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  • SK hynix weighs options for California-based subsidiary amid rumors of US listing
    SK hynix weighs options for California-based subsidiary amid rumors of US listing SEOUL, August 18 (AJP) - SK hynix appears to be considering various options to strengthen its U.S. subsidiary Solidigm amid growing rumors of a potential U.S. listing. According to a corporate disclosure to the Korea Exchange last week, SK hynix said it had been exploring ways to strengthen its California-based semiconductor subsidiary's competitiveness including a possible U.S. listing. However, an SK hynix spokesperson declined to provide additional details, telling AJP that "no specific decision has been made." The possibility has divided the market, with supporters seeing it as a potential way to raise billions of dollars for future investment, while critics warn that bringing in outside investors could reduce existing shareholders' share of Solidigm's future profits. Its shares plunged 10.37 percent last Thursday, a day after the corporate disclosure. The stock has since rebounded, trading 6.81 percent higher at 1,757,000 won as of early Tuesday morning. At the center of the debate is the possibility of pre-IPO fundraising ahead of a U.S. listing. Market speculation has focused on Solidigm raising up to 10 trillion won (US$7 billion) from private investors at a valuation of around 50 trillion won. A pre-IPO involves selling shares to private investors before a company goes public. It remains to be seen whether SK hynix will make any decision before Sept. 4, when it is scheduled to release another corporate disclosure. Who gets the upside? Much of the concern is about the timing. SK hynix shareholders endured years of losses from the NAND business acquired from Intel, but Solidigm has now returned to profitability. Critics argue that a pre-IPO followed by a separate listing could allow new investors to take a stake just as the business enters a stronger period. If outside investors acquire shares through a pre-IPO and later public offering, SK hynix's ownership of Solidigm would decline, leaving existing shareholders with a smaller share of the subsidiary's future gains. There is also concern over how Solidigm's profits and cash would reach SK hynix shareholders after a separate listing. Money generated by Solidigm would first remain with the U.S. subsidiary before flowing back to the South Korean parent and its shareholders. The Korea Corporate Governance Forum, a nonprofit group that works to improve corporate governance and protect shareholder interests has taken a stronger stance, criticizing a potential Solidigm IPO for making SK's ownership structure even more complex by adding another publicly traded company under an already listed parent. The forum has called for discussions on the listing to be halted. Critics also question the need for outside funding. The company posted record second-quarter earnings and recently completed a major fundraising, leaving it with ample cash. That has raised questions over why new investors need to be brought into Solidigm at this point. Others, however, see the potential transaction as a way to raise substantial funds for future investment. Solidigm's main revenue source is high-performance enterprise solid-state drives, or eSSDs, used in servers and data centers. The business still relies heavily on SK hynix's design and production technology, supporting the view that selling part of the subsidiary would have only a limited impact on the value of its parent. The potential amount is significant. Mirae Asset Securities estimates that selling part of the company's stake in Solidigm could give the chipmaker about $15 billion in investment capacity in the U.S. The brokerage said such a deal could help recover some of the money spent on the Intel NAND acquisition while securing funds for further investment. For now, the company has yet to decide how it will move forward. AJP Takeaways: • SK hynix said on Aug. 18, 2026, that no decision had been made on plans involving its U.S. subsidiary Solidigm, following an Aug. 5 disclosure that it was reviewing options to strengthen the company's competitiveness. • Market discussions have centered on Solidigm potentially raising up to 10 trillion won ($7 billion) in a pre-IPO at a valuation of around 50 trillion won before a possible U.S. listing. • Critics warn that bringing outside investors into Solidigm after the business returned to profitability could reduce SK hynix's ownership and leave existing shareholders with a smaller share of its future gains. • Supporters argue that selling part of Solidigm could provide substantial funding for future investment. Mirae Asset Securities estimates the transaction could give SK hynix about $15 billion in investment capacity in the United States. 2026-08-18 11:06:51
  • National Palace Museum Hosts Program for Intangible Cultural Heritage Practitioners
