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Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health

Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.

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Jan 29 • 5:05 AM EST • Health • nytimes.com
What to know about the Melania Trump documentary

As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.

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Jan 29 • 5:00 AM EST • Politics • cnn.com
Louisiana restructured child care tax credits for businesses to help families, workers

State leaders restructured and renamed a tax credit program for childcare businesses and businesses that invest in child care, which early childhood education advocates say will increase the quality of child care and ease parents back into the workforce.

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Jan 29 • 5:00 AM EST • Business • theadvocate.com
CAA Fast Break

As the league approaches the midway point of the conference slate, CAA men’s basketball insider Dr. John Giannini and host Griffin Della Penna broke down the league and its incredible performances, as well as the CAA's upcoming matchups on CBS Sports Network in the fifth edition of the CAA Fast Break.

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Jan 29 • 4:59 AM EST • Sports • caasports.com
College football transfer portal is 'train wreck.' Ask man who ignited it

One of the creators of the unrestricted transfer portal in college sports calls the current system 'awful' but doesn't regret his involvement.

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Jan 29 • 4:22 AM EST • Sports • usatoday.com
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Doctors warn frostbite risk rising as dangerous cold grips the DC region

As extreme cold hits the D.C. area, experts explain how frostbite affects blood flow, early warning signs and what to do to prevent serious injury.

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Jan 29 • 3:57 AM EST • Health • wtop.com
Exclusive: Honda signs Fabio Quartararo for 2027 MotoGP season

Quartararo’s switch from Yamaha to Honda marks the first major move of the 2027 MotoGP rider market

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Jan 29 • 3:31 AM EST • Sports • motorsport.com
Reign dominate Canucks in 6th straight home victory

The Ontario Reign (28-12-1-1; 58 points) take a commanding 5-2 victory over the Abbotsford Canucks (15-23-3-3; 36 points) Wednesday night at Toyota Arena. Five different skaters scored for the Reign, coming together for a full team-effort. Ontario remains in first place in the AHL Pacific Division.

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Jan 29 • 2:28 AM EST • Sports • thesportingtribune.com
Premier Radiology Services acquires rival teleradiology group NRad

Backed by private equity investors at Grovecourt Capital Partners, the Florida firm is buying National Radiology Solutions for an undisclosed sum.

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Jan 29 • 2:12 AM EST • Business • radiologybusiness.com
Citrus Heights approves mandatory registry for vacant businesses
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Jan 29 • 1:39 AM EST • Business • cbsnews.com
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ACU Sports Podcast: Wildcat Annual Fund Director Anthony Egbo

Anthony Egbo, former ACU football player and current director of the Wildcat Annual Fund, talks about ACU Athletics' unique approach to philanthropy, what to expect for ACU Gives, and shares stories of how ACU has impacted student-athletes' lives even if they are only a Wildcat for a year or two.

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Jan 29 • 1:00 AM EST • Sports • acusports.com
Washington State earns 70-58 victory over Seattle U

PULLMAN, Wash. (AP) Rihards Vavers had 24 points in Washington State's 70-58 win over Seattle U on Wednesday night.

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Jan 29 • 12:40 AM EST • Sports • cbssports.com
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At World’s Busiest Port, China’s Unbalanced Economy Comes Into View

The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.

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Jan 29 • 12:00 AM EST • Business • nytimes.com
Rep. Ilhan Omar points finger at Trump's 'hateful rhetoric' after town hall attack

The man accused of carrying out the assault has social media accounts that include multiple photos in support of Trump and criticizing Democrats. The FBI is investigating.

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Jan 28 • 11:36 PM EST • Politics • nbcnews.com
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The Herald's weekly entertainment picks

Looking to be entertained from Thursday, Jan. 29, through Wednesday, Feb. 4? Check out the Skagit Valley Herald’s weekly recommendations.

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Jan 28 • 11:30 PM EST • Entertainment • goskagit.com
Avalanche Offense Goes Cold in 5-2 Loss to Senators

It wasn't a very pretty night for the Colorado Avalanche, as their offense completely dried up against the Ottawa Senators and end up losing 5-2

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Jan 28 • 11:08 PM EST • Sports • thehockeynews.com
Suns lean on bigs, paint attack for matchup vs. Pistons

The Phoenix Suns found a way around their guard shortage in a victory over Brooklyn on Tuesday.

