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June 14, 2004

U2's Bono Joining Venture Capital Firm

6.16.04 - Associated Press

MENLO PARK - Bono, lead singer for rock band U2, has joined a Silicon Valley venture capital firm that plans to invest in media and entertainment projects, according to a published report.

The 44-year-old singer is joining the newly created Elevation Partners, based in Menlo Park, The Wall Street Journal reported Tuesday. The new venture aims to raise $1 billion.

The venture fund was launched by technology investor Roger McNamee and John Riccitiello, former president of videogame maker Electronic Arts Inc. The venture also includes Fred Anderson, who retired this month as Apple Computer Inc.'s finance chief.

Elevation Partners declined to comment, citing Securities and Exchange Commission rules for venture capital firms in the midst of fundraising, according to the newspaper.

The Ireland-based U2 has been one of the most popular rock bands in the world since its founding in the late 1970s.

With funding from the Bill and Melinda Gates Foundation, George Soro's Open Society Institute and the Enter for Global Development, Bono co-founded Debt AIDS Trade Africa, which works with religious groups concerned with global disease and hunger issues.

Copyright © 2004 Associated Press. All rights reserved.

Posted by Jonathan at 03:42 AM | Comments (0)

June 01, 2004

Bono Denies Plans for a 'Live Aid 2' Concert

6.1.04 - Reuters

By Gideon Long

DUBLIN (Reuters) - Irish rock star Bono played down rumors on Tuesday that he and his friends in the music industry are planning a second Live Aid concert to raise money to fight AIDS.

He said a "Live Aid 2," nearly 20 years after the first epoch-defining event to help the starving of Ethiopia, would not raise enough cash to adequately tackle the AIDS crisis.

Instead, he urged the countries of the European Union to fulfil their pledge to commit 0.7 percent of their national incomes to overseas aid.

"At this point there are no plans for a Live Aid 2," Bono told reporters as he entered a meeting of EU development ministers in Dublin. "It's always there in the background but right now, no.

"Right now we're after billions (of dollars) not millions. A Live Aid 2 would help, but it wouldn't fix the problem."

Bono, frontman of rock giants U2 and a long-time campaigner on development issues, said a Live Aid concert would not be needed if governments in the developed world kept their promises on aid.

"We saw those pictures (of the starving in Ethiopia) 20 years ago. I don't want to see those pictures again," he said.

"There are plans being discussed on these tables (at the EU) which, if implemented, mean we wouldn't have to see those pictures again."

Bono, dressed in a purple suit and wearing his trademark wrap-around sunglasses, said the Scandinavians were alone in the EU in fulfilling their pledge to give 0.7 percent of their national income to overseas aid.

"There are some laggards hanging out here, and I'm going to be putting my hand in their wallets," he said as he headed in through the imposing doorway of Dublin Castle to meet the ministers.

"For me it's not really about charity at this point, it's about justice."

Bono said some EU countries had reneged on their promises because, as their economies expanded, they had realized that 0.7 percent of their national income was more, in absolute terms, than they had anticipated.

"This is renegotiating your deal with God downwards," said Bono, a committed Christian.

Bono, 44, was involved with the first Live Aid concert at London's Wembley Stadium in 1985 -- the brainchild of his friend and fellow Irishman Bob Geldof.

Both men have pressed Ireland to give development issues a higher profile during its presidency of the EU, which runs until the end of this month.

Copyright © Reuters 2004. All rights reserved.

Posted by Jonathan at 03:40 AM | Comments (1)