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Tate McRae draws backlash from Canadian fans after appearing in a Winter Olympics promo for Team USA: 'Even the owl was GAGGED girl'

Kate McRae's Canadian fans were quick to question her decision to team up with Team USA, considering she's from Calgary.

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Feb 4 • 4:24 PM EST • Entertainment • yahoo.com
Overwatch's New Season 1 Is What the Game Was Always Meant to Be

A commitment to an ongoing story and more frequent new heroes, including five right now, move the game in the direction it always seemed to promise.

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Feb 4 • 1:46 PM EST • Technology • cnet.com
Dolan thrilled by world title shot on Paul promotion

Norfolk's Emma Dolan says "it doesn't feel real" that she will have her first world title fight on Jake Paul's debut London promotion.

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Feb 4 • 11:53 AM EST • Sports • bbc.com
Seals Are Seemingly Vanishing Off the Dutch Coast. These Scientists Are Trying to Get to the Bottom of the Mysterious Disappearances

Recent counts of the Wadden Sea’s adult harbor seal population have revealed a surprising trend of decline, prompting a consortium of researchers to investigate whether the animals are dying off, relocating or experiencing something else altogether

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Feb 4 • 9:45 AM EST • Science • smithsonianmag.com
Trump’s environmental rollbacks contradict RFK’s healthy America promise, report finds

Dismantling rules will make children vulnerable to chronic diseases ‘make America healthy again’ wants to eradicate

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Feb 4 • 7:30 AM EST • Health • theguardian.com
Microsoft's new commercial CEO is changing his top ranks, memo shows

Judson Althoff was promoted to this new CEO role in October. He's shuffling several executives who work for him.

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Feb 4 • 5:00 AM EST • Business • businessinsider.com
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Trillion-dollar question for AI business models

Investments in AI companies have surged, but profitability remains out of reach for many, prompting concerns about future business models.

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Feb 4 • 2:00 AM EST • Business • gisreportsonline.com
Relay Resources Adds Vice Presidents of Employee Experience, Business Transformation

PORTLAND, Ore., February 04, 2026--Relay Resources, the Pacific Northwest’s leading social enterprise nonprofit committed to advancing disability inclusion in the workplace, has added two senior leaders to its executive team: Oscar Rico-Cazares was named Vice President, Employee Experience and Talent Management, while Paulien van Uden was promoted to Vice President of Business Transformation.

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Feb 3 • 7:06 PM EST • Business • finance.yahoo.com
Mayor Mamdani Joins DCWP and NYC Health + Hospitals to Promote Free Tax Preparation Services for New Yorkers - NYC Health + Hospitals

New York, NY – Today, Mayor Mamdani joined the Department of Consumer and Worker Protection (DCWP), NYC Health + Hospitals

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Feb 3 • 2:54 PM EST • Health • nychealthandhospitals.org
Saif al-Islam Gaddafi, son of late Libyan leader, has been killed, sources say

The most prominent son of late Libyan leader Muammar Gaddafi, Saif al-Islam Gaddafi, has been killed, sources close to the family, his lawyer Khaled el-Zaydi and Libyan media said on Tuesday.

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Feb 3 • 2:17 PM EST • Politics • reuters.com
‘Biblical Diseases’ Could Resurge in Africa, Health Officials Fear

Parasites and infections that cause blindness and other disabilities were nearly eliminated in some countries, but drug distribution to prevent and treat them was derailed in many places in 2025 after the U.S. cut aid.

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Feb 3 • 11:18 AM EST • Health • nytimes.com
INDYCAR and Monumental Sports & Entertainment Announce Partnership to Fuel Freedom 250 Grand Prix of Washington, D.C.

/PRNewswire/ -- INDYCAR and Monumental Sports & Entertainment have teamed up to promote this summer's historic Freedom 250 Grand Prix of Washington, D.C. The...

