August 01, 2022. NEW YORK, US. Credit Suisse Collaborates with Girls Who Code to Jump-start Careers in Technology through Summer Immersion Program Credit Suisse announced today that it has teamed up with Girls Who Code, an international nonprofit working to close the gender gap in technology, as a corporate partner for its signature Summer Immersion Program. This is the third consecutive year that Credit Suisse has partnered with the organization. Credit Suisse will host a two-week program where students in high school will have an opportunity to build the technical skills and professional network to make an impact and prepare for a successful future career in technology. Marinela Tudoran, Head of Investment Bank Technology at Credit Suisse, said "We are excited for this opportunity to invest in the next great technological minds in the financial services industry. At Credit Suisse, we are passionate about creating a culture of empowered engineering. This program aims to open doors for students by providing a network of knowledgeable mentors in computer science and engineering across the bank. Together, we will work to lay the foundation to continue to diversify the pipeline of technologists working on Wall Street." Credit Suisse's 2022 Summer Immersion Program runs from August 1 through August 12. The bank will host approximately 60 students during the duration of the program and intends to provide an immersive educational experience and invaluable networking opportunities for participants. Credit Suisse will organize a series of mentoring sessions focused on cyber and information security awareness, building a personal brand, resume writing, and career journeys in technology. The students will also hear speakers ranging from the bank's senior leaders to a panel of the bank’s Technical Analysts. Credit Suisse Credit Suisse is one of the world's leading financial services providers. Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com. Girls Who Code Girls Who Code is an international nonprofit organization working to close the gender gap in technology, and leading the movement to inspire, educate and equip young women with the computing skills needed to pursue 21st-century opportunities. 2 Since launching in 2012, Girls Who Code has reached 450,000 girls through our in-person programming and we have nearly 90,000 college-aged alumni. We have sparked culture change through marketing campaigns and advocacy efforts, generating 13 billion engagements globally. In 2018, the organization was named the #1 Most Innovative Non-Profit on Fast Company's Most Innovative Companies list. Follow the organization on social media @GirlsWhoCode. Disclaimer This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Copyright © 2022 Credit Suisse Group AG and/or its affiliates. All rights reserved. Press Contacts Candice Sun, +1 (212) 325 8226, candice.sun@credit-suisse.com Jenna Granato, +1 (212) 538 4537, jenna.granato@credit-suisse.com Source Link: https://www.credit-suisse.com/about-us-news/en/articles/media-releases/credit-suisse-collaborates-with-girls-who-code-to-jump-start-careers-in-technology-through-summer-immersion-program-202208.html

August 04, 2022. CHICAGO, US. RFR benchmarks are administered by CME Group Benchmark Administration Limited (CBA). CME Group, the world's leading derivatives marketplace, today announced it will launch European Overnight Index futures based on RepoFunds Rate (RFR) benchmarks and the Euro Short-Term Rate (€STR) in Q4 2022, pending regulatory review. RFR futures will be cash-settled contracts based on RFR benchmarks, a robust measure of overnight funding costs. The benchmarks are derived from centrally cleared repo trades executed on BrokerTec, a leading provider of electronic trading platforms and technology services in fixed income markets owned by CME Group, and MTS, a leading European electronic fixed income trading platform, part of the Euronext group. RFR benchmarks are administered by CME Group Benchmark Administration Limited (CBA). "Our new European Overnight Index futures will support customers with liquid and capital efficient tools for hedging overnight money market and repo rates in European markets," said Sean Tully, CME Group Global Head of Rates and OTC Products. "At a time of geopolitical uncertainty and large-scale transitions in monetary policy, we continue to provide market participants with new tools to meet their evolving risk management needs. In addition to our increasingly liquid SOFR futures that help customers manage interest rate exposure in the U.S., our new European futures will help our customers manage sovereign debt risk in Europe." Available to trade on CME Globex and for submission of clearing via