• World Islamic Banking Conference
Apple plans to invest in eco-friendly aluminium smelting technology

Apple plans to invest in eco-friendly aluminium smelting technology

San Francisco : Playing a crucial role in future research and development (R&D) of a revolutionary aluminium smelting technology, Apple has committed investment in a joint venture that resonates the iPhone-maker’s take on environment-friendly technology innovations.

The joint venture could change global manufacturing. Aluminium is a key material in many of Apple’s most popular products and for more than 130 years, it’s been produced the same way. But that’s about to change, the company said in a blog post late on Thursday.

Aluminium giants Alcoa Corporation and Rio Tinto Aluminium announced the venture called “Elysis” to commercialise patented technology that eliminates direct greenhouse gas emissions from the traditional smelting process -- a key step in aluminium production.

Apple has partnered with both aluminium companies and the governments of Canada and Quebec, to collectively invest a combined $144 million to future R&D.

“Apple is committed to advancing technologies that are good for the planet and help protect it for generations to come,” company CEO Tim Cook said.

“We are proud to be part of this ambitious new project, and look forward to one day being able to use aluminium produced without direct greenhouse gas emissions in the manufacturing of our products,” he added.

Aluminium smelting process involves applying a strong electrical current to alumina, which removes oxygen. Companies use a carbon material that burns during the process, producing greenhouse gases.

Alcoa Corporation designed a new process that replaces that carbon with an advanced conductive material and instead of carbon dioxide, it releases oxygen. “Elysis” would work to further develop this technology for larger scale production and commercialisation, with a package planned for sale  beginning in 2024.

The company would continue to provide technical support as well, Apple said.





Loman, Efrain show mutual respect

Loman, Efrain show mutual respect

MMA is known for intensive rivalries that had often transcended beyond the sport from time to time. Stephen Loman from Philippines will be defending his Bantamweight world championship title at Brave 18 taking place on 16th November in

GFH profit rises 18.6pc

GFH profit rises 18.6pc

GFH Financial Group yesterday reported an 18.6 per cent increase in ninemonth net profit helped by continued growth and stronger contributions from its core investment banking business and other related investment income. Net profit at

APM commences IPO

APM commences IPO

Bahrain’s BD11.880 mn APM Terminals IPO has met with positive investor appetite said SICO in a statement saying, “we look forward to closing with a fully-subscribed offering.” The offer period for the APM Terminals Ba

Ithmaar reports profit

Ithmaar reports profit

I thmaar Holding, a Bahrain-based financial institution, and its wholly-owned subsidiary, Ithmaar Bank, a Bahrain-based Islamic retail bank, each announced their financial results for the third quarter of 2018 with both reporting profi