VulcanForms was founded in 2015 by Dr. Hart and one of his graduate students, Martin Feldmann. They pursued a fresh approach for 3-D printing that uses an array of many more laser beams than existing systems. It would require innovations in laser optics, sensors and software to choreograph the intricate dance of laser beams.

By 2017, they had made enough progress to think they could build a machine, but would need money to do it. The pair, joined by Anupam Ghildyal, a serial start-up veteran who had become part of the VulcanForms team, went to Silicon Valley. They secured a seed round of $2 million from Eclipse Ventures.

The VulcanForms technology, recalled Greg Reichow, a partner at Eclipse, was trying to address the three shortcomings of 3-D printing: too slow, too expensive and too ridden with defects.

Arwood Machine this year.

Arwood is a modern machine shop that mostly does work for the Pentagon, making parts for fighter jets, underwater drones and missiles. Under VulcanForms, the plan over the next few years is for Arwood to triple its investment and work force, currently 90 people.

VulcanForms, a private company, does not disclose its revenue. But it said sales were climbing rapidly, while orders were rising tenfold quarter by quarter.

Cerebras, which makes specialized semiconductor systems for artificial intelligence applications. Cerebras sought out VulcanForms last year for help making a complex part for water-cooling its powerful computer processors.

The semiconductor company sent VulcanForms a computer-design drawing of the concept, an intricate web of tiny titanium tubes. Within 48 hours VulcanForms had come back with a part, recalled Andrew Feldman, chief executive of Cerebras. Engineers for both companies worked on further refinements, and the cooling system is now in use.

Accelerating the pace of experimentation and innovation is one promise of additive manufacturing. But modern 3-D printing, Mr. Feldman said, also allows engineers to make new, complex designs that improve performance. “We couldn’t have made that water-cooling part any other way,” Mr. Feldman said.

“Additive manufacturing lets us rethink how we build things,” he said. “That’s where we are now, and that’s a big change.”

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Gas Prices Around the World Threaten Livelihoods and Stability

“NO ES SUFICIENTE” — It’s not enough. That was the message protest leaders in Ecuador delivered to the country’s president this past week after he said he would lower the price of both regular gas and diesel by 10 cents in response to riotous demonstrations over soaring fuel and food prices.

The fury and fear over energy prices that have exploded in Ecuador are playing out the world over. In the United States, average gasoline prices, which have jumped to $5 per gallon, are burdening consumers and forcing an excruciating political calculus on President Biden ahead of the midterm congressional elections this fall.

But in many places, the leap in fuel costs has been much more dramatic, and the ensuing misery much more acute.

Britain, it costs $125 to fill the tank of an average family-size car. Hungary is prohibiting motorists from buying more than 50 liters of gas a day at most service stations. Last Tuesday, police in Ghana fired tear gas and rubber bullets at demonstrators protesting against the economic hardship caused by gas price increases, inflation and a new tax on electronic payments.

largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with an astounding ferocity. The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic, off-and-on shutdowns and supply chain snarls.

World Bank revised its economic forecast last month, estimating that global growth will slow even more than expected, to 2.9 percent this year, roughly half of what it was in 2021. The bank’s president, David Malpass, warned that “for many countries, recession will be hard to avoid.”

ratcheting down gas deliveries to several European countries.

Across the continent, countries are preparing blueprints for emergency rationing that involve caps on sales, reduced speed limits and lowered thermostats.

As is usually the case with crises, the poorest and most vulnerable will feel the harshest effects. The International Energy Agency warned last month that higher energy prices have meant an additional 90 million people in Asia and Africa do not have access to electricity.

Expensive energy radiates pain, contributing to high food prices, lowering standards of living and exposing millions to hunger. Steeper transportation costs increase the price of every item that is trucked, shipped or flown — whether it’s a shoe, cellphone, soccer ball or prescription drug.

