CNH Industrial names designated CEO of On-Highway busines

CNH INDUSTRIAL N.V.

Gerrit Marx President Commercial and Specialty Vehicles CNH Industrial

London, June 11, 2021

As work proceeds apace to deliver the previously announced spin-off of its On-Highway business, CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) has named Gerrit Marx as the designated Chief Executive Officer of the new entity, which is expected to assume independent operations in early 2022.

The new On-Highway business will include the following brands and their respective activities: IVECO (heavy, medium and light commercial vehicles), IVECO ASTRA (heavy-duty trucks), IVECO BUS and Heuliez Bus (buses and coaches), Magirus (firefighting vehicles), Iveco Defence Vehicles (defense and civil protection vehicles), FPT Industrial (powertrain technologies) and Iveco Capital (Financial Services).

Gerrit Marx joined CNH Industrial as President of Commercial and Specialty Vehicles in January 2019. Mr. Marx has some 20ars of experience in roles of increasing importance at organizations which include McKinsey & Company, Daimler AG, Skoda and most recently at global equity firm Bain Capital. He has worked across different geographies and in a variety of industrial segments, with specific, in-depth focus on automotive industries.

“On behalf of the Board of Directors, I wish to congratulate Gerrit on this appointment. We are confident that his expertise in commercial vehicles, together with his demonstrated leadership of our Commercial and Specialty Vehicles segment, will serve him well in taking the new company forward,” said Suzanne Heywood, Chair of the CNH Industrial Board of Directors.

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) is a global leader in the capital goods sector with established industrial experience, a wide range of products and a worldwide presence. Each of the individual brands belonging to the Company is a major international force in its specific industrial sector: Case IH, New Holland Agriculture and Steyr for tractors and agricultural machinery; Case and New Holland Construction for earth moving equipment; Iveco for commercial vehicles; Iveco Bus and Heuliez Bus for buses and coaches; Iveco Astra for quarry and construction vehicles; Magirus for firefighting vehicles; Iveco Defence Vehicles for defence and civil protection; and FPT Industrial for engines and transmissions. More information can be found on the corporate website: www.cnhindustrial.com

Media contact:

Francesco Polsinelli
Corporate Communications Manager, Europe
CNH Industrial
Tel: +39 335 1776091
Email: mediarelations@cnhind.com

Attachments

Nyxoah Issues First Quarter 2021 Results

Mont-Saint-Guibert, Belgium – June 10, 2021, 11:45pm CET / 5:45pm ET – Nyxoah SA (Euronext Brussels: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced its unaudited, interim financial statements for the three months ended March 31, 2021.  In addition, Mr. Janke Dittmer has informed the Company that he will resign from his position as director immediately prior to and contingent upon the completion of an initial public offering in the United States.

First Quarter 2021 Results

  For the three month period ended March 31
(in thousands of EUR) 2021 2020
Revenue                                     185                      —
Cost of goods sold                            (52)
Gross Profit                                     133                  —
General and administrative expenses (1,818) (1,178)
Research and development expenses (852) (7)
Clinical expenses (342) (177)
Manufacturing expenses (901) (62)
Quality assurance and regulatory expenses (325) (25)
Patents Fees & Related (674) (58)
Therapy Development expenses (548) (352)
Other operating income/(expenses) 4 (191)
Operating loss for the period                              (5,323)               (2,050)
Financial income 4 19
Financial expense (325) (336)
Loss for the period before taxes                           (5,644)               (2,367)
Income Taxes (25) (13)
Loss for the period                           (5,669)               (2,380)
Other comprehensive loss    
Items that may be subsequently reclassified to profit or loss (net of tax)    
Currency translation differences (70) 272
Total comprehensive loss for the year, net of tax                            (5,739)               (2,108)
Loss attributable to equity holders                           (5,739)               (2,108)

Revenue

Revenue was €185,000 for the three months ended March 31, 2021, compared to no revenue for the three months ended March 31, 2020. The increase in revenue was attributable to the Company’s commercialization of the Genio® system in Europe, which began in July 2020.

