Coronation Gives Tourism Boost, but UK Economy Still Reeling

A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
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Coronation Gives Tourism Boost, but UK Economy Still Reeling

A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)
A façade mimicking the 1953 Coronation decor by Oliver Messel, decorates the Dorchester Hotel in London, Thursday, April 20, 2023. (AP)

Kelly Curto is taking her first trip outside the US, and the die-hard fan of the British royal family is making it the one at the top of her bucket list — heading to London for King Charles III's coronation.

After arriving on May 5, the 44-year-old school bus driver from Long Island and a friend will head to the Mall, the ceremonial avenue to Buckingham Palace where the monarch's pomp-filled procession will pass by the following day.

That's where they plan to spend the night if they can find a good spot to glimpse the gilded horse-drawn state coach, royals and thousands of soldiers filing past — despite splurging on a four-star hotel for their nine-day trip.

"This is like a once-in-a-lifetime opportunity. You get to be part of history," Curto said. "Everybody around the world knows this family. Everybody around the world is going to be watching this coronation — and we get to be a part of that."

The coronation is luring royal enthusiasts fascinated by the ceremonial spectacle — and drama — of the monarchy and far-flung visitors eager to experience a piece of British history. Tour companies, shops and restaurants are rolling out the red carpet, whether it’s a decked-out bus tour of London’s top sights with high tea or merchandise running from regal to kitschy.

The weekend of events starting May 6 will bring a cash infusion to central London businesses, especially hotels, pubs and restaurants, but it won’t do much for UK residents struggling with an economy on the precipice of recession and a cost-of-living crisis that has stirred months of disruptive strikes by workers seeking pay hikes.

For visitors looking to splash out, hotels across London are touting coronation-themed packages, menus and decor.

Those willing to spend an eye-popping 12,995 pounds (over $16,000) can get an overnight stay in the Royal Suite at the five-star Hotel Cafe Royal and a limo ride to the Tower of London for a private tour and viewing of the Crown Jewels.

The Dorchester Hotel, long a favorite with royals and celebrities, concocted a lavish, five-tier coronation cake and put up theater-style draping across its facade to re-create the decorations that it used to mark Queen Elizabeth II’s coronation in 1953.

Many international visitors are drawn by the idea of a "beautiful fairytale" about "the royals and everything that is around them," general manager Luca Virgilio said.

"So there’s a lot of love and a lot of interest. And we are sold out already, which is very encouraging," he said.

The Royal Lancaster Hotel near Hyde Park is serving afternoon tea inspired by Charles’ favorites: roast beef sandwiches, darjeeling tea and damson plum mousse.

The spread features a darjeeling tea cake shaped like crown atop a crimson cushion, while the hotel bar serves a coronation cocktail: a martini with a splash of darjeeling tea, trimmed with gold leaf.

For a different twist, Annie Verhaert, 64, and daughter Claudia Lombaert, 30, from Belgium, boarded a vintage red double-decker bus strung with Union Jack flags for a coronation-themed tour that hits landmarks like Big Ben and Trafalgar Square.

On the way, they sipped tea — using cupholders to prevent spills — and snacked on finger sandwiches and pastries like the "royal scone" from a menu a former royal butler curated for tour operator Brigit’s Bakery.

"We knew the queen all our life," Verhaert said. "And it’s now the first time we see a change on the throne. So it’s special."

And souvenirs are in no short supply, including tea towels, socks, dessert plates and other paraphernalia with coronation insignia from the Royal Collection Trust, purveyor of official memorabilia.

Unofficial merchandise also abounds at shops in tourist areas, with Charles' likeness crudely emblazoned on tote bags, coasters and teabag holders or coronation-branded pens, tins of fudge and playing cards offering more upscale options. Even more items show his mother, who died in September after 70 years on the throne, on everything from mugs to bobblehead figures.

Officials have high hopes that the coronation will provide a vital boost to the country’s tourism industry, which is still reeling from two years of COVID-19 shutdowns. The UK received some 29.7 million visits last year, still nearly a third below 2019.

"Events like this really kick-start the recovery, don’t they? And they put Britain on the world stage again," said Patricia Yates, chief executive of the VisitBritain tourism board.