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Feb 3 • 10:00 AM EST • Entertainment • prnewswire.com
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INDYCAR and Monumental Sports & Entertainment Announce Partnership to Fuel Freedom 250 Grand Prix of Washington, D.C.

Washington, D.C. (February 3, 2026) –INDYCAR and Monumental Sports & Entertainment have teamed up to promote this summer’s historic Freedom 250 Grand Prix of Washington, D.C. The event will be the first-ever motor race on the National Mall and city streets, taking place August 21-23 in celebration of America’s 250th birthday. Monumental Sports & Entertainment will

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Feb 3 • 9:55 AM EST • Entertainment • monumentalsports.com
INDYCAR and Monumental Sports & Entertainment Announce Partnership to Fuel Freedom 250 Grand Prix of Washington, D.C.

Washington, D.C. (February 3, 2026) –INDYCAR and Monumental Sports & Entertainment have teamed up to promote this summer’s historic Freedom 250 Grand Prix of Washington, D.C. The event will be the first-ever motor race on the National Mall and city streets, taking place August 21-23 in celebration of America’s 250th birthday. Monumental Sports & Entertainment will

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Feb 3 • 9:55 AM EST • Sports • monumentalsports.com
Anna Paulina Luna will support funding package after Senate promise to consider election bill

The Representative previously said she would whip votes to stop House business absent including the SAVE Act in any deal.

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Feb 3 • 8:05 AM EST • Politics • floridapolitics.com
Dutchess County Partners with Colgate to Promote Children’s Oral Health

The Dutchess County Department of Health (DOH), in partnership with Colgate’s “Bright Smiles, Bright Futures” program, will host a free Children’s Dental Health Event on Saturday, February 21, from 11:00 AM to 2:00 PM

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Feb 3 • 7:00 AM EST • Health • dutchessny.gov
Flamigo in Pokémon GO Meta: Is It Worth the Grind?

Flamigo's raid attacker stats disappoint despite solid Flying and Fighting moves. Shines as spice in PvP in Great and Ultra League.

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Feb 3 • 6:57 AM EST • Technology • pokemongohub.net
19 Winter Olympic storylines we're watching (they're not just about sports)

The Winter Olympics promise plenty of high adrenaline, fierce competition, historic firsts and emotional moments over 2 1/2 weeks. Here are some of the names and narratives to keep an eye on.

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Feb 3 • 5:01 AM EST • Sports • npr.org
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Patriots' star 'excited' for new Commanders OC David Blough

Christian Gonzalez is preparing for the Super Bowl, while his brother-in-law just landed a big promotion.

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Feb 3 • 4:04 AM EST • Sports • commanderswire.usatoday.com
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Texas Senate candidate James Talarico’s campaign roiled as he denies referring to ex-rival as ‘mediocre Black man’

With now just a month to go until Election Day, the Democratic primary for US Senate in Texas has become so fraught that a TikToker’s accusations have roiled the race and prompted a major endorsement in the backlash.

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Feb 2 • 9:34 PM EST • Politics • cnn.com
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Jeffrey Epstein's ties to politicians, business titans and other figures

The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.

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Feb 2 • 7:12 PM EST • Business • reuters.com
Factbox-Jeffrey Epstein's Ties to Politicians, Business Titans and Other Figures

Feb 2 (Reuters) - The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties ‌to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty ‌in 2008 to ...

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Feb 2 • 7:11 PM EST • Business • usnews.com
K&C Sports & Entertainment Law Weekly Roundup

This month's rash of indictments over alleged point-shaving in college basketball seems unlikely to prompt immediate wholesale changes within the NCAA, with the organization instead looking...

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Feb 2 • 7:00 PM EST • Entertainment • jdsupra.com
Tester, bipartisan group push plan to block corporate dark money in Montana politics

About 800 people attended an event in Billings to promote the ballot initiative.

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Feb 2 • 6:53 PM EST • Politics • bozemandailychronicle.com
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.

