A New York City island will host a high-tech science college run by Cornell University, Mayor Michael Bloomberg announced on Monday after choosing the winning bid.
The science and research facility to be built on little-used property on Roosevelt Island is hoped to become a leading incubator for high-tech research and innovation.
Bloomberg said the winning bid by Cornell and the Technion-Israel Institute of Technology “marks a major milestone in the city’s Applied Sciences NYC initiative, which seeks to increase New York’s capacity for applied sciences and dramatically transform the city’s economy.”
The consortium beat bids by Stanford University, Columbia University and New York University.
Plans are for classes to start next year, although the campus, boasting advanced environmentally friendly designs, will take years to be completed.
New York City is contributing US$100 million for construction costs and the site itself, sitting at one end of the long, narrow island in the East River, a short distance across the water from the skyscrapers of Manhattan.
Cornell/Technion’s plan is for 186,000m2 in housing for 2,500 students and 280 faculty members by 2043. Initially, classes will be held at a temporary location, with the first phase of the Roosevelt Island campus opening by 2017.
The campus is designed to imitate the success that Stanford and MIT have had with prestigious and highly lucrative science facilities.
Cornell University president David Skorton said he wanted to “prepare tomorrow’s expanding talent pool of tech leaders and entrepreneurs to work with the city’s key industries in growing tomorrow’s innovation ecosystem.”
“Starting today, we are going to put our plan to work, tapping into our extensive connections throughout the city and build a truly 21st Century campus to fuel the creation of new businesses and new industries throughout the city for decades to come,” he said in a statement.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to