“The simultaneous rise in energy and food prices is a double punch in the gut for the poor in practically every country,” said Eswar Prasad, an economist at Cornell University, “and could have devastating consequences in some corners of the world if it persists for an extended period.”

Group of 7 this past week discussed a price cap on exported Russian oil, a move that is intended to ease the burden of painful inflation on consumers and reduce the export revenue that President Vladimir V. Putin is using to wage war.

Price increases are everywhere. In Laos, gas is now more than $7 per gallon, according to GlobalPetrolPrices.com; in New Zealand, it’s more than $8; in Denmark, it’s more than $9; and in Hong Kong, it’s more than $10 for every gallon.

Leaders of three French energy companies have called for an “immediate, collective and massive” effort to reduce the country’s energy consumption, saying that the combination of shortages and spiking prices could threaten “social cohesion” next winter.

increased coal production to avoid power outages during a blistering heat wave in the northern and central parts of the country and a subsequent rise in demand for air conditioning.

Germany, coal plants that were slated for retirement are being refired to divert gas into storage supplies for the winter.

There is little relief in sight. “We will still see high and volatile energy prices in the years to come,” said Fatih Birol, the executive director of the International Energy Agency.

At this point, the only scenario in which fuel prices go down, Mr. Birol said, is a worldwide recession.

Reporting was contributed by José María León Cabrera from Ecuador, Lynsey Chutel from South Africa, Ben Ezeamalu from Nigeria, Jason Gutierrez from the Philippines, Oscar Lopez from Mexico and Ruth Maclean from Senegal.

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G7 aims to raise $600 bln to counter China’s Belt and Road

SCHLOSS ELMAU, Germany, June 26 (Reuters) – Group of Seven leaders pledged on Sunday to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.

U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering being held this year at Schloss Elmau in southern Germany.

Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.

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“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies.”

Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others.

Europe will mobilize 300 billion euros ($317.28 billion) for the initiative over the same period to build up a sustainable alternative to China’s Belt and Road Initiative scheme, which Chinese President Xi Jinping launched in 2013, European Commission President Ursula von der Leyen told the gathering.

The leaders of Italy, Canada and Japan also spoke about their plans, some of which have already been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating.

China’s investment scheme involves development and programs in over 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe.

White House officials said the plan has provided little tangible benefit for many developing countries.

U.S. President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022. Kenny Holston/Pool via REUTERS

Chinese foreign ministry spokesman Zhao Lijian defended the track record of BRI when asked for comment at a daily briefing in Beijing on Monday.

“China continues to welcome all initiatives to promote global infrastructure development,” Zhao said of the G7’s $600 billion plan.

“We believe that there is no question that various related initiatives will replace each other. We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.”

Biden highlighted several flagship projects, including a $2 billion solar development project in Angola with support from the Commerce Department, the U.S. Export-Import Bank, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa.

Together with G7 members and the EU, Washington will also provide $3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in that country that can eventually produce COVID-19 and other vaccines, a project that also involves the EU.

The U.S. Agency for International Development (USAID) will also commit up to $50 million over five years to the World Bank’s global Childcare Incentive Fund.

Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be “a good start” toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all.

G7 countries on average provide only 0.32% of their gross national income, less than half of the 0.7% promised, in development assistance, she said.

“But without developing countries, there will be no sustainable recovery of the world economy,” she said.

($1 = 0.9455 euros)

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Reporting by Andrea Shalal; Additional reporting by Martin Quin Pollard in Beijing; Editing by Mark Porter, Lisa Shumaker and Muralikumar Anantharaman

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As Russia Chokes Ukraine’s Grain Exports, Romania Tries to Fill In

Stopping at the edge of a vast field of barley on his farm in Prundu, 30 miles outside Romania’s capital city of Bucharest, Catalin Corbea pinched off a spiky flowered head from a stalk, rolled it between his hands, and then popped a seed in his mouth and bit down.

“Another 10 days to two weeks,” he said, explaining how much time was needed before the crop was ready for harvest.

