Kumgang tourism business, Kaesong Industrial complex and other SOC projects have been handed over to Hyundai.
Their jobs are at the only remaining operational symbol of joint inter-Korean cooperation, the Kaesong industrial complex.
Second, South Korea should order its 120 or so companies in the Kaesong Industrial Complex to close their facilities there.
Some 123 South Korean companies have factories inside the Kaesong Industrial Complex, which lies just across the border inside North Korea.
For his part, UN Secretary-General Ban Ki-moon urged North Korea to "seriously" consider a dialogue with the South about the Kaesong Industrial Complex.
North Koreans have failed to report for work at Kaesong Industrial Complex, suspending one of the few points of co-operation between the Koreas.
Kaesong Industrial Complex was launched in 2003 as a sign of North-South co-operation, and is considered a key indicator of relations between the two Koreas.
"I don't think this will lead to an immediate shutdown of the Kaesong industrial complex" said Kim Yong-hyun, a North Korea expert at Seoul's Dongguk University.
When Pyongyang took the action, 573 South Koreans were staying at the Kaesong industrial complex, north of the demilitarized zone, South Korea's Yonhap news agency reported.
The missile launches also come during a low in inter-Korean relations as Pyongyang has rejected repeated calls from Seoul for dialogue over the closed Kaesong Industrial Complex.
On Sunday, the South Korean government condemned Pyongyang's earlier rocket launches and urged the North again to come to the negotiating table over the jointly run Kaesong Industrial Complex.
Pyongyang recalled all its workers from the Kaesong industrial complex, the last major economic link between the Koreas that is managed by South Koreans and staffed by North Korean workers.
Still, South Korean managers were able to travel to Kaesong Industrial Complex, a shared industrial park inside North Korea where more than 100 South Korean businesses employ North Korean workers.
The future of the Kaesong Industrial Complex in North Korea, a joint venture between southern capital and northern labour, is in doubt following a series of capricious demands by Pyongyang.
The Kaesong Industrial Complex, a few miles inside North Korea, went dark Friday as the final group of South Korean officials returned home after settling a dispute over wages and taxes.
The latest missile firing came after the South Korean government on Sunday condemned Pyongyang's launches and urged the country to come to the negotiating table over the jointly run Kaesong Industrial Complex.
The Kaesong Industrial Complex, which lies just inside North Korea, provides a fresh challenge for South Korean President Park Geun-hye's pledge to improve ties with Pyongyang as Seoul continues to face a barrage of war threats from the North.
WSJ: North Korea Suspends Operations at Kaesong Industrial Complex
The military hot line cut on Wednesday was used to coordinate when South Korean managers travel to an industrial park inside North Korea each day, raising questions over whether the jointly run park, the Kaesong Industrial Complex, will continue to operate normally.
North Korea hasn't given a specific reason for the blockade but it has previously prevented workers from traveling to the Kaesong Industrial Complex for three days in 2009 during the same annual military drills that will continue to the end of this month.
The latest missile firing came after the South Korean government on Sunday condemned Pyongyang's earlier launches and urged it to come to the negotiating table over the jointly run Kaesong Industrial Complex to allow South Korean companies to withdraw their raw materials and finished goods.
The hotline is used to facilitate the travel of South Korean workers to a joint industrial complex in Kaesong.
South Korean diplomats suggest that the government may announce a halt to remaining business ties with the North, except through the cross-border industrial complex, known as Kaesong.
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