NEW YORK: JPMorgan Chase will directly invest up to $10 billion in US companies with crucial ties to national security. The investment plan revealed Monday will focus on four areas: supply chain and advanced manufacturing in critical minerals, pharmaceutical precursors and robotics; defense and aerospace; energy independence, with investments in battery storage and grid resilience; and strategic technologies, including artificial intelligence, cybersecurity, and quantum computing. The investment is part of the bank&#39;s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national security. &ldquo;It has become painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products, and manufacturing &ndash; all of which are essential for our national security,&rdquo; Chairman and CEO Jamie Dimon said in a statement. &ldquo;Our security is predicated on the strength and resiliency of America&rsquo;s economy. America needs more speed and investment.&rdquo; This summer, JPMorgan helped put together a deal under which the Defense Department agreed to invest $400 million in US rare earth company MP Materials. The bank is also providing financing for MP Materials&rsquo; second magnet-producing factory in the US. The nation&#39;s largest bank plans to finance approximately $1 trillion over the next decade in support of clients in these industries. JPMorgan Chase is looking to increase this amount by up to $500 billion, or a 50% increase, with additional resources and capital. &ldquo;America needs more speed and investment,&rdquo; Dimon said. &quot;It also needs to remove obstacles that stand in the way: excessive regulations, bureaucratic delay, partisan gridlock, and an education system not aligned to the skills we need.&rdquo; JPMorgan says that it serves 34,000 mid-sized companies and more than 90% of the Fortune 500. It plans to hire more bankers, investment professionals, and other experts to help address its investment plan. It will also establish an external advisory council comprising leaders from both the public and private sectors to guide the long-term strategy.

FILE - The logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York, Aug. 16, 2019. (AP Photo/Richard Drew, File)

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Banking

The investment is part of the bank's Security and Resiliency Initiative to facilitate, finance, and invest in industries critical to national security.

JPMorgan to invest up to $10 billion in US companies with ties to national security

BRUSSELS: NATO will hold its major annual nuclear exercise next week, the alliance&rsquo;s chief announced Friday, with an important part of the drill to focus on protecting the weapons before they&#39;re ever used. The long-planned &ldquo;Steadfast Noon&rdquo; exercise, which starts on Monday, is taking place amid heightened security around military facilities in Europe due to a series of mysterious drone incidents, some of them blamed on Russia. Steadfast Noon will run for about two weeks. It will be led by the Netherlands and involve 71 aircraft from 14 NATO countries. The exercise has been held at roughly the same time each year for over a decade. &ldquo;We need to do this because it helps us to make sure that our nuclear deterrent remains as credible, and as safe, and as secure, and as effective as possible,&quot; NATO Secretary-General Mark Rutte said in a video statement. &quot;It also sends a clear signal to any potential adversary that we will and can protect and defend all allies against all threats,&rdquo; he said. Bomber aircraft and fighter jets that can carry nuclear warheads are taking part, but no nuclear weapons or live munitions will be used. The bulk of the exercise is being held in the North Sea, far from Russia and Ukraine. It will involve military bases in Belgium, Britain, Denmark, and the Netherlands. The United States and Britain, with their nuclear forces, are key to NATO&rsquo;s strategic deterrence. France also has nuclear weapons, but is not a part of the organization&rsquo;s nuclear planning group. NATO officials would not say what kind of scenarios would be used to test the 32-nation alliance&#39;s nuclear readiness, but they insisted that it is not directed toward any particular country, nor does it relate to current international events. The United States is providing F-35 jets capable of carrying conventional or nuclear weapons, refueling planes, and other support aircraft. Finland and Poland are sending fighter jets. Electronic warfare equipment and reconnaissance and intelligence systems will also be used. A big part of the exercise will focus on protecting nuclear weapons on the ground, said Col. Daniel Bunch, Chief of NATO Nuclear Operations at the alliance&rsquo;s military headquarters in Mons, Belgium. Bunch said there are &ldquo;a variety of different threats that we assess and that we must defend against because these are highly protected assets that require the utmost security and safety.&rdquo; Asked whether drones are a particular concern given the recent incidents, notably near military facilities in Belgium and Denmark, he said: &ldquo;Drones are not a new threat to us. Drones are something we understand.&rdquo; &ldquo;The more frequent incursions are something we&rsquo;re obviously keeping an eye on,&rdquo; Bunch acknowledged, but he added: &ldquo;Ultimately, we&rsquo;re going to stay one step ahead of the adversary.&rdquo; The Washington Summit declaration agreed by the alliance&rsquo;s leaders last year states that &ldquo;the fundamental purpose of NATO&rsquo;s nuclear capability is to preserve peace, prevent coercion and deter aggression.&rdquo; &ldquo;As long as nuclear weapons exist, NATO will remain a nuclear alliance,&rdquo; it said. James Stokes, the head of NATO&rsquo;s Nuclear Policy Directorate, told reporters that despite the Kremlin&rsquo;s continued and heated rhetoric, the allies &ldquo;haven&rsquo;t seen any change in Russia&rsquo;s nuclear posture&rdquo; recently. He underlined that Russia is not a focus of the exercise, but said that NATO continues to monitor Russian military activities, including its use of dual-capable missiles in Ukraine, which could be fitted to carry nuclear warheads.

Europe

NATO will launch its annual nuclear exercise next week, involving 14 nations and 71 aircraft. The drill will focus on nuclear security, with no live weapons used, amid increased drone-related security concerns.

Articles tagged with "Security"

JPMorgan to invest up to $10 billion in US companies with ties to national security

NATO Plans annual nuclear drill as security tightens in Europe