Queen Elizabeth II’s Platinum Jubilee celebrations last year brought in an extra 2.6 million visitors to London, she said, and Charles’ coronation is expected to have a similar effect.

History, heritage and the royals are the biggest draw for international tourists, Yates said, and royal pageantry is a particular magnet for Americans, who are driving the UK’s tourism recovery.

"We can see a 10% increase in flight bookings through May from the America market," she said. "The big question mark is, of course, China, which was our second-most-valuable market and still not coming back quite in the numbers we would like to see."

The coronation's wider impact on Britain’s economy is less clear.

Tax revenue will get a boost from extra retail spending for parties nationwide. Pubs will be allowed to stay open two hours longer May 5-6.

However, organizing the coronation has a huge cost that some reports estimate could run as high as 100 million pounds, and an extra public holiday on May 8 means a lost day of productivity.

So while the hospitality industry benefits, "the flipside of that is that by giving everybody an extra day off, you’re taking quite a bit of output out of the economy in quite a lot of other sectors," said Andrew Goodwin of Oxford Economics.

The British economy has been essentially stagnant since the start of last year as decades-high inflation squeezes households and small businesses. The International Monetary Fund expects UK output to shrink by the most of any major economy this year.

To keep up with the soaring cost of living, nurses, teachers, postal workers and others have been striking for higher wages. Security guards at Heathrow Airport plan to walk off the job starting May 5, threatening to disrupt travel for the coronation.

"There’s a lot of headwinds that the economy has to battle," Goodwin said.

Brand Finance says the monarchy boosts the UK economy to the tune of 500 million pounds a year, more than making up for the estimated 350 million pounds it costs taxpayers.

However, that boon is less than a third of the London-based consultancy's 2017 forecast. CEO David Haigh blamed the plunge in value on a "disastrous six years" for the royal family, including a scandal involving Prince Andrew, a string of gaffes by minor royals and Harry and Meghan falling out with the family.

Still, "going forward, we still believe that the monarchy generates more in terms of revenue for the UK economy than it costs," Haigh said.

The royals certainly are drawing Curto, who will stay with a friend at the Wellington Blue Orchid hotel in London at a cost of about 3,000 pounds.

They plan to visit Hampton Court Palace, Westminster Abbey, the Tower of London and make day trips to Oxford and the Cotswolds. It won’t be cheap, but Curto won't be pinching pence.

"I plan on enjoying myself without limits," she said. "I know London is an expensive city, so I’m prepared to spend a fair amount."



Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

 A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
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Bulgaria Adopts the Euro, Nearly 20 Years After Joining the EU

 A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)
A map of Bulgaria with the EU symbol is projected on the Bulgarian National Bank as people celebrate New Year's Eve and Bulgaria's adoption of the euro in Sofia, Bulgaria, Thursday Jan. 1, 2026. (AP)

Bulgaria became the 21st country to switch to the euro as it entered the New Year on Thursday, a milestone met with both cheers and fears, nearly 20 years after the Balkan nation joined the European Union.

At midnight (2200 GMT Wednesday), Bulgaria gave up the lev currency, which has been in use since the late 19th century, and Bulgarian euro coins were projected onto the central bank's building.

Successive governments in the country of 6.4 million people have advocated joining the euro, hoping that it will boost the economy of the European Union's poorest member, reinforce ties to the West and protect against Russia's influence.

But Bulgarians have long been divided over the switch, with many worrying the introduction could usher in higher prices and add to the political instability rattling the country.

In a speech broadcast shortly before midnight, President Rumen Radev hailed the euro adoption as the "final step" in Bulgaria's EU integration, as thousands of people braved sub-zero temperatures in the capital Sofia to celebrate the New Year.

Radev however voiced regret that Bulgarians had not been consulted by referendum on the adoption.

"This refusal was one of the dramatic symptoms of the deep divide between the political class and the people, confirmed by mass demonstrations across the country."

Anti-corruption protests swept a conservative-led government from office in mid-December, leaving a country anxious about inflation on the verge of its eighth election in five years.

"People are afraid that prices will rise, while salaries will remain the same," a woman in her 40s who declined to give her name told AFP in Sofia.

