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☆ Taiwan to invest 10 mln euros towards chip production in Lithuania
▼ + stars: | 2022-11-07 | by ( Andrius Sytas | ) www.reuters.com time to read: +2 min

VILNIUS, Nov 7 (Reuters) - Taiwan, the world's biggest supplier of semiconductors, will invest more than 10 million euros ($9.98 million) towards chip production in Lithuania, the head of the Taiwanese representative office in Vilnius said on Monday. Lithuania allowed Taiwan to open a de-facto embassy in its country in November last year, angering China which views the democratically-governed island as its own territory. Earlier this year, Taiwan launched a 200-million-euro equity investment fund and a 1-billion-euro loan facility for Lithuania and other central and eastern European countries. The first equity investments totalling 10 million euros in Lithuanian would be completed by early next year, said Huang, adding that first loans amounting to 9 million euros should be dispersed by the end of this month. Lithuania formally launched its own representation in Taiwan on Monday.

☆ Algeria businesses hope government will stay the course on reforms
▼ + stars: | 2022-10-23 | by ( Lamine Chikhi | ) www.reuters.com time to read: +5 min

As Algeria's foreign currency reserves fell by two thirds in six years and the long-term risk of unrest grew, President Abdelmadjid Tebboune's government pushed reforms to strengthen the private sector, boosting local businesses. He passed some reforms but now enjoys high demand for Algerian energy and surging revenues. Free zones are going to be set up, customs code has been changed to make it more attractive for foreign investment, we have a new investment code," Agli said. A former government adviser on economic affairs said the authorities understood the need to press ahead with reforms despite the increase in energy revenue this year. We are running short of time because oil prices are so volatile and a global recession is a likely scenario," the former adviser said.

EU distillate inventories were just 360 million barrels at the end of September, the lowest seasonal level since 2004. The global petroleum and refining system has proved unable to keep up with rapid growth in fuel consumption as a result of the manufacturing and freight-led recovery after the coronavirus pandemic. In any event, accelerating refinery processing will simply push the shortage upstream from the fuel market to the crude market. But with spare capacity almost exhausted, a recession is the most likely route to rebalancing the distillate market in particular and the petroleum market in general. Related columns:- OPEC+ risks overtightening the oil market (Reuters, Oct. 12).

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