Office worker Lee Joo-hyun, 25, opens a mobile app when hunger strikes, even though she is trying to lose weight. Lee browses the menu, selects food and hits the order button. A notification pops up notifying her that the food is being prepared, followed by a real-time map tracking a delivery driver picking up the meal and moving toward her home. The food, however, never arrives. Lee is not charged, either. The platform Lee used is not a standard delivery service but "FoodNeverArrives" — an application designed to simulate the ordering process. Instead of a meal, Lee receives a virtual receipt tallying the money and calories saved. "Looking at the numbers written on the receipt makes me proud. I'm happy even without eating the food," she said. As inflation remains high, digital placebos that curb impulse spending through virtual consumption are gaining popularity among budget-conscious consumers. The simulations provide a sense of satisfaction and amusement without costing money or raising health concerns. For people in their 20s and 30s who self-deprecatingly joke that "only breathin

A planned 30-minute reduction in bank branch hours is drawing mixed reactions from customers, with many worrying that shorter service hours could make it harder to get in-person banking services. Under a tentative labor-management agreement reached Monday, bank branches will open at 9:30 a.m. starting April next year, instead of the current 9 a.m., while closing hours will remain unchanged at 4 p.m. Some customers said the shorter hours could worsen already long waits as banks continue to reduce the number of branches and staff. "Even when I go in the morning, there are already long lines, and there are fewer employees available during lunch breaks. I don't understand why they are shortening the hours. If anything, they should keep the branches open until later," said Park, an office worker in Seoul. Some online users suggested that if banks are going to shorten their operating hours, they should instead open later and close later, saying longer evening hours would make it easier for office workers to visit branches after work. The issue is particularly relevant for customers looking for

Korea’s low-cost carriers (LCCs) are caught in a dilemma over rising demand for Starlink in-flight Wi-Fi, as the service carries hefty installation and operating costs for most budget airlines. Korean Air started introducing the service for the first time among local carriers in mid-September, initially focusing on long-haul routes. The flag carrier is expected to face few difficulties in expanding the service across its fleet stably due to the airline’s stronger financial resources than LCCs. Korean Air plans to expand its free Wi-Fi service to most of its fleet by the end of 2027 following its integration with Asiana Airlines. The service will also be introduced to its LCC affiliates. Jin Air plans to begin installing Starlink on its Boeing 737-8 aircraft, while Air Busan and Air Seoul are reviewing suitable aircraft for the system. The three LCCs will be merged into converged Jin Air following the integration of Korean Air and Asiana Airlines. However, other LCCs controlled by smaller parent firms than Korean Air are widely expected to face a tougher cost challenge when introducin

Lisa Su, chief executive officer of Advanced Micro Devices Inc. (AMD), is expected to visit Korea next month to meet with Korean semiconductor companies and government officials, industry sources said Wednesday. The visit would come about seven months after her previous trip to Korea in March. According to government and semiconductor industry sources, a meeting attended by Su is being considered for Oct. 8 in Seoul. The meeting is expected to include the CEOs of major Korean artificial intelligence (AI) semiconductor companies, including Rebellions Inc., FuriosaAI and Mobilint. Su is also expected to meet with Science Minister Bae Kyung-hoon around the time of the meeting, the sources said. During her visit, Su is also coordinating meetings with heads of major Korean companies, including Samsung Electronics Co. When she visited in March, the AMD chief met with Samsung Electronics Chairman Lee Jae-yong. Samsung Electronics has supplied HBM3E chips to AMD for its latest AI solutions since 2025, with the two companies maintaining a close business relationship.

Less than half of South Koreans believe unifying the divided Koreas is necessary, a poll showed Wednesday, marking the second consecutive year that those in favor of unification fell short of 50 percent. According to the poll conducted by the Korea Institute for National Unification, 48.2 percent of those surveyed said unification with North Korea is necessary. The reading also marks a slight drop from 49 percent in 2025. By age, over 60 percent of those born in 1960 or before said unification with North Korea was necessary, while less than 40 percent of those born in 1991 or later said they saw the need. When asked if they agreed with an argument that unification will "not" be necessary if the two Koreas can peacefully coexist, 66.9 percent of respondents said yes, up from 63.2 percent a year earlier, according to the survey. Also, 70.3 percent of respondents said they were not interested in North Korea, marking a 2.2 percentage point increase from last year and the highest figure since the institute began conducting the annual survey in 2014. Additionally, 71.6 percent of those surveyed

