The government is moving to extend various incentives for diesel imports that are traded electronically in a move to further stabilize energy prices that might have a large impact on overall consumer prices, market observers said Thursday.They said the government has already decided to extend the incentives until the end of next year. Most of the incentives, which include a full tax exemption, as

South Korean diplomats on Wednesday made their final pitch for Seoul's bid to regain a seat on the U.N. Security Council. A vote will begin at 10 a.m. Thursday at the U.N. General Assembly in New York.South Korea is competing with Cambodia and Bhutan for the seat assigned to the Asian region. The winning nation will replace India for the 2013-2014 term. Asia has two slots for nonpermanent members

A Billboard crown remained elusive this week for Psy, a Korean rapper, but he may smile at news that some American fans were reinstated after losing jobs for a parody of "Gangnam Style."For the fourth consecutive week, "Style" was placed at No. 2 on the Billboard chart, updated Wednesday, once again tackled by Maroon 5's "One More Night.""The battle for No. 1 wasn't as close as last week," Billboa

North Korea's leadership has dissolved a key communist party organization tasked with managing slush funds for the ruling Kim family, a news report said Wednesday.Japan's Kyodo News Service reported Pyongyang has abolished the agency, code-named "Office 38," under the Workers' Party of Korea.It quoted unidentified "sources familiar with North Korean affairs." Kyodo's story has not been confirmed i

South Korean stocks opened higher Thursday, tracking overnight U.S. rallies on better housing data, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 4.88 points, or 0.25 percent, to 1,960.03 in the first 15 minutes of trading.Leading carmaker Hyundai Motor gained 0.22 percent and its affiliate auto parts maker Hyundai Mobis added 0.84 percent. Mobile phone maker LG Ele

South Korean health authorities confirmed Wednesday the country's first West Nile virus case involving a patient who contracted the disease while traveling in Africa.According to the Korea Centers for Disease Control and Prevention (KCDC), the patient, whose identity was withheld for privacy reasons, traveled to Guinea from January to June and returned to the country after developing symptoms of W

People who work in the creative professions are treated more often than the general population for mental illness, researchers in Sweden say.Simon Kyaga of the Karolinska Institutet in Stockholm said the findings give cause to reconsider approaches to mental illness.Kyaga and the research team tracked almost 1.2 million patients and their relatives, identified down to second-cousin level. The resu

The head of the state weather agency was indicted Tuesday on charges of abusing his power and taking bribes in return for business favors, police said.Cho Seok-joon, the chief of the Korea Meteorological Administration (KMA), is suspected of helping a particular business win a bid for supplying a new weather instrument by fabricating official documents and leaking relevant bidding information for

Archaeologists and one hopeful relative are anxiously waiting to see if a skeleton dug up from a hole in a car park in the English city of Leicester is the remains of the much-maligned King Richard III.More than five centuries after he was killed in the Battle of Bosworth Field by the armies of Henry Tudor, who later became King Henry VII, scientists believe they are close to making an identification.Michael Ibsen, 55, a 17th generation nephew of the king, will have his DNA tested against the re

Japanese military officials said they were keeping a close eye on seven Chinese warships spotted in waters off a southern island Tuesday. It was unclear whether the ship movements were related to a territorial dispute that has prompted both countries to show off their maritime muscles. The Chinese ships were sighted about 49 kilometers (30 miles) from the island of Yonaguni, in Japan's Okinawa pre

A special prosecutor investigating suspicions over a retirement home project of President Lee Myung-bak on Tuesday asked the Justice Ministry to ban Lee's only son from leaving the country, officials said.The office of special counsel Lee Kwang-bum has sought an exit ban for Lee Si-hyung, the 34-year-old son of President Lee, and 10 others, including former presidential security service chief Kim

The United States is "not neutral" about Japan's move to resolve its territorial tensions with South Korea through arbitration at an international court, a top American official said."Our position is not neutral with regard to the focus on dialogue and finding diplomatic means to address these issues,"Deputy Secretary of State William Burns, on a visit to Tokyo, told reporters Monday (local time),

Costco Wholesale Korea, an affiliate of U.S. retail giant Costco Wholesale Corp., has filed a lawsuit against three of Seoul's autonomous districts, claiming that their ordinance for mandatory Sunday closure and restrictions on operating hours are invalid, judicial officials said Monday.In the lawsuit filed with the Seoul Administrative Court against heads of Seocho-gu, Jungnang-gu and Yeongdeungp

South Korean stocks started higher on Tuesday as foreign investors scooped up local shares, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 0.73 percent, or 14.13 points, to 1939.72 in the first 15 minutes of trading.Shares gathered ground across the board, with market bellwether Samsung Electronics rising 1.31 percent and flat panel giant LG Display gaining 2.59 pe