Pools and slides as North Korea set to open ‘world class' tourist resort
North Korea has completed construction on a tourist resort with colourful water slides and swimming pools, state media said on Thursday, a pet project of leader Kim Jong-un.
Kim was an enthusiastic visitor this week to the sprawling site on the isolated country's east coast, which is set to open its doors on July 1 to domestic tourists, and maybe one day foreign ones.
Analysts have said Kim showed a keen interest in developing North Korea's tourism industry in his early years in power, with the development of the Wonsan Kalma Coastal Tourist Area known to be a key focal point.
The nuclear-armed North reopened its borders in August 2023 after almost four years, having closed them because of the Covid-19 pandemic, during which time even its own nationals were prevented from entering.
Foreign tourism was limited though even before the pandemic, with tour companies saying around 5,000 Western tourists visited each year.
Kim on Tuesday attended a lavish inaugural ceremony for the tourist zone, which hosts accommodation for nearly 20,000 people and what Pyongyang claims is 'a world-class cultural resort', the Korean Central News Agency said.
Photos released by state media showed him sitting in a chair watching a man flying off a water slide and wearing a suit at the beach.
Wonsan Kalma houses 'sea-bathing service facilities, various sports and recreation facilities' and is 'equipped with all conditions... for providing the beauty of the scenic spot on the east coast in all seasons', according to KCNA.
Kim, with 'great satisfaction', said the construction of the site would go down as 'one of the greatest successes this year' and that the North would build more large-scale tourist zones 'in the shortest time possible', it added.
Kim was joined by his daughter, Ju Ae - considered by many experts to be his likely successor - and his wife, Ri Sol Ju.
South Korean media reported, based on images released by Pyongyang, that Ju Ae appears to be wearing a Cartier watch — despite such a high-end item being banned from import into North Korea under UN sanctions, imposed in response to the country's nuclear and missile activities.
The North last year permitted Russian tourists - Pyongyang has close ties with Moscow - to return for the first time since Covid and Western tour operators returned in February this year.
Russia's Tass news agency on Wednesday reported that a passenger train from Pyongyang had arrived in Moscow, marking the reopening of the direct rail route between the allies' capitals after a five-year suspension.
A tourist train between Rason - home to North Korea's first legal marketplace - and Russia's Vladivostok resumed in May this year, according to an official from Seoul's unification ministry.
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News.com.au
6 hours ago
- News.com.au
Pools and slides as North Korea set to open ‘world class' tourist resort
North Korea has completed construction on a tourist resort with colourful water slides and swimming pools, state media said on Thursday, a pet project of leader Kim Jong-un. Kim was an enthusiastic visitor this week to the sprawling site on the isolated country's east coast, which is set to open its doors on July 1 to domestic tourists, and maybe one day foreign ones. Analysts have said Kim showed a keen interest in developing North Korea's tourism industry in his early years in power, with the development of the Wonsan Kalma Coastal Tourist Area known to be a key focal point. The nuclear-armed North reopened its borders in August 2023 after almost four years, having closed them because of the Covid-19 pandemic, during which time even its own nationals were prevented from entering. Foreign tourism was limited though even before the pandemic, with tour companies saying around 5,000 Western tourists visited each year. Kim on Tuesday attended a lavish inaugural ceremony for the tourist zone, which hosts accommodation for nearly 20,000 people and what Pyongyang claims is 'a world-class cultural resort', the Korean Central News Agency said. Photos released by state media showed him sitting in a chair watching a man flying off a water slide and wearing a suit at the beach. Wonsan Kalma houses 'sea-bathing service facilities, various sports and recreation facilities' and is 'equipped with all conditions... for providing the beauty of the scenic spot on the east coast in all seasons', according to KCNA. Kim, with 'great satisfaction', said the construction of the site would go down as 'one of the greatest successes this year' and that the North would build more large-scale tourist zones 'in the shortest time possible', it added. Kim was joined by his daughter, Ju Ae - considered by many experts to be his likely successor - and his wife, Ri Sol Ju. South Korean media reported, based on images released by Pyongyang, that Ju Ae appears to be wearing a Cartier watch — despite such a high-end item being banned from import into North Korea under UN sanctions, imposed in response to the country's nuclear and missile activities. The North last year permitted Russian tourists - Pyongyang has close ties with Moscow - to return for the first time since Covid and Western tour operators returned in February this year. Russia's Tass news agency on Wednesday reported that a passenger train from Pyongyang had arrived in Moscow, marking the reopening of the direct rail route between the allies' capitals after a five-year suspension. A tourist train between Rason - home to North Korea's first legal marketplace - and Russia's Vladivostok resumed in May this year, according to an official from Seoul's unification ministry.