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Jan 28 • 10:55 PM EST • Sports • cbssports.com
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Justice Department bracing for more resignations in Minnesota

The Justice Department is bracing for a new wave of resignations in the Minnesota federal prosecutors’ office over recent immigration enforcement efforts in the state, sources familiar with the matter said.

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Jan 28 • 10:25 PM EST • Politics • cnn.com
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Ottawa Senators vs. Colorado Avalanche
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Jan 28 • 10:18 PM EST • Sports • sports.yahoo.com
Valeri Nichushkin with a Goal vs. Ottawa Senators
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Jan 28 • 9:44 PM EST • Sports • sports.yahoo.com
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Task force: Cut SF commissions, empower mayor

Legislation due to supes March 1.

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Jan 28 • 9:30 PM EST • Politics • sfexaminer.com
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Prosecution requests July 1 state trial for Mangione in health care executive's killing

Defense attorneys for Luigi Mangione, charged with fatally shooting UnitedHealthcare CEO Brian Thompson in 2024, said the date is unrealistic with a federal case also pending.

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Jan 28 • 8:46 PM EST • Health • nbcnews.com
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Editorial: Keep judges and politicians out of college sports

With the NCAA increasingly losing control of collegiate athletics, there's little distinction between the pro leagues and college teams.

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Jan 28 • 8:00 PM EST • Sports • detroitnews.com
Senators probe experts during Capitol Hill investigation into Palisades fire

The state and local response to the Palisades fire last year was back under a microscope

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Jan 28 • 7:50 PM EST • Politics • spectrumlocalnews.com
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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Tiny mammals are sending warning signs scientists can finally read

Small mammals are early warning systems for environmental damage, but many species look almost identical, making them hard to track. Scientists have developed a new footprint-based method that can tell apart nearly indistinguishable species with remarkable accuracy. Tested on two types of sengi, the system correctly identified them up to 96% of the time. It offers a simple, ethical way to monitor ecosystems before they quietly unravel.

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Jan 28 • 7:00 PM EST • Science • sciencedaily.com
U.S. health officials monitor deadly virus

Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.

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Jan 28 • 6:47 PM EST • Health • nbcnews.com
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Floods push crocodiles into Mozambican towns as health concerns rise

Floods in Mozambique have led to a new threat. Crocodiles are appearing in submerged towns and have killed at least three people. Torrential rains and severe flooding over the past month have killed more than 100 people in Mozambique, South Africa, and Zimbabwe. Thousands of homes have been destr...

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Jan 28 • 6:28 PM EST • Health • wral.com
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Oklahoma businesses face challenges as winter storm impacts sales

A winter storm in Oklahoma has significantly affected local businesses, leading to decreased customer visits and financial challenges.

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Jan 28 • 6:05 PM EST • Business • koco.com
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New York lawmakers join in calling for ICE’s removal from Minnesota

Dozens of New York state senators and assemblymembers released a joint statement Wednesday at the State Capitol.

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Jan 28 • 6:01 PM EST • Politics • spectrumlocalnews.com
Alexander Volkanovski shuts down Jean Silva title talk

Not yet, “Lord.” Ultimate Fighting Championship (UFC) Brazilian fan-favorite Jean Silva scored the biggest win of his career at UFC 324 last weekend (Sat., Jan. 24, 2026), outworking the ultra-durable Arnold Allen to a unanimous decision victory inside T-Mobile Arena in Las Vegas, Nevada. The win immediately launched Silva into the division’s elite and title […]

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Jan 28 • 5:49 PM EST • Sports • mmamania.com
Hillary Clinton and Tucker Carlson Speak at Saudi Business Forum

The Democrat and the hard-right commentator found at least one thing to agree upon as they spoke at a conference in Riyadh.

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Jan 28 • 5:26 PM EST • Business • nytimes.com
Tigers Pounce on Pilots for 74-51 Victory on Dignity Health Night

Taking control early in the game, the Pacific men's basketball program overwhelmed Portland in a 74-51 win Wednesday on Dignity Health Night at the Alex G. Spanos Center.

