Da Lat Plans to Host Month-Long Flower Festival

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According to the People’s Committee of Lam Dong Province, the 2024 Da Lat Flower Festival is scheduled to take place from December 6 to December 31, with the theme “Da Lat Flowers – A Symphony of Colors,” reports Lam Dong Newspaper.

This year marks the 10th Da Lat Flower Festival. In previous years, the festival lasted between 5 and 7 days, but this year it will extend to 25 days. The extension of the festival is seen by the Lam Dong Provincial People’s Committee as a way to maximize the event’s impact and stimulate tourism.

The organizers of the 2024 Da Lat Flower Festival chose the theme “Da Lat Flowers – A Symphony of Colors” to highlight the value of Da Lat’s flower industry and recognize the city’s efforts in joining the UNESCO Creative Cities Network in the field of music.

Tourists visit a flower garden in Da Lat. Illustration photo: Ngoc Khuyen

The opening ceremony is expected to take place on December 6, and the closing ceremony on the night of December 31, coinciding with a New Year’s Eve 2025 celebration. This year’s event will feature 10 main programs and many other supporting activities.

The 2024 Da Lat Flower Festival will introduce several new activities, including an international music program featuring South Korean artists, an international conference on green tourism development and cultural industries based on natural resources, international cultural exchanges, and a rock band festival.

Alongside these new activities, the festival will continue traditional events from previous years, such as the flower space; the Da Lat vegetable and flower market, showcasing the land’s natural gifts; the wine, tea, coffee, and specialty streets; the flower parade, flower fashion shows, and street art performances; OCOP product exhibitions; and an art show in Bao Loc, the city of tea and silk.

In the first seven months of this year, Lam Dong Province welcomed over 6 million visitors, an increase of 12.1% compared to the same period last year. Among them, international visitors accounted for 361,000, an increase of 37.8%. Domestic visitors to Lam Dong were estimated at 5.7 million, up 10.8%.

@SGtiepthi

Which Destinations Are Popular Among Vietnamese Tourists During the 2/9 Holiday?

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This year, the National Day holiday in Vietnam will last for four days. Vietnamese tourists have shown a preference for international destinations within the Asia-Pacific region, while many have also booked domestic tours close to the holiday date.

Recently, the booking platform Booking.com released a list of the top 10 domestic and top 10 international destinations most favored by Vietnamese travelers during the 2/9 holiday. The data is based on searches, bookings, and check-ins from August 31 to September 3.

Varun Grover, the Country Director of Booking.com Vietnam, mentioned that the 2/9 holiday provides families with an opportunity to enjoy memorable time together before the new school year begins.

This year’s travel trends reveal that Vietnamese travelers are seeking vacations that offer a mix of experiences, ranging from cultural exploration to relaxation at mountain resorts and sunny beaches.

The statistics indicate that Vietnamese tourists tend to choose experiences that combine both relaxation and discovery.

Da Lat remains the most popular domestic destination, thanks to its beautiful landscapes, cool climate, romantic and peaceful atmosphere, and delicious cuisine. Da Lat has held the top spot as the most visited destination by Vietnamese travelers during the National Day holiday for five consecutive years.

Other destinations in the top 10 include Da Nang, Vung Tau, Nha Trang, Phan Thiet, Ho Chi Minh City, Hoi An, Hanoi, Sa Pa, and Hue.

Phan Thiet appears in the rankings for the first time, partly due to the newly opened Dau Giay – Phan Thiet expressway, which makes travel more convenient and reduces travel time.

Da Lat is a domestic destination that attracts the attention of tourists. Photo: Linh Trang

As for international destinations, given the limited four-day holiday, Vietnamese tourists have primarily chosen destinations within the Asia-Pacific region, avoiding longer flights.