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Feb 2 • 4:57 PM EST • Politics • thenationaldesk.com
Berna Sozen Wins Vilcek Prize for Creative Promise in Biomedical Science

Berna Sozen, PhD, was awarded the prize in recognition of her research, which has enhanced understanding of embryonic development.

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Feb 2 • 4:00 PM EST • Science • medicine.yale.edu
Broncos promote Davis Webb to offensive coordinator and Logan Kilgore to QB coach
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Feb 2 • 3:54 PM EST • Sports • sports.yahoo.com
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Broncos promote Davis Webb to offensive coordinator

According to multiple reports, including NFL Network’s insider Tom Pelissero, the Denver Broncos are promoting Davis Webb to offensive coordinator. They’re also reporting that the Broncos are promoting Logan Kilgore to Webb’s previous role as quarterbacks coach. We will have more on this developing story soon…

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Feb 2 • 3:53 PM EST • Sports • milehighreport.com
Plan to end government shutdown survives key House hurdle after Trump quells GOP rebellion threats

The House is preparing for a crucial vote on a Senate compromise to end the partial government shutdown.

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Feb 2 • 2:17 PM EST • Politics • foxnews.com
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.

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Feb 2 • 11:21 AM EST • Technology • notebookcheck.net
5 ChatGPT Prompts To Identify Your Highest-Leverage Activities In Business

Busy but not profitable? These 5 ChatGPT prompts reveal your highest-value activities so you can stop guessing and start growing.

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Feb 2 • 10:00 AM EST • Business • forbes.com
Community Health Systems Completes Divestiture of Three Pennsylvania Hospitals to Tenor Health Foundation

FRANKLIN, Tenn., February 02, 2026--Community Health Systems, Inc. (NYSE: CYH) announced today that certain subsidiaries of the Company have completed the divestiture of 186-bed Regional Hospital of Scranton and 122-bed Moses Taylor Hospital in Scranton, Pennsylvania, 369-bed Wilkes-Barre General Hospital in Wilkes-Barre, Pennsylvania, and certain related businesses to affiliates of Tenor Health Foundation for $33 million of cash plus a $15 million promissory note from the buyer. Additional cash

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Feb 2 • 9:00 AM EST • Health • finance.yahoo.com
The Major Business Names in the Epstein Files

Documents referencing prominent executives like Elon Musk, Howard Lutnick and Bill Gates underscored the wide web of boldfaced names tied to Jeffrey Epstein.

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Feb 2 • 8:50 AM EST • Business • nytimes.com
Google's Genie 3 is 'the end of gaming studios' as 'GTA 6 Greenland edition' stuns fans

The new AI feature allows users to create their own gameplay 'in minutes' using text and image prompts

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Feb 2 • 7:51 AM EST • Technology • ladbible.com
Scientists Warn: This “miracle cure” works only by damaging human cells

MMS has long been promoted as a miracle cure, but new research shows it’s essentially a toxic disinfectant. While it can kill bacteria, it only works at levels that also damage human cells and beneficial gut microbes. Scientists warn that homemade MMS mixtures are especially dangerous due to wildly inconsistent dosing. The study calls MMS a clear case where the risks are high—and the benefits are effectively zero.

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Feb 2 • 7:00 AM EST • Science • sciencedaily.com
Despite Elon Musk's criticism, Delaware sees jump in incorporations

A handful of billionaires and prominent companies urged corporations to leave Delaware. According to the numbers, the opposite happened.

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Feb 2 • 5:17 AM EST • Business • businessinsider.com
The Wonder Drug That’s Plaguing Sports

Ostarine held the promise of profound medical treatments. Something unexpected happened on the way to F.D.A. approval.

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Feb 2 • 5:01 AM EST • Sports • nytimes.com
How generative AI can help scientists synthesize complex materials

DiffSyn, a computer model developed by MIT researchers, suggests promising ways to synthesize new materials for faster experimentation.