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Jan 28 • 5:22 PM EST • Health • pacifictigers.com
Seven things to know about how Apple's Creator Studio subscriptions work

For the Mac versions of pro apps, things aren't actually changing much (yet).

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Jan 28 • 4:53 PM EST • Technology • arstechnica.com
Pa. county commissioners call for $40M increase to support mental health services

HARRISBURG — County leaders from across Pennsylvania on Wednesday called on legislators and Gov. Josh Shapiro to provide an additional $40 million in funding for county mental health services in

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Jan 28 • 4:10 PM EST • Health • lancasteronline.com
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.

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Jan 28 • 3:34 PM EST • Politics • npr.org
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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.

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Jan 28 • 3:34 PM EST • Health • weau.com
Viral Moltbot AI assistant raises concerns over data security

Security researchers are warning of insecure deployments in enterprise environments of the Moltbot (formerly Clawdbot) AI assistant, which can lead to leaking API keys, OAuth tokens, conversation history, and credentials.

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Jan 28 • 3:26 PM EST • Technology • bleepingcomputer.com
High school roundup: Hastie’s shot lifts Pelham boys

Gavin Hastie’s jumper in the lane with 1.5 seconds remaining lifted the Pelham boys basketball team past host Lebanon, 50-48, in a Division II contest on Tuesday night.

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Jan 28 • 2:50 PM EST • Sports • unionleader.com
Burner phones and lead-lined bags: a history of UK security tactics in China

Starmer’s team is wary of spies but such fears are not new – with Theresa May once warned to get dressed under duvet

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Jan 28 • 2:07 PM EST • Politics • theguardian.com
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America’s biggest science loss: federal government loses over 10,000 STEM PhD scientists in 2025 | - The Times of India

Science News: The US federal government suffered one of the most severe losses of scientific expertise in its modern history in 2025, with more than 10,000 STEM PhD.

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Jan 28 • 1:59 PM EST • Science • timesofindia.indiatimes.com
Sacramento Bee adds political reporting firepower at California Capitol

Ben Paviour will join The Bee next month as California Political Power Reporter, delivering exclusive storytelling on Statehouse politics.

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Jan 28 • 1:53 PM EST • Politics • sacbee.com
Shares of GE Vernova slide as investors focus on the wrong part of its business

Our focus is on the continued robust results from the power and electrification businesses, where demand is off the charts.

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Jan 28 • 1:39 PM EST • Business • cnbc.com
Pixelmator Pro launches on iPad, here’s what the new app can do

Today Pixelmator Pro has launched on iPad for the first time, exclusive to Apple Creator Studio. Here’s what the app can do.

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Jan 28 • 1:27 PM EST • Technology • 9to5mac.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Sports • nytimes.com
The five biggest sports-business storylines heading into Super Bowl LX: MoneyCall

The latest edition of The Athletic's free weekly sports-business newsletter.

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Jan 28 • 1:26 PM EST • Business • nytimes.com
Ray J says he has only a short time left to live after hospitalization: 'Heart is only beating, like, 25 percent'

Ray J says he was notified by doctors that he only has a short time left to live after his recent hospitalization: 'My heart is only beating, like, 25 percent.'

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Jan 28 • 1:15 PM EST • Entertainment • ew.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …

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Jan 28 • 1:00 PM EST • Entertainment • yahoo.com
Google brings its Nano Banana image generator to Chrome

Following its recent AI makeover of Gmail, Google is bringing more Gemini-powered tools to Chrome. Starting today, a host of new features are rolling for the browser, with more to come over the next few months.

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Jan 28 • 1:00 PM EST • Technology • engadget.com
Economic Forecast 2026: Key Opportunities For Small Business

Small businesses face cost pressures and uncertainty in 2026, but untapped pricing power and greater agility than large competitors offer paths to stronger growth

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Jan 28 • 12:57 PM EST • Business • forbes.com
Norma Izzo Continues Earning Business Leader Recognition from AZ Big Media

For the third consecutive year, Spencer Fane attorney Norma Izzo has been recognized in AZ Big Media’s annual AZ Business Leaders issue for her

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Jan 28 • 12:56 PM EST • Business • spencerfane.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
Jets hire Brian Duker as defensive coordinator

The Jets’ search for a new defensive coordinator is over. The team is hiring Brian Duker per Tom Pelissero. The 36 year old Duker worked under Glenn with the Lions for three years. He went from defensive assistant in 2021 to safeties coach in 2022 to defensive backs coach in 2023. The last two years […]

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Jan 28 • 12:42 PM EST • Sports • ganggreennation.com
Brillstein Entertainment Partners Signs Comedian, Actor & Writer Paul Chowdhry

Paul Chowdhry, the comedian, actor, and writer, has inked with Brillstein for global management in all areas, Deadline can report exclusively.