Bangkok, Thailand, is the most popular city, followed by Tokyo (Japan), Seoul (South Korea), Kuala Lumpur (Malaysia), Singapore, Hong Kong (China), Taipei (Taiwan, China), Sydney (Australia), Bali (Indonesia), and Chiang Mai (Thailand).

These destinations are known for their vibrant tourism scenes, diverse experiences, rich cuisine, and convenient shopping.

Ms. Thuy Tran, CEO of Vivu Journeys Vietnam, noted that there is significant interest in well-known domestic destinations such as Da Nang, Nha Trang, and Da Lat. Other popular leisure destinations include Con Dao, Ly Son, Phu Quoc, and Sa Pa.

“Tour costs and holiday packages for the 2/9 holiday may cool down compared to recent major holidays like Tet and April 30, thanks to a slight decrease in airfare. However, this decrease depends on the timing of the booking and the popularity of the destination.

Typically, customers can find better deals if they book early and are flexible with their travel dates. However, if they book during the peak holiday period, airfare will still be quite high,” Ms. Thuy said.

Mr. Bui Thanh Tu, Marketing Director of Best Price Travel Company, informed VietNamNet that about three weeks before the 2/9 holiday, the company’s mid-range to high-end international tours to Japan, South Korea, and China were already fully booked.

These tours typically depart on August 29, 30, or 31 and have a five-day, four-night itinerary. Tour costs during the 2/9 holiday are about 20% higher than usual.

For domestic tours, Mr. Tu noted that travelers tend to book closer to the date. Prices for domestic tours during this holiday have not fluctuated much compared to the same period last year and have cooled down compared to the April 30 – May 1 holiday this year.

@Vietnamnet

Bitcoin Pops Over $61K, XRP Leads Gains Among Majors

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Some traders expect market movements nearer to Friday when Federal Reserve chair Jerome Powell is scheduled to speak at the Jackson Hole symposium.

Bitcoin (BTC) moved past $61,000 early Tuesday as U.S.-spot exchange-traded funds (ETFs) holding the asset recorded their second-highest inflow activity this month.

Bitcoin ETFs recorded over $61 million in net inflows, the highest since $192 million on August 8, data from SoSoValue shows. BlackRock’s IBIT led inflows at $92 million, while Bitwise’s BITB recorded outflows at $25 million.

Japan’s Metaplanet also announced that it had completed another BTC purchase worth $3.4 million (500 million Japanese yen), bringing its total holdings of bitcoin to 360.368 BTC.

Major tokens followed suite, with XRP and BNB Chain’s BNB jumping over 7%, and Solana’s SOL and Cardano’s ADA gaining 4%. Toncoin (TON) declined 0.8% in the past 24 hours. The CoinDesk 20 (CD20), a measure of the performance of the largest and most liquid digital assets, is up 4.25%.

Polymarket bettors are predicting some price stability, with the market giving a 66% chance that BTC will remain above $60K by the end of the week.

Dogecoin (DOGE) jumped 5% amid technology entrepreneur Elon Musk posting an AI-generated image referring to the token on X. DOGE historically tends to move when Musk posts about the token. However, any price spikes are usually short lived.

PoliFi tokens were also flat, as traders seemed to have lost interest in them. The Trump-themed MAGA token is down 0.3%, according to CoinGecko data, with trading value of $2.5 million. Meanwhile, on Polymarket, Kamala Harris leads Donald Trump 50%-49% as the Presidential election betting contract nears $650 million.

While market catalysts remain far and few as of Tuesday, some traders are expecting market movements nearer to Friday when Federal Reserve chair Jerome Powell is scheduled to speak at the Jackson Hole symposium.

“This week’s market expectations are built around the Jackson Hole symposium where Monetary Policy is to be discussed,” Abra Prime said in a market note via email. “The narrative focuses on BTC ETFs and their correlation with the stock market.

“We can expect horizontal price action this week before Jackson Hole, with BTC ranging between $56K – $62K with most volume around $58K – $60K,” Abra said.

