North Korean leader Kim Jong-un and Russian President Vladimir Putin attend a meeting in Pyongyang. EPA
North Korean leader Kim Jong-un and Russian President Vladimir Putin attend a meeting in Pyongyang. EPA
North Korean leader Kim Jong-un and Russian President Vladimir Putin attend a meeting in Pyongyang. EPA
North Korean leader Kim Jong-un and Russian President Vladimir Putin attend a meeting in Pyongyang. EPA

Russia's Putin arrives in North Korea for first visit in 24 years


Soraya Ebrahimi
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Russian President Vladimir Putin arrived in North Korea in the early hours of Wednesday, promising to deepen trade and security ties with the reclusive nuclear-armed state and to support it against the US.

After a stopover in Russia's Far East, Mr Putin's plane touched down in Pyongyang at about 2.45am, Russian state media said.

How far Russia will go in support of North Korean leader Kim Jong-un is a subject of debate among the US and its Asian allies, as the country is the only one to have conducted nuclear weapon tests in the 21st century.

In a sign that Russia, which has the power of a veto in the UN Security Council, is reassessing its entire approach to North Korea, Mr Putin praised Pyongyang before his arrival for resisting what he said was US economic pressure, blackmail and threats.

In an article published by North Korean state media, Mr Putin praised “Comrade” Kim, and promised to “jointly resist illegitimate unilateral restrictions”, to develop trade and strengthen security across Eurasia.

North Korea's leader Kim Jong-un greets Russia's President Vladimir Putin at the Kumsusan State Guest House in Pyongyang. AFP
North Korea's leader Kim Jong-un greets Russia's President Vladimir Putin at the Kumsusan State Guest House in Pyongyang. AFP

“Washington, refusing to implement previously reached agreements, continuously puts forward new, increasingly stringent and obviously unacceptable demands,” Mr Putin said in the article.

It was printed on the front page of North Korea's Rodong Sinmun, the ruling Workers' Party mouthpiece.

“Russia has always supported and will continue to support the DPRK and the heroic Korean people in their opposition to the insidious, dangerous and aggressive enemy.”

Mr Putin issued a presidential order on the eve of the visit saying Moscow was looking to sign a “comprehensive strategic partnership treaty” with North Korea.

His foreign policy adviser Yuri Ushakov said it would include security.

Mr Ushakov said the deal would not be directed against any other country, but would “outline prospects for further co-operation”.

Mr Putin said the Soviet Union was the first to recognise the Democratic People's Republic of Korea founded by Mr Kim's grandfather, Kim Il-sung, less than two years before the 1950 Korean War.

North Korean state media also published articles praising Russia and supporting its military operations in Ukraine, calling them a “sacred war of all Russian citizens”.

Mr Putin's state visit comes amid US accusations that North Korea has supplied “dozens of ballistic missiles and over 11,000 containers of munitions to Russia” for use in Ukraine.

South Korea, a staunch US ally, has raised similar concerns.

The White House said on Monday it was troubled by the deepening relationship between Russia and North Korea.

The US State Department said it was “quite certain” Mr Putin would be seeking arms to support his war in Ukraine.

Moscow and Pyongyang have denied arms transfers but have vowed to boost military ties, possibly including joint drills.

A motorcade with Russian President Vladimir Putin and North Korea's leader Kim Jong-un heads to the state guest house in Pyongyang. AP
A motorcade with Russian President Vladimir Putin and North Korea's leader Kim Jong-un heads to the state guest house in Pyongyang. AP

Russia is due to outproduce the whole Nato military alliance on ammunition production this year, so Mr Putin's trip is probably aimed at showing Washington how disruptive Moscow can be on a host of global crises.

Russia in March vetoed the annual renewal of a panel of experts monitoring enforcement of long-standing UN sanctions against North Korea over its nuclear weapons and ballistic missile programmes.

The visit will include one-on-one discussions between the two leaders, as well as a gala concert, state reception, honour guards, document signings and a statement to the media, Russia's Interfax news agency quoted Mr Ushakov as saying.

Russian Defence Minister Andrei Belousov, Foreign Minister Sergey Lavrov, the ministers for natural resources, health, and transport, the heads of the Russian space agency and its railways, and Mr Putin's point man for energy, Deputy Prime Minister Alexander Novak, will be part of the delegation.

Before the visit, North Korea appeared to have been preparing for a military parade in downtown Pyongyang, commercial satellite imagery showed.

The summit presents the greatest threat to US national security since the Korean War, said Victor Cha, a former US national security official now with the Centre for Strategic and International Studies.

“This relationship, deep in history and reinvigorated by the war in Ukraine, undermines the security of Europe, Asia and the US homeland,” Mr Cha wrote in a report on Monday.

He urged Washington to work with Europe and other partners to increase economic and diplomatic pressure on Pyongyang, engage with China, and launch a major human rights and information campaign to flood the North with outside media.

North Korea has been under UN sanctions for its ballistic missile and nuclear programmes since 2006, and those measures have been strengthened over the years.

North Korea's leader Kim Jong-un awaits the arrival of Russian President Vladimir Putin for a welcome ceremony at Pyongyang Airport. AFP
North Korea's leader Kim Jong-un awaits the arrival of Russian President Vladimir Putin for a welcome ceremony at Pyongyang Airport. AFP

The UN Security Council has been divided over how to deal with Pyongyang.

Russia and China say more sanctions will not help and that joint military drills by the US and South Korea merely provoke Pyongyang.

Two years ago, they vetoed a US-led push to impose more UN sanctions on North Korea over its renewed ballistic missile launches.

Washington and its Asian allies accuse Beijing and Moscow of emboldening North Korea by protecting it from more sanctions.

After North Korea, Mr Putin will visit Vietnam on Wednesday and Thursday.

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Match info

Bournemouth 1 (King 45 1')
Arsenal 2 (Lerma 30' og, Aubameyang 67')

Man of the Match: Sead Kolasinac (Arsenal)

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Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

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Brief scores:

Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)

England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)

Result: Scotland won by six runs

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part one: how cars came to the UAE

 

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Courtesy: Carol Glynn, founder of Conscious Finance Coaching

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

Top 10 in the F1 drivers' standings

1. Sebastian Vettel, Ferrari 202 points

2. Lewis Hamilton, Mercedes-GP 188

3. Valtteri Bottas, Mercedes-GP 169

4. Daniel Ricciardo, Red Bull Racing 117

5. Kimi Raikkonen, Ferrari 116

6. Max Verstappen, Red Bull Racing 67

7. Sergio Perez, Force India 56

8. Esteban Ocon, Force India 45

9. Carlos Sainz Jr, Toro Rosso 35

10. Nico Hulkenberg, Renault 26

Updated: June 20, 2024, 5:50 AM