At one of the city's largest markets, stalls displayed prices of everything from groceries to New Year's Eve essentials like sparklers in both levs and euros.

"The whole of Europe has managed with the euro, we'll manage too," retiree Vlad told AFP.

- Easier trade, travel -

European Commission president Ursula von der Leyen said Wednesday that Bulgaria's move into the eurozone marked "an important milestone" that would bring "practical benefits" to Bulgarians.

"It will make travelling and living abroad easier, boost the transparency and competitiveness of markets, and facilitate trade," she said.

Central bank governor Dimitar Radev said the euro symbolized much more than "just a currency -- it is a sign of belonging".

But according to the latest Eurobarometer survey, 49 percent of Bulgarians are against the switch.

Outgoing prime minister Rossen Jeliazkov sought to reassure the public ahead of the move, saying he was "counting on the tolerance and understanding of citizens and businesses".

He added that inflation in the Black Sea nation, which joined the EU in 2007, was not linked to the euro's adoption.

But the concerns of Bulgarians about inflation are not idle.

Food prices rose by five percent year-on-year in November, more than double the eurozone average, according to the National Statistical Institute.

"Unfortunately, prices no longer correspond to those in levs," pastry shop owner Turgut Ismail, 33, told AFP, saying that prices have already begun surging.

A euro protest campaign earlier this year tapping into a generally negative view of the single currency among much of the population also fanned fears of price hikes.

- Queues and possible disruptions -

Given Bulgaria's ongoing political instability, any problems with euro adoption would be seized on by anti-EU politicians, warned Boryana Dimitrova of the Alpha Research polling institute.

Some people, including business owners, have complained that it has been difficult to get their hands on euros, with shopkeepers saying they haven't received the euro starter packages they ordered.

Banks said there could be some disruption at cash machines in the hours surrounding the switch. Earlier this week, people queued outside the Bulgarian National Bank and several currency exchange offices in Sofia to obtain euros.

The euro was first rolled out in 12 countries on January 1, 2002. Croatia was the latest to join, in 2023.

Bulgaria's accession will bring the number of Europeans using the euro to more than 350 million.


Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites
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Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

Saudi Industry Ministry Concludes Ninth Licensing Round, with 24 Companies and Consortia Awarded 172 Mining Sites

The Saudi Ministry of Industry and Mineral Resources announced on Wednesday the names of 24 companies and consortia that have won licenses in the ninth exploration licensing round, the largest in the Kingdom’s history to date.

The winning entities were awarded 172 mining sites, including 76 sites that advanced to a multi-round public auction, across three mineralized belts in the regions of Riyadh, Madinah, and Qassim, with total committed exploration spend of over SAR671 million during the first two years of their work programs.

This milestone comes as part of the ministry’s ongoing efforts to accelerate mineral exploration and development in the Kingdom, in line with the objectives of Vision 2030, which positions the mining sector as the third pillar of the national industrial economy, said the ministry in a statement.

The ninth round offered over 24,000 km2, spanning the Ad-Duwaihi/Nabitah gold belt in Riyadh Region, as well as the Nuqrah and Sukhaybirah/As-Safra gold belts in Madinah and Qassim regions. These areas are rich in strategic minerals, including gold, copper, silver, zinc, and nickel. The round witnessed strong interest and high-quality competition from leading local and international companies, reflecting growing confidence in Saudi Arabia’s mining investment environment and its attractiveness at both regional and global levels.

The list of winning companies includes several leading international firms and prominent local companies, namely: Desert EX Pty Ltd Company; Batin Alard for Gold Company; Royal Roads Arabia Company; Sierra Nevada Gold Inc. Company; Aurum Global Group; Brunswick Exploration Incorporated; EQLEED-INDOTAN Mining Company; Helderberg Limited Company; Rawafed Alola for Mining Company; Saudi Gold Refinery Limited Company; Arabian Discovery Mining Company; Al Ghazal Al Arabi Mining Company; Almasar Minerals Holding Limited Company; Al Tasnim Enterprises LLC Company; Arabian Gulf Skylark. The Distinguished Consortium Mining Company, Two Limited Company; Maaden Ivanhoe Electric Exploration and Development Limited Company.