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Feb 2 • 5:00 AM EST • Science • news.mit.edu
Mandelson quits Labour as Epstein documents reveal he promised to amend tax on bank bonuses

The peer said he resigned his membership of the party to avoid causing it ‘further embarrassment’

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Feb 2 • 4:38 AM EST • Politics • theguardian.com
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Snow Forces Cook Out Clash to Wednesday at Bowman Gray

Winter storm prompts NASCAR to postpone the Clash for a third time.

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Feb 1 • 10:28 PM EST • Sports • autoweek.com
Knicks reel off 6th straight win, beat Lakers in what might be LeBron James' final game at Madison Square Garden

The victory was New York's sixth straight following a 2-9 stretch that raised alarms in New York and reportedly prompted a players-only meeting.

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Feb 1 • 9:28 PM EST • Sports • sports.yahoo.com
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The tension between big team science and colonial power dynamics

Nature Human Behaviour - Big team science promises to globalize the social behavioural sciences. However, without structural reform, it will reproduce a research model in which data are gathered...

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Feb 1 • 7:00 PM EST • Science • nature.com
How One Father Challenged the Measure of Care and Crafted a Global Healthcare Solution

And in that convergence, Sunstone Health finds both its purpose and its promise.”

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Feb 1 • 2:36 PM EST • Health • usatoday.com
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Meningitis cases rise in major Midwestern city, prompting public health alert

Chicago health officials issue urgent alert after seven meningococcal disease cases, including two deaths. Know the symptoms and warning signs.

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Feb 1 • 1:41 PM EST • Health • foxnews.com
Buffalo Bills CB facing a potential career-ending injury

Brandon Beane says promising Buffalo Bills boundary CB is dealing with a neck injury that’s “a very serious deal.”

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Feb 1 • 11:52 AM EST • Sports • buffalorumblings.com
Liverpool 4-1 Newcastle — Match Report: Mid-Table Nightmare

Newcastle United’s return to Premier League action ended in frustration as Liverpool stormed back to earn a 4–1 comeback win at Anfield. The Magpies have now dropped 16 points from winning positions in the league, keeping just two clean sheets in their last 17 games. Eddie Howe’s boys made a promising start but left Merseyside […]

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Feb 1 • 9:00 AM EST • Sports • cominghomenewcastle.sbnation.com
Business leaders gear up for Washington Street project

A website is planned to focus on positive, customer-friendly messaging during the project, letting consumers know about detours, promotions and anything else that will help get to businesses.

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Feb 1 • 7:57 AM EST • Business • brainerddispatch.com
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.

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Feb 1 • 5:26 AM EST • Technology • notebookcheck.net
Business promotions, new hires, expansions, investments - In The Know 2-1

Business promotions, new hires, expansions, investments - In The Know 2-1

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Feb 1 • 5:03 AM EST • Business • greenvilleonline.com
Can Google's Project Genie really 'make Mario and Zelda games' from text prompts?

Nintendo isn't going to be happy.

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Feb 1 • 3:00 AM EST • Technology • creativebloq.com
Scientists discover how to turn gut bacteria into anti-aging factories

Researchers found that small doses of an antibiotic can coax gut bacteria into producing a life-extending compound. In worms, this led to longer lifespans, while mice showed healthier cholesterol and insulin changes. Because the drug stays in the gut, it avoids toxic side effects. The study points to a new way of promoting health by targeting microbes rather than the body itself.

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Jan 31 • 7:00 PM EST • Science • sciencedaily.com
The Detroit News now part of USA TODAY Network

The Detroit News is officially part of USA TODAY Co.’s network of more than 200 newspapers.

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Jan 31 • 9:31 AM EST • Business • detroitnews.com
Ottawa Charge Midseason Report: Sparks of Promise Amid Challenges
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Jan 31 • 7:23 AM EST • Sports • thehockeynews.com
Google’s Project Genie Experiment Causes Video Game Stocks to Suddenly Crash as Investors Believe Games Will Be Made Solely with AI

The public release of Google's Project Genie experiment, capable of creating virtual worlds from a prompt, caused video game stocks to crash.