    National Palace Museum Hosts Program for Intangible Cultural Heritage Practitioners The National Palace Museum of Korea announced on August 18 that it will host a program titled 'In-Depth Investigation of Royal Heritage in the Storage Room' for holders, educators, and graduates of the national intangible heritage in the craft sector on August 19 and 20 at its open storage facility in Jongno-gu, Seoul.'In-Depth Investigation of Royal Heritage in the Storage Room' is a program first introduced in 2025 to provide national intangible heritage practitioners with an opportunity to closely examine royal heritage, which represents the finest craftsmanship. Last year, the program focused on clothing and jewelry, while this year, nine practitioners selected through a pre-application process from fields such as woodcraft, lacquerware, horncraft, mother-of-pearl inlay, and painting will participate.The national intangible heritage practitioners will closely examine 20 items, including the Hongseokja Gae Nong, horn boxes, and the coronation nameplate of Crown Prince Jeongjo, alongside experts from the museum's curatorial staff. They will also engage in in-depth discussions to share and analyze the findings from their different perspectives.The National Palace Museum expressed hope that this in-depth investigation program will serve as a meaningful opportunity for the preservation, transmission, and development of national intangible heritage in the craft sector, as well as contribute to the new creative activities of the practitioners. The museum also stated its commitment to actively promote the value of cultural heritage and support the transmission activities of artisans.* This article has been translated by AI. 2026-08-18 11:04:10
  • National AI Competition Narrows to Three Finalists: Upstage, SK Telecom, LG AI Research
    National AI Competition Narrows to Three Finalists: Upstage, SK Telecom, LG AI Research The final competition for the AI Foundation Model (AI FM) project has narrowed to three finalists: Upstage, SK Telecom (SKT), and LG AI Research. Motif Technologies, which joined the competition through an additional call for proposals, did not pass the second evaluation stage.On August 18, the Ministry of Science and ICT (MSIT) and the National IT Industry Promotion Agency (NIPA) released the results of the second evaluation for the AI FM project. The evaluation revealed that Motif was eliminated, while Upstage, SKT, and LG AI Research advanced to the next stage.According to MSIT, the second evaluation was conducted by combining scores from three categories: benchmark evaluation (40 points), expert evaluation (35 points), and user evaluation (25 points).The benchmark evaluation consisted of 25 points from the Artificial Analysis (AA) Intelligence Index (AAII) and 15 points from the NIA benchmark. The AAII assessed nine high-difficulty benchmarks across various fields, including agent, coding, general knowledge, and science. The NIA benchmark evaluation focused on areas such as mathematics, knowledge, long text comprehension, instruction execution, Korean language, stability, and reliability.The average score for the four elite teams in the benchmark evaluation was 22.5 points, with a score difference of 4.0 points between the first and fourth places.The expert evaluation was conducted by a committee of external AI experts. Based on the evaluation documents submitted by the elite teams, the committee conducted an in-depth assessment over about a week, focusing on development strategy and technology (10 points), development achievements and plans (10 points), and impact and contribution plans (15 points). The committee included 10 experts with expertise in AI algorithms, services, and data, all of whom had no conflicts of interest.The average score for the four elite teams in the expert evaluation was 28.8 points, with a score difference of 2.4 points between the first and fourth places.The user evaluation, introduced for the first time in this stage, consisted of an AI expert user evaluation (15 points) and a general public evaluation (10 points). The AI expert user evaluation included 49 participants, such as representatives from AI startups, while 185 members of the general public participated in the evaluation. This evaluation aimed to assess not only the performance of the AI models but also the usability and effectiveness experienced by various users.The average score for the four elite teams in the user evaluation was 17.6 points, with a score difference of 5.0 points, indicating a larger gap compared to the benchmark and expert evaluations.Meanwhile, MSIT plans to expand support for high-performance graphics processing units (GPUs) B200 for the elite teams advancing to the next stage of the AI FM project.MSIT stated, "We deeply recognize the need for top-tier independent AI models and are discussing a new support system that goes beyond existing methods with relevant ministries. We plan to announce specific details in the future."* This article has been translated by AI. 2026-08-18 11:04:00
  • Olive Young LA Fest Attracts 100,000 Visitors, Captivating American Consumers with K-Beauty
