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  • YMTC Plans to Raise 33 Billion Yuan Through IPO
    YMTC Plans to Raise 33 Billion Yuan Through IPO Chinese NAND flash manufacturer Yangtze Memory Technologies Co. (YMTC) plans to raise 33 billion yuan (approximately $4.6 billion) through an initial public offering (IPO). Following the listing procedures of CXMT in the DRAM sector, YMTC's move intensifies competition in the memory market traditionally dominated by Samsung Electronics and SK Hynix.According to Yonhap News on August 22, YMTC's parent company, Changjiang Storage Technology Co. (CCSH Corporation), submitted its listing application to the stock exchange the previous day.The company stated that it plans to allocate 20.8 billion yuan for upgrading production line technology and 12.2 billion yuan for research and development (R&D).Reuters noted that this IPO would rank as the third largest in the history of the STAR Market, following CXMT and foundry firm SMIC. YMTC is expected to issue between 1.98 billion and 2.43 billion new shares, with a post-listing valuation estimated between 275 billion and 330 billion yuan (approximately $39.1 billion to $47.1 billion). Taiwan's Economic Daily reported that the listing could occur as early as the fourth quarter of this year.YMTC's growth is reflected in its market share metrics. According to market research firm TrendForce, it ranked third in both revenue and shipment volume in the first quarter of this year. Counterpoint Research reported that in the second quarter, YMTC achieved a 14% market share in shipment volume, surpassing Kioxia. However, it ranked fifth in revenue, indicating a significant gap in profitability compared to its competitors.The company's financial performance has improved sharply. According to YMTC's investment prospectus, its revenue for the first quarter of this year reached 47.04 billion yuan (approximately $6.7 billion), already exceeding its total revenue for 2024, which was 45.2 billion yuan. During the same period, its net profit attributable to shareholders was 33.38 billion yuan (approximately $4.8 billion), nearly five times the projected annual net profit for 2024.After reporting a loss of 19.18 billion yuan in 2023, the company has quickly turned profitable. However, its R&D spending as a percentage of revenue remains below the industry average, and the gap in revenue and net profit compared to Samsung and SK Hynix is still substantial.In its investment prospectus, the company expressed optimism, stating, "Essential infrastructure memory is expected to benefit in the long term," and anticipates that the current semiconductor upcycle will differ from past cycles by being more prolonged. However, it also acknowledged uncertainty regarding the duration of the NAND flash boom, citing potential price declines due to slowing demand growth and significant production capacity expansions by memory manufacturers.The company noted that its revenue sources, international recognition, and practical experience in global market competition are somewhat limited. It also indicated that geopolitical factors have constrained its expansion into overseas markets.Founded in 2016 in Wuhan, Hubei Province, Changjiang Storage Technology Co. is listed on both the U.S. Department of Defense's '1260H List' of companies supporting the Chinese military and the U.S. Department of Commerce's export restriction blacklist.* This article has been translated by AI. 2026-08-22 18:52:20
  • Bongunsas Former Abbot Myungjin Dies at 76 Following Diving Accident in Jeju
    Bongunsa's Former Abbot Myungjin Dies at 76 Following Diving Accident in Jeju Bongunsa's former abbot Myungjin passed away on August 22 after an accident in the waters off Jeju's Seogwipo. He was 76 years old and had 52 years of monastic experience.According to Yonhap News, Myungjin was rescued at 9:38 a.m. near Haye Port in Seogwipo while floating in the water.The Jogye Order of Korean Buddhism, along with police and fire authorities, reported that the monk was in cardiac arrest at the time of rescue. He was transported to a hospital but was pronounced dead at 10:28 a.m. His remains were moved to Seogwipo Medical Center.The Coast Guard suspects that Myungjin suffered an accident while practicing freediving, based on the equipment he was wearing at the time of the incident. Friends indicated that he had been freediving annually and was engaged in the activity on the morning of his death.Born in 1950 in Dangjin, South Chungcheong Province, Myungjin became a monk at Baengnyeonam in Haeinsa in 1969 and received his novice ordination from Master Tanseong in 1974.In 1994, Myungjin led reforms within the Jogye Order. He served as a member of the 11th Central Council and as vice-chairman from 1998 to 2002. He later worked as the head of the National Community Promotion