China and Iceland announced a deal on the oil-rich Arctic region after Chinese Premier Wen Jiabao (溫家寶) flew in to Reykjavik on Friday on the first stage of a four-nation European tour.
The deal was part of a package of six agreements signed on the first day of the Chinese premier’s visit to the country, during which he held talks with his Icelandic counterpart Johanna Sigurdardottir.
The Arctic’s oil reserves were high on the agenda for energy-hungry China during the high-powered delegation’s visit to Iceland — though Sigurdardottir touted the Arctic deal as a research collaboration.
“These agreements will provide various opportunities for increased cooperation on research between Icelandic and Chinese scientists in this area,” her office said on its Web site.
Iceland’s strategic location near the Arctic has not gone unnoticed in China, the world’s biggest energy consumer: The shrinking of the polar ice cap is making the region’s mineral resources more accessible.
The retreat of the ice has also opened up the potential for a shorter cargo shipping route with Asia, which would cut the sea voyage between Shanghai and northern Europe by about 6,400km.
China’s interest in Iceland came to the fore last year when a Chinese property tycoon tried to buy a large swathe of land in the north of the country for a tourism project.
Some observers suggested property magnate Huang Nubo’s (黃怒波) purchase would help China win a foothold in the Arctic, amid general concern over Chinese investment in Europe.
That deal was eventually blocked by the Icelandic government, after officials there said China had mooted using the island as a trans-Arctic shipping port.
Wen’s visit is the first to Iceland by a Chinese premier. Sigurdardottir used the occasion to give Beijing a diplomatic nudge over human rights concerns.
Sigurdardottir had “also discussed human rights issues, civil rights and international commitments,” her office said.
“The prime minister and premier agreed to enhance relations and cooperation on gender equality in the near future,” it said.
Besides the Arctic cooperation agreement, the two sides signed five other accords, with 11 ministers and deputy ministers accompanying the Chinese leader.
They included agreements on geothermal sciences; marine and polar sciences; geothermal research; and a solar project in Iceland.
Iceland’s Orka Energy signed a deal with China Petrochemical Corporation (中國石化) of the Sinopec Group on using geothermal energy in China for heating homes and generating electricity.
As part of its ambitions in the polar region, Beijing is seeking permanent observer status on the Arctic Council, an intergovernmental forum promoting cooperation among eight states bordering the region.
Nvidia Corp’s demand for advanced packaging from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remains strong though the kind of technology it needs is changing, Nvidia CEO Jensen Huang (黃仁勳) said yesterday, after he was asked whether the company was cutting orders. Nvidia’s most advanced artificial intelligence (AI) chip, Blackwell, consists of multiple chips glued together using a complex chip-on-wafer-on-substrate (CoWoS) advanced packaging technology offered by TSMC, Nvidia’s main contract chipmaker. “As we move into Blackwell, we will use largely CoWoS-L. Of course, we’re still manufacturing Hopper, and Hopper will use CowoS-S. We will also transition the CoWoS-S capacity to CoWos-L,” Huang said
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
INDUSTRY LEADER: TSMC aims to continue outperforming the industry’s growth and makes 2025 another strong growth year, chairman and CEO C.C. Wei says Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp and Apple Inc, yesterday said it aims to grow revenue by about 25 percent this year, driven by robust demand for artificial intelligence (AI) chips. That means TSMC would continue to outpace the foundry industry’s 10 percent annual growth this year based on the chipmaker’s estimate. The chipmaker expects revenue from AI-related chips to double this year, extending a three-fold increase last year. The growth would quicken over the next five years at a compound annual growth rate of 45 percent, fueled by strong demand for the high-performance computing
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.