Mr. Corbea, a farmer for nearly three decades, has rarely been through a season like this one. The Russians’ bloody creep into Ukraine, a breadbasket for the world, has caused an upheaval in global grain markets. Coastal blockades have trapped millions of tons of wheat and corn inside Ukraine. With famine stalking Africa, the Middle East and elsewhere in Asia, a frenetic scramble for new suppliers and alternate shipping routes is underway.

barge that had sunk in World War II.

Rain was not as plentiful in Prundu as Mr. Corbea would have liked it to be, but the timing was opportune when it did come. He bent down and picked up a fistful of dark, moist soil and caressed it. “This is perfect land,” he said.

67.5 million tons of cargo, more than a third of it grain. Now, with Odesa’s port closed off, some Ukrainian exports are making their way through Constanta’s complex.

Railway cars, stamped “Cereale” on their sides, spilled Ukrainian corn onto underground conveyor belts, sending up billowing dust clouds last week at the terminal operated by the American food giant Cargill. At a quay operated by COFCO, the largest food and agricultural processor in China, grain was being loaded onto a cargo ship from one of the enormous silos that lined its docks. At COFCO’s entry gate, trucks that displayed Ukraine’s distinctive blue-and-yellow-striped flag on their license plates waited for their cargoes of grain to be inspected before unloading.

During a visit to Kyiv last week, Romania’s president, Klaus Iohannis, said that since the beginning of the invasion more than a million tons of Ukrainian grain had passed through Constanta to locations around the world.

But logistical problems prevent more grain from making the journey. Ukraine’s rail gauges are wider than those elsewhere in Europe. Shipments have to be transferred at the border to Romanian trains, or each railway car has to be lifted off a Ukrainian undercarriage and wheels to one that can be used on Romanian tracks.

Truck traffic in Ukraine has been slowed by backups at border crossings — sometimes lasting days — along with gas shortages and damaged roadways. Russia has targeted export routes, according to Britain’s defense ministry.

Romania has its own transit issues. High-speed rail is rare, and the country lacks an extensive highway system. Constanta and the surrounding infrastructure, too, suffer from decades of underinvestment.

Over the past couple of months, the Romanian government has plowed money into clearing hundreds of rusted wagons from rail lines and refurbishing tracks that were abandoned when the Communist regime fell in 1989.

Still, trucks entering and exiting the port from the highway must share a single-lane roadway. An attendant mans the gate, which has to be lifted for each vehicle.

When the bulk of the Romanian harvest begins to arrive at the terminals in the next couple of weeks, the congestion will get significantly worse. Each day, 3,000 to 5,000 trucks will arrive, causing backups for miles on the highway that leads into Constanta, said Cristian Taranu, general manager at the terminals run by the Romanian port operator Umex.

Mr. Mircea’s farm is less than a 30-minute drive from Constanta. But “during the busiest periods, my trucks are waiting two, three days” just to enter the port’s complex so they can unload, he said through a translator.

That is one reason he is less sanguine than Mr. Corbea is about Romania’s ability to take advantage of farming and export opportunities.

“Port Constanta is not prepared for such an opportunity,” Mr. Mircea said. “They don’t have the infrastructure.”

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North Korea sends aid to 800 families suffering from intestinal epidemic

SEOUL, June 17 (Reuters) – North Korean leader Kim Jong Un and other senior officials prepared aid to send to 800 families suffering from an unidentified intestinal epidemic, state media reported on Friday, as the country also battles its first COVID-19 outbreak.

North Korea revealed this week it was facing an “acute enteric epidemic” on top of a weeks-long outbreak of COVID. It did not elaborate what the disease was, but enteric refers to the gastrointestinal tract.

“The officials … prepared medicines, foodstuff and daily necessities needed for the treatment of the epidemic and stable life to render aid to the people in Haeju City and Kangryong County (of South Hwanghae Province),” the Korea Central News Agency (KCNA) said.

