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Oct 31, 2014

U.S. Department of Commerce Press Release - October 31, 2014: U.S. Secretary of Commerce Penny Pritzker Announces Next Phase of Investing in Manufacturing Communities Partnership Initiative.

Press Release
10/31/2014 03:15 PM EDT

Friday, October 31, 2014
News Media Contact:
Office of Public Affairs, 202-482-4883

Up to 12 Communities to Receive Coordinated Federal Funding to Revitalize Manufacturing
U.S. Secretary of Commerce Penny Pritzker today announced the opening of the competition for the next round of designations under the Investing in Manufacturing Communities Partnership (IMCP) initiative, building on the momentum from the first-ever Investing in Manufacturing Communities Partnership Summit in Washington, DC.
The Investing in Manufacturing Communities Partnership, an Administration-wide initiative coordinated by the U.S. Commerce Department, is designed to accelerate the resurgence of manufacturing in communities nationwide. Specifically, the program aligns federal economic development investments behind long-term economic development strategies that help communities attract and expand private investment in the manufacturing sector and increase international trade and exports. Secretary Pritzker announced the first 12 communities to receive a designation under the Investing in Manufacturing Communities Partnership in May 2013, and this competition seeks to double the number of IMCP-designated communities across the country.
“The Investing in Manufacturing Communities Partnership initiative is a crucial part of the Obama Administration and Commerce Department’s efforts to strengthen innovation and the U.S. manufacturing sector, while better leveraging public dollars for economic growth and job creation,” said Secretary Pritzker. “Expanding the Investing in Manufacturing Communities Partnership program will help more American communities coordinate with local partners to develop strong strategic plans to attract investment and transform themselves into globally competitive commercial hubs.”
The Investing in Manufacturing Communities Partnership program is designed to revolutionize the way federal agencies leverage economic development funds. It encourages communities to bring together local partners to develop comprehensive economic development strategies that will strengthen their competitive edge for attracting global manufacturer and supply chain investments. Being designated as a Manufacturing Community entitles communities to receive a dedicated federal point of contact and coordinated support for their strategies from eleven federal agencies with an additional consideration for over $1.3 billion in aligned federal economic development funding.
“The first 12 designated communities are making incredible strides in workforce development, advanced manufacturing innovation, and building partnerships,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “We are looking forward to growing the number of designated communities in an effort to keep this tremendous momentum going.”
The Investing in Manufacturing Communities Partnership competition and network of communities is designed to inspire and share knowledge of economic development best practices across the country. The IMCP Summit, co-hosted by the Commerce Department and its Economic Development Administration (EDA) on October 30th and 31st, provided an opportunity for more than 60 communities to discuss best practices, address challenges, and share ideas about how to promote American manufacturing. The 12 designated communities, which have been implementing their plans, also had the opportunity to share the progress they are making on their plans and showcase their successes.
The Obama Administration first launched the national Investing in Manufacturing Communities Partnership competition in December 2013. Through IMCP, eleven federal departments and agencies are aligning their efforts behind successful local economic development strategies:
  • Appalachian Regional Commission
  • Delta Regional Authority
  • Environmental Protection Agency
  • National Science Foundation
  • Small Business Administration
  • U.S. Department of Agriculture
  • U.S. Department of Commerce
  • U.S. Department of Defense
  • U.S. Department of Housing and Urban Development
  • U.S. Department of Labor
  • U.S. Department of Transportation 
The first 12 Investing in Manufacturing Communities Partnership communities are:
  • Southwest Alabama led by the University of South Alabama
  • Southern California led by the University of Southern California Center for Economic Development
  • Northwest Georgia led by the Northwest Georgia Regional Commission
  • The Chicago metro region led by the Cook County Bureau of Economic Development
  • South Kansas led by Wichita State University
  • Greater Portland region in Maine led by the Greater Portland Council of Governments
  • Southeastern Michigan led by the Wayne County Economic Development Growth Engine
  • The New York Finger Lakes region led by the City of Rochester
  • Southwestern Ohio Aerospace Region led by the City of Cincinnati
  • The Tennessee Valley led by the University of Tennessee
  • The Washington Puget Sound region led by the Puget Sound Regional Council
  • The Milwaukee 7 Region led by the Redevelopment Authority of the City of Milwaukee
The Federal Register Notice detailing the application process will be posted in the coming weeks. As with the first round of competition, in order to earn the designation, communities need to demonstrate the significance of manufacturing already present in their region and develop strategies to make investments in six areas: 1) workforce and training, 2) advanced research, 3) infrastructure and site development, 4) supply chain support, 5) trade and international investment, 6) operational improvement and capital access.
For more information on the Investing in Manufacturing Communities Partnership program, visit:

DealBook P.M. Edition - October 31, 2014: Top Story Discovery of JPMorgan Cyberattack Aided by Company That Runs Race Website for Bank.