Headquarters, advocating for inter-Korean Buddhist exchanges and unification efforts.From 2006 to 2010, he was the abbot of Bongunsa in Gangnam, Seoul. During his tenure, he emphasized transparency in temple operations by publicly disclosing financial information and involving laypeople in temple meetings.While serving as abbot, Myungjin clashed with the Jogye Order's headquarters over the transition of Bongunsa to a directly managed temple. He publicly criticized the then-head of the headquarters and the Lee Myung-bak administration, alleging political pressure during the transition process.He also voiced criticism of major national policies, including the Four Major Rivers Project, during the Lee Myung-bak administration. Following this, it was revealed that the National Intelligence Service monitored Myungjin's activities and attempted to shape public opinion against him, leading to controversy over civilian surveillance within the Buddhist community.After completing his term as abbot, Myungjin continued to criticize the leadership of the Jogye Order through interviews and ceremonies. In 2017, he was expelled from the order, which cited reasons including damaging the dignity of the monastic community and disparaging the executive branch. This expulsion was a severe penalty that stripped him of his monk status.Myungjin opposed the expulsion, claiming it was a politically motivated punishment aimed at silencing dissent. In February 2023, he filed a lawsuit against the Jogye Order to nullify the expulsion.Both the first and second courts ruled in favor of Myungjin, determining that the expulsion lacked procedural and substantive legitimacy. The Jogye Order and Myungjin agreed not to appeal the appellate court's ruling on February 3, 2023, concluding the lawsuit and restoring his monk status.Myungjin was not only vocal about issues within the order but also engaged in social matters. He visited the site of the Yongsan tragedy to pay tribute to the victims and comfort their families, and he showed solidarity with the families of the Sewol ferry disaster victims by visiting the National Assembly and Gwanghwamun Square.Having experienced the horrors of war during the Vietnam War, he dedicated himself to advocating for the socially vulnerable, peace on the Korean Peninsula, and the social responsibilities of religion.Recently, as the 38th Jogye Order General Secretary election approached, he pointed out issues with the current electoral system and called for a transition to a system of appointing the General Secretary.Currently, the Jogye Order and Beopju Temple, where Myungjin was affiliated, are discussing funeral arrangements.* This article has been translated by AI. 2026-08-22 18:28:00
  • Gwangju Mayor Park Kwan-yeol Calls for Enhanced Security Measures
    Gwangju Mayor Park Kwan-yeol Calls for Enhanced Security Measures Gwangju Mayor Park Kwan-yeol emphasized the need for a security posture that is as effective as real-life situations during the conclusion of the 2026 Eulji exercise on August 21.At the '2026 Eulji Exercise Evaluation Meeting,' Mayor Park reviewed the key outcomes of the recent exercise and assessed the city's emergency response capabilities.This year's Eulji exercise focused on enhancing the response capabilities of administrative agencies in preparation for emergencies and establishing proactive response systems against modern security threats.Mayor Park initiated the exercise with an emergency assembly of public officials, followed by comprehensive training on building security, terrorism response, evacuation drills at the city hall, and civil defense training for air raid preparedness.Notably, the terrorism response training involved collaboration among military, police, and fire departments to evaluate their respective action procedures and cooperation systems.The training process was made public to raise citizens' awareness of security in emergency situations.Additionally, discussions on key issues during wartime were held to explore local financial management strategies, and a simulation exercise based on documents and maps was conducted to review the administrative response procedures of local governments in emergencies.Citizens observing the Eulji exercise voiced the need for ongoing assessments and improvements to ensure effective evacuation and collaboration among agencies during actual disasters or emergencies.Mayor Park urged, “Please ensure that the discussions and skills practiced during this exercise can be executed swiftly and accurately in real situations.”He also requested efforts to establish a more comprehensive emergency response plan and security posture to reassure citizens.Meanwhile, Mayor Park plans to strengthen cooperation among relevant agencies and focus administrative efforts on establishing a reliable emergency preparedness system.* This article has been translated by AI. 2026-08-22 17:48:00