Several newly formed consortia also emerged winners in the licensing round, such as Demir Engineering Ltd, Dahrouge Geological Consulting Ltd, and Kaz United Mining LLC Consortium; KENZ Global Resources Ltd, and Manahil Al Sharq Mining and Al Rayyan Mining Resources Co. Consortium; Maaden Barrick Technology Experts Co. and Andiamo Exploration Ltd Company; Shandong Gold (Beijing) Industrial Investment Co., Ltd., Development Co., Ltd., and Ajlan & Bros Company for Mining; Midana Exploration Pty Ltd and Saudi Arabian Mining Company (Maaden) Consortium; and McEwen Mining Inc. and Sumou Holding Company Consortium.

The ninth round saw 26 qualified companies participate via the electronic bidding platform. The round was conducted in several stages with the highest levels of transparency: prequalification, site selection via the platform, and a multi-round public auction for sites attracting more than one bidder.

The ministry further noted that the scale of investment commitments in this round supports the development of underexplored greenfield areas and helps unlock the Kingdom’s estimated mineral wealth of SAR9.4 trillion, thereby strengthening the resilience of mineral supply chains.

The ministry confirmed that licensing will continue through the 10th round, spanning 13,000 km2 across Madinah, Makkah, Riyadh, Qassim, and Hail. It will include new sites that extend the mineralized belts offered in the ninth round.

The ministry will announce additional exploration and investment opportunities for 2026 at the fifth edition of the Future Minerals Forum (FMF), scheduled to take place in Riyadh from January 13 to 15.

These efforts are part of the Kingdom’s comprehensive strategy for the mining and mineral industries, aimed at maximizing the value of mineral resources, attracting global investment, creating jobs, enhancing value-chain integration, and reinforcing Saudi Arabia’s position as a global mining hub, in line with the ambitions of Vision 2030, it stressed.


Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
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Expo 2030 Riyadh Awards the Main Utilities and Infrastructure Works Package

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)
The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity. (SPA)

In a step aimed at advancing construction activities, Expo 2030 Riyadh awarded its Main Utilities and Civil Works package to Nesma and Partners - marking a significant moment in the journey to bring to life one of the most ambitious global mega-events ever developed.

The milestone demonstrates the project’s increasing momentum as it shifts from early works to large-scale construction activity.

In a statement on Wednesday, Expo 2030 Riyadh Company said the Main Utilities and Infrastructure Works package aims to prepare the site for subsequent construction phases and supports the operational requirements of the event itself.

The scope of work includes constructing roads within the Expo site and installing essential utilities that will form the infrastructure backbone of the entire development.

Around 50 kilometers of infrastructure networks will be delivered as part of this package – including water, sewage, EV charging stations, and electrical and communication systems. Together, these works are essential to support the next stages of master plan development and allow Expo 2030 Riyadh’s experience-defining structures to take shape.

CEO of Expo 2030 Riyadh Company Talal Al-Marri said: “This milestone marks an important step in accelerating construction activities in the Expo 2030 Riyadh site. By moving early on the infrastructure that underpins the entire site, we are creating the conditions for safe, coordinated, and high-quality delivery across all future phases of development, while ensuring a lasting legacy well beyond 2030.”

“The contract has been awarded ahead of schedule to accelerate the delivery timeline as part of a phased approach that will see construction across infrastructure, buildings, and public spaces advance steadily through 2026 and into early 2027,” he stressed.

President and Chief Executive Officer of Nesma and Partners Samer Abdul Samad said: “We are proud to be entrusted with delivering this phase of infrastructure for Expo 2030 Riyadh. This project is not only about scale, but also about precision, integration, and responsibility.”

“Our focus will be on delivering high-quality infrastructure that supports the ambition of Expo 2030 Riyadh and sets a strong foundation for everything that follows,” he added.

Expo 2030 Riyadh Company has embedded high standards for quality, sustainability, innovation, worker welfare, and health and safety into the delivery of the works, reinforcing its commitment to responsible construction and creating a safe, inclusive environment for everyone involved in the program.