
North Koreans swim and play at a beach resort touted as a boost for tourism
The Wonsan-Kalma eastern coastal tourist zone, which North Korea says can accommodate nearly 20,000 people, is at the heart of leader Kim Jong Un's push to boost tourism as a way to improve his country's struggling economy. But prospects for the resort, the biggest tourist complex in North Korea, aren't clear, as the country won't likely fully reopen its borders and embrace Western tourists anytime soon, observers say.
The official Korean Central News Agency reported the Wonsan-Kalma area began service Tuesday, drawing a large number of North Koreans who enjoyed open water swimming, slides and other attractions at a water park and various water activities in the area.
'The guests' hearts were filled with overwhelming emotion as they felt the astonishing new heights of our-style tourism culture blossoming under the era of the Workers' Party," KCNA said in a typical propaganda-driven dispatch.
Photos released by North Korean state media showed children with tubes and inflatable balls dipping into the sea, while others in colorful swimsuits beamed while sitting beneath red-and-white parasols.
Kim said at the opening ceremony last week the site would be recorded as 'one of the greatest successes this year" and called its opening 'the proud first step' toward realizing the government's policy of developing tourism. State media said North Korea has plans to build similar tourist zones around the country.
North Korea, however, hasn't said whether and when it would fully resume international tourism that is key to their success.
Since 2022, North Korea has been slowly easing the curbs imposed during the COVID-19 pandemic and reopening its borders in phases.
But Chinese group tours, which made up more than 90% of visitors before the pandemic, remain stalled while there are questions about ties between the two socialist neighbors. In February this year, North Korea allowed a small group of international tourists to visit its northeastern border city of Rason, only to stop that tour program in less than a month.
Since February 2024, North Korea has been accepting Russian tourists amid expanding military cooperation between the countries. But Russian government records seen by South Korean experts show a little more than 2,000 Russians, only about 880 of them tourists, visited North Korea last year, a number that is too small to revive North Korea's tourism.
Russia's Primorsky region, which borders North Korea, said last week that the first group of Russian tourists to the Wonsan-Kalma resort will depart on July 7 for a eight-day trip that includes a visit to Pyongyang.
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Associated Press
24 minutes ago
- Associated Press
Why Central Banks Around the World Are Piling on Their Gold Reserves – And What It Means for Retail Investors
07/02/2025, London,England // KISS PR Brand Story PressWire // In recent years, central banks have been making a quiet yet powerful move: buying gold—lots of it. From China and India to Turkey and Poland, countries are adding to their gold stockpiles at the fastest rate in decades. But why is this happening now, and what should retail investors make of it? Let's dig into the motivations behind this global gold rush and what it means for you, especially in the age of the so-called 'Gold Bank'. 𝑨 𝑺𝒉𝒊𝒇𝒕 𝒊𝒏 𝑮𝒍𝒐𝒃𝒂𝒍 𝑺𝒕𝒓𝒂𝒕𝒆𝒈𝒚 The world's central banks added over 1,000 tonnes of gold to their reserves in 2023 alone—the highest annual purchase on record, according to the World Gold Council. What's driving this move isn't just financial. It's strategic. Gold has always been a hedge. Against inflation. Against currency collapse. Against geopolitical tension. Central banks—whose job is to manage national currencies and monetary policy—are increasingly uneasy about the US dollar's dominance and the state of the global economy. That unease is translating into action. Take China, for instance. The People's Bank of China has been steadily increasing its gold reserves month after month. Part of this is about diversifying away from the dollar. Holding gold insulates a country from the whims of US interest rate hikes and political decisions like sanctions. It's a buffer. A statement. And in times of global friction, it's insurance. 𝑻𝒉𝒆 𝑫𝒐𝒍𝒍𝒂𝒓 𝑫𝒊𝒍𝒆𝒎𝒎𝒂 Many central banks are nervous about their over-reliance on the US dollar. With the dollar still accounting for around 60% of global reserves, any volatility in the American economy sends shockwaves worldwide. But the geopolitical weaponisation of the dollar—sanctions, asset freezes, and trade restrictions—has made some countries wary of holding too much of their wealth in greenbacks. Gold, in contrast, is neutral. It doesn't rely on the performance of any one country. It can't be frozen, blocked, or sanctioned. It's physical. It's universal. And in uncertain times, that's exactly what institutions crave. 