The United Nations Command (UNC) said Wednesday it found a violation of the Armistice Agreement has occurred over last week's mine blast inside the Demilitarized Zone (DMZ). "Based on the findings of the investigation, UNC determined that an Armistice Agreement violation occurred. UNC is addressing the violation through established Armistice mechanisms," it said in an emailed statement. The UNC said a joint investigation team with the South Korean military identified an active North Korean mine on the South Korean side of the Military Demarcation Line (MDL). "UNC remains committed to maintaining and enforcing the Armistice Agreement and fulfilling its responsibilities to preserve stability and prevent escalation on the Korean Peninsula," it said. South Korea's Joint Chiefs of Staff released Monday its preliminary findings on the joint investigation with the UNC on the Sept. 21 mine blast. It determined that North Korean resin antipersonnel mines "highly likely" caused the two explosions that injured three South Korean soldiers. Two of them suffered critical injuries. North Korea denied it

An international arbitration body has dismissed a 770 billion-won ($566 million) damages claim by an Iranian investor against Seoul in a case stemming from a failed takeover of a Korean company, the justice ministry said Wednesday. A panel under the Hague-based Permanent Court of Arbitration (PCA) ruled in favor of Korea in the case brought by six members of Iran's Dayyani family in 2021, seeking compensation for Seoul's delayed transfer of funds over a prior arbitration, according to the ministry. The panel sided with Korea in the case and ordered the Dayyanis to pay about 4 billion won to Korea for legal expenses and around 800 million won in administrative fees, the ministry said. The original case traces back to 2015, when the Dayyanis, a major shareholder of Entekhab Industrial Group, filed for arbitration after Korea's state-run Korea Asset Management Corp. canceled a contract to sell a major stake in Daewoo Electronics to Entekhab in 2011. In a 2018 arbitration, Seoul was ordered to pay 73 billion won plus interest in compensation to the Dayyanis over the failed takeover of Daewoo

Ukraine was the first to ask the transfer of two North Korean prisoners of war (POWs) to South Korea be kept a secret, Seoul's spy agency said Wednesday, adding the two countries had a shared understanding to keep the transfer confidential from the beginning of the transfer process. In a briefing to the National Assembly's intelligence committee, the National Intelligence Service (NIS) also said the two North Korean soldiers arrived in South Korea in mid-September and had no major health problems, according to Rep. Youn Kun-young of the ruling Democratic Party and Rep. Yoo Yeong-ha of the main opposition People Power Party. "From the early stages of the talks, Ukraine asked that strict confidentiality be maintained, citing concerns over the potential impact on future negotiations on the exchange of POWs," Rep. Yoo told reporters after the briefing. "The NIS worked with the foreign ministry on their repatriation, and both South Korea and Ukraine held related discussions from the beginning under the shared understanding that the issue would remain confidential," he added. The NIS said the

Seoul is one of the world's largest cities, but when you're in a creative community or other subculture, it can feel almost more like a small town. Right in the center of this metropolis, in a hillside neighborhood that once was a refugee settlement, Rob Nichols, the British frontman of local alt-country band Honey Jam Sam, lives in a rooftop apartment overlooking a two-lane road, where he can encounter people from all walks of life. In his apartment, he has set up his own home recording studio, which he named Sky Cottage Studios. "Somehow we have our own little community, and I have my own little space within that," he told The Korea Times. "Sometimes it doesn’t feel real, disconnected from the larger picture. I guess I’m just carving out my own little niche with my band while I can." He's preparing for the release of Honey Jam Sam's latest album, due out on Saturday, titled "East of Yeadon." The name is a reference to Yeadon Airport, now Leeds Bradford Airport in Yeadon, West Yorkshire, where he began his journey to Korea in 2009. "I was looking for a title that incorporated both el

Twin pandas born at a Korean amusement park in Yongin, just south of Seoul, will be sent to China in the third week of December, a park official said Wednesday. China has ownership of all pandas, including those born outside of China, and sends them to other countries only on a lease basis. Rui Bao and Hui Bao, who were born in Korea on July 7, 2023, will leave before they turn four, when pandas' reproductive maturity begins, as required. Everland amusement park said the exact travel date and destination will be finalized based on factors including their health. The park plans to host farewell programs for visitors. "We ask for your great interest and warm support for the twin pandas' new start," a park official said. Previously, their older sister, Fu Bao, who triggered a massive fandom craze in Korea, returned to China in April 2024 before reaching her fourth birthday.

