logo
North Korea will open its biggest tourist site next week, though it's not yet welcoming foreigners

North Korea will open its biggest tourist site next week, though it's not yet welcoming foreigners

SEOUL, South Korea (AP) — North Korea next week will open a signature coastal tourist site that it says will usher in a new era in its tourism industry, though there is no word on when the country will fully reopen to foreign visitors.
The Wonsan-Kalma coastal tourist zone has hotels and other accommodations for nearly 20,000 guests who can swim in the sea, engage in sports and recreation activities and eat at restaurants and cafeterias on site, state media said.
Kim said its construction would be recorded as 'one of the greatest successes this year' and called the site 'the proud first step' toward realizing the government's policy of developing tourism, according to KCNA.
North Korea will open the site to domestic tourists first
The Wonsan-Kalma beach resort is North Korea's biggest tourist site. KCNA said it will begin service for domestic tourists next Tuesday, but the report didn't say when it will start receiving foreign tourists. Observers say the resort likely required a huge investment from North Korea's limited budget, so it eventually will have to accept Chinese and other foreign tourists to break even.
Kim has been pushing to make the country a tourism hub as part of efforts to revive the ailing economy, and the Wonsan-Kalma zone is one of his most talked-about tourism projects. KCNA reported North Korea will confirm plans to build large tourist sites in other parts of the country, too.
But North Korea hasn't fully lifted a ban on foreign tourists that it imposed in early 2020 to guard against the COVID-19 pandemic. Experts say North Korea has been slow to resume its international tourism because of remaining pandemic curbs, a flare-up of tensions with the U.S. and South Korea in recent years and worries about Western tourists spreading a negative image of its system.
Russian and Chinese tourists will likely travel to the resort
Starting from February 2024, North Korea has been accepting Russian tourists amid the booming military and other partnerships between the two countries, but Chinese group tours, which made up more than 90% of visitors before the pandemic, remain stalled.
In February this year, a small group of international tourists visited the country for the first time in five years, but tourist agencies said in March that their tours to North Korea were paused.
Kim's recent foreign policy prioritizes relations with Russia as he's been supplying troops and conventional weapons to support its war against Ukraine in return for economic and military assistance. But North Korea's ties with China, which has long been its biggest trading partner and aid benefactor, have apparently cooled as China is reluctant to join an anti-Western alliance with North Korea and Russia, analysts say.
Tuesday's ceremony that marked the completion of the resort's construction drew the Russian ambassador to North Korea and his embassy staff, KCNA said. But it didn't say whether any Chinese diplomats were also invited.
'I think North Korea will soon accept Russian tourists, given the Russian Embassy officials attended the ceremony. Summer business is important" for the beach resort, said Lee Sangkeun, an expert at the Institute for National Security Strategy, a think tank run by South Korea's intelligence agency.
'There seems to be issues that North Korea hasn't yet resolved in its relations with China. But North Korea has put in too much money on tourism and plans to spend more. Subsequently, to get its money's worth, North Korea can't help receiving Chinese tourists,' Lee said.
Lim Eul-chul, a professor at Kyungnam University's Institute for Far Eastern Studies in Seoul, also said that foreign tourism to the Wonsan-Kalma site will begin with Russians. But he said Chinese tours to the zone, a sort of civilian exchange, will also begin soon, adding bilateral trade between China and North Korea has been recovering.
South Korean and American tours won't likely happen soon
Lim said that South Korean and American tours to North Korea won't likely restart anytime soon, though both new liberal South Korean President Lee Jae Myung and U.S. President Donald Trump have expressed hopes to revive dialogue with North Korea.
In January when Trump boasted about his ties with Kim, he said 'I think he has tremendous condo capabilities. He's got a lot of shoreline,' a likely reference to Wonsan-Kalma.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Lithium industry bemoans 'paradox' of low prices, rising demand
Lithium industry bemoans 'paradox' of low prices, rising demand