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Jan 31 • 4:30 AM EST • Technology • wccftech.com
Catherine O’Hara remembered by Austin film, entertainment institutions

The sudden death of Catherine O’Hara on Friday shocked the TV and film industry, prompting countless social media tributes from co-stars, friends, and celebrities. Austin’s film institu…

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Jan 30 • 7:32 PM EST • Entertainment • kxan.com
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.

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Jan 30 • 3:50 PM EST • Politics • wabe.org
Samsung Galaxy Z TriFold launches in the US, sells out in minutes

Again, extremely low stock is likely to blame. As promised Samsung brought its latest and greatest to the US today with its Galaxy Z TriFold. The handset...

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Jan 30 • 3:21 PM EST • Technology • gsmarena.com
New triple-drug treatment stops pancreatic cancer in its tracks, a mouse study finds

By targeting three key growth pathways at once, researchers eliminated pancreatic tumors in multiple mouse models and prevented the cancer from returning, a promising step toward overcoming treatment resistance.

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Jan 30 • 2:30 PM EST • Science • livescience.com
Missouri sports betting tops $543M in first month but deductions leave state with only $521K

Missourians placed more than half-a-billion dollars in bets on sporting events in December but promotional offers offset the taxable profits.

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Jan 30 • 1:59 PM EST • Sports • missouriindependent.com
Videogame stocks slide on Google's AI model that turns prompts into playable worlds

Shares of videogame companies fell sharply in afternoon trading on Friday after Alphabet's Google rolled out its artificial intelligence model capable of creating ​interactive digital worlds with simple prompts.

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Jan 30 • 12:37 PM EST • Technology • reuters.com
US Senate scrambles to reach funding deal as partial shutdown deadline looms

Killings of Alex Pretti and Renee Good prompted Democrats to block passage of a measure funding DHS

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Jan 30 • 12:35 PM EST • Politics • theguardian.com
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I'm a Pro Photographer and Xiaomi's 17 Ultra Leica Phone Looks Amazing

Commentary: This phone packs some key camera upgrades that make it a contender for one of 2026's best camera phones.

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Jan 30 • 8:00 AM EST • Technology • cnet.com
S.F. opens health clinic to tackle pollution in Bayview-Hunters Point — a long time coming

Fears of exposure to radiation from the Hunters Point Shipyard prompted the Department of Public Health to open the clinic.

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Jan 30 • 7:00 AM EST • Health • missionlocal.org
Burkina Faso junta announces ban on all political parties

The multiparty system had been "promoting division among citizens", the country's interior minister said.

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Jan 30 • 5:52 AM EST • Politics • bbc.com
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New signing Bannan will provide 'extra quality'

Millwall boss Alex Neil has backed new signing Barry Bannan to provide the "extra bit of quality" his side will need to earn promotion to the Premier League.

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Jan 30 • 4:44 AM EST • Sports • bbc.com
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'Very unfortunate': Fort Pierce Downtown business owners upgrade security after recent burglaries

Two Downtown Fort Pierce businesses were burglarized early Tuesday morning, prompting police to search for suspects and business owners to upgrade security.

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Jan 29 • 7:36 PM EST • Business • wpbf.com
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.

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Jan 29 • 3:26 PM EST • Technology • arstechnica.com
Google Extends Pixel Tablet OS Updates for Another 2 Years

Pixel Tablet updates now last another 2 years, thanks to new promise from Google. While Google has done some weird things with updates on some of its older devices (the Pixel... #Google #PixelTablet

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Jan 29 • 3:07 PM EST • Technology • droid-life.com
Out West Midland launches as new live entertainment promoter in West Texas

A new chapter in West Texas live entertainment is underway as Out West Midland, led by partners Sean Elphick, Ariel Herrera, Aidan Acosta, and Logan Acosta, launches with a commitment to continue the growth of live events in the Permian Basin. The 2026 Out West Midland concert season will feature a limited run of live [...]