    Olive Young LA Fest Attracts 100,000 Visitors, Captivating American Consumers with K-Beauty CJ Olive Young reported that its large-scale K-Beauty event in Los Angeles attracted 100,000 visitors over three days.The "Olive Young Fest LA 2026," held from August 14 to 16, drew a total of 100,000 attendees, the company announced on August 18.The event was held in conjunction with the K-Festival "KCON LA 2026." A total of 55 K-Beauty and lifestyle brands participated in the 1422-pyeong venue.Olive Young transformed the event space to resemble a major shopping district in Seoul. Visitors were greeted by sounds from a Seoul subway station at the entrance, and the interior was designed to evoke areas like Gangnam, Seongsu, Myeongdong, and Hongdae, allowing local consumers to experience K-Beauty alongside Seoul culture.The skincare area featured a layout that followed the "K-Skincare Routine," showcasing products for double cleansing, pads, serums, and sun care, enabling attendees to compare and try various items.The "My Color Vibe" zone, which diagnoses personal color and recommends tailored products, saw long lines throughout the event, indicating strong interest in experiential content.Diante, a visitor from California, remarked, "Each area is decorated with a different concept, making it very interesting. The entire booth feels like a Korean street, which is fun and reminds me of my trip to Korea."The event also served as a platform for small and indie brands from Korea to directly introduce their products to local consumers. All participating brands are K-Beauty brands available in Olive Young stores in the U.S., each setting up booths for product demonstrations and interactive events.Kim So-hyun, a brand manager at Dong-A Pharmaceutical, stated, "Being in Olive Young's U.S. stores has greatly helped us promote our brand locally."Song Joo-yeon, head of the U.S. branch of PharmaResearch, expressed, "It is meaningful to meet local customers through Olive Young stores and the fest."An Olive Young representative stated, "We will continue to expand opportunities for domestic brands to meet global customers and strengthen our role as a platform supporting the growth of the K-Beauty ecosystem in the U.S."* This article has been translated by AI. 2026-08-18 11:04:00
  • Eight of Ten Lottery Fund Projects Shifted to Public Interest Initiatives
    Eight of Ten Lottery Fund Projects Shifted to Public Interest Initiatives The government is set to revise the lottery system for the first time since the introduction of the 'Lottery and Lottery Fund Act' in 2004. The changes will allow for differential distribution of lottery funds based on the performance of various agencies, as well as adjustments to the distribution ratio of lottery revenues.According to the Lottery Commission under the Ministry of Economy and Finance, the 'Partial Amendment to the Lottery and Lottery Fund Act' was approved at a Cabinet meeting on August 18. The Lottery Act was established in 2004 to unify the lottery issuance system. Previously, 35% of lottery revenues were mandatorily allocated to existing issuing agencies to compensate for their earnings.This year, the scale of fund projects is set at 3.4028 trillion won, a 5.5% increase from the previous year. The government has been operating this fund by dividing it into statutory distribution projects and public interest projects.However, there have been ongoing criticisms from the National Assembly and the Board of Audit and Inspection regarding the inability to reflect changes in the financial conditions of agencies over the past 20 years, which has hindered the efficiency of financial operations.In response, the Lottery Commission developed a revision proposal based on the 'Lottery Fund Statutory Distribution System Reform Plan' approved at a full meeting in February, following consultations with relevant agencies and legislative announcements.To enhance the flexibility of lottery fund distribution and improve operational efficiency, eight of the ten statutory distribution agencies will transition their projects to public interest initiatives. The projects being transitioned include the Science and Technology Promotion Fund, the National Sports Promotion Fund, the Labor Welfare Promotion Fund, the Small and Medium Enterprise Start-up and Promotion Fund, the National Heritage Protection Fund, the Community Chest of Korea, the Forest Environment Function Enhancement Fund, and the Korea Veterans Welfare Medical Corporation.The distribution of lottery revenues to local governments and Jeju Island will maintain the current system, as it was originally intended to be a self-generated revenue source, according to the Lottery Commission.Additionally, from 2028 to 2030, the distribution ratio of lottery revenues will gradually change from the current fixed 35% to within 35%. The range of distribution adjustments based on performance evaluations will be expanded from the current 20% to a temporary allowance of 40%. This means that agencies could receive up to 40% more based on their performance evaluations.A Lottery Commission official stated, "This revision is the first major overhaul since the introduction of the Lottery Act in 2004, and it can be seen as a way for each agency to secure budgets through performance in a fully competitive market. The amendments will enhance the efficiency of fund distribution."* This article has been translated by AI. 2026-08-18 11:00:20
  • Korean Government Engages Brazilian Companies to Discuss Investment Challenges