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Leader Kim called upon officials “to fulfil their duty in the work for easing the people’s misfortune and sufferings as soon as possible,” it added.

On Thursday, an official at South Korea’s Unification Ministry handling inter-Korean affairs said Seoul is monitoring the outbreak, suspected to be cholera or typhoid.

South Hwanghae Province is North Korea’s key agricultural region and the outbreak raised concerns may add to chronic food shortages amid the wave of COVID-19 infections. read more

North Korea has been reporting patient numbers with fever symptoms, rather than confirmed COVID cases, potentially due to a lack of testing ability.

KCNA on Friday reported 23,160 more people with fever symptoms, bringing the total number in the country since late April to above 4.58 million. The death toll linked to the outbreak is at 73.

The North has said more than 99% of fever patients have recovered and that the COVID wave has shown signs of subsiding, but the World Health Organization cast doubts on Pyongyang’s claims earlier this month, saying it believes the situation is getting worse. read more

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Reporting by Joori Roh; Editing by Lincoln Feast.

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WTO strikes global trade deals deep into overtime

  • Deals reached on food, health and fishing
  • Formerly defiant India joins consensus
  • Package seen boosting credibility of WTO

GENEVA, June 17 (Reuters) – The World Trade Organization agreed on the first change to global trading rules in years on Friday as well as a deal to boost the supply of COVID-19 vaccines in a series of pledges that were heavy on compromise.

The deals were forged in the early hours of the sixth day of a conference of more than 100 trade ministers that was seen as a test of the ability of nations to strike multilateral trade deals amid geopolitical tensions heightened by the Ukraine war.

Delegates, who had expected a four-day conference, cheered after they passed seven agreements and declarations just before dawn on Friday.

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Director-General Ngozi Okonjo-Iweala told them: “The package of agreements you have reached will make a difference to the lives of people around the world. The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time.”

Earlier she had appealed to WTO members to consider the “delicate balance” required after nearly round-the-clock talks that have at times been charged with anger and accusations.

The package, which the WTO chief called “unprecedented”, included the two highest profile deals under consideration – on fisheries and on a partial waiver of intellectual property (IP) rights for COVID-19 vaccines.

The accord to curb fishing subsidies is only the second multilateral agreement on global trading rules struck in the WTO’s 27-year history and is far more ambitious than the first, which was designed to cut red tape.

At one stage, a series of demands from India, which sees itself as the champion of poor farmers and fishermen as well as developing countries, appeared set to paralyse talks but accommodations were found, trade sources said.

The WTO’s rules dictate that all decisions are taken by consensus, with any single member able to exercise a veto.

‘LOT OF BUMPS’

“It was not an easy process. There were a lot of bumps, just like I predicted. It was like a roller coaster, but in the end we got there,” an exhausted but elated Okonjo-Iweala told a final news conference.

The deal to ban subsidies for illegal, unreported and unregulated fishing or fishing of an over-fished stock has the potential to reverse collapsing fish stocks. Though pared back significantly, it still drew approval.

“This is a turning point in addressing one of the key drivers of global over-fishing,” said Isabel Jarrett, manager of The Pew Charitable Trusts’ campaign to reduce harmful fisheries subsidies.

Okonjo-Iweala said it was the first step after 21 years of talks towards what she hoped would be a more comprehensive deal.

The deal on a partial IP waiver to allow developing countries to produce and export COVID-19 vaccines has divided the WTO for nearly two years, but finally passed. It has also drawn the fiercest criticism from campaign groups that say it barely expands on an existing exemption in WTO rules and is too narrow by not covering therapeutics and diagnostics.

“Put simply, it is a technocratic fudge aimed at saving reputations, not lives,” said Max Lawson, co-chair of the People’s Vaccine Alliance.

The pharmaceutical industry was also critical of the deal, saying that there is currently a surplus of shots which governments and other authorities haven’t figured out how to distribute and administer.

