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Ohio man charged with Vance death threat amid rising US political violence
A federal grand jury indicted a 33-year-old Ohio man on Friday with threatening to kill Vice President JD Vance with an automatic weapon, the Justice Department said in a news release, as the US grapples with rising political violence and threats.
4 macOS Features Apple Recently Added To Your Computer
macOS Tahoe 26.1 and 26.2 have added interesting features like a ring light for better FaceTime calls, the ability to tweak the transparency of the UI, etc.
SA Asks: How can PayPal turn its business around?
PayPal's stock plunged this week amid a weaker-than-expected earnings report and outlook. How can the company turn its business around? Seeking Alpha analysts weigh in.
Virginians urged to take care of mental health during winter weather
The Virginia Department of Health (VDH) is urging Virginians to take care of themselves and loved ones during winter weather.
‘March for Billionaires’ to hit San Francisco streets on...
A pro-wealth advocate is planning a “March for Billionaires” on the streets of San Francisco Saturday to push back against California’s proposed “billionaire’s...
Lucky Strike Entertainment Stock Pre-Market (+5.3%): Bouncing After Post-Earnings Plunge
LUCK is gaining +5.3% pre-market, a sharp reversal from yesterday's -13.5% drop following its Q2 earnings miss. While the print was weak, management outlined a new strategic plan.
‘It’s a sign of weakness’: Former NAACP president on racist post on Trump’s social media page
What’s Coming In Rivian Software 2026.03
Rivian’s 2026.03 software update brings smarter cold weather range visibility, expanded performance features like Launch mode and broader Sport mode availability, improved Kneel Mode usability, and smoother visuals powered by Unreal Engine 5.5 across both Gen 1 and Gen 2 R1 vehicles. Add in the new Apple Watch app and a long list of stability and driver assist refinements, and this is a well rounded update that quietly improves the entire ownership experience.
US accuses China of secret nuclear test as Trump admin calls for broader nuclear weapons agreement
The United States on Friday accused China of carrying out a secret nuclear test in 2020 as the Trump administration calls for a broader nuclear weapons agreement including both China and Russia.
Experts Warn: The Dangerous Blur Between Science and Wellness in Mental Health Bestsellers
A marketplace where labels blur In many bookstores, titles rooted in clinical science sit inches from glossy self-help guides promising instant serenity. That proximity can make rigorous research look interchangeable with lifestyle advice, especially when everything shares the same bright displays. Readers encounter a single aisle labeled “psychology,” even when the content ranges from peer-reviewed evidence to spiritual rituals. The result is a subtle but pervasive blur, turning a complex health landscape into a grab-bag of mixed claims. Why the shelves can mislead Retail categories are built for convenience, not for methodological clarity or clinical accuracy. When “development personal” or “wellness” becomes the default bin, evidence-based psychology competes with coaching manifestos and mystical manuals. The visual language of covers—calming color palettes, confident subtitles, glowing endorsements—flattens the distinction between randomized trials and anecdotal wisdom. In that aesthetic harmony, a guide on cognitive behavioral therapy may appear no more “serious” than a book on moon manifestation. The stakes for readers and patients Confusion carries real risks, including delayed care when people self-treat serious symptoms with untested routines. Vulnerable readers—facing depression, trauma, or anxiety—may be swayed by charismatic voices over careful data. Some messages frame recovery as pure willpower, which can amplify shame when symptoms persist despite effort. Others overpromise universal solutions, ignoring cultural context, diagnostic nuance, and comorbidity. “Shelving is not neutral; it shapes beliefs, expectations, and choices.” What professionals and retailers are asking Clinicians and public-health experts argue for clear, readable signage that separates science-based mental health from broader wellness. Books by licensed psychiatrists or psychologists that cite peer-reviewed studies could be grouped under “Evidence-Based Mental Health.” Adjacent space might host reflective memoirs, coaching workbooks, or contemplative philosophy—valuable in their way, but clearly labeled as non-clinical guidance. Booksellers emphasize their dual role as cultural curators and commercial actors, noting they respond to demand while striving for quality standards. How clarity could look and feel The goal is not to police ideas, but to help readers navigate with confidence. Transparent categorization respects reader autonomy while lifting the signal of credible practice. Clear tags—such as “scientific references,” “clinical overview,” or “personal narrative”—can work like map legends, turning a maze into a route. And when a book blends modes, hybrid labels can acknowledge both insight and limitation. A practical checklist for choosing wisely Check the author’s credentials: clinical license, academic affiliation, or relevant training. Scan the references: citations to peer-reviewed journals or reputable guidelines. Look for scope limits: clear statements about who the book is and isn’t for, and when to seek care. Seek methods, not miracles: approaches tested across diverse groups, with measurable outcomes. Watch the language: be wary of absolute claims, stigmatizing tones, or one-size-fits-all promises. Cross-verify with trusted bodies: national psychology associations or public-health agencies. The publisher’s responsibility Publishers can raise the bar by standardizing disclosure on methods, sample sizes, and limitations. Editorial policies could require conflict-of-interest statements, transparent citations, and plain-language summaries of evidence. Marketing should avoid medicalized framing for books that lack clinical validation, even when sales incentives press for bold claims. When a manuscript mixes reflection with research, honest jacket copy can prevent false equivalence. Coexisting without confusion Wellness writing can offer genuine comfort, perspective, and daily habits that support well-being. Scientific texts can provide structured tools, validated therapies, and realistic expectations for progress. The aim is to let these strands coexist, while giving readers the navigational cues to tell them apart. With clearer shelves, informed labels, and modest design tweaks, we can protect reader trust—and keep the aisle both inviting and intelligent.