    Korean Government Engages Brazilian Companies to Discuss Investment Challenges The South Korean government met with Brazilian companies operating in the country to discuss challenges they face in their business operations and explore ways to enhance trade and investment between the two nations.The Ministry of Trade, Industry and Energy announced that Park Geun-oh, Director of Trade Agreement Policy, held a communication session on August 18 with representatives from nine Brazilian companies and the Brazilian ambassador to South Korea.This meeting follows President Lee Jae-myung's visit to Brazil last month and aims to support Brazilian companies entering the South Korean market while expanding investment and business opportunities.Brazil is South Korea's largest trading and investment partner in South America. Economic cooperation discussions between the two countries have intensified following Brazilian President Luiz Inácio Lula da Silva's visit to South Korea in February and President Lee's reciprocal visit to Brazil.The ministry reported that it is working to create conditions for advancing trade agreement negotiations between South Korea and the Southern Common Market (Mercosur) and is strengthening cooperation in key minerals and industrial technology. Companies attending the meeting shared their current business status in sectors such as food, aviation, and minerals, requesting active government support and attention to ensure stable operations.This meeting is seen as a step to broaden economic cooperation, which has primarily focused on supporting South Korean companies entering Brazil, to now also facilitate Brazilian companies' investments and market entry in South Korea. An increase in Brazilian companies in competitive sectors such as food, aviation, and minerals is expected to diversify trade items and investment structures.In particular, progress in the South Korea-Mercosur trade agreement negotiations could provide a framework to systematically alleviate business challenges faced by Brazilian companies in South Korea, including customs, certification, and quarantine issues.Park Geun-oh stated, "As the relationship between the two countries has become closer than ever following two recent summits, it is essential to strengthen economic cooperation through exchanges and communication between our companies. We will actively address the challenges raised during the meeting, if necessary, through high-level talks or bilateral consultations, and continue to communicate with companies wishing to enter the South Korean market in the future."* This article has been translated by AI. 2026-08-18 11:00:20
  • Nvidia Provides $105 Billion Guarantee for OpenAI Data Center Financing
    Nvidia Provides $105 Billion Guarantee for OpenAI Data Center Financing Nvidia, the world's leading AI semiconductor company, has agreed to provide nearly 105 billion dollars in financial guarantees for the construction of an OpenAI data center.According to Reuters and other sources, Nvidia will invest up to 105 billion dollars (approximately 150 trillion won) to guarantee the rent and electricity payments for the OpenAI data center being built in Pike County, Ohio.Nvidia will also invest 1.5 billion dollars in SB Energy, a subsidiary of Japan's SoftBank, which is responsible for the actual construction of the data center. This means that SoftBank Group and OpenAI will also participate as joint shareholders in the project.Once completed, OpenAI is set to lease the data center for 20 years. The total computing capacity of the facility will be 8 gigawatts (GW), enough to supply power to approximately 6 million households in the U.S.Nvidia will initially provide funding of 105 billion dollars for 4.25 GW of the total capacity, with the possibility of expanding support for the remaining capacity.This agreement marks a significant step for Nvidia, moving beyond just selling GPUs to also funding the construction of data centers that will utilize its GPUs.However, some critics have raised concerns that the structure resembles 'circular financing,' where funds guaranteed by Nvidia would enable OpenAI to purchase Nvidia's AI chips. Recently, Nvidia announced plans to establish a 500 billion dollar AI infrastructure financing platform in partnership with major Wall Street financial firms, heightening worries about 'circular financing.'In response, Jensen Huang, Nvidia's CEO, dismissed these concerns, stating that the agreement is not 'circular financing.' In a post on the company's website, he explained, "We are securing infrastructure that can be used long-term to meet Nvidia's AI computing demand, allowing OpenAI to upgrade the data center with new generations of chips for better performance and cost efficiency." Huang projected that the data center will operate 1.5 million graphics processing units (GPUs), enabling Nvidia to generate 600 billion dollars in revenue from OpenAI by 2030.* This article has been translated by AI. 2026-08-18 11:00:00
  • Ruling Party: President Yoon to Announce Special Prosecutor for Election Commission Today
    Ruling Party: President Yoon to Announce Special Prosecutor for Election Commission Today The Democratic Party announced on August 18 that "President Yoon will announce the appointment of a special prosecutor for the Election Commission today." The party also urged the People Power Party to "immediately cooperate with the recount." Lee Joo-hee, the party's floor spokesperson, made the remarks after a meeting of the party's floor strategy committee at the National Assembly. She stated, "On August 14, the National Recommendation Committee recommended two candidates for the special prosecutor position." She added, "Once the president announces the special prosecutor, the office will officially launch and begin its activities." Lee also noted, "The schedule for the recount by the National Assembly's special investigation committee is facing difficulties. A tentative agreement was reached on June 30 for