The head of Korea's central bank on Monday said the bank is prepared to ensure ample market liquidity to minimize market uncertainty stemming from Britain's unprecedented vote to leave the European Union.Bank of Korea Gov. Lee Ju-yeol also insisted there is no need to react too sensitively to what he called "short-term" changes in the market. (Yonhap)"In the case of our country, which is relatively more open, not only its financial market but also its real economy may be exposed to a negative im

 [THE INVESTOR] The government is expected to unveil a plan to set aside about 10 trillion won ($8.4 billion) in supplementary budget Tuesday when it announces economic policy directions for the second half of this year.In a meeting with lawmakers from the ruling Saenuri Party on Friday, Finance Minister Yoo Il-ho said he would actively consider drawing up an extra budget if it was to pass parliament within the next month.Two days earlier, Yoo, who doubles as deputy prime minister for economic a

Korea's ICT industry is expected to suffer a limited impact from Britain's departure from the European Union in the short term, given its relatively smaller portion against its overall shipment, a senior government official said Monday.Choi Jae-you, vice minister of science, ICT and future planning, pointed out that Britain accounts for merely 0.7 percent of South Korea's ICT-related exports. ICT is an acronym for information and communication technology. (Yonhap)The volume of South Korea's dire

The head of Korea's central bank will preside over an emergency meeting later in the day with the bank's senior staff to discuss ways of dealing with any fallout from Britain's unexpected decision to leave the European Union, it said Monday.Bank of Korea Gov. Lee Ju-yeol returned home earlier in the day, cutting short his trip to Basel, Switzerland, for the emergency meeting over the Brexit crisis. (Yonhap)The BOK's meeting, starting at 2:30 p.m., follows an earlier meeting hosted by the Financi

President Park Geun-hye on Monday called on her government to maintain a "watertight" crisis management system to minimize the potential negative ramifications from Britain's decision to leave the European Union.In her first public statement following last week's referendum in Britain, Park also ordered the government to take "all necessary measures" to stabilize the local stock market that suffered a sharp drop after Britons voted to exit the EU on Thursday (local time). (Yonhap)"Along with the

Imports of American cars in Korea more than tripled in four years, industry data showed Monday, a rise that could be attributable to the free trade deal between Seoul and Washington.The free trade deal went into effect in 2012, providing a competitive edge to U.S. carmakers. Korea imported a total of 49,096 cars from the United States in 2015, up from 13,669 units in 2011, according to data provided by auto industry. (Yonhap)Ford Sales and Service Korea, the local importer and distributor of U.S

Korea's tax revenue from the country's gambling industry expanded 4 percent in 2015 from the previous year due largely to increased sales, data showed Monday.According to the data by the National Gambling Control Commission, taxes collected from gambling-related businesses, including casinos and horse race betting, reached 2.42 trillion won ($2.06 billion) last year, compared with 2.32 trillion won a year earlier.(Yonhap)Tax revenue from casinos surged 12.1 percent on-year to 478.8 billion won,

Korea launched official talks on a free trade agreement with Israel on Monday to discuss ways to boost bilateral economic exchanges and investment, the trade ministry said.The Ministry of Trade, Industry and Energy said the first round of negotiations took place in Seoul, seven years after the two countries began discussions on starting FTA talks in 2009. Both sides will discuss various trade issues involving manufactured goods, services and investment, as well as technology cooperation.(Yonhap)

Striving to cope with the Brexit aftermath, the South Korean government on Sunday said it will prepare for new trade talks with the European Union and Britain.Seoul signed a bilateral free trade agreement with the EU in 2009. The accord took effect two years later. (123rf)"The effect of the South Korea-EU FTA on Britain will automatically become void at the time of its official withdrawal from the EU. But a revision to the FTA is deemed necessary to reflect it," the Ministry of Trade, Industry a

South Korea has come under growing pressure to take more aggressive budgetary and monetary measures after Britain's decision to leave the European Union, officials and experts here said Sunday.The unexpected move has added to global market uncertainties and is fueling financial sector turbulence that is adversely impacting Asia's fourth-largest economy. On Friday, the Korea Composite Stock Price Index fell 3.1 percent to 1,925.24 points, the biggest daily loss in over four years.Even before the

South Korea on Saturday said it will keep close tabs on the impact of the Brexit on the local market and take actions swiftly and firmly to minimize its fallout if needed."For now, the uncertainties (on Britain's exit from the European Union) are big, and we cannot predict the consequences,"the government said.On Saturday, officials from the finance and industry ministries, as well as the central bank, held a gathering to check the repercussions of Britain's vote to leave the EU.Hit by the Brexi

South Korean shares will face increased fluctuation next week as foreign investors are expected to reduce part of their risky assets following Britain's decision to exit the European Union (EU), analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,925.25 on Friday, down 3.09 percent, or the biggest daily loss in more than four years following the unexpected outcome of Britain's vote to leave the world's single largest economic bloc.Analysts said the country

The South Korean stock market is expected to face fluctuations for the time being due to Britain's decision to leave the European Union, analysts said Saturday.Hit by the Brexit rout, the country's benchmark stock index dived 3.1 percent to close at 1,925.24 points on Friday, the biggest daily loss in over four years."It will take some time for the market to stabilize, and investors should seek to manage their risks," said Lee Kyung-min, an analyst at Daishin Securities Co. "For now, it is hard

Korea's ruling and opposition parties said Friday the government must come up with a plan to minimize fallout from Britain's decision to leave the European Union."The exit of Britain from the European Union is expected to have an adverse impact on the global and local economies," the ruling Saenuri Party said in a statement. "The South Korean government needs to take prompt and precise action in regards to this development."Saenuri added the government must also keep close eyes on the changes in