Powell is expected to confirm a pivot to lower borrowing costs next month, per Bloomberg, a step that has historically buoyed bullish sentiment among traders as cheap access to money spurts growth in riskier sectors. Short-term bearish sentiment remains among some, however, on the decision to pull back on proposed options for BTC ETFs.

“We have seen both NYSE and NASDAQ withdraw their applications to list BTC ETF options over the past 72 hours, adding more headwinds to wider mainstream adoption at least in the short term,” Augustine Fan, head of insights at SOFA.org, said in a Telegram message. “TradFi continues to be cautious with ETF ETH buying on the lack of clarity over staking legalities,” Fan added, referring to ether’s (ETH) underperformance compared to bitcoin in the past week.

U.S. Elections-Linked Bitcoin Options Draw Nearly $350M in Open Interest

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Distribution of open interest shows bullish sentiment, according to Wintermute.

Crypto traders speculating on how the impending U.S. elections might affect the digital assets industry have locked millions in bitcoin (BTC) options tied to the event.

The so-called election expiry options, due for settlement four days after the Nov. 4 elections, began trading on Deribit a month ago. As of writing, the notional open interest or the dollar value of the number of active options contracts was $345.83 million, according to data source Amberdata.

Call options, which offer an unlimited upside payoff potential at the expense of limited loss, accounted for 67% of the total open interest. The rest came from put options, which offer protection against price drops, amounting to a put-call ratio of less than 0.50.

In other words, twice as many calls were open as puts, reflecting bullish expectations from the outcome of the elections.

“These election-dedicated contracts allow investors to capitalize on the increased interest by speculating on how the election might affect the crypto markets in a targeted way. The current put-call ratio of 0.50 indicates a bullish sentiment, with twice as many calls traded as puts,” algorithmic trading firm Wintermute said in a note shared with CoinDesk.

The call option at the strike price of $80,000 is the most popular, boasting an open interest of over $39 million. Broadly speaking, open interest is mainly concentrated in higher strike calls, starting from $70,000 to $140,000. That’s a sign of traders positioning for new record highs around the election time.

Meanwhile, $39 million is locked in the $45,000 put option.

“The concentration of call options’ open interest at strikes around $80K and $100K suggests that market participants are positioning for potential upside in bitcoin, while the presence of puts at lower strike price of $45,000 indicates some level of hedging or downside protection,” Wintermute noted.

TON Leads Crypto Majors as BTC, ETH Remain Flat

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GameFi heavy TON outperformed the CoinDesk 20 during the Monday trading day in Asia.

Bitcoin (BTC), ether (ETH) and most other crypto majors were flat in Asia as the region’s business week began, with the CoinDesk 20 (CD20), a measure of the largest digital assets, down 0.43%.

One of the highlights of the Monday session was TON, the digital asset associated with Telegram. The token was up 5.6% as HashKey announced a partnership with the project.

HashKey will offer regulatory guidance, technical support for Catizen’s blockchain infrastructure operations, and collaborate on initiatives within the Ton ecosystem to enhance Catizen’s gaming experiences, a press release reads. Catizen is a Telegram-based, gaming platform with multiple cat themed mini games.

“[We’ll] focus on the TON ecosystem to offer unique Web3 gaming experiences, fostering the prosperity and development of the TON ecosystem,” Ben El-Baz, Managing Director of HashKey Global said in an e-mail. “Leveraging Telegram’s advantage to attract more developers represents a significant opportunity for TON.”

Tim Wong, Chairman of the Catizen Foundation, also added in an emailed statement that Catizen seeks to transcend the short lifecycles of typical games by leveraging Web3’s untapped potential, aiming to create a lasting impact through a strong community and the fusion of experienced game developers with skilled Web3 designers.

“In many projects with incomplete product models, crypto accelerates their decline. However, in a project with a comprehensive business model, crypto can be the core support that sustains upward development,” Wong wrote. “This is because the user base and the Catizen ecosystem are continually reinforced by robust token incentives.”

