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North Korea bans foreign tourists to newly opened beach resort

North Korea bans foreign tourists to newly opened beach resort

SEOUL: North Korea is banning the entry of foreign tourists to a recently opened mega beach resort, a move that dims prospects for the complex that leader Kim Jong Un hailed it as 'one of the greatest successes this year.'
DPR Korea Tour, a website run by North Korea's tourism authorities, said in a notice Friday that the eastern coastal Wonsan-Kalma tourist complex 'is temporarily not receiving foreign tourists.' It gave no further details including why a ban was established or how long it would last.
North Korea says the complex can accommodate nearly 20,000 guests. The resort opened to domestic tourists July 1 before receiving a small group of Russian tourists last week.
Observers expected North Korea to open the resort to Chinese tourists while largely blocking other international tourists.
Ban comes after visit by Russia's top diplomat
The announcement came after Russian Foreign Minister Sergey Lavrov flew to the complex to meet Kim and Foreign Minister Choe Son Hui for talks last weekend.
North Korea and Russia have sharply expanded military and other cooperation in recent years, with North Korea supplying weapons and troops to back Russia's war against Ukraine.
During a meeting with Choe, Lavrov promised to take steps to support Russian travel to the zone. 'I am sure that Russian tourists will be increasingly eager to come here,' he said.
But experts say North Korea likely decided to halt foreigner travels to the zone because of a newspaper article by a Russian reporter who travelled with Lavrov that implied North Koreans at the zone appeared to be mobilized by authorities and not real tourists.
'The North Korean government is believed to have determined that it would face some negative consequences when it opens the site to foreigners,' said Oh Gyeong-seob, an analyst at Seoul's Korea Institute for National Unification.
Oh said the ban would include Russians, but the North Korea-focused NK News website, citing tour groups specializing in North Korea trips, said Russians won't likely be targeted.
Analyst Lee Sangkeun of Seoul's Institute for National Security Strategy said the ban could be associated with difficulties in recruiting Russian tourists because many would consider North Korea too far away and the trip too expensive.
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Password for China Electronics Entry? Tech Transfer JVs
Password for China Electronics Entry? Tech Transfer JVs

Time of India

time43 minutes ago

  • Time of India

Password for China Electronics Entry? Tech Transfer JVs

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Remove Ads The government is likely to support Chinese investments in the electronics sector if they come through joint ventures with Indian firms and entail technology transfer , instead of only setting up assembly units, said ministry of electronics and IT (MeitY) is clear that approval to some Chinese investments is critical for manufacturing to shift to India, as well as for the success of the upcoming component incentive scheme, they told ministry is, hence, backing easing of norms for investments from the neighbouring country, they views are aligned with those of the industry, which has been seeking government agreement for tie-ups with Chinese players, as well as those of government think tank Niti Aayog, which proposed allowing Chinese entities to buy up to 24% stake in Indian firms without additional backing for Chinese investments in electronics manufacturing comes close on the heels of external affairs minister S Jaishankar's meeting with his Chinese counterpart Wang Yi in officials, however, emphasised that Chinese investments should be permitted only in joint ventures with Indian partners and only if there is clarity on the way technology and know-how would be transferred.'If some player just wants to add assembly lines in partnership with a Chinese firm, it won't be supported,' an official privy to the details said, on condition of official said domestic players need to learn technology processes, and that if they have to scale up, Chinese support is needed. 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Brookfield, EQT Close In on Gland Pharma, but Rising Stock a Pain
Brookfield, EQT Close In on Gland Pharma, but Rising Stock a Pain

