Who knew that high energy costs for the foreseeable future could be bad for business? How could European leaders have known?
Bloomberg (5/23/23) reports: "A majority of chief executives in an influential group of European businesses said they’re planning to increase their presence in North America amid growing concerns about Europe’s loss of competitiveness. Some 57% of company chiefs of European multinationals are eying shifting investments or operations — or both — across the Atlantic over the next two years, according to a survey conducted by the European Round Table of Industrialists and the Conference Board to be published on Tuesday and seen by Bloomberg. A large majority of respondents — more than 80% — said they believe Europe is losing competitiveness as a base for industry, as the continent reels from geopolitical risks, inflation and energy costs, along with skills shortages and supply-chain disruptions. Russia’s invasion of Ukraine worsened a difficult environment for companies in Europe, marked by lower productivity growth and crises. More than two-thirds of respondents considered the impact of current geopolitical tensions on their company’s business outlook as either somewhat negative or negative. 'Europe’s efforts to restore its competitiveness are more challenged than ever due to an unstable geopolitical environment, elevated energy prices compared to pre-2019 levels, rising inflation, tighter financing conditions, and record-high input costs,' the study reads."
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"Although its entire existence is based on never being able to declare victory (imagine a football game with no time and no keeping score), EPA should consider that it’s wealth that matters most for health equity. But, that’s not its business, is it?."
– Jude Clemente, Forbes
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