Elsewhere, DYDX is up 5.6% as the decentralized exchange continues to post gains in its weekly trading volume.

Shaquille O’Neal Will Have to Defend Some of the Allegations Against Him in the Astrals NFT Lawsuit

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The court did not dismiss the allegation that Astrals sold tokens which were unregistered “securities.”

A U.S. court has granted one part and dismissed another part of a class action lawsuit against legendary basketball player Shaquille O’Neal for his role in the NFT project Astrals, according to court documents filed on Friday.

Astrals was a project involving a collection of 10,000 non-fungible tokens (NFTs) 3D avatars and a decentralized autonomous organization (DAO) for “incubating innovative projects.” Astral NFTs could be used as virtual avatars and the Galaxy token was the governance token of the DAO.

The case alleged that O’Neal acted as the face of Astrals urging investors to “[h]op on the wave before its too late.” Even when cryptocurrency exchange FTX collapsed in November 2022, O’Neal sent out a graphics interchange format (GIF) on the community message board Discord, from The Wolf of Wall Street that read, “I’m not F***ing Leaving,” the court document said. The lawsuit alleged that O’Neal fled the project after that and “the value of Astrals financial products plummeted.”

The U.S. District Court for the Southern District of Florida, Miami Division, dismissed the allegation that O’Neal was a “control person,” meaning someone who exercised actual power or control.

However, the court found that O’Neal’s involvement in the project falls under the definition of a “seller” because he successfully solicited the purchase of the products, despite O’Neals argument that he was not an officer or director of the company.

The court did not dismiss the allegation that Astrals sold tokens which were unregistered “securities.”

The attorney for the investors in the lawsuit, Adam Moskowitz, who also represents investors in the FTX, Voyager and Binance lawsuits, suggested that this ruling could bring clarity in other pending crypto class action litigations.

“We are extremely fortunate that District Judge Moreno authored the first extensive ruling on cryptocurrency and celebrity promotions … bringing clarity and understanding in all of the other crypto class actions litigation, many are pending in this District.

O’Neal and the Astral project are supposed to reply to the allegations by September 12, 2024.

Asia Tightens Entry Quarantine to Combat Monkeypox Spread

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In Pakistan, Prime Minister Shehbaz Sharif announced on August 17 the implementation of stricter monitoring and quarantine procedures at airports, ports, and borders to control the disease’s spread.

China has also intensified its efforts to prevent the entry of monkeypox amid a global rise in cases. As of August 15, travelers entering China from regions with confirmed monkeypox cases must declare any exposure to the virus or symptoms such as fever, rash, or swollen lymph nodes. This regulation will remain in place for six months.

China’s General Administration of Customs will perform medical checks and conduct testing on travelers who meet the criteria. Additionally, vehicles and goods arriving from affected areas will be disinfected if there is a risk of exposure to the virus.

On August 14, the WHO declared monkeypox a global public health emergency, with outbreaks primarily affecting Africa. WHO Director-General Tedros Adhanom Ghebreyesus stated that experts are now considering the use of a monkeypox vaccine to combat the spread of the virus.

U.S. Boosts Chip Production with Major Investment in Texas Instruments

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Under the agreement, the U.S. will provide $1.6 billion to help Texas Instruments construct three semiconductor factories—two in Texas and one in Utah. This funding will support the company’s investment plan, which aims to inject up to $18 billion into these facilities by 2029.

These factories are expected to produce over 100 million chips per day and create around 2,000 engineering jobs, as well as thousands of construction jobs.

In addition to the financial support, Texas Instruments is projected to receive $6 to $8 billion in tax incentives and $10 million for workforce development.

This $1.6 billion contribution is part of the $52 billion budget under the Chips and Science Act of 2022. To date, the U.S. has spent over $30 billion from this budget to help companies like Intel, Samsung, and TSMC build and expand semiconductor factories across the U.S.