Yahoo

time9 minutes ago

  • Yahoo

Lithium industry bemoans 'paradox' of low prices, rising demand

By Ernest Scheyder LAS VEGAS (Reuters) -An ongoing slide in lithium prices even as demand for the battery metal continues to climb is a frustrating "paradox" not likely to be resolved before at least 2030, the world's largest producers told a major industry conference this week. Once a niche metal used primarily in greases, ceramics and pharmaceuticals, lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. Oversupply from China, however, has dragged prices down more than 90% in the past two years, fueling layoffs, corporate buyouts and project delays across the globe. "We've got market pain, but on the other side is the strategic gain. That is the lithium paradox," Dale Henderson, CEO of Australian lithium miner Pilbara Minerals, told the Fastmarkets Lithium and Battery Raw Materials Conference in Las Vegas. One long-time conference attendee described the mood at this year's conference using the stages of grief as a metaphor. Last year's conference reflected denial, with the sentiment in 2025 one of acceptance, he said. Despite the price drop, attendance at the conference - considered the world's largest annual gathering of lithium investors, executives and consumers - fell only 9% from last year to roughly 1,000, according to organizers. "It's quite hard to imagine a future where lithium doesn't play a central role in the global economy," said Paul Lusty, head of battery raw materials research at Fastmarkets. Chinese miners have stockpiled supply that likely will only come down later this decade and lessen the market imbalance, he added. Others have seen an even longer timeframe. Project Blue, another minerals consultancy, does not expect lithium demand to exceed supply until 2033 at the earliest. "Lithium has no chill mode. It really is more volatile than a lot of other markets out there," said Peter Hannah, head of pricing at Albemarle, the world's largest lithium producer, which has cut staff and delayed expansion projects in response to the price drop. Much of the conference side chatter focused on efforts to curb spending, with various lithium projects - especially direct lithium extraction (DLE) projects - touting efforts to lower costs. "The issues with lithium are which mines can produce the highest quality product at the lowest cost," said Ken Hoffman, a commodity strategist with mining investment bank Red Cloud Securities. EnergyX, a DLE developer backed by General Motors, unveiled a study showing it could produce the metal in northern Chile with operating costs below $3,000 per metric ton. The estimates are preliminary, but underscore the industry's push to spend less. "Innovation is the solution to building a resilient battery supply chain," said Chris Doornbos, CEO of E3 Lithium, which is developing a DLE project in Alberta. Adding to the market tension, SQM - the world's second-largest lithium producer - laid off 5% of its workforce this week. "We do have other factors impacting the behavior of the market participants than just pure economics," Andres Fontannaz, commercial vice president of SQM's international lithium division, told the conference, a reference to how electric vehicles have become a political target in some countries. The tension is even higher for lithium projects under construction and hoping prices rise by the time they open. "This is a really tough industry to be in," said Jon Evans, CEO of Lithium Americas, which is building North America's largest lithium mine in Nevada. "It's periods of euphoria followed by periods of pain and suffering, which we're in now." Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Flutterwave Named to TIME100 Most Influential Companies List for Second Time, Highlighting Global Payments Influence
Flutterwave Named to TIME100 Most Influential Companies List for Second Time, Highlighting Global Payments Influence

Business Wire

time22 minutes ago

  • Business Wire

Flutterwave Named to TIME100 Most Influential Companies List for Second Time, Highlighting Global Payments Influence

