Apple launches $300 million ‘green’ fund for China suppliers

Apple and its 10 initial suppliers would jointly provide the money for the China Clean Energy Fund, aimed at helping the companies make the transition to clean energy. (Reuters)
Updated 13 July 2018
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Apple launches $300 million ‘green’ fund for China suppliers

SHANGHAI: Apple said on Friday it has established a fund to invest nearly $300 million over the next four years to connect its Chinese suppliers to renewable energy as Beijing pushes an anti-pollution drive.
The US giant said it and 10 initial suppliers would jointly provide the money for the China Clean Energy Fund, aimed at helping the companies make the transition to clean energy.
Apple said the project would produce an initial one gigawatt of clean energy, equivalent to powering nearly a million homes.
Most of Apple’s products worldwide are assembled in vast production networks in China that employ hundreds of thousands of workers, and the company has taken various steps to reduce resulting carbon emissions.
It said in April that its headquarters in Cupertino, California, had gone 100 percent renewable and announced initiatives to achieve the same in other Apple facilities worldwide.
China’s four-decade transition into an industrial behemoth has brought the side effects of severe air, soil and water pollution, and the government is pushing various initiatives to clean things up including incentives for renewable energy and the electric-car industry.
Among other projects, in late 2016 Apple said it bought a 30 percent stake in subsidiaries of China-based Goldwind, the world’s largest wind turbine maker, to produce renewable energy.


Foreign investment in Bahrain rising sharply, authorities say

Updated 40 min 40 sec ago
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Foreign investment in Bahrain rising sharply, authorities say

DUBAI: New foreign direct investment in Bahrain more than doubled in the first nine months of 2018 as the kingdom marketed itself as a base for companies to access the region, especially Saudi Arabia, data released on Tuesday showed.
Investment commitments between January and September jumped 138 percent from a year ago to a record $810 million from 76 firms, said the Economic Development Board, an investment promotion agency. That compared to $733 million in all of 2017, and was over five times the amount of FDI in 2015.
The rise in FDI is good news for Bahrain’s balance of payments, which has been under pressure as the kingdom runs fiscal and current account deficits fueled by low oil prices.
The central bank’s net foreign reserves hit a one-year low of 499.4 million dinars ($1.32 billion) in July, although they rebounded to 734.2 million dinars last month.
Manufacturing and logistics accounted for most foreign investment in the first nine months of this year, the EDB said. Some companies are locating operations in Bahrain to take advantage of reforms in Saudi Arabia, which aims to develop non-oil industries such as mining, light manufacturing and tourism.
Bahrain also wants to become a center for financial technology; last year it created a “regulatory sandbox” allowing companies in the field to experiment without facing normal regulatory constraints.
This year it established a $100 million fund of funds to support technology start-ups across the region, which it hopes will attract venture capital firms to Bahrain.