“Rather than focus on real issues affecting public health, like solving supply chain bottlenecks or reducing border tariffs on medicines, they approved an intellectual property waiver on COVID-19 vaccines that won’t help protect people against the virus,” Stephen Ubl, President of the Pharmaceutical Research and Manufacturers of America (PhRMA), said in an emailed statement.

One agreement also reached was to maintain a moratorium on e-commerce tariffs, which business says is vital to allow the free flow of data worldwide. read more

Overall, many observers said the deals should boost the credibility of the WTO, which was weakened by former U.S. President Donald Trump’s crippling of its ability to intervene in trade disputes, and set it on a course for reform.

European Trade Commissioner Valdis Dombrovskis said the WTO meeting had clinched outcomes of global significance despite unprecedented challenges.

“The profound divergences here amply confirm that a deep reform of the organisation is urgently needed, across all its core functions,” he said, adding he would work to get it agreed at the next ministerial conference due in 2023.

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Writing by Emma Farge and Philip Blenkinsop; Editing by Richard Pullin, Raju Gopalakrishnan and Toby Chopra

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WTO reaches initial deal as India’s defiance tempered

A general view of the room during the speech of Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala at the opening ceremony of the 12th Ministerial Conference (MC12), at the World Trade Organization, in Geneva, Switzerland, June 12, 2022. Martial Trezzini/Pool via REUTERS

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  • Intense talks went on until dawn, still ongoing
  • Negotiations cover fishing, vaccine, food security
  • Agreement reached on Thursday on digital tariffs
  • India, formerly seen as a spoiler, expects more deals

GENEVA, June 16 (Reuters) – Major members of the World Trade Organization reached an initial deal on Thursday, winning over India which said it was confident more global accords could be achieved as negotiations on fishing, vaccines and food security entered their final hours.

Ministers from more than 100 countries convened at the global trade watchdog’s headquarters in Geneva this week for the first time in more than four years to agree new trade rules, a feat many thought unlikely in an era of high geopolitical tensions. read more

The body’s 164 members must all agree for new rules to pass, meaning that one member alone can block deals.

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During the June 12-15 meeting, extended into the evening of a fifth day on Thursday, that member has been India.

However, a provisional agreement to extend a moratorium on applying duties to electronic transmissions until at least 2023 was reached despite earlier opposition from New Delhi. read more

Indian Commerce Minister Piyush Goyal, who had struck a defiant stance on a range of topics earlier in the week, told journalists he expected more “solid decisions” to come.

New Delhi, which has a history of blocking multilateral negotiations, has previously stuck to long-held demands to maintain subsidies for fisheries and agriculture and pushed for extra reforms, trade sources said.

India maintains it is fighting to protect livelihoods in developing nations.

Delegates were more upbeat on Thursday about a package of deals with trade-offs possible, without specifying what the compromises would be. EU trade commissioner Valdis Dombrovskis tweeted that members were “getting closer”. WTO deputy director-general Anabel Gonzalez said she was “hopeful”.

Negotiators were in intense talks in the so-called ‘Green Room’ of the WTO for most of the night. U.S. Trade Representative Katherine Tai and Chinese Commerce Minister Wang Wentao were no longer in Geneva, trade sources said.

Negotiations resumed around 0700 GMT Thursday and were expected to conclude in the evening, they added.

One of the possible outcomes of the talks is a pared-back version of a deal designed to curb fishing subsidies that cause over-fishing, a document seen by Reuters showed.

Another is a partial waiver of intellectual property rights for COVID-19 vaccines designed to allow developing countries to produce them and pledges to ease the food security crisis although tussles over the precise wording continued, sources said.

WTO officials have maintained throughout the meetings a belief that deals can be reached, saying talks often look hopeless until a final bargain is reached.

Observers expressed frustration with the process.

“The ministerial (conference) laid bare the increasing dysfunction that inhibits collective action at the WTO,” said Jake Colvin, president of the National Foreign Trade Council, adding that members should not reward “obstructionism”.