Top 10 Office Chairs for Long Hours: Comfort and Support

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While this may seem like an aesthetic choice, much attention is real on securing comfort and support for those long hours of work. Long periods spent at a desk require both comfort and support in a chair.The proper workplace chair can prevent lower back ache, enhance posture, and boom productiveness. Here are the pinnacle top 10 office chairs designed for individuals who spend extended intervals seated:


1. Herman Miller Aeron Chair


It’s ergonomically designed, with adjustable features and breathable mesh upholstery. The Herman Miller Aeron chair is simply timeless for any conformist conventional setting. Also, it has lumbar assist and highly adjustable armrests—good for sitting time. The Herman Miller Aeron Chair is a conventional preference, celebrated for its ergonomic design. It capabilities adjustable features and breathable mesh upholstery, making it best for all-day use. Its lumbar guide is completely adjustable, and the armrests may be customized for most reliable consolation.


2. Steelcase Leap Chair

The Steelcase Leap Chair is well known for its Live Back technology, which mimics the herbal shape of the spine for finest aid. It offers adjustable lumbar support, seat intensity adjustment, and a flexible backrest to deal with numerous sitting positions. The Steelcase Leap Chair is renowned for its Live Back era, which adapts to the herbal curve of your spine for first-rate support. It offers adjustable lumbar support, seat intensity adjustment, and a bendy backrest, accommodating diverse sitting positions and actions.

3. Humanscale Freedom Chair


The Humanscale Opportunity Seat has a self-changing lean back instrument that will tailor itself in light of an individual’s movement.It gives magnificent lumbar help and energizes dynamic sitting, selling dissemination and diminishing weariness. The Humanscale Opportunity Seat has a self-changing lean back instrument that changes with one’s development. This chair encourages dynamic sitting, which is doing movement and reduces fatigue.It presents fantastic lumbar support and is designed to beautify consolation and productivity.

4. Haworth Zody Chair

The Haworth Zody Chair combines sustainability with ergonomic consolation. It capabilities an asymmetrical lumbar help device, pelvic support, and a mesh backrest for improved breathability. The Haworth Zody Chair merges sustainability with ergonomic consolation. It consists of an asymmetrical lumbar support device, pelvic aid, and a mesh backrest for stepped forward breathability. The chair is designed to provide focused assist whilst being environmentally pleasant.

5. Steelcase Gesture Chair


The Motion Seat by Steelcase is intended to help many stances, so it’s best for cutting edge dynamic work environmental elements. It gives 360-diploma armrest movement and adjustable seat intensity to deal with extraordinary frame shapes. The Gesture Chair through Steelcase is crafted to support a huge range of postures, making it ideal for dynamic paintings environments. It functions 360-degree armrest motion and adjustable seat depth, accommodating numerous body shapes and sitting alternatives.

6. Herman Miller Embody Chair

The Herman Miller Embody Chair is designed to promote healthy circulation and aid herbal backbone alignment. It features a pixelated guide system and breathable cloth to hold you cool and comfortable. The Herman Miller Embody Chair is designed to promote healthful circulate and maintain herbal backbone alignment. It functions a pixelated assist gadget and breathable material to preserve you cool and cushty at some point of the day.

7. Autonomous ErgoChair 2

 Although the Autonomous ErgoChair 2 is at the budget end, with adjustable lumbar support, reclining backrest, and breathable mesh seating for a long sitter, this product brings a fee-powerful option that doesn’t compromise on features.It includes adjustable lumbar assist, a reclining backrest, and a breathable mesh seat, making it a exceptional desire for extended durations of sitting.

8. Knoll ReGeneration Chair

The Knoll ReGeneration Chair is made from sustainable materials and capabilities a bendy backrest that responds in your actions. It gives lumbar assist, a contoured seat cushion, and armrests that circulate with you. The Knoll ReGeneration Chair is made from sustainable materials and capabilities a bendy backrest that responds for your movements. It gives lumbar assist, a contoured seat cushion, and armrests that circulate with you, making sure consolation and adaptability.

