“BASF (BASFn.DE) said costs at its European sites must be cut to a “permanently” smaller size because of a triple burden of sluggish growth, high energy costs and over-regulation, with the German industrial giant’s boss throwing his weight behind a planned expansion in China.”

Analyst Comment: Businesses are ditching Europe in droves. Those jobs and tax revenue aren’t coming back when the energy crisis is over. Europe will face a decade+ of low economic activity and job prospects.