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Jan 29 • 2:02 PM EST • Entertainment • oaoa.com
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.

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Jan 29 • 11:59 AM EST • Politics • nytimes.com
As quirky Switch 2 life sim Tomodachi Life gets a release date, Nintendo makes good on decade-old same-sex relationship promise

Nintendo has confirmed same-sex relationships in its Tomodachi Life: Living the Dream reveal, alongside an April release date.

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Jan 29 • 11:46 AM EST • Technology • eurogamer.net
Out West Midland launches as new live entertainment promoter

Out West Midland has officially launched as a live entertainment promoter, with plans to bring concerts and large-scale events to the Midland County Horseshoe throughout 2026.

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Jan 29 • 11:18 AM EST • Entertainment • firstalert7.com
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The promise and reality of the rural health fund

In the 2025 budget bill, Congress created the $50 billion Rural Health Fund to help struggling hospitals, doctors, and patients in rural America. But rural hospitals are expected to lose three times that through Medicaid cuts in that same budget bill. So, what will it take to keep rural healthcare afloat?

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Jan 29 • 11:00 AM EST • Health • wbur.org
Will Republicans break their losing streak on health care reform?

Republicans have repeatedly failed to successfully field an alternative to ObamaCare, but their new “Great Healthcare Plan” released in January offers some promising ideas, such as pric…

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Jan 29 • 10:00 AM EST • Health • thehill.com
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…

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Jan 29 • 9:18 AM EST • Health • news.maryland.gov
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Memphis People in Business for Jan. 29, 2026

A look at promotions, hirings, movers and newsmakers in the Memphis area business scene.

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Jan 29 • 7:00 AM EST • Business • commercialappeal.com
Small Business Promotion Week: WashSmart Laundry

You won’t find any coins at this laundromat. WashSmart Laundry in North Arlington prides themselves not only on being coinless, but they also offer the latest high-powered, energy-efficient washers and dryers that not only clean faster but leave clothes “feeling softer.”

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Jan 29 • 7:00 AM EST • Business • arlingtontx.gov
Donald Trump promised to make the US the world’s crypto capital. His businesses are seizing on it.

The president's business empire — once known for its hotels and golf courses — has aggressively expanded into the world of cryptocurrencies during his first year back in the White House.

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Jan 29 • 5:00 AM EST • Business • politico.com
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.

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Jan 28 • 9:00 PM EST • Health • wsoctv.com
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Josh Shapiro accuses JD Vance of giving 'comfort' to right-wing antisemitism

The Democratic governor of Pennsylvania, a potential 2028 presidential candidate, is on a book tour promoting his memoir, which highlights his Jewish faith.

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Jan 28 • 8:08 PM EST • Politics • nbcnews.com
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Snowstorm brings economic boom to some Delaware County businesses while others struggle
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Jan 28 • 7:26 PM EST • Business • cbsnews.com
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Samsung releases first three Galaxy S26 Ultra trailers promoting its big new feature

All three leaked trailers focus on the hot new privacy feature for the Galaxy S26 Ultra.

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Jan 28 • 4:15 PM EST • Technology • phonearena.com
Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers

The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]

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Jan 28 • 12:54 PM EST • Sports • sports.yahoo.com
China’s latest war game uses hospital and science ships for espionage

It is self-evident that Beijing is not promoting peace, health or scientific research.

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Jan 28 • 8:30 AM EST • Science • thehill.com
Peter Murray Tapped as CEO of Professional Bowlers Association and Head of Media for Lucky Strike Entertainment (Exclusive)

Murray had been the founding CFO of the MMA promotion Professional Fighters League.

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Jan 28 • 7:30 AM EST • Entertainment • hollywoodreporter.com
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Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs

In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)­—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices­—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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