  • Heat Wave Continues Despite Seasonal Change; Seoul to Reach 33 Degrees
    Heat Wave Continues Despite Seasonal Change; Seoul to Reach 33 Degrees Despite the seasonal change known as 'Chuseo' on the 23rd, daytime temperatures are expected to reach 35 degrees Celsius, continuing the heat wave. Scattered showers are forecasted in parts of southern Gyeonggi and Chungnam.On the 22nd, a strong rain cloud system developed over the West Sea, bringing heavy rain to the capital region and Gangwon. In Gapyeong, Gyeonggi Province, 52mm of rain fell in just one hour, prompting a heavy rain warning, while a rain advisory was issued for Chuncheon, Gangwon.While the heat eased somewhat in the central region due to the rain, southern areas continued to experience extreme temperatures. Seoul recorded a high of 26.5 degrees, while Jeonju reached 35.5 degrees and Miryang hit 34.8 degrees.By the evening, scattered showers are expected across the country, with 5 to 60mm of rain anticipated. In northeastern Gyeonggi and inland Gangwon, showers may continue into the early hours of the 23rd.On the 23rd, unstable atmospheric conditions will lead to more scattered showers in some areas. Southern Gyeonggi, Chungnam, and western Jeonbuk are expected to see 5 to 40mm of rain, while Jeju's mountainous regions may receive 5 to 30mm. Due to the nature of these showers, rainfall amounts may vary significantly by location, with possible gusts and thunderstorms.Morning lows on the 23rd are forecasted to be between 22 and 26 degrees, with daytime highs ranging from 30 to 35 degrees. Seoul is expected to start at 25 degrees and peak at 33 degrees, while Yangsan may reach a high of 35 degrees.Heat advisories have been issued for the Chungcheong region, southern areas, and Jeju, with most regions experiencing a feels-like temperature around 33 degrees. In the south, the feels-like temperature may rise to around 35 degrees.Overnight lows are expected to remain above 25 degrees, leading to tropical nights in some areas. After the rain or showers, high humidity will contribute to a return of the heat.The late summer heat is expected to persist into next week. According to Yonhap News, from the 24th to the 28th, the feels-like temperature across most regions will hover around 33 degrees, with southern areas potentially reaching 35 degrees. Tropical nights may also occur.On Monday, the 24th, scattered showers are expected in the inland areas of Jeonbuk, Jeonnam, southern Daegu, and western Gyeongnam from the afternoon into the evening. Expected rainfall amounts are between 5 and 50mm, with possible gusts and thunderstorms.From Tuesday, the 25th, the weather will generally be cloudy or clear across the country. Morning lows next week are expected to be between 20 and 26 degrees, with daytime highs ranging from 28 to 34 degrees, which is above the average morning temperatures of 19 to 23 degrees and daytime highs of 27 to 30 degrees.Meanwhile, strong wind advisories are in effect for the western coast of Chungnam, the southern coast of Jeonnam, and the mountainous areas of Jeju, with gusts exceeding 25 meters per second expected until the night of the 22nd. 2026-08-22 17:44:00
  • U.S. Advocacy Groups Call for FTC Investigation into Big Techs Book Destruction Practices
    U.S. Advocacy Groups Call for FTC Investigation into Big Tech's Book Destruction Practices U.S. advocacy groups are urging the Federal Trade Commission (FTC) to investigate the practices of big tech companies that purchase books in bulk for artificial intelligence (AI) training, only to scan and then destroy the originals.On August 21, the advocacy group Demand Progress Education Fund and 17 other organizations sent a joint letter to FTC Chair Andrew Ferguson and Commissioner Mark Meador, requesting an investigation into whether the book purchasing and destruction practices of AI companies constitute unfair competition, according to a report by Yonhap News on August 22.The groups argue that the practice of buying large quantities of physical books, scanning them, and permanently destroying the originals blocks competitors from accessing the same materials.They emphasized that this 'source blocking' makes it difficult for emerging AI startups to enter the market and called for the FTC to apply federal laws against unfair competition in its investigation.In their joint letter, the organizations criticized AI companies for permanently destroying books in bulk, thereby restricting public access to these materials, stating, "Only the wealthiest existing companies are able to build high-quality AI models."They also claimed that by eliminating original works, a future is being created where only certain companies hold exclusive rights to humanity's records. They argue that many of the books used for AI training were published