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Jan 28 • 12:30 PM EST • Entertainment • deadline.com
Browns defensive coordinator Jim Schwartz reportedly wants 'out' after being passed over for head coaching job
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Jan 28 • 12:28 PM EST • Sports • sports.yahoo.com
Community invited to Terry Schools Science Fair Feb. 3

Terry Schools will host a 7th–12th grade Science Fair on Monday, Feb. 3, from 1 to 3 p.m. in the study hall at Terry High School.

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Jan 28 • 12:24 PM EST • Science • terrytribune.com
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Black History Celebration to feature special concession offerings, in-arena entertainment

The Sabres will celebrate Black excellence in WNY during their game against the Kings on Jan. 29.

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Jan 28 • 12:16 PM EST • Entertainment • nhl.com
Cleveland Browns to hire Todd Monken as new coach

The Cleveland Browns agreed to hire Baltimore Ravens offensive coordinator Todd Monken as their head coach, a league source told UPI on Wednesday.

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Jan 28 • 12:08 PM EST • Sports • upi.com
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.

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Jan 28 • 12:07 PM EST • Health • cnbc.com
With Apple’s new Creator Studio Pro, AI is a tool to aid creation, not replace it

Apple’s Creator Studio Pro leverages AI to help creators with tedious tasks—like finding clips or building slides—without trying to do the work for them

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Jan 28 • 12:04 PM EST • Technology • techcrunch.com
Exclusive: Bertelsmann launches $200M health tech fund

The fund launch reflects growing international investor interest in digital health.

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Jan 28 • 12:03 PM EST • Health • axios.com
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Baton Rouge Republican joins race for Julia Letlow's U.S. House seat

After U.S. Rep. Julia Letlow entered the U.S. Senate race following an endorsement from President Donald Trump, candidates are lining up to to run for her seat.

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Jan 28 • 11:50 AM EST • Politics • nola.com
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2nd Show Announced for State Fair 2026 Concert Lineup

The Great New York State Fair has announced its second music act for Suburban Park.

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Jan 28 • 11:07 AM EST • Entertainment • wktv.com
Tory peer’s punishment for fiddling expenses criticised as too lenient

Campaigners demand ‘real consequences’ for peer who claimed expenses for car journeys he did not take

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Jan 28 • 10:40 AM EST • Politics • theguardian.com
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Beyond testosterone: The real crisis in men’s health

Increasing testosterone in men ignores deeply rooted cultural and social factors at the center of this health emergency.

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Jan 28 • 10:30 AM EST • Health • thehill.com
Is Wyoming hoops stuck in purgatory within modern college basketball?

Every season for a reasonably successful mid-major university begins in a similar fashion. They schedule a few in-state cupcakes as the season and home openers before, if they are lucky enough, participating in an ever-declining MTE tournament during the week of Thanksgiving. Throw in a dash of high-major money labeled as “buy games” to help […]

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Jan 28 • 10:00 AM EST • Sports • mwcconnection.com
Apple's 'Creator Studio' App Bundle Now Available for $12.99 Per Month

Apple today launched the new Creator Studio that was initially unveiled two weeks ago, providing content creators with access to six Apple apps for $12.99 per month or $129 per year. Creator Studio includes Final Cut Pro, Logic Pro, and Pixelmator Pro on Mac and iPad, along with Motion, Compressor, and MainStage on the Mac. Final Cut Pro is Apple's video editing software, Logic Pro is for audio editing and creation, and Pixelmator Pro is an image editing app that Apple purchased in 2024.

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Jan 28 • 9:30 AM EST • Technology • macrumors.com
As college sports look more professional, sponsors turn to high school

High school sports, some marketers are finding, can provide brands with national reach and inroads with potential future star athletes.

