrators voiced opposition to the Trump Administration's immigration crackdown.
Local business owners use one-day boycott to protest federal immigration actions
At least 15 Phoenix-area businesses and several student groups joined a national "ICE Out" boycott to protest Trump administration immigration enforcement.
Epstein files release raises key question for Trump administration: From the Politics Desk
Plus, a Democratic divide in California with 2026 and 2028 campaign implications.
Feedback Friday: ‘Closer Look’ listeners react to intensifying daily politics, protests
This comes as tensions continue to rise in Minnesota after the shooting deaths of Alex Pretti and Renee Nicole Good by Immigration and Customs Enforcement agents. Earlier this month, Lemon and Fort both reported on a protest at Cities Church in St. Paul. It has been alleged that an ICE official serves as a pastor of the church, which sparked the protest. Following the incident, the Trump administration promised retaliation against Lemon.
Sydney Sweeney rejects speaking about politics
'Outnumbered' co-hosts discuss how Hollywood actors are responding to I.C.E. operations under the Trump administration.
A Secret Panel to Question Climate Science Was Unlawful, Judge Rules
The researchers produced a report a that was central in a Trump administration effort to stop regulating climate pollution.
Science-based vaccine policy passes first hurdle in the state legislature
The proposal is Colorado Democrats’ response to the Trump administration’s vaccine changes.
Dallas County grapples with mixed signals on federal mental health funding
The White House administration notified mental health and substance abuse and addiction provider organizations nationwide that by executive order, $2 billion in already awarded federal funding would be taken back.
Open Streets are Business Incubators, Yet Another Report Shows - Streetsblog New York City
Want jobs? Keep out the cars.
Will Cain: Celebrities pushing politics seems like a ‘relic of the past’
Fox News host Will Cain rails against Minnesota Gov. Tim Walz for his comparisons of the Trump administration’s immigration enforcement operation in his state to the Battle of Gettysburg and the story of Anne Frank on ‘The Will Cain Show.’
UND Nistler College of Business & Public Administration announces newly named Fransen Department of Real Estate, Economics & Finance
UND alum Bob Fransen's gift establishes real estate major, renames department
Judge to weigh political motives in ICE surge
A federal judge has asked the Trump administration to respond to allegations from the state’s leaders that Operation Metro Surge is motivated by animosity toward Minnesota.
Minnesota shooting blurs political lines around guns : The NPR Politics Podcast
Alex Pretti was carrying a permitted gun when he had a confrontation with federal agents who ultimately shot and killed him. While the Trump administration pointed to his gun as a reason for agents to fear for their safety, pro-gun groups argued Pretti had a right to carry. We discuss the rhetoric around guns and how marginalized communities in Minneapolis have been increasingly turning toward gun ownership.This episode: senior White House correspondent Tamara Keith, domestic extremism correspondent Odette Yousef, and senior political editor and correspondent Mara Liasson.This podcast was produced and edited by Lexie Schapitl and 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.
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.
Michigan State business school to host ‘Rails to the Future' conference
TROY, Mich. — Michigan State University’s Eli Broad College of Business will host “Rails to the Future: 200 Year of Progress, Building What’s Next,” a conference featuring key rail industry officials May 11-13 at the MSU Management Education Center in Troy. Keynote speakers will include Federal Railroad Adminstration Administrator David Fink; Surface Transportation Board [...] Read More...
House Republicans propose stricter voting requirements as Trump administration eyes the midterms
House Republicans are proposing sweeping changes to the nation’s voting laws
‘What if I told you this school had no teachers?’: Is AI schooling the future of education — or a risky bet?
Alpha School, which purports to teach children academics using AI for two hours a day, has got the support of the Trump administration, but leaves some education experts and parents unimpressed.
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…
SBA programs for native businesses face scrutiny
The Native Hawaiian Organizations Association is urging President Donald Trump’s administration to distinguish between “isolated allegations” about the Small Business Administration’s program aimed at developing native-run businesses and its success expanding economic opportunity, as U.S. Rep. Ed Case calls for a formal review.