Friday, October 31, 2014
Simmco Data Systems, based in Michigan, runs the website for the JPMorgan Chase Corporate Challenge.
Discovery of JPMorgan Cyberattack Aided by Company That Runs Race Website for Bank A small Michigan company that runs the website for the JPMorgan Chase Corporate Challenge played a role in helping the bank find the breach of its computer system this summer.
    Carmen M. Segarra, a former New York Fed examiner, contended in a lawsuit that she was fired for being too hard on Goldman Sachs. A federal judge dismissed her suit this year.   
    Senate Panel to Scrutinize Bank Regulators The hearing, scheduled for Nov. 21 before the Senate Banking Committee's Financial Institutions and Consumer Protection Subcommittee, will examine whether regulators like the New York Fed are beholden to the institutions that they are meant to police.
    Deal Professor: A Company Caught Between a Hostile Bid and a Side Deal The battle for the GFI Group, a New York brokerage and clearing firm, features an insider transaction, the secret accumulation of shares and a hostile offer that may be something else entirely, Steven Davidoff Solomon writes.
    The Bank of England's Financial Policy Committee recommended that all banks maintain a minimum leverage ratio of 3 percent.
    Bank of England Sets New Capital Requirements for Lenders The central bank is adopting new minimums for so-called leverage ratio as part of an effort to strengthen bank balance sheets, though the levels are lower than some had predicted.
    Sheryl Sandberg, the chief operating officer of Facebook, wrote about women and work in her book
    Life@Work: What Women Need at Work to Give Their All Company leaders need to find a balance between challenging and caring for employees. That's especially true for women, who spend more time than men taking care of others, Tony Schwartz writes.
    A Citibank branch in New York. Citigroup announced on Thursday that it had set aside an additional $600 million for legal costs.
    Reuters Breakingviews: Theme in Big Banks' Latest Earnings Reports: Legal Costs Agencies usually join forces to censure or fine a single institution. This time, regulators have the opportunity to rope in all the major players at once, Antony Currie writes.
    Inversiones Alsacia, the company that runs much of the public bus system in Santiago, Chile, filed for bankruptcy in New York.
    In Debt: Corporate Bankruptcy Tourists Land in U.S. The United States, for reasons of law and commerce, has become a destination for foreign companies to file for bankruptcy, Stephen J. Lubben writes.
    Ross McEwan, the R.B.S. chief executive, called the currency inquiry set aside
    R.B.S. Profit Weighed Down by $1.25 Billion for Legal Costs The bank posted a third-quarter profit, but set aside funds to cover the costs related to an investigation into the potential rigging of currency markets by six big banks.
    BNP Bounces Back With Strong Profit in 3rd Quarter The French bank's results were a sharp turnaround from the previous quarter, when it took a charge of nearly 6 billion euros, or about $7.6 billion, for legal penalties in the United States.
    For the latest updates, go to » 

WSJ | Major Indexes Closing on October 31, 2014.

Major Indexes Closing
Major Indexes 5:55 p.m. EDT 10/31/14
Last Chg % Chg
DJIA* 17390.52 195.10 1.13
DJ Transportation Average* 8755.51 124.38 1.44
DJ Utility Average* 596.93 0.52 0.09
Nasdaq* 4630.74 64.60 1.41
Nasdaq 100* 4158.21 57.57 1.40
S&P 500* 2018.05 23.40 1.17
S&P 400 Mid-Cap* 1418.71 17.04 1.22
S&P 600 Small-Cap* 679.50 11.02 1.65
DJ Total Stock Market* 20999.49 252.71 1.22
NYSE Composite* 10845.00 132.81 1.24
NYSE Financial* 6658.01 95.24 1.45
Russell 2000* 1173.51 17.74 1.53
NYSE MKT Composite* 2577.46 46.68 1.84
KBW Bank* 72.14 0.95 1.33
PHLX Gold/Silver* 64.88 -3.10 -4.56
PHLX Housing Sector* 198.78 1.20 0.61
PHLX Oil Service* 248.74 3.79 1.55
PHLX Semiconductor* 640.86 23.90 3.87
See All Major U.S. Indexes
Markets Diary 5:53 p.m. EDT 10/31/14
Issues NYSE Nasdaq NYSE MKT
Advancing 2,448 1,930 181
Declining 746 822 197
Unchanged 81 88 26
Total 3,275 2,840 404

Issues at
New 52 Week High 358 245 11
New 52 Week Low 58 51 30

Share Volume
Total 4,198,410,108 2,371,697,644 121,676,928
Advancing 3,325,181,592 1,811,686,200 46,212,785
Declining 840,171,560 550,337,681 73,832,103
Unchanged 33,056,956 9,673,763 1,632,040
Major World Indexes 4:40 p.m. EDT 10/31/14
Last Chg % Chg
Global Dow* 2527.32 26.81 1.07
DJ Global Index* 322.42 3.34 1.05
DJ Global exUS* 231.90 2.06 0.90
Stoxx Europe 50* 2998.27 58.77 2.00
UK: FTSE 100* 6546.47 82.92 1.28
Germany: DAX* 9326.87 212.03 2.33
Japan: Nikkei 225* 16413.76 755.56 4.83
Hong Kong: Hang Seng* 23998.06 296.02 1.25
See All Major World Indexes
Indexes may be real-time or delayed based on exchange requirements.

Sources: SIX Financial Information; WSJ Market Data Group

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