Winter Olympians often compete in freezing temperatures – physiology and advances in materials science help keep them warm
While physical exertion helps athletes stay warm, sweating can lead to dehydration.
Winter Olympians often compete in freezing temperatures – physiology and advances in materials science help keep them warm
While physical exertion helps athletes stay warm, sweating can lead to dehydration.
Science Alive brings hands-on fun to South Bend families
Families can enjoy weather demos, zoo animals and science experiments at Science Alive on Feb. 7 in South Bend.
AI is now part of Coach and Kate Spade designers' workflow
Tapestry's CEO said the initial sketches of bags and shoes are done by hand, but AI tools help tweak designs and test different colorways.
Smartwatch Health Alerts: Tampa cardiologist shares when to see a doctor
Many people wear smartwatches or use some type of wearable device that tells you about your health and your heart, but a Tampa cardiologist said it’s important to know what you’re looking at and when it’s time to see a doctor.
Women's Heart Health Awareness: National Wear Red Day is Friday
February is Heart Health Month, and the American Heart Association is putting particular emphasis on women's heart health on Friday, National Wear Red Day.
SEC financial boom brings revenue to $1.1 billion, but can it catch the Big Ten?
The Southeastern Conference released financial records that show business is booming after a new deal with ESPN. But can it match Big Ten's wealth?
New recall includes nearly 23K bottles of triglycerides drug used to treat heart disease
New Jersey-based Zydus Pharmaceuticals has recalled nearly 23,000 bottles of its icosapent ethyl capsules due to leakage issues that may have weakened their effectiveness.
Stop Using Windows 11 Like a Beginner: 31 Hidden Tricks Microsoft Never Taught You
Windows 11 is more advanced than you might think. We show you how to take advantage of AI‑powered Copilot tricks, customization tips, hidden settings, multitasking tools, security tweaks, and more.
Spring Sports: Know Before You Go
HICKORY, N.C. - Despite the winter weather, Lenoir-Rhyne Spring sports are about to be in full swing. Baseball hosts Columbus State for a three-game series this weekend while Men's Lacrosse takes on No. 2 Tampa in a showdown of national powers on Saturday. Softball opens up the home portion of their schedule on Wednesday, February 11, vs. Belmont Abbey. The final Spring sport to open the home portion of the their schedule will be Women's Lacrosse, who take on Rollins in Moretz Stadium on Sunday, February 22.
WW2 battleship tour explores history, weaponry of USS Massachusetts
The USS Massachusetts, known for its pivotal role in World War II, is now a museum and war memorial in Massachusetts.
Starmer apologises to Epstein victims as he seeks to weather Mandelson scandal
PM says he is sorry for believing ‘lies’ told by former Labour minister when he appointed him US ambassador
West Palm hosts global power players as city pushes for national business hub status
It wasn’t on most people’s radar, but this week, some of the world’s most influential and wealthiest business leaders gathered in West Palm Beach.
Canon Announces RF 7-14mm f/2.8-3.5 L Fisheye Zoom: World’s Widest 190° Zoom
Canon's wildest lens yet? The RF 7-14mm f/2.8-3.5 delivers both circular and diagonal fisheye looks in one weather-sealed zoom. Perfect for VR, astro, and creative wide-angle shots.
New York City Joins UN Health Network After Trump Withdrew US From WHO
By Kanishka Singh WASHINGTON, Feb 4 (Reuters) - The New York City Health Department on Wednesday said it has joined the World Health Organization's global outbreak response network following President Donald Trump's withdrawal of the U.S. from the U.N. health agency. WHY'S IMPORTANT Following ...