Korea's antitrust watchdog said Wednesday it has begun deliberations on allegations Korean Air Lines Co. failed to meet seat capacity requirements imposed as conditions for its takeover of Asiana Airlines Inc. The Fair Trade Commission (FTC) said its examiner's report recommended taking actions against Korean Air, its affiliate Jin Air and Asiana Airlines for providing fewer than 90 percent of the seats offered in 2019 on routes connecting the central city of Cheongju and the southern resort island of Jeju between December 2024 and December 2025. Under the merger conditions, the watchdog required the airlines to maintain seat capacity on designated routes at no less than 90 percent of corresponding 2019 levels. The report found the airlines had violated the FTC's requirements and recommended imposing penalties for noncompliance and referring the case for criminal investigation. In a separate case, an examiner's report recommended rejecting Korean Air and four affiliated airlines' request to lower the minimum seat capacity requirement from 90 percent to 70 percent of 2019 levels on routes

The chief of Korea's space agency said Wednesday preparations for the fifth launch of the homegrown Nuri rocket are proceeding as planned ahead of the launch next week. Oh Tae-seok, administrator of the Korea AeroSpace Administration (KASA), made the remarks during a meeting with reporters ahead of the launch scheduled for Oct. 7 at the Naro Space Center in Goheung, about 473 kilometers south of Seoul. "Preparations have been proceeding without any problems so far," Oh said. The Nuri rocket will carry 15 satellites, including five satellites that will form part of the country's first domestically launched microsatellite constellation. The payload consists of five New-space Earth Observation Satellite Constellations for National Safety (NEONSAT) as the primary payload and 10 CubeSats as secondary payloads. Oh stressed that a key challenge will be precisely deploying all 15 satellites from the launch vehicle and placing them into their designated orbits. "The ability to launch different satellites into different orbits is a key capability for commercial launch services, so we need to build u

Cutting greenhouse gas emissions does not automatically generate revenue. Companies must first measure and verify the reductions, then have them recognized as carbon credits before they can sell them. For smaller businesses with limited staff and capital, navigating those steps can be difficult. Hooxi Partners, a climate fintech company, was founded to help close that gap. Before establishing it in 2021, CEO Lee Haeng-youl saw an opportunity in the environmental, social and governance (ESG) market as environmental gains were difficult to measure, and businesses had few ways to turn them into financial value. He believed reliable emissions data could provide the basis for tradable carbon credits. “For carbon reduction to be sustainable, those making the cuts must receive an economic reward. Telling companies to do it because it is the right thing will not work for long,” Lee said in a recent interview with The Korea Times. That idea is reflected in the company’s slogan, “We make money from carbon credits.” Since founding the company, Lee has sought to change how businesses view

Defense Minister Kang Shin-chul on Wednesday visited the command and control center of the Navy to inspect the military readiness posture and encourage troops, his office said. Kang visited the command center of the Republic of Korea Fleet in the southeastern port city of Busan, where he was debriefed on the maritime operational situation, according to the defense ministry. "The waters you defend are the very source of Korea's national strength and future, and these waters are a sea of victory that your fellow seniors guarded with their blood and sweat," he said, urging the troops to "firmly" respond without hesitation in the event of enemy provocation. The defense chief was also briefed on preparations for the dispatch of the 49th contingent of the Cheonghae unit to Somalia early next month as part of its rotational deployment. The unit is currently on an anti-piracy mission in the Gulf of Aden off the Somali coast. He called on the troops to follow through on their mission with the mindset that they are on the front lines to safeguard the lives of the people and international peace.

President Lee Jae Myung on Wednesday paid an unexpected visit to the soldiers injured in last week's land mine explosion inside the Demilitarized Zone (DMZ) and pledged to provide due compensation, a presidential spokesperson said. Lee visited the wounded soldiers at a military hospital and offered words of comfort to them and their family members, presidential spokesperson Kim Sung-wan said. On Sept. 21, two mine explosions on the southern side of the DMZ, a military buffer zone between the two Koreas, left three soldiers wounded, two with serious injuries. A joint investigation by the South Korean military and the United Nations Command (UNC) has determined the mines had been planted there by North Korean forces in what the UNC called earlier Wednesday a "violation" of the Korean armistice that ended the 1950-53 Korean War. Kim Yo-jong, the powerful sister of North Korean leader Kim Jong-un, earlier dismissed the outcome of the South Korea-UNC investigation, accusing Seoul of "cooking up" such results with a malicious intent. Lee told the soldiers to focus on recovering, and promised to