Cost of Goods Sold

Cost of goods sold was €52,000 for the three months ended March 31, 2021, compared to no cost for the three months ended March 31, 2020. The increase in cost of goods sold was attributable to the sales of the Genio® system in Europe, which began in July 2020.

General and Administrative Expenses. General and administrative expenses increased by €0.6 million, or 54%, from €1.2 million for the three months ended March 31, 2020 to €1.8 million for the three-months ended March 31, 2021 mainly due to an increase in consulting expenses. The increase in consulting and contractors’ fees includes variable compensations for an amount of €253,000 for the three months ended March 31, 2020 and €498,000 for the three-months ended March 31, 2021 related to a cash-settled share based payment transaction.

Research and Development Expenses. Before capitalization of €311,000 for the three months ended March 31, 2020, research and development expenses increased by €0.5 million, or 168%, from €318,000 (or €7,000 after capitalization of €311,000) for the three months ended March 31, 2020 to €0.9 million for the three months ended March 31, 2021, due to an increase in staff and consulting costs to support the Company’s R&D activities.

Clinical Expenses. Before capitalization of €1.4 million for the three months ended March 31, 2021 and capitalization of €568,000 for the three months ended March 31, 2020, clinical expenses increased by €1.1 million, or 139%, from €0.7 million (or €177,000 after capitalization of €568,000) for the three months ended March 31, 2020 to €1.8 million for the three months ended March 31, 2021 (or €342,000 after capitalization of €1.4 million). The increase in the expenses was mainly due to an increase in staff and consulting to support the completion of the BETTER SLEEP trial implantations, continuous recruitment for the EliSA trial and the ongoing DREAM IDE trial in the United States.

Manufacturing Expenses. Before capitalization of €215,000 for the three months ended March 31, 2021 and €578,000 for the three months ended March 31, 2020, manufacturing expenses increased by €0.5 million, or 74%, from €0.6 million (or €62,000 after capitalization of €578,000) for the three months ended March 31, 2020 to €1.1 million (or €901,000 after capitalization of €215,000) for the three months ended March 31, 2021. The increase was mainly due to an increase in staff, in the production and engineering team to support capacity and yield improvement, and in purchasing raw materials to support an increase in production.

Quality Assurance and Regulatory Expenses. Before capitalization of €133,000 for the three months ended March 31, 2021 and €263,000 for the three months ended March 31, 2020, quality assurance and regulatory expenses increased by €170,000, or 59%, from €288,000 (or €25,000 after capitalization of €263,000) for the three months ended March 31, 2020 to €458,000 (or €325,000 after capitalization of €133,000) for the three months ended March 31, 2021. The increase was mainly due to an increase in staff and QA & regulatory activities to support the manufacturing scaling-up process.

Patent Fees & Related Expenses. Before capitalization of €56,000 for the three months ended March 31, 2020, patent fees & related expenses increased by €560,000, or 491%, from €114,000 (or €58,000 after capitalization of €56,000) for the three months ended March 31, 2020 to €0.7 million for the three months ended March 31, 2021 due to expenses related to the in-licensing agreement with Vanderbilt University.

Therapy Development Expenses. Therapy Development expenses increased by €196,000, or 56%, from €352,000 for the three months ended March 31, 2020 to €0.5 million for the three months ended March 31, 2021. The increase in the expenses was mainly due to an increase in staff and consulting to support the launch the commercialization of the Genio® system in Europe.

Other Operating Income / (Expenses). The Company had other operating expenses of €191,000 for the three months ended March 31, 2020 and operating income of €4,000 for the three months ended March 31, 2021. The increase in expenses was mainly due to the impact of the initial measurement and re-measurement of the financial debt.

Operating Loss

The increase of operating loss from €2.1 million for the three months ended March 31, 2020 to €5.7 million for the three months ended March 31, 2021, or a change of €3.3 million, was due to increases of activities in all departments. The Company currently conducting three clinical trials to continue gathering clinical data and obtain regulatory approvals. In June 2020, the Company obtained IDE approval to start the DREAM trial in the United States. In line with this strategy, the Company continues to invest in research and development to improve and develop the next generation of the Genio® system and prepare for scaling-up of production capacities.