Floyd Mayweather sues Showtime Sports for $340 million amid explosive claims of misappropriation
Mayweather is seeking $340 million in misappropriated funds and punitive damages in a stunning lawsuit against Showtime Sports and former Showtime Sports president Stephen Espinoza.
Zulay Henao Joins Billy Bob Thornton In ‘Somedays’ From Director Brian Klugman
EXCLUSIVE: Zulay Henao is set to join Billy Bob Thornton, Ariana Greenblatt and Pamela Anderson in Somedays, a feature film that Brian Klugman is writing and directing. Tucker Tooley Entertainment is financing and producing. Joining Tooley as financiers are Streamline Global, Eighteen 88 and Three Point Capital. The film follows a weary delivery driver with months to …
GE HealthCare weathers tariffs to beat Wall Street expectations for 2025
GE HealthCare posted full-year growth of 4.8% in 2025, including 7.1% revenue growth in its fourth quarter, beating analyst expectations, and announced 2026 guidance of growth across all its performance metrics.
Baltimore City Health Department issues Cold Blue extreme cold alert Wednesday night
The Baltimore City Health Deparmtnet activated a Cold Blue Extreme Cold Alert begining Wednesday night through Monday, Feburary 9 due to dangerous cold weather
Sun Releases Strong Flare
The Sun emitted a strong solar flare, peaking at 7:13 a.m. ET on Feb. 4. NASA’s Solar Dynamics Observatory, which watches the Sun constantly, captured an
Extra SNAP benefits, small business loans available in N. Louisiana after winter storm
Food stamp recipients and small business owners in parts of North Louisiana are eligible for federal disaster assistance to cover their losses from the recent severe winter weather.
Top 25 And 1: UConn's NCAA Tournament seeding could be hurt by weak Big East schedule
The Huskies are 22-1 but only have five wins vs. Quadrant 1 opponents so far this season
Nintendo Shares Plunge 10% After Weak Profit Spurs Margin Fears
Nintendo Co.’s shares slid their most in 18 months after the company reported disappointing earnings, revealing a big hit to margins while concerns grow about the impact of soaring memory chip prices in 2026.
A hidden cellular process may drive aging and disease
As we age, our cells don’t just wear down—they reorganize. Researchers found that cells actively remodel a key structure called the endoplasmic reticulum, reducing protein-producing regions while preserving fat-related ones. This process, driven by ER-phagy, is tied to lifespan and healthy aging. Because these changes happen early, they could help trigger later disease—or offer a chance to stop it.
Winter weather hurts restaurant business as customers stay home
Restaurants across central Kentucky are seeing significant drops in business as winter weather keeps customers at home, with some establishments reporting foot traffic down by half and tips falling dramatically.
Amendment 44: Final Text for B.2 Heliophysics Foundational Research
B.2 Heliophysics Foundational Research (HFR) solicits investigations that advance the fundamental physical understanding of the Sun-Heliosphere-Planetary
Christian Menefee sworn into Congress, giving Houston’s 18th District long-awaited representation
The former Harris County attorney defeated Amanda Edwards in a special election runoff on Saturday. Menefee's swearing in chips away at Republicans' majority in the U.S. House.
Becoming a parent pushed me to leave corporate life
Shawn Asselin explains how frustration with men's underwear led him to quit corporate life and build a fast-growing brand.
NATO troops can't let guns get too warm to work on frozen battlefields
Finnish military personnel told Business Insider that temperature variation is a huge threat to their weapons in the Arctic.
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.
Patriots Veteran Made Predictable Choice At Super Bowl Opening Night
New England Patriots wide receiver Mack Hollins didn’t wear shoes to Super Bowl Opening Night on Monday. Surprised? No, of course you aren’t! Hollins, who says that he only wears shoes when necessary and likes being barefoot because it strengthens his feet, ankles, and knees, once again let those things breathe during his media availability […]
The Vogue Business Fall/Winter 2026 Menswear Size Inclusivity Report
Following last season’s sharp decline, FW26 confirmed that the rollback in size inclusivity is not a blip, but an accelerating trend.
Underwhelming 49ers offensive weapon named their worst signing of 2025
The San Francisco 49ers added plenty of players last offseason who helped out, but one of them struggled to make much of a positive impact in 2025.
Anthony Weaver leaves Miami Dolphins for Baltimore Ravens
Weaver to become defensive coordinator for Ravens.