9. Serta Big and Tall Executive Chair

For those desiring greater assist, the Serta Big and Tall Executive Chair offers enough cushioning and ergonomic functions. It helps up to 350 pounds and consists of layered body pillows for delivered comfort. Designed for the ones requiring extra help, the Serta Big and Tall Executive Chair gives adequate cushioning and ergonomic functions. It supports up to 350 kilos and consists of layered body pillows for added consolation.

10. Secretlab Titan Chair

Gamers and professionals, this is the model of the Secretlab Titan Chair: ergonomic aid merged with sleek design. It features lumbar support, memory foam padding for comfort, adjustable armrests for providing customized consolation. The Secretlab Titan Seat is well known among game aficionados and specialists for its ergonomic plan and smooth appearance. It highlights lumbar help, adaptive padding cushioning, and flexible armrests for tweaked solace, making it fitting for extended periods of time of purpose. 

Choosing the Right Chair

When choosing an office chair for long hours, don’t forget factors inclusive of adjustability, lumbar guide, material high-quality, and user evaluations. Investing in a chair that promotes healthy posture and comfort can save you lower back pain and improve typical productiveness.

When selecting an office chair for long hours, recall elements which include adjustability, lumbar guide, material satisfactory, and user reviews. Ensure the chair supports your particular needs, including adjustability for various frame sizes and sitting options, and the ability to keep proper posture throughout the day. Additionally, recall the chair’s sturdiness, warranty, and customer service reputation to make an knowledgeable decision.

 

Conclusion

Choosing the proper office furnitureis vital for retaining comfort and productiveness at some point of long work hours. The chairs listed above offer a range of functions to healthy special needs and possibilities. Whether you prioritize adjustability, material, or layout, there may be a chair on this list that can help you work greater readily and efficiently. Investing in a top notch workplace chair isn’t always only useful on your comfort however additionally on your normal health and well-being.Take your time choosing wisely to enjoy the new benefits in advanced comfort and support through your working day.Your frame will thanks for it!

South Korea’s Pension Fund Snaps Up Nearly $34M MicroStrategy Shares

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NPS also holds over $45 million worth of Coinbase shares.

South Korean pension fund, National Pension Service (NPS), bought MicroStrategy (MSTR) shares worth nearly $34 million in the second quarter of this year, according to a filing made public earlier this week.

The fund disclosed that it purchased 24,500 shares at an average price of $1,377.48, before MicroStrategy announced a 10-for-1 stock split in the beginning of this months. This brings the total number of shares to 245,000, valued at $32.32 million, based on MicroStrategy’s last close of $131.93.

The purchase by NPS can be seen as an indirect investment in bitcoin (BTC) as MicroStrategy is the largest corporate holder of the token.

Earlier this month, Wall Street broker Benchmark raised its price target on the Michael Saylor-led firm to $2,150 from $1,875. Benchmark raised the price target despite MicroStrategy missing its revenue target for Q2.

NPS also holds 229,807 shares of Coinbase (COIN), worth over $45 million, based on Coinbase’s last close of $197.12. The fund started buying shares in the crypto exchange in 2023, snapping up 282,673 shares at an average price of $70.5.

Donald Trump Holds Over $1M in Ether, Also Receives NFT Licensing Fees

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Filings show he has over $1 million in Ether.

Donald Trump holds between $1 million -$5 million in Ether (ETH), and has significant income from non-fungible tokens (NFT) licensing fees, according to election disclosures

While the filings list a non-specific amount of Ether, Arkham Intelligence lists the holdings of Trump’s wallet at $3.6 million.

Aside from the Ether holdings filings show that Trump made $7.15 million through a licensing agreement with a firm called NFT INT, and the former first lady, Melania Trump, had $330,609 in income from the sales of NFTs.

