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Bank of England Deputy Governor Minouche Shafik said she expected the central bank would need to pump more stimulus into Britain's economy "at some point" as it adjusts to the shock of the vote to leave the European Union. "There is no doubt in my mind that the UK is experiencing a sizeable economic shock in the wake of the referendum," Shafik said in a speech she was due to make on Wednesday. The BoE has previously signalled that it was likely to cut interest rates later this year although there have been signs that the British economy did not suffer as big a hit from the Brexit vote as the central bank had expected.
South Korea said on Wednesday that 13 automakers will recall some 110,000 vehicles equipped with Takata Corp's defective air bags, the latest development in a long-running safety crisis involving the Japanese company. The United States in May announced a new round of recall of Takata's air bag inflators which have been linked to at least 14 deaths and more than 100 injuries and triggered the largest-ever auto recall. South Korea's transport ministry said a total of 221,870 vehicles made by 17 automakers have faulty Takata air bags.