Sun Releases 4 Strong Solar Flares
The Sun emitted three strong solar flares on Feb. 1, peaking at 7:33 a.m. ET, 6:37 p.m. ET, and 7:36 p.m. ET. The Sun emitted a fourth strong solar flare on
Justice Department expected to ramp up efforts to deliver on Trump’s ‘weaponization’ priorities
Justice Department officials are expected to meet Monday to discuss how to reenergize probes that are considered a top priority for President Donald Trump — reviewing the actions of officials who investigated him, according to a source familiar with the plan.
The 2026 Virginia Black Business Leaders Awards
From rebuilding communities in the post–Jim Crow era to leading Fortune 500 companies and public institutions today, Black business leaders have played a central role in shaping Virginia’s modern economy. Today, they are driving growth, innovation and opportunity across the commonwealth — leading major corporations, expanding small businesses, strengthening public institutions and driving progress across […]
Daiwa Profit Beats Estimates on Equity Trading, Wealth Business
Daiwa Securities Group Inc.’s profit beat estimates last quarter, as Japan’s stock market boom bolstered its equity trading and wealth management businesses.
Clippers’ Kawhi Leonard weaves through Suns defense for massive dunk
Clippers star Kawhi Leonard could not be stopped during one incredible play against the Suns on Sunday night.
Grammys 2026 top red carpet looks: Chappell Roan, Sabrina Carpenter, Lady Gaga, Justin Bieber, Bad Bunny and more arrive in style
What the stars are wearing on music's biggest night.
Korda overcomes 'brutal' conditions to win opener
American Nelly Korda wins the weather-affected Tournament of Champions after "probably the hardest holes I've ever played in professional golf".
Leeds Council discusses public projects, water treatment business
Public Works projects and a potential environmental and water treatment business were the subjects of a meeting for the Leeds City Council on Wednesday night after it was rescheduled from Monday due to weather conditions.
Speaker Mike Johnson says he's 'confident' shutdown will end by Tuesday
Despite his one-vote majority in the House and weather-related challenges, the GOP speaker said the partial shutdown won't last long.
Hims and Hers Super Bowl ad highlights 'uncomfortable truth' about elite healthcare for the rich and 'broken' system for the rest
The company is putting wealth inequality center stage as millions are expected to drop their Obamacare plans.
Not me watching this man destroy a 70-something Karen at the grocery store in the most satisfying way possible 💀
"Not all heroes wear capes; some wear AirPods."
Snow Forces Cook Out Clash Postponement at Bowman Gray
NASCAR moves the Clash from Sunday to Monday amid winter weather in Winston-Salem.
In the latest Epstein files are famous names and new details about an earlier investigation
Newly disclosed government files on Jeffrey Epstein show authorities thought they were close to indicting the wealthy financier on sex crimes nearly two decades ago, before that investigation was suddenly scrapped.
Everything you wanted to know about Groundhog Day
Learn about the origins of Groundhog Day, how to watch Punxsutawney Phil’s prediction, and why the groundhog is accompanied by men wearing tuxedos and top hats.
Florida Panthers players partner with Museum of Discovery and Science for ‘Hockey: Faster than Ever’ exhibit - WSVN 7News | Miami News, Weather, Sports
FORT LAUDERDALE, FLA. (WSVN) - Several Florida Panthers players showed up to unveil the newest exhibit at the Museum of Discovery and Science in FortRead More
Apple's New Lip-Reading Tech Is a Weird Signal of Where We're Heading
Commentary: The purchase of a startup called Q.ai isn't a blip on the radar. The way we use our wearables could be changing in very weird new ways.
The Latest Way to Create an Isolated Retreat: Buy a Whole Village
Wealthy buyers and tourism entrepreneurs are acquiring abandoned European villages — school, church and bar included.
Scientists finally explain statin muscle pain
Statins are a cornerstone of heart health, but muscle pain and weakness cause many patients to quit taking them. Scientists have now identified the precise molecular trigger behind these side effects. They found that statins jam open a critical muscle protein, causing a toxic calcium leak. The discovery could lead to safer statins that keep their life-saving benefits without the muscle damage.
'We have weaknesses': How covering sports is like raising kid athletes
Top athletes, like our kids, are more human being than prodigy. Sometimes parents, and their kids who play sports, just need to calm down.
Arts and entertainment calendar
Events coming up in the Greenville area offer music, arts, theater and family fun. Here is a sampling. Due to the inclement weather forecast, events may be postponed or canceled.
Tampa Bay Business & Wealth Magazine Announces Leadership Transition and Next Phase of Growth
Tampa Bay Business & Wealth (TBBW) today announced a leadership transition and the start of a new chapter for the publication, marking a significant milestone in its continued evolution as a leading voice for the region's business community.