𝑰𝒏𝒇𝒍𝒂𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝑹𝒂𝒕𝒆 𝑽𝒐𝒍𝒂𝒕𝒊𝒍𝒊𝒕𝒚 Even in developed markets, central banks are under pressure. Inflation may be slowing, but the damage from the post-COVID monetary expansion is still lingering. Interest rates remain volatile. Bond markets have been unpredictable. And while fiat currencies lose value to inflation, gold maintains purchasing power over the long term. Central banks are now viewing gold as a way to stabilise their reserves. Unlike currencies or bonds, gold doesn't carry credit risk or default risk. It's a passive, enduring store of value. In a world full of uncertainty, it's a safety net. 𝑻𝒉𝒆 𝑹𝒊𝒔𝒆 𝒐𝒇 𝒕𝒉𝒆 𝑮𝒐𝒍𝒅 𝑩𝒂𝒏𝒌 𝑴𝒆𝒏𝒕𝒂𝒍𝒊𝒕𝒚 There's another angle to this: reputation and trust. In many ways, central banks are behaving more like what some are calling a " Gold Bank "—institutions that safeguard real, tangible wealth rather than abstract monetary tools. Think of it this way: if a central bank holds only paper assets—foreign currencies, debt instruments, and derivatives—its reserves are essentially IOUs. But gold is real. Gold is owned. And that's a powerful message to markets, investors, and citizens. The term Gold Bank is starting to gain traction as more national institutions look to gold not just as a reserve asset but as a backbone of financial credibility. 𝑾𝒉𝒂𝒕 𝑻𝒉𝒊𝒔 𝑴𝒆𝒂𝒏𝒔 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑹𝒆𝒕𝒂𝒊𝒍 𝑰𝒏𝒗𝒆𝒔𝒕𝒐𝒓 If central banks are loading up on gold, what should everyday investors take from that? 1. 𝑮𝒐𝒍𝒅 𝒊𝒔 𝑩𝒂𝒄𝒌 𝒊𝒏 𝑷𝒍𝒂𝒚 Gold has always been part of the financial ecosystem, but for years it was sidelined by equities, tech stocks, and crypto. That's changing. The fact that institutional players are reinforcing their gold holdings should signal that it's time for retail investors to reassess their own diversification strategies. Gold is not about explosive gains—it's about protection, preservation, and patience. But with so much institutional demand, even price growth is becoming a factor. Retail investors who get in early may benefit not just from safety, but from steady upside. 2. 𝑪𝒖𝒓𝒓𝒆𝒏𝒄𝒚 𝑫𝒆𝒗𝒂𝒍𝒖𝒂𝒕𝒊𝒐𝒏 𝑰𝒔 𝒂 𝑹𝒆𝒂𝒍 𝑻𝒉𝒓𝒆𝒂𝒕 Whether you hold pounds, euros, or dollars, your money is under threat from inflation and government policy. Central banks know this—and that's why they're moving to hard assets. For retail investors, this should serve as a wake-up call. The value of your savings isn't guaranteed. Gold provides a way to hedge against the erosion of fiat value. 3. 𝑷𝒉𝒚𝒔𝒊𝒄𝒂𝒍 𝒗𝒔. 𝑷𝒂𝒑𝒆𝒓 𝑮𝒐𝒍𝒅 There are many ways to invest in gold—ETFs, mining stocks, futures contracts, and physical bullion. The growing appetite among central banks is overwhelmingly for physical gold, not paper proxies. This trend may drive up the premium on physical gold and increase competition for reliable storage. Retail investors should take note: if institutions are opting for real metal over paper, it might be wise to follow their lead. The rise of the Gold Bank mentality means physical custody is back in fashion—for reasons that go beyond price. 4. 𝑾𝒂𝒕𝒄𝒉 𝒕𝒉𝒆 𝑩𝑹𝑰𝑪𝑺 𝒂𝒏𝒅 𝑬𝒎𝒆𝒓𝒈𝒊𝒏𝒈 𝑴𝒂𝒓𝒌𝒆𝒕𝒔 Countries like Russia, India, and Brazil are actively building their gold reserves. This could signal a long-term trend of realignment in the global financial system. If BRICS nations begin to trade with each other in gold-backed instruments or local currencies tied to gold, it could reduce global reliance on the dollar and shift the balance of financial power. For investors, this creates both risk and opportunity. Currency markets may become more volatile. Commodities may see increased speculation. And gold could see growing demand—not just as an investment, but as a geopolitical tool. 𝑭𝒊𝒏𝒂𝒍 𝑻𝒉𝒐𝒖𝒈𝒉𝒕𝒔: 𝑨 𝑵𝒆𝒘 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑬𝒓𝒂? The central bank gold rush isn't just a financial trend—it's a political and strategic one. It reflects the cracks in the old monetary order and the rise of a new one where trust, security, and sovereignty are paramount. The term Gold Bank captures this shift—a move away from fiat dependence and towards real assets. Retail investors should read the writing on the wall. When the most powerful financial institutions in the world start snapping up gold, it's not a fad. It's a signal. Diversification isn't optional anymore—it's essential. Gold isn't just for doomsday preppers or hedge fund managers. It's becoming mainstream again. And for anyone serious about protecting wealth in uncertain times, it might be the smartest play in the book.