before the rise of generative AI, making these materials finite and a scarce resource for humanity.Reports indicate that some big tech companies have engaged in this method of acquiring AI training data.Anthropic has built its AI training materials through a project known as the 'Panama Project,' where it purchased millions of books, cut off their spines, scanned them, and then recycled the destroyed books as paper waste.Amazon is also reported to train its AI models using a similar approach. The Guardian recently reported instances of bulk purchases of used books from secondhand bookstores in North America, Europe, and Australia that appear to have been selected by machines.IT media outlet 404 Media confirmed that a bookstore that received a large order attached tracking devices to 1,000 books, which were found to be headed to an Amazon scanning facility in Las Vegas.This controversy extends beyond AI training and copyright issues to encompass fairness in competition among AI companies.Previously, a U.S. federal court ruled that using legally purchased books for AI training constitutes 'fair use' and does not violate copyright law in a lawsuit brought by authors against Anthropic. However, advocacy groups argue that even if the destruction of books does not constitute copyright infringement, it may still amount to unfair competition.Anthropic recently settled a copyright lawsuit with authors for $1.5 billion, reportedly the largest copyright settlement in U.S. history.* This article has been translated by AI. 2026-08-22 17:40:00
  • Gunpo City Council to Revamp Policy Support System
    Gunpo City Council to Revamp Policy Support System Gunpo City Council in Gyeonggi Province is changing the way it supports policy staff, shifting from a committee-based joint support system to a dedicated support model for each council member. According to the council on the 20th, this change aims to enhance understanding of individual council members' legislative activities and strengthen the continuity of policy research and legislative support. Under the new system, one policy support staff member will be assigned to support two council members for a designated period. Previously, two policy support staff members were assigned to each committee to jointly assist with committee-related tasks. Going forward, the focus will be on providing more consistent oversight of the overall legislative activities of the assigned council members. The key aspect of this change is to place policy support staff closer to the legislative activities of individual council members while maintaining a balance through rotation and collaboration. Policy support staff will assist with tasks such as reviewing and amending ordinances, budget and settlement reviews, administrative audits and investigations, city council inquiries, and collecting and analyzing policy data, as well as supporting council research groups. Notably, the change allows for continuous support of the same council member's legislative activities over a set period, which is expected to enhance understanding of local issues and key policies. This approach is anticipated to enable quicker access to necessary information during the legislative process and ensure continuity in reviewing ordinances and budget proposals. However, to prevent a long-term fixed relationship between specific council members and policy support staff, the council has decided to rotate assignments based on July 1 each year. This rotation is designed to allow policy support staff to gain experience in various areas of legislative support and to prevent specialization in specific tasks. Collaboration among policy support staff will also be maintained for tasks requiring joint efforts. In cases where specialized support is needed, such as for policy data requests, ordinance reviews, or council research group operations, staff members will work together to complete the tasks. Citizens have expressed that the importance of this change lies not just in increasing the number of policy support staff but in how effectively they can support the legislative activities of council members. With a better understanding of individual council members' issues, there is hope for more systematic support in reviewing local complaints and policy matters. Conversely, there are concerns that the dedicated support model should not be perceived as solely benefiting individual council members, emphasizing the need for clear definitions of public duties and operational standards. The city council aims to leverage the advantages of dedicated support while ensuring regular rotation and collaboration among policy support staff to maintain both expertise and balance in support. Meanwhile, Chair Lee Woo-cheon stated, "It is important for the policy support staff system to lead to tangible outcomes in legislative activities." He added, "We will improve the system to ensure responsible support from data research to legislation, budget reviews, and administrative audits, with a deep understanding of each council member's legislative tasks."* This article has been translated by AI. 2026-08-22 17:28:00