CME ClearPort, European Overnight Index futures will be subject to the rules of CME, cleared by CME Clearing, and will receive automatic margin offsets against existing interest rate futures upon launch. For more information on this product, please see: www.cmegroup.com/european-rates-futures. About CME Group As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. CME Group Benchmark Administration Limited (CBA) capitalizes on CME Group's wealth of transaction-based data in the calculation of its indices and benchmarks. CBA is registered under Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) is authorized and supervised by the UK Financial Conduct Authority (FCA) and is aligned to the IOSCO Principles for Financial Benchmarks. CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners. CME-G SOURCE CME Group CONTACT US +1 312 930 3434 Corporate.Communications@cmegroup.com Source Link: https://www.cmegroup.com/media-room/press-releases/2022/8/05/cme_group_announcesq42022launchofeuropeanovernightindexfutures.html

2022. ALBERTA, Canada. Boiler Plate. Foresight is Canada’s cleantech accelerator. Foresight supports the identification and validation of cleantech opportunities and the successful commercialization of solutions. We bring together innovators, industry, investors, government, and academia to address today’s most urgent climate issues and support a global transition to a green economy. Find out more at www.foresightcac.com and follow on Twitter @ForesightCAC. Source Link: https://foresightcac.com/wp-content/uploads/2022/01/Foresight-Canada-Boiler-Plate-1.pdf

July 23, 2022. ROME, Italy. Brothers of Italy would keep sending arms to Ukraine, the favorite to be next Italian prime minister tells La Stampa. The favorite to replace Mario Draghi as Italy's prime minister is Giorgia Meloni | Pool photo by Alberto Pizzoli/ AFP via Getty Images BY ASHLEIGH FURLONG The favorite to replace Mario Draghi as Italian prime minister, Giorgia Meloni, dismissed claims that a government including her national-conservative party would pose a danger to Italy, insisting that there was “nothing to fear.” Meloni, leader of the Brothers of Italy Party, which leads the polls for the Italian elections, told La Stampa on Saturday that Italian left-wing think tanks were trying to scare the markets to secure a victory for the left. Italy has been plunged into turmoil since Draghi resigned as prime minister on July 21, with elections due to be held on September 25. Meloni also sought to assuage any fears that a coalition including her party would reduce support for Ukraine. “As has been shown with [Brothers of Italy’s] position on Ukraine, there is nothing to fear,” she said. Brothers of Italy’s likely partners in a coalition, Silvio Berlusconi’s Forza Italia and Matteo Salvini’s League, have both questioned sending arms to Ukraine. But Meloni said that Italy cannot “think of being neutral without consequences.” Source Link: https://www.politico.eu/article/italys-meloni-right-wing-government-is-nothing-to-fear/

January 31, 2022. DUBAI, UAE. Pace Events anticipates a time when we can all come together and have another Marathon/mass participation event in the city of Dubai. On behalf of Pace Events FZ LLC, we trust you had a good new year and are looking forward to a brighter future for running events. As the organisers of the Dubai Marathon for 21 consecutive years since its first edition in 2000, Pace Events anticipates a time when we can all come together and have another Marathon/mass participation event in the city of Dubai. Unfortunately, because of the current situation. and adhering to the strict local health and safety guidelines, it still remains impossible for Pace Events to reunite the running community in Dubai in the early part of 2022. Races organised by our team normally attract well in excess of 25,000 runners from all over the world and until we can safely bring together athletes, stakeholders, sponsors, partners and officials we have to wait for circumstances to change. Races organised by our team normally attract well in excess of 25,000 runners from all over the world and until we can safely bring together athletes, stakeholders, sponsors, partners and officials we have to wait for circumstances to change. Naturally, we are disappointed to have to wait longer but we hope to be able to put on a bigger and better event in December of this year. Our most likely date is December 11, 2022 and we will confirm that as soon as we are able. For now, we can only sit tight and look ahead to seeing you on the start line. Source Link: https://www.dubaimarathon.org/