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Reporting by Emma Farge; Additional reporting by Andrea Shalal in Washington and Philip Blenkinsop in Brussels; Editing by Raju Gopalakrishnan, Alison Williams, Elaine Hardcastle

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PPG Highlights Tikkurila Acquisition, ESG Progress at 2022 Investor Day

HELSINKI–(BUSINESS WIRE)–PPG (NYSE:PPG) today announced it hosted an Investor Day in Helsinki, Finland, on June 9, 2022, highlighting the company’s growth through recent acquisitions, including Tikkurila, and its latest environmental, social and governance (ESG) initiatives and goals.

PPG provided an update on the integration and performance of Tikkurila, a leading Nordic paints and coatings company acquired in 2021. PPG leaders discussed how Tikkurila:

In addition to Tikkurila, PPG leaders highlighted the progress of the other most recent acquisitions, including VersaFlex, Cetelon, Worwag and Ennis-Flint.

“Acquisitions are a key to PPG’s long-term growth strategy and continue to create value for the company. We are pleased with the integration pace of our five most recent acquisitions,” said Tim Knavish, PPG chief operating officer. “Since we completed the acquisitions, we have identified further opportunities to drive our total synergy target to $150 million – a 15% increase from the original goal.”

During the Investor Day, PPG also discussed its leading ESG program. Included topics were PPG’s recently published diversity, equity and inclusion (DE&I) report, its scopes 1 and 2 greenhouse gas emission reduction roadmap and its commitment to set near-term emission reduction targets in line with climate science through the Science Based Targets initiative (SBTi). PPG has an existing goal to reduce greenhouse gas (GHG) emissions intensity by 15% by 2025 from a 2017 baseline, achieving a 9.7% reduction in 2021. The company plans to unveil its new 2030 goals in the coming months. To learn more about PPG’s progress and sustainable solutions, visit the company’s 2021 ESG Report at sustainability.ppg.com.

“We have made great progress towards our 2025 targets, which include the goal of 40% of our sales from sustainably advantaged products,” said Diane Kappas, PPG vice president, Global Sustainability. “We are leveraging capabilities to continue to drive innovation and new product development toward more sustainable solutions, which will enable our customers’ ability to meet their sustainability commitments and targets.”

Further Details on Investor Day

The presentation from PPG’s 2022 Investor Day is available in PPG’s Investor Center at https://investor.ppg.com/presentations/presentations/default.aspx

Forward-Looking Statements

Statements contained herein relating to matters that are not historical facts are forward-looking statements reflecting PPG’s current view with respect to future events and financial performance. These matters within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involve risks and uncertainties that may affect PPG’s operations, as discussed in the company’s filings with the Securities and Exchange Commission pursuant to Sections 13(a), 13(c) or 15(d) of the Exchange Act, and the rules and regulations promulgated thereunder. Accordingly, many factors could cause actual results to differ materially from the Company’s forward-looking statements. Such factors include statements related to the expected effects on our business of COVID-19, global economic conditions, geopolitical issues in Europe, increasing price and product competition by our competitors, fluctuations in cost and availability of raw materials, energy, labor and logistics, the ability to achieve selling price increases, the ability to recover margins, margin expansion, customer inventory levels, our ability to maintain favorable supplier relationships and arrangements, the timing of and the realization of anticipated cost savings from restructuring and other initiatives, the ability to identify additional cost savings opportunities, the timing and expected benefits of our acquisitions, difficulties in integrating acquired businesses and achieving expected sales and synergies therefrom, economic and political conditions in the markets we serve, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, the ability to meet sustainability targets, unexpected business disruptions, the unpredictability of existing and possible future litigation, including asbestos litigation and governmental investigations. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and under Item 1A of PPG’s 2021 Form 10-K is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in the results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties, other factors set forth in Item 1A of PPG’s 2021 Form 10-K and similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity. ​

All information in this release speaks only as of June 9, 2022, and any distribution of this release after that date is not intended and will not be construed as updating or confirming such information. PPG undertakes no obligation to update any forward-looking statement, except as otherwise required by applicable law.