the recount to take place today, but it ultimately fell through." She emphasized, "The investigative procedures conducted by the National Assembly and those carried out by law enforcement agencies are fundamentally different. The nature, roles, and methods of operation are clearly distinct. When we agreed to proceed with the recount, it was one thing, but now they are trying to delay it until after the special prosecutor is appointed." Lee expressed her regret over the People Power Party's obstruction, stating, "I urge the People Power Party to actively cooperate with the recount through the national investigation." Previously, the National Recommendation Committee unanimously decided to recommend Lee Tae-han, former head of the Criminal Division 4 at the Southern District Prosecutors' Office, and Lee Hyuk, a former prosecutor at the Seoul High Prosecutors' Office. President Yoon must appoint one of them.* This article has been translated by AI. 2026-08-18 10:56:00
  • Debt Adjustment Process Simplified by Credit Recovery Commission
    Debt Adjustment Process Simplified by Credit Recovery Commission Starting August 31, individuals applying for debt adjustment through the Credit Recovery Commission will no longer need to submit separate documentation for financial assets such as deposits, insurance, and stocks.The Credit Recovery Commission, along with the Korea Credit Information Service and the Financial Settlement Agency, announced on August 18 that they signed a memorandum of understanding on August 14 to introduce financial mydata to enhance user convenience in debt adjustment.Under this agreement, beginning August 31, the Credit Recovery Commission will obtain consent from applicants to access their financial asset information—such as deposits, insurance, stocks, and funds—through financial mydata. This change aims to reduce the inconvenience of users having to obtain and submit relevant documents from financial institutions, while also improving the accuracy and efficiency of debt adjustment assessments.This marks the first instance of a service where an organization that is not a financial mydata provider can receive and utilize user information through an 'institutional pre-transmission' service.The Credit Recovery Commission will guide users through the financial mydata utilization process and use the verified asset information for debt adjustment assessments. The Korea Credit Information Service will be responsible for building a one-stop support platform and facilitating information transmission and integrated authentication. The Financial Settlement Agency will support the issuance of a dedicated certification for use during face-to-face consultations.As a result, elderly individuals and those in digitally vulnerable groups, who may find it difficult to access non-face-to-face financial services, will be able to obtain the dedicated certification at the Credit Recovery Commission's consultation centers to check their financial assets and apply for debt adjustment.* This article has been translated by AI. 2026-08-18 10:56:00
  • Cultural Arts Programs for Seniors Launch Nationwide
    Cultural Arts Programs for Seniors Launch Nationwide The 'Senior Arts Enrichment: Youth Starts Now' program will be held nationwide from August to November, according to the Ministry of Culture, Sports and Tourism and the Korea Arts and Culture Education Agency.The Korea Arts and Culture Education Agency is expanding the program, which began as a pilot last year, to 60 facilities across the Seoul metropolitan area, Gangwon, Chungcheong, Jeolla, and Gyeongsang regions. The program will offer a variety of cultural arts education tailored to participants' interests and the conditions of each facility, including theater, crafts, artificial intelligence (AI), and art appreciation.Six types of cultural arts education programs will be available. These will take place in various facilities across the country, including senior welfare centers, lifelong learning centers, cultural foundations, libraries, cultural centers, and museums.Key programs include 'Time to Get to Know My Body,' which focuses on physical movement to enhance bodily awareness and promote a healthy lifestyle; 'Again, Youth Theater,' which reflects on past lives through theater; and 'Our Neighborhood Upcycling Workshop,' which fosters community engagement through craft.Other offerings include 'AI and Our Neighborhood,' where participants create stories about themselves and their communities using AI; 'One Artwork, One Step in Humanities,' which combines art appreciation with humanities experiences; and 'A Page of Art Encountered Today,' which involves visiting cultural spaces like galleries and museums to enjoy art.Im Jin-taek, head of the Korea Arts and Culture Education Agency, stated, "I hope the Senior Arts Enrichment program allows older adults to experience culture and arts close to their daily lives, enriching their post-retirement routines. We will continue to expand support for more older adults to participate in cultural arts education in their communities."Older adults aged 65 to 74 interested in participating can apply through the regional facilities. Detailed information about the programs and application methods can be found on the Korea Arts and Culture Education Agency's website and official social media channels.* This article has been translated by AI. 2026-08-18 10:52:00