Cash Position

Cash and cash equivalents totaled €86.2 million on March 31, 2021, as compared to €92.3 million on December 31, 2020.

Net cash used in operations was €4.2 million for the three months ended March 31, 2021 compared to €1.2 million for the three months ended March 31, 2020. The increase of €3.0 million was primarily due to an increase in a loss for the period of €3.3 million that was mainly attributable to increased general and administrative expenses, research and development expenses, manufacturing expenses and therapy development expenses, which were offset by a positive variation in the working capital of €0.5 million.

Net cash used in investing activities for each of the three months ended March 31, 2021 and the three months ended March 31, 2020 was €1.8 million.

Net cash used in financing activities for the three months ended March 31, 2021 was €104,000 compared to €24.8 million of net cash provided by financing activities during the three months ended March 31, 2020. The decrease was due to a lack of capital increase during the first quarter of 2021.

Outlook for 2021

The Company’s business, operational, and clinical outlook for 2021 include the following expected milestones and goals:

  • Ramp up EU revenue and build a dedicated sales team in Germany
  • Open second independent manufacturing site in Belgium, in addition to existing site in Israel
  • Complete DREAM pivotal trial enrollment

First quarter report 2021
Nyxoah’s financial report for the three months ended March 31, 2021, including details of the unaudited consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a CE-validated, patient-centered, next generation hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke.

Following the successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio® system received its European CE Mark in 2019. The Company is currently conducting the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion, the DREAM IDE pivotal study for FDA approval and a post-marketing EliSA study in Europe to confirm the long-term safety and efficacy of the Genio® system.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal
law to investigational use in the United States.

Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

For further information, please contact:
Nyxoah
Fabian Suarez, Chief Financial Officer
fabian.suarez@nyxoah.com
+32 10 22 24 55

Gilmartin Group
Vivian Cervantes

vivian.cervantes@gilmartinir.com

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Nyxoah files Registration Statement for Proposed Initial Public Offering in the United States

Nyxoah files Registration Statement for Proposed Initial Public Offering in the United States

Mont-Saint-Guibert, Belgium – June 10, 2021, 11:30pm CET / 5:30pm ET – Nyxoah SA (Euronext Brussels: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced that the Company has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of its ordinary shares, which are expected to be listed on the NASDAQ Global Market in the United States.  The number of ordinary shares to be offered and the price for the proposed offering have not yet been determined.

Nyxoah’s ordinary shares are currently listed on Euronext Brussels under the symbol “NYXH”. An application has been made to list the ordinary shares on the NASDAQ Global Market under the same symbol.

Piper Sandler, Stifel and Cantor are acting as joint book-running managers for the proposed offering. Degroof Petercam is acting as a manager.

A registration statement on Form F-1 has been filed with the SEC but has not yet become effective. The ordinary shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification or publication of an offering prospectus under the securities laws of any such state or jurisdiction.

The proposed offering of ordinary shares in the United States will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed offering can be obtained from Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by e-mail at prospectus@psc.com, or by phone at (800) 747-3924; Stifel, Nicolaus & Company, Incorporated at Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com; or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022; email: prospectus@cantor.com.

Contacts:

Nyxoah
Fabian Suarez, Chief Financial Officer
fabian.suarez@nyxoah.com
+32 10 22 24 55

Gilmartin Group
Vivian Cervantes
vivian.cervantes@gilmartinir.com

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Layout International Partners with Sophi.io to Fully Automate Print Production

Combining Layout International’s NewsPublish and Sophi.io’s smart AI and ML engine reduces the hours long process of print laydown to just minutes

TORONTO, June 10, 2021 (GLOBE NEWSWIRE) — Sophi.io, a suite of AI-powered optimization, prediction and automation tools developed by The Globe and Mail, has partnered with Layout International, a supplier of cutting-edge enterprise technology, to transform print production. Sophi will provide the smart AI/ML technology to fully automate the end-to-end print production workflow to save publishers time and money and enable them to focus on creating high quality content.