The Advertiser
10 hours ago
- The Advertiser
Markets jittery as Trump targets Powell
Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1. Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1. Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1. Asian stocks have stuttered while oil prices stabilised and the euro was perched at a 3 and a half year high as investors weighed geopolitical, economic and fiscal uncertainties and braced for US President Donald Trump's deadline on tariffs. Markets have been soothed by a ceasefire between Israel and Iran that appeared to be holding, reducing the risks of disruptions to the global oil trade and underpinning sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trading, as the rally in Wall Street took a breather overnight. Tokyo's Nikkei rose 0.9 per cent to a four-month high. The US dollar selling kicked up a notch after a media report said Trump has toyed with the idea of selecting and announcing Federal Reserve Chair Jerome Powell's replacement by September or October in a bid to undermine his position. That pushed the euro to its strongest level since November 2021. It last fetched $1.6805. The Swiss franc firmed to a decade-high while the Japanese yen strengthened 0.35 per cent to 144.70 per dollar. Trump has repeatedly criticised Powell for not cutting interest rates and has floated the idea of firing him or naming a successor soon, denting investor confidence in US assets and undermining the central bank's independence. "I think it's a given that Trump's pick to succeed Powell, when it comes, will be one that sits at the highly dovish end of the spectrum and will support Trump's agenda of lowering interest rates," said Tony Sycamore, market analyst at IG. "The issue with this is it will resurface questions from earlier in the year around the Fed's independence, which, as we saw, undermines confidence in the Fed and the USD." The dollar index, which measures the US currency against six rivals, wallowed at its lowest level since March 2022. The index has slid 10 per cent this year as investors, worried by Trump's tariffs and their effect on US growth, look for alternatives. Financial markets remain on edge over Trump's chaotic trade policies as the clock ticks down to his July 9 deadline for trade deals. Powell, who resumed two days of congressional testimony on Wednesday, said Trump's tariff plans may well just cause a one-time jump in prices, but the risk it could fuel more persistent inflation is large enough for the central bank to be careful in considering further rate cuts. Fed officials still expect to cut interest rates this year, but the timing is uncertain as officials wait on looming trade deadlines and for more certainty about the scope of the tariffs that will be imposed and the ways that rising import levies influence prices and economic growth. "No one knows exactly how tariffs will impact inflation, which will keep central banks in conservative mode, particularly the Fed," said Bank of America strategists, noting downside risks to global growth remain relevant, not only due to trade wars but also due to geopolitical developments. "We are carefully monitoring fiscal policy across key countries that can affect global interest rates. Unsustainable fiscal dynamics can trigger an accident in bond markets," they said in a note. Brent crude futures rose 0.2 per cent to $67.82 a barrel, while US West Texas Intermediate crude (WTI) gained 0.28 per cent to $65.1.
The Advertiser
10 hours ago
- The Advertiser
North Korea opens tourist zone on coast
North Korea has completed construction of a massive tourist zone on its east coast according to state media, a key project driven by leader Kim Jong Un for years to promote tourism. With "great satisfaction", Kim attended an inaugural ceremony for the Wonsan Kalma coastal tourist area that could accommodate about 20,000 visitors and said the country would build more large-scale tourist zones swiftly, KCNA news agency reported. Kim has been rebuilding the seaside city of Wonsan, a vacation destination for locals, to turn it into a billion-dollar tourist hotspot. Development plans for Wonsan have mushroomed since they were first announced in 2014. However, while tourism is one of a narrow range of cash sources for North Korea not targeted by United Nations sanctions, the reclusive state did not have a major foreign partner for the Wonsan project against the backdrop of sanctions over its weapons programs. The tourist zone will open for domestic guests from July 1, KCNA said, without mentioning foreign tourists. North Korea sealed its borders in 2020 at the start of the pandemic but has been slowly lifting restrictions since 2023. It has allowed Russian tourist groups into the country but its capital and other parts of the country remain closed to regular tourism, though in April it held a marathon event hosting foreign runners. Moscow and Pyongyang, both economically and politically isolated, have drawn closer as North Korea has deployed thousands of troops and supplied ammunition, artillery and missiles for Russia's Ukraine war. The Russian ambassador to North Korea and embassy staff were invited as special guests for the Wonsan ceremony, according to KCNA. The two countries have agreed to expand cooperation on tourism, restarting a direct passenger train service between their capitals for the first time since 2020. "Kim Jong Un expressed belief that the wave of the happiness to be raised in the Wonsan Kalma coastal tourist area would enhance its attractive name as a world-level tourist cultural resort", KCNA said. North Korea has completed construction of a massive tourist zone on its east coast according to state media, a key project driven by leader Kim Jong Un for years to promote tourism. With "great satisfaction", Kim attended an inaugural ceremony for the Wonsan Kalma