  • Rain Cancels Two KBO Baseball Games Across South Korea
    Rain Cancels Two KBO Baseball Games Across South Korea Two KBO baseball games scheduled for 7 p.m. on August 22 were canceled due to rain across South Korea.According to Yonhap News, the Korea Baseball Organization (KBO) announced the cancellation of the game between the Lotte Giants and Doosan Bears in Jamsil, as well as the match between the kt wiz and SSG Landers in Incheon.This brings the total number of games canceled this season due to rain and other factors to 59. The two games will be rescheduled at a later date.The Korea Meteorological Administration reported that showers began in Jeollanam-do and western Gyeongsangnam-do in the morning and spread to the central and southern regions by midday. The rain is expected to taper off in the southern regions by late afternoon and in the central regions by evening.Expected rainfall is between 5 to 40 mm in Seoul, Incheon, Gyeonggi, and the inland and mountainous areas of Gangwon, while the eastern coast of Gangwon is expected to receive around 5 mm. Areas including Daejeon, Sejong, inland Chungcheongnam-do, Chungcheongbuk-do, Gwangju, Jeollanam-do, Jeollabuk-do, and the inland regions of Daegu, Gyeongsangbuk-do, Ulsan, and Gyeongsangnam-do, as well as Jeju Island, are forecasted to receive between 5 to 60 mm of rain.* This article has been translated by AI. 2026-08-22 16:48:00
  • Yongsan Park Land Use Dispute: Kim Young-bae Criticizes Oh Se-hoon
    Yongsan Park Land Use Dispute: Kim Young-bae Criticizes Oh Se-hoon Kim Young-bae, chair of the Democratic Party's Seoul chapter, met with Seoul Mayor Oh Se-hoon to discuss housing supply plans utilizing Yongsan Park, but both sides reaffirmed their differences.According to Yonhap News, after a luncheon meeting with Mayor Oh at the mayor's residence on August 22, Kim told reporters at the National Assembly, "It was difficult to reach a broad agreement on housing supply, and the differences were significant."The government is considering expanding housing supply through limited youth housing initiatives on parts of Yongsan Park and easing regulations in development-restricted areas (greenbelts) in Seoul. However, the Seoul City government opposes housing supply at Yongsan Park and any further greenbelt releases.Kim stated, "The city strongly opposed supplying youth housing at Yongsan Park and the Yongsan maintenance depot, citing various legal and traffic issues," adding, "The city party suggested that we review all issues openly."He particularly criticized Mayor Oh's stance on greenbelts, saying, "Mayor Oh proposed the release of the greenbelt in the Seoripul area in 2023, and while that project proceeded, he now opposes further greenbelt releases. This raises concerns that he is engaging in self-centered politics while citizens, including youth, are struggling with housing difficulties."Kim continued, "It seems that Mayor Oh wants to highlight himself as a politician with valuable vision by stating, 'No to greenbelts' and 'I cannot concede even 1 cm of Yongsan Park.' Is there no effort from the government to resolve housing difficulties?"Mayor Oh reportedly proposed a compromise plan to develop nearby industrial sites instead of Yongsan Park. In response, Kim remarked, "The residences at sites like the Gyeongnidang area are already occupied by people living and working there. It is unreasonable to unilaterally present alternatives without securing the prerequisites for development."However, the two sides did not clash on every issue. Kim noted, "There is ample room for discussion regarding regulatory adjustments, such as incentives for redevelopment and reconstruction." He expressed his willingness to cooperate with Mayor Oh on budget and policy matters for the benefit of Seoul citizens, despite being from the opposition party.He also indicated that if the Seoul City government submits necessary requests regarding budget and policy by mid-next month, they would strive to actively reflect those needs.Regarding the potential use of part of the Future Response Fund for youth housing supply, Kim stated, "The Seoul chapter is willing to actively pursue the use of surplus tax revenue for the benefit of citizens," adding that Mayor Oh was in strong agreement and they decided to discuss it further.Earlier, Minister of Land, Infrastructure and Transport Kim Yun-deok also met with Mayor Oh on August 20 to discuss housing supply plans for Yongsan Park, but they too were unable to narrow their differences.* This article has been translated by AI. 2026-08-22 16:28:00