Sungkyunkwan University climbed 19 places to 68th in the Times Higher Education (THE) World University Rankings 2027, strengthening its position as a leading research-intensive university. The university said Wednesday that the rise was driven by across-the-board improvements in all five categories: teaching, research environment, research quality, industry partnerships and international outlook. The result marks the university’s fourth consecutive year of climbing the rankings released by the U.K.-based global university rankings agency, underscoring its rapid growth on the global stage. The university made significant gains in both teaching and research in the academic reputation survey conducted among scholars worldwide. Indicators reflecting the quality and impact of the university’s research showed clear upward trends. The university also ranked first among private universities in Korea and third overall among Korean universities. “This achievement is a meaningful result of the collective dedication of all members of the university, including students, faculty and staff, to enh

Three professors from Kookmin University, Chung-Ang University and Texas A&M University have won the Best Paper Award from the American Society of Civil Engineers (ASCE) for their international collaborative research. Kookmin University said Tuesday that the award ceremony was held Monday at Rice University in Houston, Texas. The award recipients are Ko Tae-woo, a professor at Kookmin University’s School of Architecture; Lee Jee-hee, a professor at Chung-Ang University’s School of Architecture and Building Science; and H. David Jeong, a professor in the Department of Construction Science at Texas A&M University. Their paper, titled “Project Requirements Assignment Using BERT-Based Multilabel Classification and Interactive Mapping System,” appeared in the Journal of Management in Engineering, an academic journal published by ASCE. Each year, ASCE selects one paper published in the journal for its Best Paper Award in recognition of outstanding academic and practical contributions, innovation and impact. The award-winning paper presents an artificial intelligence (AI)-based technolog

One of South Korea’s two major publishing organizations has announced a set of principles for the use of artificial intelligence (AI), seeking to address mass-produced books created with AI, often referred to as “click-to-publish” books. The Korea Publisher Society said the principles aim to ensure that books remain trusted in the AI era by clearly defining human responsibility and roles throughout the publishing process. The organization said it will use the establishment of the principles as a starting point for further efforts to improve systems protecting the rights of authors and publishers. The Korea Publisher Society held a publishing and AI policy forum at Mapo Central Library in Seoul on Tuesday, where it unveiled the “Principles for the Use of AI by Publishers and Authors for Readers,” consisting of five chapters and 20 articles. Eleven organizations, including the Korea Publisher Society, the Writers Association of Korea and the Critics Alliance, participated in drafting the principles. It marks the first time the publishing industry has established AI-related guide

The Ministry of Education on Wednesday launched a six-month national campaign aimed at reshaping school culture. Today, more than 210,000 students enrolled in primary and secondary schools come from multicultural or immigrant backgrounds — a figure that continues to hit record highs year after year. Running through February 2027, the initiative, launched with the National Institute for Lifelong Education, pivots from passive lectures about abstract cultural awareness toward structured, shared experiences between immigrant and nonimmigrant youth. Findings from the 2024 National Multicultural Acceptance Survey, published by the Ministry of Gender Equality and Family, revealed a stark generational divide: Younger Koreans who regularly interact with peers from varied backgrounds demonstrate significantly higher levels of cultural openness (69.77 points) compared to older adults (53.38 points). To foster these essential daily interactions, the new campaign introduces monthly interactive programming designed to bring students together inside the classroom. In October, schools will host Small

Samsung Electronics held its annual artificial intelligence (AI) forum Wednesday, bringing together global experts to discuss how agentic AI — systems that can make decisions and carry out tasks on their own — can be turned into real-world business results. The Samsung AI Forum 2026, held at the company's Seocho office building in southern Seoul, marked its 10th year with the theme "The Agentic Shift: From Intelligence to Impact." Discussions focused on agentic AI and physical AI, which refers to AI that operates in the physical world, such as robots. About 400 people attended, including 100 professors and researchers from Korean graduate schools and 300 Samsung employees. The event also streamed live on YouTube. "Agentic AI will go beyond simple technological innovation to bring fundamental changes to the way we work and to organizational culture," Samsung Vice Chairman and CEO Jun Young-hyun said in his welcoming remarks. In the morning keynote session, Richard Ho, head of hardware at OpenAI, discussed how agentic AI built on large language models could change businesses and industr

