logo
Russia starts first Moscow-Pyongyang passenger flights in decades

Russia starts first Moscow-Pyongyang passenger flights in decades

The Star5 days ago
FILE PHOTO: People wait outside Terminal C at the Sheremetyevo international airport outside Moscow, Russia July 21, 2025. REUTERS/Stringer/File Photo
(Reuters) -Russia will launch direct passenger flights from Moscow to North Korea's capital Pyongyang on Sunday, Russian authorities said, as the two former communist bloc allies move to improve ties following Russia's invasion of Ukraine in 2022.
The start of regular flights between the capitals for the first time since the mid-1990s, according to Russian aviation blogs, follows the resumption of Moscow-Pyongyang passenger rail service, a 10-day journey, in June.
The first flight will leave Sheremetyevo airport at 7 p.m. (1600 GMT), according to the airport's timetable.
The eight-hour flight will be operated by a Boeing 777-200ER with a capacity of 440 passengers, Russia's RIA state news agency said on Sunday. It said tickets started at 44,700 roubles ($563), and the first flight quickly sold out.
Russia's civil aviation authority Rosaviatsia has granted Nordwind Airlines permission to operate flights between Moscow and Pyongyang twice a week. The transport ministry said in a statement that for now flights would operate once a month, "to help build stable demand".
The only direct air route between Russia and North Korea has been flights by North Korean carrier Air Koryo to Vladivostok in Russia's Far East three times a week.
Ukraine and its Western allies have accused North Korea of supplying Russia with artillery and ballistic missiles. Moscow and Pyongyang deny the allegations.
Pyongyang has deployed more than 10,000 troops and arms to Russia to back Moscow's military campaign in Ukraine. North Korean leader Kim Jong Un said this month his country was ready to "unconditionally support" Moscow's efforts to resolve the conflict in Ukraine.
($1 = 79.4000 roubles)
(Reporting by Lidia Kelly in Melbourne; Editing by William Mallard)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Asia factory activity slump deepens
Asia factory activity slump deepens

The Sun

time7 minutes ago

  • The Sun

Asia factory activity slump deepens

TOKYO: Asia's factory activity deteriorated in July as soft global demand and lingering uncertainty over US tariffs weighed on business morale, private sector surveys showed yesterday, clouding the outlook for the region's fragile recovery. The surveys were taken before Japan and South Korea clinched trade deals with Washington, offering some hope that receding uncertainty could prop up manufacturing activity in coming months, some analysts say. Factory activity shrank in export power-houses Japan and South Korea, surveys for July showed, underscoring the challenge Asia faces as President Donald Trump's policies threaten the global free trade system the region relied upon for growth. China's factory activity also deteriorated in July as softening business growth led manufacturers to scale back production, boding ill for the region's economy. The S&P Global China General Manufacturing PMI fell to 49.5 in July from 50.4 in June, undershooting analysts' expectations of 50.4 in a Reuters poll and dropping below the 50 threshold that separates growth from contraction. The reading comes a day after an official survey showed China's manufacturing activity shrank for a fourth straight month in July, suggesting a surge in exports ahead of higher US tariffs has started to fade while domestic demand remained sluggish. The survey 'provides further evidence that China's economy lost some momentum last month, largely due to domestic weakness,' said Zichun Huang, an economist at Capital Economics. The S&P Global Japan manufacturing purchasing managers' index (PMI) also fell to 48.9 in July from 50.1 in June, a sign US tariffs were hurting the world's fourth-largest economy. Most of the survey data was collected before the announcement of a Japan-US trade agreement last month, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, 'it will be important to see if this will translate into greater client confidence and improved sales in the months ahead,' said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. South Korea also saw factory activity contract in July for the sixth straight month with the S&P Global PMI falling to 48.0 in July, from 48.7 in June. 'Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of US tariff policy,' said Usamah Bhatti, economist at S&P Global Market Intelligence. The survey was conducted from July 10-23, before South Korea reached on Wednesday a trade deal with the US lowering tariffs to 15% from a threatened 25%. An outlier was India, which saw manufacturing activity expand at the fastest pace in 16 months in July on robust demand, its PMI showed. But business confidence fell to a three-year low amid competitive pressures and inflation concerns, with a lack of progress in striking a trade deal with the US adding to the gloom. Factory activity in July expanded in the Philippines and Vietnam, but shrank in Taiwan, Indonesia and Malaysia, PMIs showed. – Reuters

Fintech firms rush to raise equity in HK to tap crypto frenzy
Fintech firms rush to raise equity in HK to tap crypto frenzy

The Sun

time7 minutes ago

  • The Sun

Fintech firms rush to raise equity in HK to tap crypto frenzy

HONG KONG: Fintech companies are rushing to raise equity in Hong Kong to fund expansions in cryptocurrencies, capitalising on investor fervour as the city started accepting applications for stablecoin issuer licences yesterday. At least 10 Hong Kong-listed companies raised a total of more than US$1.5 billion (RM6.4 billion) from share placements in July to be invested in areas including stablecoins, digital assets and blockchain-based payments, according to a Reuters calculation based on exchange filings. They include digital asset platform OSL Group, China's biggest retail cloud solution provider Dmall Inc and artificial intelligence giant SenseTime Group . The equity offerings had been snapped up by investors upbeat about stablecoins, which are cryptocurrencies pegged to assets such as the US dollar. Hong Kong's stablecoin bill passed in May took effect yesterday as the Asian financial hub races the US in setting up a regulated market for such tokens, seen as a key lubricant in the burgeoning digital economy. Before the bill passed, raising funds for stablecoin development in Hong Kong held less appeal for investors. 'We're seeing a notable increase in fundraising activity linked to stablecoins and digital assets,' said Anthony Pang at international law firm Baker McKenzie, which advised on Dmall's HK$388 million (RM210 million) share placement last month. 'The momentum in this space is real, and it's accelerating.' In late July, OSL raised US$300 million to support global initiatives, including the development of stablecoins and a digital payment network. The equity raising was completed within just three days after the company appointed Macquarie to assist with the offering. The bookbuilding process, which attracted significant interest from sovereign wealth funds and major hedge funds, was efficiently completed in less than three hours, demonstrating strong demand from institutional investors. 'Investor zeal toward cryptocurrencies and stablecoins was palpable,' OSL chief financial officer Ivan Wong said. An index tracking Hong Kong-listed stablecoin concept stocks has surged 65% this year, far outperforming the benchmark Hang Seng Index, which is up roughly 23%. Hong Kong's de facto central bank cautioned the public last week against 'growing frothiness' and 'excessive exuberance' due to the recent hype around stablecoins. The crypto exuberance has also spilled into the private equity and startup markets. 'Venture capitalists are very interested in this area, and many are actively looking at such projects,' said Liu Honglin, a Shanghai-based attorney at Man Kun Law Firm, who helped venture capital-backed digital payment service provider Kun raise more than US$50 million in Hong Kong last month. 'There's definitely a lot of excitement around stablecoin, but the sector is far from being frothy. It's just the start of a trend.' JF SmartInvest Holdings raised HK$785 million last month to invest in Real World Assets (RWA), a term used for digital tokens that represent traditional assets such as stocks and commodities. Chinese AI giant SenseTime raised HK$2.5 billion and will use part of the proceeds to explore areas such as blockchain, RWA and stablecoins. Other companies that tapped the crypto craze include ZA Online, Crypto Flow Technology and Easou Tech. Traditional finance players, including custodians and investment managers, are eager to get involved, so 'interest in these topics, and fintech applications more generally, is set to continue,' said Kishore Bhindi, a Hong Kong-based partner at Linklaters. – Reuters

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store