Print laydown is typically a long and arduous process, involving multiple editors and page designers and taking hours to complete. Without the rigid constraints of a template, Layout International customers will now have the opportunity to create a print-ready paper that is indecipherable from a paper prepared by human page designers, and the entire process takes just minutes. And for Layout International’s over 200 customers, this partnership means seamless integration of Sophi into their current NewsPublish editorial workflow.

“We’re excited that working with Sophi.io enables us to offer our customers cutting edge new capabilities in the form of an end-to-end automated print solution that dramatically increases efficiencies. Our customers will be able to run and rerun their print paper in just minutes, whenever they chose, all within the NewsPublish Enterprise content management system that they already use daily,” said Jean-Michel Habis, CEO of Layout International.

The Sophi suite of tools is designed to identify an organization’s most valuable content (not the most popular content, but the content that drives conversions or retention or the metric that matters most to that organization) and place it in the most valuable places across their digital entities, or behind a paywall when the subscription revenue outweighs the predicted advertising revenue. In addition to NewsPublish powered by Sophi.io, Sophi provides site automation, a fully dynamic, real-time, personalized paywall, and analytics solutions to publishers across the world.

“Print laydown is a massive undertaking,” said Greg Doufas, Chief Technology Officer at The Globe and Mail. “We see this partnership with Layout International giving publishers the freedom to focus on content creation and the specific design elements that page designers want to spend their energy on. The best part is that NewsPublish powered by Sophi.io is getting better and smarter every day, so Layout International customers will always be on the cutting edge of technology with this solution.”

To learn more, please visit www.newspublish.org or email sales@layoutintl.com.

About Layout International
Layout International (www.layoutintl.com) meets the growing technological needs in the market by providing highly customizable enterprise solutions. They serve more than 200 clients, supplying them with cutting-edge technology to improve the way they work. They enable many organizations to digitally transform their processes, migrate and integrate to work on a single platform.

Layout International Media Contact
Ghassan Halawi
Vice President of Sales, Layout International
+961 70 855685
ghalawi@layoutintl.com

About Sophi.io
Sophi.io (https://www.sophi.io) is a suite of AI-powered optimization and prediction tools that helps content publishers make important strategic and tactical decisions. Sophi solutions range from Sophi Site Automation and Sophi for Paywalls to Sophi Analytics, a decision-support system for content publishers. Sophi is designed to improve the metrics that matter most to your business, such as subscriber retention and acquisition, engagement, recency, frequency and volume.

Sophi.io Media Contact
Jamie Rubenovitch
Head of Marketing, Sophi.io
The Globe and Mail
416-585-3355
jrubenovitch@globeandmail.com

Taiwanese Panic About Health Amid COVID Surge, Vaccine Shortage

TAIPEI – People in Taiwan, which had held off COVID-19 throughout most the global pandemic, are panicking about their health and income this month as the island grapples with its first major outbreak and shutters businesses amid limited vaccine supplies.

Taiwan’s coronavirus total since the start of the global pandemic stood at 12,500 on Friday, with 385 deaths. More than 90% of the cases were recorded since May 15.

Officials in Taipei say their political rival China intervened in a vaccine import deal earlier in the year. Japan and the United States have announced vaccine donations this month to help compensate for the shortage as officials scramble to order imports and fast-track trials of a domestically produced vaccine.

People have become “really concerned” since mid-May and have begun looking for vaccines despite possible side effects, said Joanna Lei, CEO of Chunghua 21st Century Think Tank in Taiwan. Many Taiwanese with dual citizenship in the United States have hopped on U.S.-bound flights this month to get vaccines.

Taiwan is “far” from the double-digit vaccine rate that might offer “herd immunity”, she said. An estimated 1% of Taiwan’s nearly 24 million people were vaccinated as of mid-May.