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Jan 28 • 9:27 AM EST • Sports • marketingbrew.com
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Apple Creator Studio launches today, and it's an incredible value

Two weeks ago, Apple announced its brand new Apple Creator Studio bundle, offering its suite of creative apps for a...

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Jan 28 • 9:19 AM EST • Technology • 9to5mac.com
Davis Webb rumors reveal Raiders' competition for Broncos assistant coach

Denver Broncos passing-game coordinator and quarterbacks coach Davis Webb has drawn a lot of interest this offseason and the Las Vegas Raiders have some competition for his services.

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Jan 28 • 9:01 AM EST • Sports • sportingnews.com
Opinion | When Conservative Politics Hit Cash-Starved Universities

If college education is merely a transaction, educators — and facts — are vulnerable.

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Jan 28 • 9:00 AM EST • Politics • nytimes.com
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.

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Jan 28 • 9:00 AM EST • Technology • notebookcheck.net
4 Incredible Techniques Combine to Advance Dark Energy Science

Big, recent investments are paying off as the world's dark energy observatories continue to produce results.

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Jan 28 • 8:30 AM EST • Science • extremetech.com
California mental health hospitals warn over cuts after state hands down staffing rules

Psychiatric hospitals could close beds under proposed state rules if regulators don’t allow implementation time, facilities warn.

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Jan 28 • 8:30 AM EST • Health • calmatters.org
Apple Creator Studio is now available for $13 per month: What's included and what it means for creators

Pay monthly or $129 annually for the new subscription bundle that includes a number of Apple's creative apps.

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Jan 28 • 8:00 AM EST • Technology • engadget.com
Kemi Badenoch apologises for Suella Braverman mental health claim

But she branded defectors from the Conservative party "drama queens", saying people who did not agree with the direction she was taking the party "need to get out the way".

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Jan 28 • 7:56 AM EST • Health • bbc.com
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable

Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business

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Jan 28 • 7:29 AM EST • Business • finance.yahoo.com
The Two Big Decisions Facing Democrats Ahead of a Shutdown

Plus, senators work on a last-minute budget deal on immigration enforcement, and Tom Homan presented his list of demands to Minnesota leaders.

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Jan 28 • 7:01 AM EST • Politics • wsj.com
‘Rodent droppings, live roach’: Jefferson County’s worst January 2026 restaurant health ratings

In January, 11 restaurants, convenience stores and other food establishments received scores of 84 or below.

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Jan 28 • 7:00 AM EST • Health • al.com
This week in Santa Cruz County business: Scotts Valley solar cell company goes dark; passing the torch at Alta Organic Coffee

In her weekly look at Santa Cruz County business, Jessica M. Pasko reports on the demise of Ambient Photonics, notes a generational shift at a local coffee roaster and delivers names, numbers and events to know.

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Jan 28 • 7:00 AM EST • Business • lookout.co
As the U.S. bids adieu to the World Health Organization, California says hello

In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?

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Jan 28 • 6:47 AM EST • Health • npr.org
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Centrist ideas no longer wanted in Conservative party, says Kemi Badenoch

Party leader tells MPs that one-nation Tories doubting her rightward direction ‘need to get out of the way’

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Jan 28 • 6:45 AM EST • Politics • theguardian.com
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David Lammy to face Andrew Griffith at deputy Prime Minister's Questions

The pair will fill in for PM Keir Starmer and Tory party leader Kemi Badenoch in the Commons from midday.

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Jan 28 • 6:07 AM EST • Business • bbc.com
Exclusive: Climatic inhales $10M for respiratory wellness

Lerer Hippeau led the consumer health startup's seed round.

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Jan 28 • 6:00 AM EST • Health • axios.com
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#CAAHoops MBB Notebook

CAA MEN'S BASKETBALL NOTEBOOK – JAN. 28, 2026

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Jan 28 • 6:00 AM EST • Sports • caasports.com
Frederick zoning amendment could change rules for home businesses

Frederick business owners who operate out of their homes could have new rules under a zoning amendment being considered by the city's Planning Commission.

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Jan 28 • 6:00 AM EST • Business • fredericknewspost.com
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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