coastal tourist area that could accommodate about 20,000 visitors and said the country would build more large-scale tourist zones swiftly, KCNA news agency reported. Kim has been rebuilding the seaside city of Wonsan, a vacation destination for locals, to turn it into a billion-dollar tourist hotspot. Development plans for Wonsan have mushroomed since they were first announced in 2014. However, while tourism is one of a narrow range of cash sources for North Korea not targeted by United Nations sanctions, the reclusive state did not have a major foreign partner for the Wonsan project against the backdrop of sanctions over its weapons programs. The tourist zone will open for domestic guests from July 1, KCNA said, without mentioning foreign tourists. North Korea sealed its borders in 2020 at the start of the pandemic but has been slowly lifting restrictions since 2023. It has allowed Russian tourist groups into the country but its capital and other parts of the country remain closed to regular tourism, though in April it held a marathon event hosting foreign runners. Moscow and Pyongyang, both economically and politically isolated, have drawn closer as North Korea has deployed thousands of troops and supplied ammunition, artillery and missiles for Russia's Ukraine war. The Russian ambassador to North Korea and embassy staff were invited as special guests for the Wonsan ceremony, according to KCNA. The two countries have agreed to expand cooperation on tourism, restarting a direct passenger train service between their capitals for the first time since 2020. "Kim Jong Un expressed belief that the wave of the happiness to be raised in the Wonsan Kalma coastal tourist area would enhance its attractive name as a world-level tourist cultural resort", KCNA said. North Korea has completed construction of a massive tourist zone on its east coast according to state media, a key project driven by leader Kim Jong Un for years to promote tourism. With "great satisfaction", Kim attended an inaugural ceremony for the Wonsan Kalma coastal tourist area that could accommodate about 20,000 visitors and said the country would build more large-scale tourist zones swiftly, KCNA news agency reported. Kim has been rebuilding the seaside city of Wonsan, a vacation destination for locals, to turn it into a billion-dollar tourist hotspot. Development plans for Wonsan have mushroomed since they were first announced in 2014. However, while tourism is one of a narrow range of cash sources for North Korea not targeted by United Nations sanctions, the reclusive state did not have a major foreign partner for the Wonsan project against the backdrop of sanctions over its weapons programs. The tourist zone will open for domestic guests from July 1, KCNA said, without mentioning foreign tourists. North Korea sealed its borders in 2020 at the start of the pandemic but has been slowly lifting restrictions since 2023. It has allowed Russian tourist groups into the country but its capital and other parts of the country remain closed to regular tourism, though in April it held a marathon event hosting foreign runners. Moscow and Pyongyang, both economically and politically isolated, have drawn closer as North Korea has deployed thousands of troops and supplied ammunition, artillery and missiles for Russia's Ukraine war. The Russian ambassador to North Korea and embassy staff were invited as special guests for the Wonsan ceremony, according to KCNA. The two countries have agreed to expand cooperation on tourism, restarting a direct passenger train service between their capitals for the first time since 2020. "Kim Jong Un expressed belief that the wave of the happiness to be raised in the Wonsan Kalma coastal tourist area would enhance its attractive name as a world-level tourist cultural resort", KCNA said. North Korea has completed construction of a massive tourist zone on its east coast according to state media, a key project driven by leader Kim Jong Un for years to promote tourism. With "great satisfaction", Kim attended an inaugural ceremony for the Wonsan Kalma coastal tourist area that could accommodate about 20,000 visitors and said the country would build more large-scale tourist zones swiftly, KCNA news agency reported. Kim has been rebuilding the seaside city of Wonsan, a vacation destination for locals, to turn it into a billion-dollar tourist hotspot. Development plans for Wonsan have mushroomed since they were first announced in 2014. However, while tourism is one of a narrow range of cash sources for North Korea not targeted by United Nations sanctions, the reclusive state did not have a major foreign partner for the Wonsan project against the backdrop of sanctions over its weapons programs. The tourist zone will open for domestic guests from July 1, KCNA said, without mentioning foreign tourists. North Korea sealed its borders in 2020 at the start of the pandemic but has been slowly lifting restrictions since 2023. It has allowed Russian tourist groups into the country but its capital and other parts of the country remain closed to regular tourism, though in April it held a marathon event hosting foreign runners. Moscow and Pyongyang, both economically and politically isolated, have drawn closer as North Korea has deployed thousands of troops and supplied ammunition, artillery and missiles for Russia's Ukraine war. The Russian ambassador to North Korea and embassy staff were invited as special guests for the Wonsan ceremony, according to KCNA. The two countries have agreed to expand cooperation on tourism, restarting a direct passenger train service between their capitals for the first time since 2020. "Kim Jong Un expressed belief that the wave of the happiness to be raised in the Wonsan Kalma coastal tourist area would enhance its attractive name as a world-level tourist cultural resort", KCNA said.