OpenSea data shows that the Trump Digital Trading Cards have had over 15,808 ETH in trading volume since their debut. In July, Trump said he plans to release another NFT collection.

Despite Trump’s earlier endorsement of crypto, the former President didn’t mention it during a X space interview with Elon Musk nor did he mention it during a recent press conference where he addressed a variety of other topics related to his campaign.

Recently, the Trump Organization, the holding company for former U.S. President Donald Trump’s business ventures, announced it will unveil a cryptocurrency initiative, CoinDesk reported.

North Korea to Reopen for International Tourism in December

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This move signals that North Korea is preparing to lift its strict COVID-19 border controls and welcome international tourists for the first time since 2020. Local tourism operators KTG and Koryo Tours have confirmed that their partners in North Korea informed them about the government’s plans to allow visits to select locations.

In December, tourists will be able to visit Samjiyon, a city near Mount Paektu, the revered mountain believed by North Korean leaders to be the birthplace of Kim Jong-un’s family. Kim himself has made numerous visits to the area since 2018.

Koryo Tours, a Beijing-based travel company, expressed excitement on its website, stating: “After more than four years of waiting, Koryo Tours is delighted to announce that North Korea tourism is once again open to international tourists.”

Although North Korea has remained mostly closed to foreign tourists since 2020, limited international flights resumed in 2023, and a small group of Russians reportedly visited the country in February.

North Korea has been investing in tourism development, particularly in Samjiyon, which is located near the Chinese border. North Korean leader Kim Jong-un, who visited the city in July, praised it as a “model of a highly civilized mountain city,” featuring new hotels, attractions, and a ski resort.

The reopening of tourism could help North Korea economically recover from the impacts of the COVID-19 pandemic.

According to Koryo Tours, introductory trips to North Korea typically range from 600 to 1,500 Euros per person, depending on factors such as departure point, trip duration, group size, and accommodation.

Mitsui Invests in Tasco Auto, Strengthening Foothold in Vietnam’s Expanding Car Market

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Mitsui & Co. has taken a strategic step into Vietnam’s burgeoning automotive market by investing in Tasco Auto, a significant player in the country’s car industry. This move aligns with Mitsui’s broader strategy to capitalize on the growing demand for vehicles in Southeast Asia.

The Japanese trading giant made its initial investment in Tasco Auto on July 31, as confirmed in a joint statement released on Friday. While the details of the transaction, including the value and size of the stake, were not disclosed, the statement emphasized that Mitsui’s involvement positions it as a strategic investor in Tasco Auto, reinforcing the latter’s long-term growth ambitions.

Following the announcement, shares of Mitsui surged by as much as 5.1% on Friday, while Tasco’s stock rose by 3.6%, marking its most significant intraday gain since July 9. Tasco Auto, which operates 90 showrooms across Vietnam and represents 14 major automotive brands such as Ford, Nissan, and Volvo, is gearing up to launch a complete knockdown (CKD) car project later this year. This initiative will see the assembly of passenger cars in partnership with a global automaker, though the specific partner was not named in the statement.

Vietnam’s automotive market has been experiencing robust growth, with passenger car sales reaching 19,126 units in July, an 8.2% increase compared to the same month last year, according to the Vietnam Automobile Manufacturers Association. From January to July 2024, total vehicle deliveries amounted to 102,293 units.

Mitsui’s investment in Tasco Auto is part of its broader engagement with Vietnam, which also includes plans announced in March to invest in a Vietnamese gas field. This move highlights Mitsui’s confidence in Vietnam’s economic potential and its strategic importance within Southeast Asia.

