The German chemicals company BASF has said it will cut 2,600 jobs as Europe’s largest economy braces for recession triggered by the energy crisis that intensified after Russia’s full-scale invasion of Ukraine a year ago.
The year was “dominated by the consequences of the war in Ukraine and in particular by increased raw material and energy prices”, BASF said in a statement on Friday. It paid additional energy costs of €3.2bn (£2.8bn) globally during 2022.
