High Energy Costs Continue to Plague European Industry

Europe is losing and will continue to lose competitiveness and jobs if it doesn’t tackle its high energy costs compared to other regions, Morten Wierod, chief executive of Switzerland-based engineering giant ABB, told Bloomberg. “The cost for energy intense industries like chemical, steel production, cement is a challenge, and investments will go elsewhere than Europe if this continues,” Wierod told Bloomberg in an interview published on Tuesday. This predicament would hinder job creation in Europe, which, the executive said,...