February 14, 2022. LONDON, TAIPEI, MUMBAI. This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India. Vedanta, one of India’s leading multinational groups, and Hon Hai Technology Group ("Foxconn”), world’s largest electronics manufacturing company, today announced signing an MOU to form a joint venture company that will manufacture semiconductors in India. This first-of-its-kind joint venture between the two companies will support Indian Prime Minister Narendra Modi’s vision to create an ecosystem for semiconductor manufacturing in India. According to the MOU signed between the two companies, Vedanta will hold the majority of the equity in the JV, while Foxconn will be the minority shareholder. Vedanta Chairman Anil Agarwal will be the Chairman of the joint venture company. The targeted project plans to invest for manufacturing semiconductors. It will provide a significant boost to domestic manufacturing of electronics in India. Discussions are currently ongoing with a few State Governments to finalize the location of the plant. The collaboration between Vedanta and Foxconn follows the India Government’s recent policy announcement for Electronics Manufacturing & PLI scheme for incentivizing organizations to contribute towards development of this sector. This will be the first joint venture in the electronics manufacturing space after the announcement of the policy. About Vedanta Group Vedanta Group is a global diversified group of companies with presence in metals, mining, oil & gas, power, telecom and glass. Vedanta Group has presence in electronics and technology business through group companies, Avanstrate Inc. and Sterlite Technologies. About Hon Hai Established in Taiwan in 1974, Hon Hai Technology Group ("Foxconn") (TWSE:2317) is the world's largest electronics manufacturer. Hon Hai is also the leading technology solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. To learn more, visit www.honhai.com

July 20, 2022. COPENHAGEN, Sweden. Details the power of private networks for smart aviation. Report explores private networks use cases with Groupe ADP, Hub One and Air France; Airbus; and STC Saudi Arabia Private networks address challenges related to aviation growth barriers, customer satisfaction, operational efficiency and security With passengers anxious to start traveling again, the aviation industry needs to digitalize its operations to meet the returning travel demands and airport experience expectations. Ericsson’s (NASDAQ: ERIC) Connected Aviation report, released today, discusses how private networks are ready to help the industry improve air-side operations and customer experience, increase throughput, and enable a more productive workforce using 4G and 5G technology. Key challenges for aviation industry players include turnaround delay; financial stability; high demand for maintenance, repair and overhaul labor; customer experience; safety and security; and environmental sustainability. Three real-life examples outlined in the report demonstrate how private networks can be deployed commercially to address these challenges through tested, realistic applications. “Already by being able to digitalize the operations around the aircraft —enabled by our private cellular network—we have seen a significant increase in efficiency with a clear return on investment,” said Henri Tallon, Business Unit Manager for Telecommunications at Hub One. To address key growth barriers, the report describes four use cases that provide immediate value, with private networks as the enabler: connected assets, integrated real-time communication, digital load control and remote data upload and offload. Through secure and reliable connectivity, airports see performance gains of 20-40 percent for operations with private 5G networks. The report also estimates that each flight needs to offload between 500 GB and 1 TB of data related to sensors, direction, and entertainment, which is critical to providing reliable information for aircraft predictive mechanisms and enhancements. “Like a cellular network, aviation enables connections between people and businesses,” said Thomas Norén, Head of Dedicated Networks at Ericsson. “Through Ericsson Private 5G, the airport ecosystem can keep up with heightened data demand and increase operational efficiency without compromising safety and security. After years of testing, private 5G networks are ready to be deployed commercially at airports and within the broader aviation industry.” Read the full report here. Source Link: https://www.ericsson.com/en/news/2022/7/connected-aviation-report-details-power-of-private-networks-smart-aviation

