Today, Amazon Web Services (AWS) announced plans to invest an estimated $11 billion in Indiana, creating at least 1,000 new jobs and marking the largest capital investment in the state’s history. With the support of Governor Eric Holcomb and the Indiana Economic Development Corporation (IEDC), AWS will build new data centers in St. Joseph County. AWS will also contribute up to $7 million to support road infrastructure improvements being built by the state and local community surrounding the company’s planned development.
This planned investment is part of Amazon’s long-term commitment to Indiana. Since 2010, we’ve invested $21.5 billion in the Hoosier State and have added $19.8 billion to Indiana’s gross domestic product, helping support customers, employees, and communities. Amazon’s investments have created 26,000 full- and part-time jobs in the state. Amazon’s commitment to Indiana also includes enabling four solar farms and a wind farm, with a combined capacity of more than 600 megawatts of renewable energy, enough to power approximately 146,000 homes.
“AWS’s unwavering commitment to supporting our customers and helping drive digital transformation has been evident through our infrastructure investments across the United States,” said Roger Wehner, AWS director of economic development. “Building upon this, we are thrilled to be expanding our operations in Indiana through this planned $11 billion investment, which will create numerous well-paying job opportunities and tap into the state’s burgeoning tech sector, while contributing significantly to the state’s growing economy. This investment will include our continuing commitment to fostering workforce development and educational initiatives in areas where we operate, and we look forward to helping nurture the next generation of talent in the Hoosier State. We are excited to partner with Governor Holcomb, IEDC, and other state and local leaders to forge a path toward a brighter future for Indiana’s tech landscape.”
Empowering local communities
AWS is dedicated to the communities where our data centers operate. Building upon our commitment to St. Joseph County and the surrounding area, AWS is launching the AWS InCommunities St. Joseph County Community Fund, a grant program aimed at supporting initiatives focused on six key themes: science, technology, engineering, arts, and math (STEAM) education; sustainability and environment; economic development; future workforce development; inclusion, diversity, and equity; and homelessness, hunger, health, and well-being.
AWS is committing $100,000 to this fund, which will be managed and administered by the nonprofit ChangeX. The program is open to individuals, local community groups, schools, nonprofits, and other organizations across St. Joseph County and the wider South Bend region. Applicants can apply for grants of up to $10,000 for new or existing community projects that align with at least one of the six themes outlined by the fund. As part of our long-term community investment plan, the Community Fund marks the first steps through which we will collaborate with local partners to implement high-impact programs aimed at fostering the sustained growth and prosperity of the county.
Supporting STEAM awareness
Additionally, AWS will start a fund to support a curated set of STEAM awareness and learning opportunities for K-12 school systems. This fund will support implementation of programs such as the We Build it Better program, which provides industry-designed curricular experiences and resources that engage middle-school and older students in a work-like STEAM environment equipped with industry-grade tools. This program aims to foster interest and develop skills in STEAM fields from an early age, preparing students for future careers in these dynamic and rapidly evolving sectors.
Investing in education and skills training
AWS is also committed to empowering local communities by offering a range of educational programs and skills training opportunities. In collaboration with local educational and workforce development institutions, we aim to raise awareness about the region’s emerging needs for a robust technology workforce and collaborate to create opportunities that lead to rewarding careers.
Among the local training programs that will be offered in the area is the Fiber Optic Fusion Splicing Workshop, which trains individuals in new fusion splicing techniques and equipment. Upon completing the free two-day workshop, learners earn a fusion splicing certificate and are immediately connected to employers who are currently seeking in-demand talent in the field of fiber broadband.
The Information Infrastructure Workshop, another upcoming program, is designed to help students, educators, and workforce leaders better understand the physical layer of cloud computing and our information economy, and the many different career options available. Through a series of workshops with employers, the program creates pathways to careers associated with building, connecting, operating, and powering data centers.
“Indiana’s long-term economic strategy is paying dividends for Hoosiers as we cultivate the growth of critical sectors like technology infrastructure,” said Governor Holcomb. “Amazon has long been an important economic partner in Indiana, and we are excited to welcome AWS. This significant investment solidifies Indiana’s leadership position in the economy of the future, and will undoubtedly have a positive ripple effect on the town of New Carlisle, the north central region and the state of Indiana for years to come.”
“The AWS announcement today will be a generational boost to our local and regional economy, and we are excited for the opportunity to welcome the AWS team and workforce into our community,” said Carl Baxmeyer, president, St. Joseph County Board of Commissioners. “This new data center campus to be built in the Indiana Enterprise Center (IEC) over the next decade will be a major employment center for all of northern Indiana. This project announcement also shows our alignment with the state’s goal to create next level jobs that benefit all Hoosiers.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