“I think the really scary part is the government has no plan,” Lei said. “And they don’t have a real survey of the land because they did not do broad testing, so they actually have no clue about where things are happening.”

More than 84% of Taiwanese worry about relatives getting the coronavirus and about 65% say their income will be “hit”, according to a Taiwanese Public Opinion Foundation survey released May 25. More than half of respondents called the current COVID-19 wave a “disaster” caused by humans rather than by nature.

“I see people are all quite nervous about whether their family members are going to get infected by this virus,” foundation Chairman You Ying-lung said. “You’ll find that a high proportion are very worried.”

Without vaccines, Taiwan is looking at an unknown period of forced business closures and income losses, particularly in events, recreation and restaurants. Those businesses have been shuttered or scaled back since May 15. Operators are expecting government stimulus aid if business dips far enough below pre-May 15 levels.

“For us in food and beverage, we should be optimistic about aid, because if it’s not enough, I can’t sustain the business,” said Chien Chia-hsing, owner of the 6-year-old Aussie Café in Taipei. His normal daily customer load of 50 has dropped to just a handful who get takeout. “I hope that the government can do its utmost to allocate money.”

Vaccine diplomacy

Japan sent 1.24 million doses of the AstraZeneca vaccine last week despite a protest from China, Tokyo-based Kyodo News Service reported. Washington will donate 750,000 doses, U.S. Sen. Tammy Duckworth announced Sunday as she visited Taiwan with two other lawmakers.

“For over a year, we’ve seen that COVID-19 strikes without regard to national borders – and we know we won’t be able to truly end the COVID-19 pandemic at home without ending it everywhere,” the senator said on her website.

Washington and Tokyo are long-standing friends of Taiwan, as all three fret over territorial disputes or deeper political issues with China.

“You always want to help friends,” said Alex Chiang, associate professor of international politics at National Chengchi University in Taipei. “They have to show friendship and that they care about the people of Taiwan.”

Taiwanese officials blame China for standing in the way of foreign-made vaccines.

“Taiwan access to vaccines continues to be slowed down by Chinese interference, while they insist we buy Chinese made ones,” presidential spokesperson Kolas Yotaka said May 19 on Twitter.

Taiwan was approaching a deal with German pharmaceutical firm BioNTech in January for millions of vaccine doses, but interference by “external forces” threw off the agreement, health minister Chen Shih-chung told local media a month later without naming China directly.

Taiwan bars Chinese-made vaccines because of their poor record before COVID-19, Chen said in an interview in January. The government’s Central Epidemic Command Center would not say for this report how many vaccines it expects from foreign sources by year’s end but pointed to “insufficient” capacity to make them worldwide.

China has claimed self-ruled Taiwan as part of its territory since the Chinese civil war of the 1940s, when Chiang Kai-shek’s Nationalists lost to the Communists and rebased in Taipei. Beijing has threatened use of force, if needed, to take Taiwan and resents foreign assistance to the island.

Source: Voice of America

G-7 Summit Kicks Off With ‘Build Back Better’ Message

PLYMOUTH, ENGLAND, – Day one of the G-7 summit has concluded, in Cornwall, England, where leaders of seven wealthy democracies aim to lead the global fight against the pandemic and to “build back better” toward a greener, more prosperous and equitable future.

The summit is hosted by Britain and attended by leaders of Canada, France, Germany, Italy, Japan and the United States. Representatives from the European Union also are attending, along with other guests — the heads of Australia, South Africa and South Korea. India’s prime minister joined via video link.

“This is a meeting that genuinely needs to happen,” said Prime Minister Boris Johnson, this year’s host, as he opened the plenary session of leaders. “We need to make sure that we learn the lessons from the pandemic, we need to make sure that we don’t repeat some of the errors that we doubtless made in the course of the last 18 months or so.”

Johnson said that he wants the G-7 to be “building back better, building back greener, building back fairer, and building back more equal and in a more gender-neutral and perhaps more feminine way.”

While past G-7 meetings were marked with lavish banquets, massive delegations and media entourages, this year’s sessions are severely restricted. Masks, daily COVID-19 testing and other health protocols are stark reminders the coronavirus crisis is far from over.