July 12, 2022. GENEVA, Switzerland. Liechtenstein presented its priorities for the coming 12 months, which included the conclusion or significant progress of free trade agreements with several partner countries. The EFTA Council met in Geneva for the first meeting under Liechtenstein’s Chairmanship. During the meeting, Liechtenstein presented its priorities for the coming 12 months, which included the conclusion or significant progress of free trade agreements with several partner countries, keeping relations among the EFTA States updated, fostering transparency, and strengthening the benefits for micro, small and medium-sized enterprises in free trade agreements. See the priorities of the Liechtenstein Chairmanship here. From left to right: Mr Henri Gétaz - EFTA Secretary-General, Mr Kurt Jäger - Ambassador of Liechtenstein (Chair), Mr Patrick Ritter - Minister Counsellor of Liechtenstein, Ms Désirée von Hohenlohe - EFTA Council Officer, Ms Lise Lotte Høye - EFTA Trainee Delegates discussed and appreciated the recent successful EFTA Ministerial meeting held on 20 June in Borgarnes, Iceland. The documents from the meeting can be found here. On EFTA EU cooperation, the EFTA Secretariat updated the Delegates on the reception hosted at EFTA House with the Czech Presidency and EFTA delegations, where the Czech priorities were presented. Iceland took over the Chairmanship of the EFTA Standing Committee on 1 July, and the first meeting was hosted on 7 July, followed by the Joint Committee meeting on 8 July. The EFTA States reviewed ongoing third-country processes. The first negotiation round with Thailand was constructive and helped pave the path for a comprehensive and ambitious free trade agreement. A new round will be held in the autumn of 2022. The 4th round of the EFTA-Chile modernisation process is confirmed to take place before the end of the year. The Council also took stock of the processes with ASEAN, Mercosur, and the GCC. The Secretariat reported that the first EFTA FTA Monitor had been published on the EFTA website on 15 June 2022. The dedicated working group had further agreed on a work plan for the year ahead. In addition, the Secretariat updated the Council on the work related to MSMEs and the sustainability impact assessment project for Thailand. The EFTA Council referred the documents related to the EFTA Secretariat audit for the 2021 financial year to the EFTA Budget Committee for scrutiny. The Council also approved two operating grants with CEN and CENELEC. Delegates thanked the Icelandic Ambassador, Mr. Harald Aspelund, and the Norwegian Ambassador, Mr. Dagfinn Sørli, for their outstanding cooperation and work as this was their last EFTA Council meeting before taking up other duties. The next Council meeting is scheduled for 20 September 2022. Find photos from the meeting here. From left to right: Mr Aslak Berg - EFTA Senior Economic Officer, Ms Ólöf Hrefna Kristjánsdóttir - Minister Counsellor of Iceland, Mr Harald Aspelund - Ambassador of Iceland, Ms Helga Helland - Deputy Permanent Representative of Norway, Mr Dagfinn Sørli - Ambassador of Norway. Désirée von Hohenlohe Officer Secretary-General's Office +41 79 4533754 dvo@efta.int Georg Gänser Information and Records Supervisor Secretary-General's Office +32 2 28 61 765 georg.gaenser@efta.int Source Link: https://www.efta.int/About-EFTA/news/First-EFTA-Council-meeting-under-Liechtensteins-one-year-Chairmanship-530716

July 06, 2022. DHAKA, Bangladesh. A re-skilling and employment reintegration programme for individuals whose livelihoods have been impacted by COVID-19 and by recent flooding in areas of northern Bangladesh. Standard Chartered Bangladesh and UCEP Bangladesh have launched a re-skilling and employment reintegration programme for individuals whose livelihoods have been impacted by COVID-19 and by recent flooding in areas of northern Bangladesh. Under this partnership, 500 beneficiaries in the Sylhet district will receive market-driven vocational training. The programme caters to individuals who have lost their jobs and source of income in recent months. Of the 500 selected beneficiaries, 278 are individuals looking to recover from the pandemic, while the remaining 222 are individuals who have been displaced and impacted by this year’s devastating floods. Female beneficiaries and beneficiaries residing in rural locales were prioritised during the selection process. Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “When the floodwaters flowed across northern Bangladesh, they had a devastating impact on communities that were already battling climate change and dealing with the drawn-out aftershocks of the pandemic. The key to rebuilding these communities is to help them to adapt to their new reality. Bridging the skills gap and empowering members of our wider community to seize new opportunities is an important part of this process. We are happy to continue our partnership with UCEP, and to play a role in equipping people with the necessary skills and resources they need for a prosperous future.” Dr. Md. Abdul Karim, Executive Director, UCEP Bangladesh, said, “We are thankful to Standard Chartered Bangladesh for their continuing support to expand the re-skilling and reintegration programme, which helps the youth and young adults who have lost their job due to the COVID pandemic.” The material to be taught as part of the re-skilling and employment reintegration programme has been developed by UCEP Bangladesh following a number of assessments and studies which have identified skill related gaps across both the formal and informal sector. The current programme is designed to prepare participants and to equip them with the skills required to meet the current and future demands of the job market With over 117 years of uninterrupted presence in the nation, Standard Chartered Bangladesh is dedicated to driving commerce and growth without leaving people behind, negatively impacting the planet, or creating divisions that diminish our sense of community. Raising awareness about the environment and working to combat climate change has been a top priority for the Bank given the extreme risk the climate crisis poses to communities across Bangladesh. The world today is grappling with challenges that are unprecedented – both in terms of scope and scale. While the mounting health crisis is undoubtedly a major challenge, it is one of many. Depressed economic activity as a result of the pandemic continues to put distressed communities in jeopardy, forcing individuals to deal with health and safety concerns in conjunction with financial stress and PUBLIC uncertainty. To deal with immediate challenges brought on by the pandemic, Standard Chartered is working with development sector partners to deliver aid and essentials to hard-hit communities and to support frontline health services. To enable longer-term recovery, the Bank is focused on empowering communities via education, skills development, workforce reintegration, health interventions, and digital innovation. UCEP Bangladesh was established by Lindsay Allan Cheyne in 1972. UCEP Bangladesh is a non-governmental organization which provides Second Chance Education to out-of-school children and Decent Work to youth & adults through Technical Vocational Education & Training (TVET) and Skills Development. UCEP places a special focus on Social Inclusion, therefore gives priority to women, children, and youth from poor and underprivileged families. -ENDS- For further information please contact: Bitopi Das Chowdhury Head of Corporate Affairs, Brand & Marketing, Bangladesh Standard Chartered Bank Email: BitopiDas.Chowdhury@sc.com Standard Chartered We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 83. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges. For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook. Source Link: https://av.sc.com/bd/content/docs/bd-press-releasescb-reskilling-and-reintegration-programmes-fv.pdf

July 15, 2022. KYOTO, Japan. Architects have conjured some odd-shaped space habitats over the years—airtight orbs, geodesic domes, and lantern-shaped structures among them. The team's artificial gravity living facility. Image: Kajima corporation. Designed for atmospheric conditions on Mars and the Moon, the team aims to erect a prototype of The Glass on the lunar surface by 2050, the local paper Asahi Shimbum reports. Japanese researchers unveil renderings of an 'artificial gravity living facility' dubbed as 'The Glass'. 'The Glass' prototype is designed for the atmospheric conditions on Mars and the Moon with a focus on artificial gravity. Creating an environment with Earth-like gravity is the key to thriving in space, explain the researchers. Architects have conjured some odd-shaped space habitats. [Image: Unsplash/NASA] Architects have conjured some odd-shaped space habitats over the years—airtight orbs, geodesic domes, and lantern-shaped structures among them. Japanese researchers, however, believe that the optimal extraterrestrial architecture is conical. At a July 5 conference, a team from Kyoto University and the construction firm Kajima Corporation unveiled renderings of an “artificial gravity living facility” whose shape is conducive to approximating living conditions on earth. The 1,300-ft.