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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World WRAPUP 4-Two Koreas snarl at each other, tensions rise Reuters - 1 hour 33 minutes ago Send IM Story Print * South to take North to U.N. Security Council * Markets nervous but recover a bit after Lee's speech * U.S. urges China to pressure the North, backs South * North Korea say it will shoot at S.Korea equipment By Jack Kim and Arshad Mohammed SEOUL/BEIJING, May 24 - The two Koreas raised their war-like rhetoric on Monday, threatening conflict if the other side pushes too far in escalating tension after Seoul accused Pyongyang of torpedoing one of its naval ships. The United States, which has 28,000 troops on the peninsula, threw its full support behind South Korea, calling the defence of its ally unequivocal and pressing North Korea's only major ally, China, to rein in the hermit state. The increasingly vitriolic comments across the heavily defended Cold War border are rattling investors and niggling at diplomatic relations in the economically powerful region. But few analysts believe either Korea would dare go to war. The North's military is no match for the technically superior South Korean and U.S. forces. And for the South, conflict would send investors scurrying out of the country. The mounting tension follows last week's findings by international investigators who accused North Korea of torpedoing the Cheonan corvette in March, killing 46 sailors in one of the deadliest clashes between the two since the 1950-53 Korean War. "I solemnly urge the authorities of North Korea ... to apologise immediately to the Republic of Korea and the international community," South Korean President Lee Myung-bak said in a nationally televised address. Lee said he would take the issue to the U.N. Security Council whose past sanctions are already sapping what little energy the ruined North Korean economy has left. His government also banned all trade, investment and visits with North Korea. [ID:nSUL000054] The won <KRW=> fell more than two percent to an eight-month low in early trading, partly driven down by the North Korea concerns. It later recovered a little with traders seeing the rhetoric as falling well short of actual war. The White House called South Korea's measures to punish the North entirely appropriate and told Pyongyang to stop its "belligerent and threatening behaviour" as tensions on the peninsula escalated to their highest in years. [ID:nN24237740] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ^ For complete North Korea coverage, click [ID:nNORKOR] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ ^ An angry North Korea threatened to fire at equipment the South said it would put up to broadcast anti-Pyongyang messages and was ready to take stronger measures if the South escalated tension. [ID:nTOE64N04U]. It also issued a statement repeating its position that it had the right to expand its nuclear deterrent. [ID:nSEW002194] "North Korea's goal is to instigate division and conflict," said Lee, speaking from the country's war memorial in the capital Seoul. "It is now time for the North Korean regime to change." In what may alarm Pyongyang as much as anything, its wealthy neighbour said it plans to reduce the number of workers in a joint factory park just inside the North which has long been an important source of income for the North Korean leadership. FOCUS ON CHINA Much of the diplomatic focus will be on China, the only major power to support North Korea and which earlier this month -- to the annoyance of the South -- hosted a rare overseas visit by the North's sickly looking leader Kim Jong-il. U.S. Secretary of State Hillary Clinton, on a visit herself to Beijing, urged China to cooperate on the challenge posed by the sinking of the Cheonan. [ID:nTOE64N01B] The United States is pressing China to join international condemnation of North Korea. Beijing has so far avoided joining in the blame of Pyongyang, saying it will make its own assessment of why the ship sank. Analysts say Beijing is terrified of any action that might cause the already shaky North to collapse, sending chaos across into its territory and, perhaps even more worrying, leading to U.S. troops moving up the peninsula right to its border. That means China is likely to be reluctant to support more sanctions against the North, whose economy is already in tatters. TRADE ALREADY FALLING A South Korean government report said the North's foreign sanctions-hit trade fell 10 percent last year and could fall further this year, forcing it to depend even more on China to prop up its economy. Lee said the South reserved the right to defend itself if Pyongyang wages aggression. The North said much the same to its neighbour last week when it denied involvement in the sinking. Local financial markets took some relief from Lee's comments which steered clear of any suggestion of military retaliation. "South, North tension is certainly not positive, but given historical trends, losses that markets suffer over this will be brief, unless a drastic situation takes hold. By drastic, I mean war. I do not think war is likely though," said Kwak Joong-bo, a market analyst at Hana Daetoo Securities. (Additional reporting by Jungyoun Park and Yoo Choonsik in Seoul, Jeff Mason in Washington; Writing by Jonathan Thatcher; Editing by Jerry Norton) Recommend Send IM Story Print Related Articles Oil near $71 as stocks bolster confidence AP - 15 minutes ago China backs exchange rate reforms but no timetable AP - 20 minutes ago US-BUSINESS Summary Reuters - 29 minutes ago Rio Tinto: tax makes Australia top sovereign concern Reuters - 30 minutes ago Thai bourse chief says expects more foreign selling Reuters - 30 minutes ago News Search Top Stories Britain's coalition sets out plan to cut record deficit Air passengers face misery as BA strike starts Spanish PM vows to stay firm on cuts despite strike threat Anger mounts as oil blackens Louisiana marshes, beaches Clinton, Geithner arrive in Beijing for talks More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Paris museum burglar grabs 120-million-dollar art haul Tourists take walk on wild side with LA gang tour US team creates first 'synthetic life' Britain's coalition sets out plan to cut record deficit Pope, ECB chief slam governments over debt crisis More Most Viewed » Scientists stunned as grey whale sighted off Israel Lack of sleep linked to early death: study UN fears 'irreversible' damage to natural environment Earth may be too hot for humans by 2300: study Ocean fish could disappear in 40 years: UN More Most Recommended » Elsewhere on Yahoo! 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