Korea’s premier defense and space contractor Hanwha Aerospace has begun assembling a reusable rocket technology demonstrator, marking a critical step toward developing vertically landing launch vehicles similar to SpaceX’s Falcon 9. Hanwha Aerospace said Wednesday that it started full assembly of the demonstrator as part of a project led by the Korea Aerospace Research Institute (KARI), with Vitzro Nextech and Hanyang ENG also participating. The project aims to complete technology demonstrations by 2028, including a vertical takeoff and landing flight test designed to verify core technologies needed for reusable launch vehicles. The demonstrator stands 12.2 meters tall and 1.5 meters in diameter and is designed to carry one staged-combustion cycle turbopump engine. During a planned 2028 flight test, the vehicle is expected to rise vertically to an altitude of 500 meters within about 90 seconds before returning for a controlled vertical landing. Hanwha Aerospace said the test will focus on technologies including engine thrust control, attitude control and guidance, all considered essen

Hyundai E&C is set to begin sales of units at Hillstate Godeok Ellist, an apartment complex in Godeok International New Town in Pyeongtaek, Gyeonggi Province, this month. The complex will comprise 1,779 units across two blocks. One block will have 942 units in a 23-story building with one basement level, while the other will have 837 units in a 27-story building with two basement levels. All units will have 84 square meters of living space. Godeok International New Town is located near Samsung Electronics' Pyeongtaek campus, which is one of the company's major semiconductor production sites. With Samsung pursuing plans to expand production capacity there, the area is expected to see continued housing demand. "Hillstate Godeok Elit combines the price advantage of the apartment price ceiling system with proximity to Samsung Electronics and a well-developed residential environment," the company’s official said. "It is expected to emerge as a new landmark in Godeok, backed by the premium of the Hillstate brand." The area is also gaining new schools, shops and public facilities as the planne

Korea’s anti-corruption agency met with international business executives Wednesday morning to hear firsthand the hurdles facing global firms operating in the country. The policy roundtable, hosted by the Anti-Corruption and Civil Rights Commission at the Korea Press Center in central Seoul, brought together leaders from 10 foreign chambers of commerce. Representatives from Australia, Britain, Canada, China, France, Germany, Japan, Singapore, Spain and Sweden sat down with Korean officials to detail the operational challenges and policy grievances their member companies navigate daily. The commission organized the session as part of a broader effort to refine administrative policies and foster a more predictable, transparent business landscape. Alongside gathering feedback on local regulations, officials highlighted Korea’s recent anti-corruption milestones and clean-government initiatives, aiming to reassure international investors of the nation’s commitment to fair competition. International firms operating in Korea have long cited complex regulatory frameworks, shifting adminis

Citi has supported Hana Bank’s first $100 million digital bond issuance on Euroclear’s Digital Financial Market Infrastructure (D-FMI) platform, serving as issuing and paying agent, the global lender said Wednesday. The transaction marked the first time a Korean bank issued a foreign-currency bond on the platform and settled it on the same day, known as T+0 settlement, according to Citi. The bond also became the first digital bond listed on the Singapore Exchange. Citi coordinated issuance, settlement and delivery of the digitally native notes (DNN) to the dealer for distribution to investors through Euroclear’s settlement bank. The deal adds to Citi’s digital debt business. The lender said it has acted as issuing and paying agent for most transactions completed to date on Euroclear’s D-FMI platform. “Citi’s role in Hana Bank’s landmark issuance reflects the commercial scale we are building in digital debt markets, having supported similar transactions across diverse issuers and markets globally,” said Dirk Jones, head of Issuer Services at Citi Services. “This is a f

Hana Financial Group and the Small Enterprise & Market Service (SEMAS) have launched a joint project to support young owners of small businesses, the financial group said Wednesday. The project, dubbed "Hana On, Youth On," involves 15 teams of young small business owners from across the country. The teams will develop and carry out joint projects aimed at attracting customers and promoting local commercial districts. Hana Financial and SEMAS held a launch event Tuesday in Daejeon, attended by Hana Financial Chairman Ham Young-joo, SEMAS President In Tae-yeon and about 100 self-employed individuals taking part in the project. The initiative follows a memorandum of understanding signed by the two organizations in June to support young entrepreneurs and regional commercial districts. The participating teams will organize joint events and promotional campaigns, improve their business areas and develop other projects based on the needs of their respective local communities. Hana Financial and SEMAS will provide funding, expert consulting and tailored financial support. The project focuses on su

