Will North Korea's artillery blast the global economy?

North Korea fired dozens of artillery shells onto a South Korean island on Tuesday, killing one person, setting homes ablaze and triggering an exchange of fire as the South's military went on top alert.In what appeared to be one of the most serious border incidents since the 1950-53 war, South Korean troops fired back with cannon, the government convened in an underground war room and "multiple" air force jets scrambled.

North Korea fired artillery Wednesday near the disputed sea border with South Korea and Seoul's military returned fire, Yonhap news agency reported.The agency said the North fired several shells into the sea near the South Korean-controlled Baengnyeong Island in the Yellow Sea, following its declaration Tuesday of "no sail" zones in the area.The agency said Seoul's military fired back in response but there were no immediate further details. The defence ministry said it was checking the reports.

North Korea fired dozens of artillery shells at a South Korean island, setting buildings on fire and prompting a return of fire by the South, Seoul’s military and media reports said

A grim-faced South Korean President Lee Myung-Bak vowed Monday to make North Korea "pay the price" for its "inhumane" artillery attack, a day after China called for diplomacy to end the crisis."I can't help expressing my anger over the North Korean regime's cruelty that ignores even the lives of children," Lee said.It was his first nationally televised address since Pyongyang's forces launched a hail of rockets and shells six days ago, killing two civilians and two marines and setting homes ablaze on a South Korean border island.

North Korea fired artillery into the sea near its disputed border with South Korea for a third straight day on Friday, Seoul's military said.In a four-hour morning period the communist state fired 20 shells which landed in North Korean waters off South Korea's Yeonpyeong island, a spokesman for the Joint Chiefs of Staff (JCS) said.Seoul's defence ministry said it is considering shipping more artillery and advanced radar to Yeonpyeong and another border island in response to the shelling, which began Wednesday near the tense frontier in the Yellow Sea.

WASHINGTON — President Barack Obama’s spokesman says the White House is concerned by war threats coming from North Korea. North Korean state media said Monday that Pyongyang was cancelling the 60-year-old armistice that ended the Korean War. White House press secretary Jay Carney responded that Pyongyang will achieve nothing with threats. But he said the White House is “concerned by North Korea’s bellicose rhetoric.”

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