Time of India

time43 minutes ago

  • Time of India

Brookfield, EQT Close In on Gland Pharma, but Rising Stock a Pain

Live Events Buyout groups Brookfield and EQT are in active discussions to buy Hyderabad-based Gland Pharma, a contract development and manufacturing organisation (CDMO) and injectables company, from China's Fosun Group in what could become one of the largest buyouts of the year in the segment, said people in the know. However, the galloping share price of Gland is a potential deal two private equity groups have been shortlisted after the initial round of bids earlier this such as CVC Capital Partners are also exploring a deal, said the people cited. Warburg Pincus is said to be weighing its options before taking a call, they Chinese parent has diversified investments that range from healthcare to football clubs, asset management, banks, estate, hospitality, fashion and industrials. The conglomerate has a presence across the pharma value chain from manufacturing to diagnostics and medical devices. Shanghai Fosun Pharmaceutical Co. had acquired an 86% stake in Gland Pharma in 2016 from KKR for a record deal value of $1.26 currently owns 51.8% of Gland, having pared its stake over the years. Market capitalisation has shot up to Rs 32,964.47 crore with the Gland Pharma stock appreciating 10% in the year to date in anticipation of a transaction. It closed Friday at Rs 2,000. In the past month alone, it has shot up 16%. The Fosun stake alone would require a payout of Rs 17,141.28 crore ($1.9 billion).Change of control will involve an open offer for an additional 26% of the company from minority shareholders, making it a much larger transaction. If the open offer is fully subscribed, it would translate to a Rs 25,711 crore ($3 billion) acquisition at current and Gland didn't respond to queries. Brookfield and EQT declined to investors are of the view the stock is overpriced and are interested only at a discount to the current level. 'There are macro headwinds because of industry glut and geopolitics,' said one of the people cited. 'Fosun has to decide if it is okay to sell at a significantly lower price.'This factor could be a deal breaker, analysts said. 'At this level, the process looks tough,' said another industry official. Fosun at various times in recent years, renewed its search for a strategic or financial deal for Gland Pharma. The company ran a full sale process last year but aborted it, only to revive plans earlier this summer, mandating Morgan Stanley and UBS. Mint was first to report that PE interest in Gland had revived in in 1978 by PVN Raju, Gland Pharma develops and manufactures generic injectables for use in nearly 90 countries on five continents, with a focus on the Indian and US markets. As with other Chinese companies, Fosun has faced regulatory issues in India due to the frosty relationship between the two countries. Even its entry into India faced significant delays with deal contours needing tweaks to comply with FDI norms. Some experts said Fosun sees the timing as ideal for an exit. But with no success for years, Fosun has been selling down its shares in the public markets through block deals. Last year, it sold about 6% for ₹1,750 crore. 'The incremental growth for the company's base business in the US is likely to come at the cost of margins,' said Shyam Srinivasan of Goldman management is expecting Cenexi Group — a French injectables and CDMO company Gland acquired in 2023 — to break even by the December quarter. Gland has a toehold in Europe through Cenexi, but rebooting the organisation and its product mix has been analysts said Gland has a sound track record and its future prospects may attract buyers.A veteran industry expert said Gland Pharma has a 'strong compliance history' and its manufacturing quality is impeccable. Plus, a surge in demand is seen for large injectable capacities across the world, making it a good fit. Another strong push for Gland Pharma is the explosive growth in glucagon-like peptide-1(GLP-1) drugs for weight loss and diabetes. Novo Nordisk's Wegovy (semaglutide) is set to go off patent early next year in India and Canada, leading to a burst of generic variants expected to enter the market. This is likely to offset the current overcapacity of injectable assets around the world. Trade tensions between the US and China are adding to the interest in Indian contract manufacturing players for steady supplies. 'Although we have not seen any meaningful switching from China yet, such opportunities cannot be ruled out in the future,' an industry executive is also preparing for a larger play in the biologics business, focusing on expanding its biosimilar and biologic CDMO segment.'The company's collaboration with DRL (Dr Reddy's) and discussions with Henlius (of China) are progressing well, with revenue generation from DRL business expected from FY26,' it said in the presentation.

The new buzz
The new buzz

Time of India

timean hour ago

  • Time of India

The new buzz

Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. Unregistered drones are law enforcement's new challenge, one that's not easily solved Civilian drones are proving to be a new headache for law enforcement across the country – an unsurprising fallout of drones becoming cheaper and more widely available. In towns and villages in western UP, for example, drones are regularly spotted after sundown. With growing suspicions that these are linked to local thefts or dodgy characters looking to make privacy-violating videos, people have been forced to mount rooftop vigils. Complaints of videography and snooping using drones, especially in relation to sensitive govt facilities, have been growing in Tamil Nadu. Other state authorities too are seized of the matter. There are three issues here. First, compliance and enforcement of drone regulations are weak. To operate a civilian drone in India one needs to register the drone on the DGCA website, obtain a remote pilot licence, and be aware of flying regulations, including locations of no-fly zones. But most private drone operators don't bother, and there are now lakhs of unregistered drones. As of April this year, only 32,000 were registered against an estimated 5L-plus drones in the country. Second, despite the fact that import of drones is banned in India, foreign drones – especially of illegal Chinese make – are found across grey markets throughout the country. Chinese drones are actually smuggled across India's porous borders. They are dismantled for the journey before being reassembled here. Third, given the rise of the attention economy, drone videos that infringe privacy are in high demand. The sheer number of drones is seriously stretching limited police resources. One solution is faster development of the Indian drone industry to lower domestic drone prices. This will stem imports, and perhaps ensure better monitoring of drone use. But it's not a guarantee by any means. Drones are going the way of all tech breakthroughs – the baddies will more often than not outsmart the good guys. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.

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