PPG: WE PROTECT AND BEAUTIFY THE WORLD™

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $16.8 billion in 2021. We serve customers in construction, consumer products, industrial and transportation markets, and aftermarkets. To learn more, visit www.ppg.com.

We protect and beautify the world is a trademark and Colorful Communities and the PPG Logo are registered trademarks of PPG Industries Ohio, Inc.

CATEGORY Corporate

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Global Growth Will Be Choked Amid Inflation and War, World Bank Says

For large and small nations around the globe, the prospect of averting a recession is fading.

That grim prognosis came in a report Tuesday from the World Bank, which warned that the grinding war in Ukraine, supply chain chokeholds, Covid-related lockdowns in China, and dizzying rises in energy and food prices are exacting a growing toll on economies all along the income ladder. This suite of problems is “hammering growth,” David Malpass, the bank’s president, said in a statement. “For many countries, recession will be hard to avoid.”

World growth is expected to slow to 2.9 percent this year from 5.7 percent in 2021. The outlook, delivered in the bank’s Global Economic Prospects report, is not only darker than one produced six months ago, before Russia’s invasion of Ukraine, but also below the 3.6 percent forecast in April by the International Monetary Fund.

Growth is expected to remain muted next year. And for the remainder of this decade, it is forecast to fall below the average achieved in the previous decade.

poorer, hungrier and less secure.

Roughly 75 million more people will face extreme poverty than were expected to before the pandemic.

Per capita income in developing economies is also expected to fall 5 percent below where it was headed before the pandemic hit, the World Bank report said. At the same time, government debt loads are getting heavier, a burden that will grow as interest rates increase and raise the cost of borrowing.

“In Egypt more than half of the population is eligible for subsidized bread,” said Beata Javorcik, chief economist at the European Bank for Reconstruction and Development. “Now, that’s going to be much more expensive for government coffers, and it’s happening where countries are already more indebted than before.”

stock market’s woes. The conflict has caused​​ dizzying spikes in gas prices and product shortages, and is pushing Europe to reconsider its reliance on Russian energy sources.

“Insecurity and violence continue to weigh on the outlook” for many low-income countries, the World Bank said, while “more rapid increases in living costs risk further escalating social unrest.” Several studies have pointed to rising food prices as an important trigger for the Arab Spring uprisings in 2011.

In Latin American and the Caribbean, growth is expected to slow to 2.5 percent from 6.7 percent last year. India’s total output is forecast to drop to 7.5 percent from 8.7 percent, while Japan’s is expected to remain flat at 1.7 percent.

The World Bank, founded in the shadow of World War II to help rebuild ravaged economies, provides financial support to low- and middle-income nations. It reiterated its familiar basket of remedies, which include limiting government spending, using interest rates to dampen inflation and avoiding trade restrictions, price controls and subsidies.

Managing to tame inflation without sending the economy into a tailspin is a difficult task no matter what the policy choices are — which is why the risks of stagflation are so high.

At the same time, the United States, the European Union and allies are struggling to isolate Russia, starving it of resources to wage war, without crippling their own economies. Many countries in Europe, including Germany and Hungary, are heavily dependent on either Russian oil or gas.

The string of disasters — the pandemic, droughts and war — is injecting a large dose of uncertainty and draining confidence.

Among its economic prescriptions, the World Bank underscored that leaders should make it a priority to use public spending to shield the most vulnerable people.

That protection includes blunting the impact of rising food and energy prices as well as ensuring that low-income countries have sufficient supplies of Covid vaccines. So far, only 14 percent of people in low-income countries have been fully vaccinated.

“Renewed outbreaks of Covid-19 remain a risk in all regions, particularly those with lower vaccination coverage,” the report said.