HS Hyosung Advanced Materials will invest $100 million to build a new carpet manufacturing plant in Vietnam, seeking to expand its presence in the global carpet and yarn markets. The company held a groundbreaking ceremony Tuesday at the Tam Thang Industrial Park in Da Nang, Vietnam, for the new facility. The company plans to add 110,000 square meters of land to its existing Quang Nam site, bringing the total area to 500,000 square meters. The site currently houses tire cord and airbag production facilities. The new plant is scheduled to be completed by 2029 and will produce bulk continuous filament (BCF) yarn and carpets for automobiles and commercial buildings. The expansion will significantly increase HS Hyosung Advanced Materials' production capacity in Vietnam and strengthen its competitiveness in the global mobility materials market, the company said. The new facility will establish an integrated yarn-to-carpet production system, covering the entire process from raw material imports and BCF yarn production to processing, tufting, backing and laminating. The company said the integrated

Lotte Group is carrying out a range of practical measures to promote mutual growth with its partner companies. The group helps ease smaller partners’ financial burden by making payments for supplied goods ahead of major holidays, while supporting their overseas expansion through brand expo events. According to Lotte, the group has been making early payments to partner companies ahead of Korea’s major holidays every year since 2013, as expenses such as employee bonuses and payments for raw materials tend to pile up before the holidays. Before this year’s Chuseok holiday last week, Lotte paid 949.5 billion won ($701 million) to over 12,000 partner companies an average of eight days earlier than scheduled. Twenty-seven Lotte companies participated in the program, including Lotte Department Store, Lotte E&C, Lotte Global Logistics and Lotte Mart. Along with early payments, Lotte has been operating various programs to support partner firms’ sustainable growth. Lotte operates a 1 trillion won Shared Growth Fund to help reduce their interest burden on loans. The group also introduced Sh

The European Chamber of Commerce in Korea (ECCK) recommended that Korean authorities ease regulations on electric vehicles (EVs) and improve predictability in the defense offset system in its annual white paper unveiled Wednesday. The ECCK regularly discusses regulatory issues with the Korean government through its industry committees, and publishes its white paper annually to convey concerns and recommendations from its member companies. This year’s edition contains 82 recommendations from 15 committees and three forums. During a press conference on the paper, ECCK Passenger Vehicle Committee Chair Kim Hong-joong urged Korea to better align its EV regulations with international standards. “We recommend improvements to electric vehicle certification and assessment procedures, as well as greater harmonization with and mutual recognition of international standards for advanced automotive technologies,” Kim said. “If Korea and Europe enhance regulatory alignment and reduce unnecessary differences in line with the spirit of the free trade agreement and international standards, it wou

Seoul will release a limited-edition skin care line featuring three of the city's iconic landmarks — the Han River, Mount Nam and Bukchon hanok village — in partnership with Korean skin care brand Mediheal, Seoul Metropolitan Government said Wednesday. The "Mediheal Seoul Edition" consists of seven products including toner pads, serums and eye patches drawn from the brand's bestselling items. Each landmark is paired with a product line, which will be released Thursday. The Han River line uses madecassoside, a compound derived from the centella asiatica plant that is used to soothe skin, while the Namsan line features PDRN, an ingredient derived from salmon DNA and marketed for pore care. The Bukchon line includes collagen and tea tree products. Mediheal was the top-selling brand at Olive Young, Korea's largest health and beauty store chain, in 2024 and 2025. The collaboration follows an earlier edition featuring Haechi, a mythical creature that serves as Seoul's official mascot. Buyers will receive pouches or luggage tags printed with images of the landmarks, along with a suggested l

Shinhan Bank's Vietnam operations are facing scrutiny over internal controls after the Southeast Asian country's central bank issued nine corrective recommendations, including shortcomings in loan screening, according to industry officials on Wednesday. The State Bank of Vietnam's regional inspection authority issued its findings on Sept. 21 after conducting a comprehensive inspection of Shinhan Bank Vietnam's Da Nang branch. The inspection covered lending operations, asset classification and loan-loss provisions, risk management, foreign exchange transactions and overseas remittances. The authorities found shortcomings in loan screening and post-loan monitoring, as some loan applications lacked sufficient documents proving borrowers' income and repayment ability. The branch also failed to collect enough information on borrowers' financial condition and the purpose of loans in some cases. "There were some shortcomings in the loan screening and approval process," the inspection authorities said in the report. The branch was also found to have failed to follow its own schedule for monitorin