-tall rotating structure, dubbed “The Glass,” is designed to complete a full rotation every 20 seconds, using centrifugal force to achieve the “normal gravity” humans are used to. A focus on artificial gravity research as the age of space tourism begins The Japanese researchers say that creating an environment with Earth-like gravity is the key to thriving in space. “Without gravity, mammals might not be able to reproduce and their babies might not develop well,” the team explains in a press statement. “When a person grows under a zero or low gravity environment, their body would change so they wouldn’t be able to stand up on earth.” The Kajima-Kyoto University team says Earthlings are clueless about how children adapt to a state of weightlessness, pointing out that NASA’s gravity research has largely been focused on adults. Studies show that traveling across different gravity fields can cause bone loss, back pain, and kidney stones. As space tourism becomes available to more people, researchers say they want to shed light on the effect of microgravity environments on a diversity of human bodies. Making other planets hospitable to humans Beyond the standalone habitats, the researchers say we need to think of designing other artificial-gravity infrastructure to support communities on other celestial bodies. The scope of their research even includes developing a transportation system for interplanetary travel. They envision a “Hexagon Space Track System” that will maintain normal gravity during long-distance journeys. “A completely original idea from Japan” “The US and the UAE are proactively proposing the migration to Mars, but I would like to send out a completely original idea from Japan,” said Yosuke Yamashiki, a professor at Kyoto University’s SIC Manned Cosmology Research Center. “The core technologies are not being developed by other countries, and they’re indispensable for realizing human space migration.” “Developing an artificial gravity residential facility with Kyoto University will be a watershed moment in space research,” echoed Takuya Ohno, an architect and researcher at Kajima. “We will work to make this joint research meaningful for humankind.” Source Link: https://www.weforum.org/agenda/2022/07/japanese-space-extra-terrestrial-architecture-earth-mars-moon/ This article is published in collaboration with Quartz. License and Republishing World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The views expressed in this article are those of the author alone and not the World Economic Forum.

July 18-20, 2022. WASHINGTON, DC. Small Business, Big Voice. On July 18-20, more than 2,500 alumni from the 10,000 Small Businesses program gathered in Washington, D.C. for the 10,000 Small Businesses Summit. See the Summit’s featured speakers. The Summit was the largest-ever gathering of small business owners in the U.S., designed to celebrate and drive their resilience and economic impact, while providing opportunities for them to advocate for their needs. Over the course of three days, small business owners gained insights from business leaders, visionaries, policymakers and each other on best practices for business growth, hiring, accessing capital and more as they continue to power the nation’s economy and employ the majority of America’s workforce. Source Link: https://www.goldmansachs.com/citizenship/10000-small-businesses/US/2022-summit/

June 02, 2022. NEW YORK, US. J.P. Morgan Asset Management to make additional $25 million commitment to funds managed by Veteran VC firms J.P. Morgan Asset Management today announced a new initiative within its Project Spark program, aimed at providing capital to venture capital funds managed by emerging alternative managers that have served in the U.S. Military. In collaboration with JPMorgan Chase’s Military and Veteran’s Affairs division, the mission is to use the firm’s capital and network to close the funding gap for underrepresented managers and to strengthen the veteran ecosystem in the alternatives industry. As part of the new initiative, the firm intends to commit an initial $25 million to five or more funds across a range of sectors and specialties, to be overseen by the Project Spark investment committee, which is comprised of diverse senior executives across J.P. Morgan Asset Management. The investments seek to support firms managing venture capital and other eligible, private funds founded by U.S. military veterans. To launch this new activity, the firm along with Vets-In-Tech (ViT), will gather prospects at its first VetVC Summit, hosted at its world headquarters, featuring panel discussions, networking sessions and guest speakers, including JPMorgan Chase Chief Executive Officer Jamie Dimon. “Through Project Spark we have demonstrated our desire to directly impact representation of diverse managers in the alternatives industry and I’m excited to extend this to the Veteran VC community,” said Jamie Kramer, Head of J.P. Morgan Asset Management’s Alternatives Solutions Group and the chair of the Project Spark Investment Committee. “Through our investments in