SAN FRANSCISCO--(BUSINESS WIRE)--Flutterwave, Africa's leading payment technology company, has been named among the TIME100 Most Influential Companies List of 2025. This marks the second time the company has received this prestigious global honor. Flutterwave joins global leaders such as Amazon, Berkshire Hathaway, Netflix, OpenAI, Universal Music Group, and others in the list's TITANS category. TIME reveals the fifth-annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world today. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 105 businesses helping chart an essential path forward. Founded in 2016, Flutterwave was first included on the TIME100 list in 2021. This followed a historic campaign that helped thousands of businesses impacted by the COVID-19 pandemic to sell online. Its 2025 return testifies to the company's ongoing influence as a fintech leader, transforming payments across Africa and beyond. The company has remained committed to connecting Africa through seamless payments. It empowers individuals and businesses to thrive in the digital economy. Today, its solutions power growth across diverse sectors. These include cross-border remittance, e-commerce, travel, payroll, and hospitality. Flutterwave Founder and CEO, Olugbenga 'GB' Agboola, commented on the recognition: 'Being recognized by TIME once again is a true honor. It's a testament to our team's incredible work. We've moved from building infrastructure to enabling global-scale solutions. Flutterwave today isn't just powering payments; we're shaping Africa's financial future and connecting the continent to the world.' In the past year, Flutterwave significantly expanded its global presence. The company now has technology reach in over 34 African countries. Nearly fifty percent of its customers received payments in new markets in 2024. Additionally, it launched operations in new markets such as Bahrain, Turkey, and Saudi Arabia for a leading global ride-hailing giant to expand in those countries. This positions Flutterwave as one of the few African fintech companies with such extensive technology reach. Additionally, the company's flagship remittance product, SendApp by Flutterwave, has scaled rapidly across the US, UK, and the EU. It creates faster, more affordable ways for Africans in the diaspora to send money to family and friends back home. Notably, Send App received 20 additional licenses in the US, now holding 34 such licenses across the country. This, combined with partnerships, gave the brand near-complete US coverage. The company also built a strengthened executive team. It recently introduced a focused growth strategy centered on profitability and continued market penetration and expansion. This TIME's 2025 list follows a wave of recent global and regional accolades. Notably, Flutterwave ranked first on Fast Company's 2024 Most Innovative Companies list for Europe, the Middle East, and Africa. Earlier this year, it was recognized for the second consecutive year in the FXC Top 100 Cross-Border Payment Companies.

Buccaneers extend coach Todd Bowles, GM Jason Licht
Buccaneers extend coach Todd Bowles, GM Jason Licht

Yahoo

time24 minutes ago

  • Yahoo

Buccaneers extend coach Todd Bowles, GM Jason Licht

TAMPA, Fla. (AP) — The Buccaneers signed general manager Jason Licht and coach Todd Bowles to multi-year contract extensions on Thursday. Bucs owner and co-chairman Joel Glazer said in the team's announcement the two have been critical to the team's recent success. Advertisement "The winning culture they have established has us well positioned for the future,' Glazer said in a statement. 'The continuity and stability they provide will play a large role in our ability to compete for additional championships.' Bowles is coming off his third year as coach in which he led the Bucs to a fourth-straight NFC South title. He was promoted in 2022 after Bruce Arians stepped down following the Buccaneers' Super Bowl LV victory. Bowles had previously served as the team's defensive coordinator for three seasons. His 27 regular-season victories are the franchise's second-best total through three seasons behind Arians. 'I am excited to continue working with Jason for years to come as we build on the success we've enjoyed and keep reaching for even bigger and better goals. My family loves Tampa and we're looking forward to delivering more great moments for our fans in the coming seasons,' Bowles said in a statement. 'I also appreciate the confidence that the Glazer Family has shown in my abilities to lead this football team. It is a responsibility I do not take lightly and am honored to have.' Advertisement Licht is the fifth longest-tenured general manager in the league as he enters his 12th season. Along with drafting and re-signing key players in Mike Evans, Chris Godwin, Tristan Wirfs, Vita Vea and Antoine Winfield Jr., Licht played a significant role in the acquisition of Tom Brady. 'I am very grateful to the Glazer Family for the trust and belief they have shown in what we are doing here,' Licht said in a statement released by the team. 'I am also very excited to continue working alongside Todd well into the future as we continue our mission of finding and developing talented players and chasing additional championships for our fans.' ___ AP NFL:

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