“The world will look to the G-7 to apply our shared values and diplomatic might, to the challenge of defeating the pandemic and leading a global recovery,” said Johnson.

The pandemic caused leaders to skip last year’s summit. The last time the G-7 met in person was in Biarritz, France, in 2019.

G-7 pandemic plan

Johnson said the G-7 will announce a plan to donate a billion COVID-19 vaccine doses to low- and middle-income countries, including 100 million doses from Britain.

Johnson’s announcement Thursday came after U.S. President Joe Biden said earlier in the day that his administration is donating 500 million doses of the Pfizer vaccine, half of the G-7 vaccine trove.

U.N. Secretary-General Antonio Guterres welcomed the commitment but said it is not enough and production must be doubled.

“We need a concerted effort,” he told reporters at the G-7 via a video link from London. “For that we need a global vaccination plan.”

He proposed bringing together all the countries with the capability to produce the vaccines — or countries that could with the right support — into an emergency task force.

They would be supported by the World Health Organization, GAVI, COVAX and international financial institutions and would be involved in the production and equitable distribution of vaccines to the developing world.

Guterres also expressed support for lifting patents on vaccine technology, saying, “It’s obvious that we need to share the knowledge and share all the aspects necessary to allow for doubling the production of vaccines.”

Climate change

G-7 countries will commit to reduce CO2 emissions to limit global warming to 1.5 degrees Celsius compared to pre-industrial levels, a change from the previously agreed 2 degrees Celsius temperature rise.

“The science has changed a bit. It’s become clear that 1.5 degrees is perhaps more important than we thought earlier,” said Samantha Gross, director of the Energy Security and Climate Initiative at the Brookings Institution. “This is really difficult to achieve. And so, this is a really significant commitment,” Gross added.

The group also agreed to no longer fund coal plants after the end of 2021, an important concession by Japan, which relies on them.

The G-7 communique on Sunday is expected to serve as a foundation ahead of Glasgow COP26, the 26th U.N. Climate Change Conference in November, that Britain also will host.

Trade and economy

White House national security adviser Jake Sullivan said Friday on Twitter that G-7 leaders at the summit will endorse Biden’s proposal for a minimum global tax rate of 15% that companies would have to pay regardless of where they are based.

The deal had been expected after G-7 finance officials backed the proposal last week. It aims to stop large multinational companies from seeking out tax havens and force them to pay more of their income to governments.

“America is rallying the world to make big multinational corporations pay their fair share so we can invest in our middle class at home,” Sullivan tweeted on Friday.

The G-7 has plenty of disagreements on trade, including long-running disputes over Airbus and Boeing subsidies, as well as steel and aluminum tariffs that then-President Trump imposed in 2018. But they are expected to focus on areas of common ground, including coming up with a commitment to uphold and strengthen the “rules-based multilateral trading system” and “international trade rules.” Members including the U.S. and Britain have often accused Beijing of undermining the multilateral trade system.

China, while not part of the group, has dominated the agenda. In a June 5 opinion piece in The Washington Post, Biden wrote that the G-7 will also be announcing a “high-standard alternative to China for upgrading physical, digital and health infrastructure that is more resilient and supports global development.”

The group is expected to include gender equality in their pandemic recovery strategy, to “build back fairer” toward an economy and education system that ensures women are the forefront of global recovery.

The G-7 countries are major trading partners, and collectively the group accounts for about half of the global economy.

Eden Project

At the end of the first day, leaders and their partners attended a reception with Queen Elizabeth, Prince Charles and Prince William and his wife, Kate Middleton. The reception was held at the Eden Project — a botanical garden shaped like bio-domes that create a rainforest environment.

The G-7 summit ends on Sunday. Biden and first lady Jill Biden will continue their tour and attend Brussels-based summits with the European Union and NATO, and the president’s highly anticipated meeting with Russian President Vladimir Putin in Geneva on Wednesday.

Source: Voice of America