funds managed by Veteran-owned VC firms, we’re not only providing a capital commitment, but also seeking to create a network between the Veteran community and the J.P. Morgan investment ecosystem.” In 2011, JPMorgan Chase established its Office of Military and Veterans Affairs to promote veteran initiatives by weaving them into the fabric of how it conducts business. Focusing on careers, entrepreneurship and financial health, the firm supports veterans through both business-led initiatives like Project Spark, as well as philanthropic efforts and partnerships with top veteran service organizations around the world. “This investment is a terrific example of how we are using the resources of our firm to lead the industry in creating access to venture capital for the veteran community,” said Mark Elliott, Global Head, Office of Military and Veterans Affairs, JPMorgan Chase. “When we leverage our partnerships across multiple lines of business and activate our global network, the economic opportunities we can create for the veteran community is so powerful.” Another example of the firm’s commitment to veterans includes CEOcircle. In 2021, JPMorgan Chase Commercial Banking launched the year-long program for growth-stage businesses in partnership with Bunker Labs, a national nonprofit built by military veteran entrepreneurs with the mission of empowering other military veterans to become leaders in entrepreneurship and innovation. The program provides entrepreneurs with three key resources needed to help grow their businesses: targeted educational programming, peer-to-peer networking via monthly group meetings, and financial expertise gleaned from a ten-week mentorship with JPMorgan Chase advisors. For the 2021-2022 program currently in session, Bunker Labs and JPMorgan Chase worked with 40 businesses with 2021 projected annual revenue ranging from $1.5 to $105 million. The businesses, which averaged $13.9 million in annual revenue, represented a diverse array of industries including healthcare, marketing, data and information technology, staffing and recruitment, and restaurants. The program is expected to double in size next year. About Project Spark In 2021, J.P. Morgan announced the launch of Project Spark to provide capital to venture capital funds managed by diverse, emerging alternative managers. Project Spark aims to help these minority-led, women-led and veteran-led managers in three ways: First, by investing the firm’s proprietary capital, as a limited partner, directly in their funds. Second, by allowing the managers to use the J.P. Morgan brand when capital raising as a reference and testimonial. Last, by providing access to our extensive J.P. Morgan network. To date, Project Spark has selected 17 venture capital funds for $69 million in investments out of J.P. Morgan’s total commitment of $140 million. Twelve fund commitments are closed and five are pending operational due diligence. About J.P. Morgan Global Alternatives J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternatives investment manager, US$218 billion in assets under management and more than 700 professionals (as of March 31, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber and liquid alternatives. Operating from offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client's specific objectives. For more information, visit jpmorgan.com/am. J.P. Morgan Global Alternatives is committed to promoting diversity, with 41% of the group’s Operating Committee made up of people of color, women or LGBT+, and 52% of AUM managed by women or women-led teams. The Project Spark investment committee comprises members across J.P. Morgan Asset Management: Jamie Kramer, Head of Alternative Solutions Lisa Coleman, Head of Global Investment Grade Corporate Credit Megan McClellan, Head of Private Credit Brandon Robinson, Deputy Head of Global Alternatives Lee Spelman, Head of U.S. Equity About J.P. Morgan Asset Management J.P. Morgan Asset Management, with assets under management of USD 2.6 trillion (as of March 31, 2022), is a global leader in investment management. J.P. Morgan Asset Management's clients include institutions, retail investors and high net worth individuals in every major market throughout the world. J.P. Morgan Asset Management offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity. JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorgan Chase had $4.0 trillion in assets and $285.9 billion in stockholders’ equity as of March 31, 2022. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co., and its affiliates worldwide. Source Link: https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-expands-project-spark-to-support-veteran-owned-alternative-investment-managers/