  • Japans 2027 Budget Request Expected to Exceed 130 Trillion Yen
    Japan's 2027 Budget Request Expected to Exceed 130 Trillion Yen Japan's government is expected to request a budget exceeding 130 trillion yen (approximately $1.13 trillion) for the 2027 fiscal year, marking the first time this threshold has been surpassed. The increase is driven by expanded investments in new growth sectors, increased defense spending, and rising interest burdens on national debt, suggesting a fourth consecutive year of record-high budget requests.According to Yonhap News, citing Kyodo News, the budget requests from various Japanese government ministries for the 2027 fiscal year are anticipated to exceed 130 trillion yen. The previous year's request for the 2026 fiscal year was 122 trillion yen (about $1.07 trillion).The increase in requests is influenced by the government's decision to effectively remove caps on investments in new growth sectors. Support for advanced industries such as artificial intelligence (AI) and semiconductors, along with spending to enhance defense capabilities, is being expanded simultaneously.The Ministry of Economy, Trade and Industry has requested 7.7 trillion yen (approximately $67 billion), with about 4.5 trillion yen (around $39 billion) allocated specifically for AI and semiconductor development.This aligns with the government's ongoing mid- to long-term policy to foster advanced industries. Under the 'AI and Semiconductor Industry Foundation Strengthening Framework' established in November 2024, the government plans to inject over 10 trillion yen in public support over seven years until the 2030 fiscal year, aiming to attract more than 50 trillion yen in private and public investments over the next decade. The projected economic ripple effect is estimated at around 160 trillion yen.The Ministry of Defense has also requested a record budget of approximately 8.9 trillion yen (about $78 billion) for the deployment of intercept drones and other initiatives.As spending increases, the financial burden is also growing. Japan's national debt for the 2026 fiscal year is projected to reach 31.2758 trillion yen, an increase of 3.0579 trillion yen from the previous year. According to the Ministry of Finance's estimates for the following year, interest payments are expected to rise from about 13 trillion yen in 2026 to between 15.4 trillion and 15.5 trillion yen in 2027.With long-term government bond rates on the rise, the future burden of interest payments is likely to become a significant variable in budget management.Additionally, there are many 'item requests' related to defense spending that do not specify concrete amounts at this stage, which could lead to an increase in the final budget request.Finance Minister Satsuki Katayama indicated a commitment to active fiscal spending, stating, "There is no longer anything that can be called a 'ceiling' on spending," according to Kyodo News.The Japanese government plans to compile budget requests from various ministries by the end of this month, followed by a review by the Ministry of Finance before the budget proposal is finalized in the Cabinet.* This article has been translated by AI. 2026-08-22 16:28:00
  • President Lee Invites Democratic Party Leaders and Lawmakers to the Blue House
    President Lee Invites Democratic Party Leaders and Lawmakers to the Blue House President Lee Jae-myung is inviting the leadership and lawmakers of the Democratic Party to the Blue House ahead of the September regular National Assembly session. This initiative is seen as a move to enhance communication between the party and the government and to solidify legislative cooperation for key national agenda items.According to the Yonhap News Agency, Chief Spokesperson Kang Yu-jeong announced on the 22nd that President Lee plans to host a lunch for Democratic lawmakers at the Blue House on the 28th.Democratic lawmakers are expected to attend a two-day workshop in Incheon starting on the 27th in preparation for the regular National Assembly, and will move to the Blue House on the 28th. Given the timing right after the workshop, it is anticipated that most party members will participate.Prior to this, on the 25th, President Lee will have dinner with the new Democratic Party leadership, including Representative Kim Min-seok. This marks a series of official communication opportunities between the party and the government since the new leadership took office.During these meetings, discussions are expected to focus on major legislative tasks and national issues to be addressed in the September regular National Assembly, as well as future cooperation between the party and the government.Last August, President Lee also invited Democratic lawmakers to the Blue House for lunch following their workshop.* This article has been translated by AI. 2026-08-22 16:12:00