In the broader context of Vietnam’s automotive market, Tasco Auto is part of a competitive landscape that includes other major players such as Thaco, the largest automotive manufacturer in Vietnam, and VinFast, a rapidly growing local automaker that has been making headlines with its electric vehicle ambitions. Thaco, which assembles and distributes vehicles for brands like Kia, Mazda, and Peugeot, dominates the local market, while VinFast, a subsidiary of Vingroup, has quickly established itself as a key player, with plans to expand its footprint globally. Mitsui’s investment in Tasco Auto could help bolster Tasco’s position in this competitive market, potentially paving the way for future collaborations and innovations in Vietnam’s automotive industry.

Binance Completes Registration With India’s Financial Intelligence Unit Months After Being Fined

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The registration was provisionally approved in May, subject to the crypto exchange paying a fine of about $2.2 million.

Binance, the world’s largest cryptocurrency exchange, completed registration with India’s Financial Intelligence Unit (FIU-IND) just months after it was fined $2.2 million for providing services in the country without authorization.

The registration, Binance’s 19th worldwide, means its website and app are fully available to users in India, according to an announcement on Thursday.

The road to registration commenced in May, only a few months after Binance was banned under the country’s Prevention of Money Laundering Act (PMLA) along with eight other exchanges. It was granted provision approval, subject to paying a fine for providing services to Indian clients without adhering to the country’s anti-money laundering rules. The size of the fine was determined in June.

“This registration underscores Binance’s commitment to adhering to anti-money laundering (AML) standards and fostering a secure, transparent, and efficient ecosystem,” the company said in the statement.

Among the other banned entities, KuCoin similarly paid a penalty to clear its slate with FIU-IND. KuCoin’s fine amounted to $41,000.

Binance has been settling disputes with financial regulators in the world’s largest economies. It paid $4.3 billion in the U.S. last year to settle criminal charges of breaking sanctions and money-transmitting laws. As part of the settlement, founder Changpeng “CZ” Zhao stepped down as CEO and was sentenced to four months in prison in April.

“Our commitment to stringent regulation forms a fundamental part of our business strategy. It’s about fostering a secure, transparent, and efficient environment,” CEO Richard Teng said in the statement.

 

BitGo Reiterates Autonomy From Justin Sun, Tron as MakerDAO Decides to Dump WBTC

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Critics of Sun’s involvement don’t understand the operational mechanics, the crypto custodian’s CEO, Mike Belshe, said during an X Space discussion.

BitGo CEO Mike Belshe took the opportunity of an online discussion to reiterate the safety of the bitcoin (BTC) that underpins its wBTC (WBTC), a token that allows the largest cryptocurrency by market cap to be utilized on blockchains other than the original Bitcoin system.

In an X Spaces discussion, Belshe reiterated that Tron founder Justin Sun does not have access to the cryptocurrency custodian’s asset keys.

Belshe’s assurance came as DAI stablecoin issuer MakerDAO passed a motion to eliminate its exposure to wBTC due to concerns that a proposal to shift custody to be held jointly with BiT Global – an entity partially controlled by Sun – would centralize too much control with BiT Global.

During the online discussion, Belshe said the keys would be split between BitGo’s U.S., and Singapore entities as well as BiT Global.

“There is no single party that has the ability to mint or steal from the underlying treasury,” Belshe said. Community concern mostly came from not understanding the operational mechanics of the keys, he said.

Belshe also highlighted that Sun is not an employee of BiT Global. The company, he said, is structured as a public holding company in Hong Kong with a fiduciary duty to secure customer assets. Under local laws, no individual can own more than 20% of the company.

MakerDAO’s decision, which becomes available for execution after 13:24 UTC on Aug. 15, aims for the organization to stop tapping its wBTC vaults for liquidity. This would prevent further borrowing from these vaults, but existing positions would not be liquidated.

Data from Dune shows that wBTC remains stable and there has been no discernable change in the volume of burns, or redemptions of wBTC for bitcoin as users look for alternatives. On Wednesday, crypto exchange Coinbase (COIN) indicated it might be preparing its own wrapped version of BTC, to be called cbBTC.

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