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In the last-chance saloon, Boris Johnson survives as UK PM for now

  • Prime Minister’s party only just approves him in confidence vote
  • Conservative Party rebellion means he has much work to do
  • Johnson looking vulnerable to further threats

LONDON, June 6 (Reuters) – For a man who long set his sights on becoming Britain’s prime minister, Boris Johnson came dangerously close on Monday to being ousted by lawmakers tired of defending him and faces a battle to win back the confidence of his party and country.

He survives, just, for now. But he is deeply wounded and even loyal lawmakers who backed him in a confidence vote say he must now change – return to the traditional ideals of the governing Conservative Party, foster unity and lead.

His inbox is daunting. British households face the biggest cost-of-living squeeze since the 1950s, with food and fuel prices rising while wages lag, and travellers are experiencing transport chaos at airports caused by staffing shortages.

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The master of political comebacks might struggle this time.

Ed Costelloe, chair of the group Conservative Grassroots who backed Johnson in 2019, said he had got many things right, but had been brought down by the so-called “partygate” scandal over his breaches of COVID-19 lockdown rules. read more

“Once you face a vote of confidence somehow you are doomed. After that, the vultures start gathering. I think he is in real, real trouble,” he told Reuters.

Johnson won the vote 211 to 148, a worse showing than when lawmakers tried to oust his predecessor Theresa May, who won her vote but then resigned six months later. read more

The confidence vote was a brutal wake up call for a leader whose mandate once seemed unassailable after his promise to “get Brexit done” in 2019 won over voters in parts of the country the Conservatives had never been able to capture and the party’s biggest majority in over three decades.

Since then, the list of reasons lawmakers gave for wanting Johnson gone were as varied as they are many, cutting across usual factional lines and making the rebels somewhat uneasy bedfellows.

As reasons why the 57-year-old leader should resign, lawmakers cite anything from “partygate”, threats to breaking international law, the defence of rule-breakers at the heart of power, multiple policy U-turns, an initial slow response to COVID-19 to a general lack of respect for his office.

It was perhaps the lack of cohesion in Monday’s rebellion that helped save him. But it has left him weakened.

SURVIVOR

Political survival is something Johnson, known widely as Boris, has made a career of, with former prime minister David Cameron likening him to a “greased piglet” who is hard to catch.

“My friends, as I have discovered myself, there are no disasters, only opportunities. And indeed, opportunities for fresh disasters,” Johnson wrote in a newspaper column in 2004.

In a speech to the party lawmakers just hours before the vote, Johnson remained adamant he could win again.

“If you don’t believe that we can come back from our current position and win again then you haven’t looked at my own record or the record of this party,” he said, according to a senior party source in the meeting.

Some have warned of underestimating Johnson, or Alexander Boris de Pfeffel Johnson, saying his ruffled appearance and distinctive mop of blond hair masks the discipline and ruthlessness he needed to get to this point.

But after years of weathering sex scandals, gaffes and missteps as London mayor, foreign secretary and now prime minister, Johnson, a relative loner in the Conservative party, might be running out of road.

For some in the party the rot set in when he defended his former adviser Dominic Cummings when he broke COVID-19 rules early in the pandemic, enraging the country.

The following year he initially defended a Conservative lawmaker who had been found guilty of breaching lobbying rules and a U-turn on extending free school meals to children from low-income families did little to improve the picture.

The final straw was months of a steady drip of stories about lockdown-breaking parties in Johnson’s Downing Street culminating in a report last month detailing fights and alcohol-induced vomit in the early house at times when the rest of the country was obeying strict COVID-19 rules.

One former Conservative lawmaker was so incensed even before the report, they “crossed the floor” or went to join the main opposition Labour Party.

“Prior to leaving … it was just embarrassing being asked to defend the indefensible for a PM who clearly has no morals,” Christian Wakeford, who joined Labour in January, told Reuters.

Conservative Grassroots chair Costelloe said the decision could be fatal in the long-term: “I am firmly of the view if he is still there in two years then we will lose the next election.”

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Reporting by Elizabeth Piper; editing by Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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