‘Innovating weather science’: Met Office launches new two-week forecast
Weather service research finds less accurate probability-based predictions are still considered helpful
Gavin Newsom says he's 'burdened by the facts' as he criticizes California billionaire wealth tax proposal
California Gov. Gavin Newsom doubled down on his criticism of the proposed billionaire wealth tax, warning it could cut school and safety funding rather than solve budget issues.
Dow to cut 4,500 jobs, forecasts weak revenue amid sluggish demand
The job cuts come as the company streamlines work processes by using automation and AI to lower costs and improve efficiency.
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.
Businesses in the Triangle feeling the effects of winter weather
Local businesses are feeling the effects of the winter weather, especially when they have to close their doors. Many business owners told WRAL News that weekends are the busiest time, so having their doors closed and with no customers two weekends in a row is hurting their margins.
Gen X and millennial inheritance could take a hit due to health care costs and taxes
Generation X and millennials who may be receiving an inheritance from the previous generations may be receiving less than expected due to health care costs and taxes, according to experts. NBC News' Brian Cheung breaks down how this will impact the younger generation.
Winter weather hits local businesses hard as snow forces closures
Local business owners are grappling with the financial strain of consecutive winter weather weekends, with closures significantly impacting service industry employees and small retailers.
UK business confidence weakens as doubts grow over wider economy
British business confidence has weakened this month after executives' view of the global economic outlook declined to its darkest in a year, a survey by Lloyds showed on Friday.
Back to business: Local shops, restaurants come back to life after snowstorm
Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm
Burkina Faso’s military government dissolves political parties
Interior Minister says multiplication of political parties has fuelled divisions and weakened social cohesion.
NASCAR Clash schedule changes with snow forecast
NASCAR will move Clash practice and qualifying heats to Sunday afternoon due to forecasted snow and winter weather on Jan. 31.
A No. 1-vs.-2 showdown between Brother Martin and Jesuit has been moved because of weather
Brother Martin and Jesuit will play their rivalry soccer match two days later than originally scheduled.
Stop killing your SSD: 6 must-do Windows 11 tweaks
Follow these tips for a long-lasting SSD!
Hims & Hers Super Bowl Ad To Spotlight The Health-Wealth Gap
Narrated by Common, HIms and Hers' 2026 Super Bowl ad highlights how income disparities shape health outcomes—and position affordability as part of the solution.
Weak dollar drives gold over $5,500 an ounce for first time, amid geopolitical and debasement fears
Rolling coverage of the latest economic and financial news
Bills urged to sign All-Pro weapon for Josh Allen
This would open up a lot of things.
Sergey Brin Spends $20 Million on California Political Effort Amid Wealth Tax Debate
Sergey Brin, the co-founder of Google, is donating toward campaigns to solve California’s housing crisis, spurring other billionaires to pitch in. Their efforts may also help ward off a wealth tax.
Tampa Bay Business and Wealth under new ownership, and the transaction is made-for-TV drama
Bridgette Bello’s departure from the magazine turns out to be more than what it seemed.
Eau Claire County Health Department releases measles and respiratory update
The Eau Claire City-County Health Department’s communicable disease team released statements about both measles and a respiratory update.
Social Sciences in the News: Political Science Professor Omar Wasow
Political Science Professor Omar Wasow authored an op-ed in The New York Times titled "We’re Seeing the Weakness of a Strong State." I study the political consequences of protest and state violence.
Snap is Spinning Out Its Specs AR Glasses Business
The subsidiary, Specs Inc., will keep focusing on products that build on the company's Spectacles, which create mixed-reality experiences for wearers.
Google Pixel’s Tensor chip said to help weather a rocky smartphone market in 2026
A new report forecasts the smartphone chipset market through 2026, and claims that Google’s efforts in building Tensor for Pixel...
KPN Consulting Services Announces Over 20M USD in Business Acquisitions and Launch of Financial Wealth Symposium
CHARLOTTE, NC, UNITED STATES360-Degree Consulting Firm Expands Economic Empowerment Footprint Through Strategic
Walmart CEO Doug McMillon retiring as retailer gains more wealthy shoppers amid inflation
Walmart CEO Doug McMillon retires after 40 years, leaving behind a transformed retail giant that attracts higher-income shoppers through convenience.
5 things to know for Jan. 28: Minnesota ICE crackdown, Political violence, Severe weather, Social media trial, Epstein files
CNN’s 5 Things AM brings you the news you need to know every morning.
Who was Ajit Pawar, the Indian politician killed in plane crash?
Pawar was a key political figure and served as second-highest elected official in Maharashtra, India's wealthiest state.
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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