How Stephen Miller micromanages Trump’s immigration policies
Stephen Miller has sought this week to distance himself from the recent fatal shootings in Minneapolis and the administration’s miscalculated response. But more than anyone, Miller has been the overall architect of Trump’s aggressive deportation push, encouraging heavy-handed operations in blue cities, and urging agencies to cast a wide net to meet hefty arrest quotas.
TPS Expiration Under Trump Hits Haitian Workers in Critical Health Care Roles
Haitians are a vital source of employees for health care providers in many communities. The Trump administration is removing legal status next month for 330,000 of them.
Medicare Advantage Insurers Face New Curbs on Overcharges in Trump Plan That Reins in Payments
Proposed Trump administration changes to federal Medicare Advantage payments would stop health insurers from mining patient data for extra medical diagnoses that generate more bills to taxpayers even without treatment.
Analysis: Trump 2.0 sees terrorism all over the place
The Trump administration is living in a state of perpetual terror, both foreign and domestic.
VA reorganization aims to shift health care workforce to hubs with growing veteran population
Congress directed the VA to make similar changes under the first Trump administration, but blocked it from implementing them under the Biden administration.
Internal review contradicts Trump administration on Alex Pretti shooting : The NPR Politics Podcast
An initial internal review into federal immigration officers’ fatal shooting of Alex Pretti in Minneapolis last weekend contradicts the description of the incident by Homeland Security Secretary Kristi Noem. We discuss President Trump’s shifting messages on immigration policy and how his administration’s efforts to restrict legal immigration pathways are changing the political environment. This episode: senior White House correspondent Tamara Keith, immigration policy correspondent Ximena Bustillo, and senior political editor and correspondent Domenico Montanaro.This podcast was produced by Bria Suggs and Lexie Schapitl, and edited by Rachel Baye.Our executive producer is Muthoni Muturi.Listen to every episode of the NPR Politics Podcast sponsor-free, unlock access to bonus episodes with more from the NPR Politics team, and support public media when you sign up for The NPR Politics Podcast+ at plus.npr.org/politics.
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.
Healthy Returns: Botox, Trulicity among 15 drugs added to Medicare price negotiations
The Trump administration kicked off another round of Medicare drug price negotiations, while Kaiser Permanente agrees to pay a historic settlement.
Learner Tien shuts down Trump question at Australian Open amid political grilling of American players
American tennis players at the Australian Open continue to face political questions about the Trump administration, with rising star Learner Tien becoming the latest to decline comment.
As the Trump administration targets NCAR, scientists rally to defend the ‘mothership’ of atmospheric research
A letter published by the National Science Foundation asks for ideas to dismantle the research hub. Scientists are responding en masse.
WATCH: Coons, Rubio disagree on whether Congress should’ve been consulted before Maduro ouster
Sen. Chris Coons, D-Del., said the Trump administration failed to properly consult with Congress in the months leading up to the dramatic U.S. military raid that ousted President Nicolás Maduro. Secretary of State Marco Rubio said it was "a trigger-based operation."
Here's what to know about the $50 billion states are getting for rural health
To satisfy Republicans opposed to last summer's cuts to health care, the Trump administration launched an ambitious 5-year initiative known as the Rural Health Transformation Program.
New Sony WF-1000XM6 leak reveals new updated colour options
The WF-1000XM6 is set to debut with more launch colour options than Sony's WF-1000XM5 earbuds, according to a new leak. Tipped to debut next month for $329.99 in the US and €299.99 in the Eurozone, the change would be a first for the WF-1000X series.
Moto G77 launches with a 108MP camera with 3x lossless zoom, 120Hz AMOLED display, and an IP64 rating
Motorola has grown its Moto G series line of smartphones with the launch of a new model. The new Moto G77 has a new camera, a bigger battery, and a brighter display than its predecessor, the Moto G75.
After D.C. clears homeless encampments, health workers warn of growing risks
While Trump administration officials say that sweeps of homeless encampments make public spaces safer, health workers say they are disrupting care for people with serious medical needs and increasing the risk of illness and death.
The White House’s shocking lies about Minneapolis
Never forget how this administration misled you.
Analysis: Trump’s team almost never backs down from its false claims. This past week has been different
From the start, this has been a say-anything presidential administration.
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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