Associated Press
24 minutes ago
- Associated Press
Daniele Chiari Wins a 2025 Global Recognition Award for Excellence in Leadership, Innovation, and Mentoring in Government Hospitality
Daniele Chiari received a 2025 Global Recognition Award, recognizing his exceptional culinary diplomacy and serving world leaders in Saudi Arabia. His 'Tastes Beyond Borders' movement bridges international cultures through innovative cuisine while mentoring emerging professionals and advancing government hospitality standards globally. New York, NY, United States, July 2, 2025 -- Italian culinary expert Daniele Chiari has been honored with a 2025 Global Recognition Award for his exceptional contributions to government hospitality and catering on an international scale. The award recognizes Chiari's influential leadership in bridging culinary traditions across cultures while serving at the highest levels of diplomatic protocol. His recognition comes when the global hospitality industry is experiencing unprecedented growth, reaching $4.9 trillion in 2024 and projecting continued expansion through 2025. Currently serving as culinary director for confidential government operations in Saudi Arabia, Chiari has spent over two decades building a distinguished career that spans multiple continents and prestigious hospitality establishments. His portfolio includes managing culinary services for visits by Russian President, Indian Prime Minister, Japanese Prime Minister, U.S. President, Chinese President and many more to Saudi Arabia. Leadership Excellence in International Diplomacy Chiari's award acknowledges his unique culinary diplomat position, orchestrating high-profile catering operations for world leaders and international summits. His approach combines traditional Italian culinary techniques with Middle Eastern and Asian influences, creating a unique fusion that respects cultural sensitivities while delivering world-class dining experiences. 'I am not just a chef. I am a cultural ambassador, educator, innovator, and leader,' Chiari stated regarding his recognition, emphasizing how his work bridges nations and sets new traditions. The precision required for diplomatic events, where cultural sensitivity and diplomatic protocol intersect with culinary excellence, represents a specialized field within the broader hospitality sector. His experience managing culinary operations during major Islamic conferences, Arab summits, GCC and International Summits, demonstrates the scale and complexity of his responsibilities. The demand for exceptional culinary leadership in diplomatic and luxury hospitality settings has intensified as international relations become increasingly complex and culturally nuanced. Innovation Through Cultural Integration A 2025 Global Recognition Award highlighted Chiari's innovation in creating the 'Tastes Beyond Borders' movement, representing a paradigm shift in how international cuisine can serve diplomatic purposes. His educational background includes tourism management credentials from the University of Hertfordshire and specialized training from institutions, including the International Business Management Institute. These qualifications reflect the multidisciplinary expertise required for his role, combining culinary artistry with business acumen and cultural intelligence. Chiari serves as an ambassador of Italian cuisine with well known culinary entities and the Euro Toques association in Saudi Arabia, where he has established mentoring programs that have influenced culinary talent development across the region. His commitment to education extends to his role as a partner with the Dinner Incredible group, where he organizes culinary events and cooking demonstrations that showcase international and Saudi cuisine standards. Last but not least, he actively participates in culinary conferences as an ambassador of both international and local Saudi cuisine, leading master classes and engaging in roundtable discussions with fellow chefs The restaurant industry's projected growth to $1.5 trillion in sales for 2025 highlights the economic significance of culinary leadership roles like Chiari's, with the industry expected to add 200,000 jobs and reach a total employment of 15.9 million. Mentorship and Industry Development Chiari's career progression through prestigious hotel chains, including Starwood, Rocco Forte, Rixos, Marriott, IHG and Hilton, provided the foundation for his current role overseeing culinary operations for government protocols. His journey from the Roman Castles region of Italy to the royal kitchens of Saudi Arabia exemplifies the global mobility that characterizes modern hospitality leadership. 'My story inspires chefs and professionals to dream beyond borders and use food as a language of peace,' Chiari explained, reflecting on his role as a mentor to emerging culinary professionals. The Global Recognition Awards evaluation process considered Chiari's comprehensive impact across leadership, innovation, and mentoring categories, with his scores reflecting exceptional performance in inspiring and motivating others. His position within the Club Des Chefs in 2023, an exclusive organization of chefs serving various international governments, places him among a select group of culinary professionals operating at the intersection of gastronomy and diplomacy. Alex Sterling from the Global Recognition Awards comments, 'Daniele Chiari representsthe modern culinary professional who understands that exceptional food service extends farbeyond the kitchen. His ability to navigate cultural complexities while maintaining the highest standards of culinary excellence exemplifies the type of leadership that drives our industry forward.' About Global Recognition Awards Global Recognition Awards is an international organization that recognizes exceptional companies and individuals who have contributed significantly to their industry. Contact Info: Name: Alex Sterling Email: Send Email Organization: Global Recognition Awards Website: Release ID: 89163720 In the event of detecting errors, concerns, or irregularities in the content shared in this press release that require attention or if there is a need for a press release takedown, we kindly request that you inform us promptly by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). 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Associated Press
24 minutes ago
- Associated Press
Universal Processing Celebrates Grand Opening of New Headquarters, Reinforcing Commitment to Empowering Underserved Businesses
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