China Plans Ban on Private-Sector Involvement in Media, Publishing, Online Platforms

The ruling Chinese Communist Party (CCP) has set out plans to ban private investment in the media, amid an ongoing program of regulatory changes aimed at tightening state control over the private sector.

Under proposed rule changes posted to its official website on Oct. 8, the State Development and Reform Commission (SDRC) said it was soliciting public opinion on adding private sector investment in media organizations to a list of banned investments.

The list, which is intended to apply across China without local variation, requires that “organizations with no public sector investment shall not engage in business involving newsgathering, editing or broadcasting.”

Banned organizations would include news agencies, newspaper publishing groups, radio or television broadcasters and providers of online news, editing services or publishers, it said.

The recommendation was signed by the State Administration of Radio, Film and Television and the General Administration of Press and Publications, as well as the Cyberspace Administration.

Private investors are also banned from investing in political, economic, military, or diplomatic organizations, and from “major social, cultural, technological, health, education, sports and other services.”

In particular, there must be no private sector involvement in “political and public opinion guidance or value orientation,” the proposed list of banned investments said.

Previously the GAPP was simply tasked with “guiding and regulating” private-sector involvement in press and publications.

A retired lecturer at Shanxi University surnamed Luo said the central government no longer trusts the private sector to deliver its brand of ideological guidance to the general public.

“The government is making sure that it controls its message — it won’t hand over the pen to anyone else,” Luo said. “It wants a dominating voice to rule over everything.”

“The message is very clear: don’t mess with the media or try to do anything connected with it,” he said.

A woman rides at an escalator past a movie promotion poster for "The Battle of Lake Changjin," a blockbuster film on the Koren War, at a mall in Beijing, Oct. 11, 2021. Credit: AFP
A woman rides at an escalator past a movie promotion poster for “The Battle of Lake Changjin,” a blockbuster film on the Koren War, at a mall in Beijing, Oct. 11, 2021. Credit: AFP

‘Brainwashing’

Beijing-based current affairs commentator Zhang Tianqi said the CCP under general secretary Xi Jinping has continually tightened control over public speech and the media since Xi took power in 2012.

“It is not surprising, because this will be conducive to a more thorough brainwashing of the population,” Zhang said.

“They used both military force and propaganda to take power back in 1949, and the news media, the power of the pen, has remained a very important pillar of the regime ever since,” he said.

Private capital was banned from investing in the media as early as 2005, but the ban was overturned by then president Hu Jintao and then premier Wen Jiabao in a bid to make mainstream media more attractive to readers increasingly turning to online platforms for their news and other content.

“Ten years ago, Hu and Wen allowed private sector investment in the media, because they thought it could save the mainstream media,” Zhang said.
 
Li Guangman, columnist and former editor of the trade publication Central China Electric Power, said in an online op-ed piece that the move is part of the “profound revolution” he wrote about in August.

Li, whose essay on Xi Jinping’s move away from the pro-market policies of the past four decades propelled him to instant fame in China, said the proposed changes would eradicate “capitalists” from China’s news and other media content.

“It is very wise,” he wrote on Oct. 11. “Once the list is released and implemented, we will see profound and significant changes in this country’s news media.”

Li’s earlier essay said that the CCP has launched a “profound revolution” with its crackdown on celebrity culture, billionaires, and the private sector generally, citing Beijing’s blocking of Ant Financial’s initial public offering (IPO) in New York in late 2020, as well as an ongoing probe into the business operations of ride-sharing app Didi Chuxing.

“It represents a return to the original aims of the CCP … and to the essence of socialism. This revolution will wash all of the dirt away,” Li wrote at the time.

Critic of propaganda film detained

The ban on private sector investment in the media would also ensure that there is no way for a “cultural elite” to control public opinion, or for foreign venture capital to gain a foothold in the sector, Li wrote of the ban.

Li said the ban was closely linked to the decision to prosecute an outspoken former news editor, Luo Changping, for defaming revolutionary martyrs in online comments about a CCP-backed wartime propaganda blockbuster titled “The Battle at Lake Changjin.”

Luo, 40, was detained by police in the southern island province of Hainan on Thursday, on suspicion of “impeaching the reputation of heroes and martyrs,” state broadcaster CCTV reported.

His detention came after he criticized the film’s depiction of China’s role in the Korean War (1950-1953).

“Police will carry out a stringent investigation and punish” Luo’s actions, CCTV said.

Feng Chongyi, a professor of political science at the University of Technology Sydney, said Luo’s detention sends the message that the CCP won’t tolerate the slightest criticism of the official party ideology.

“This kind of brainwashing means you aren’t allowed to criticize or argue with any of it,” Feng said. “If you do, you will be besieged by all the [pro-CCP] little pinks or fifty centers, and the state could go after you through the law enforcement system.”

An online commentator who gave only the surname Chen said the CCP expects its propaganda films to be taken as gospel, and that such films are considered part of the official canon.

“Propaganda films like The Battle at Lake Changjin … set out what will become political correctness in official propaganda,” Chen said. “Anyone who damages this political correctness and [questions the] general propaganda direction will bring down the full force of the criminal system on themselves.”

Luo Changping is a former chief reporter of at the China Business Daily, former chief editor of the in-depth reports section of the Beijing News, and a former deputy editor of Caijing magazine.

He was the 2013 winner of a Transparency International Integrity Award.

Translated and edited by Luisetta Mudie.

Zoom Named a Leader in 2021 Gartner® Magic Quadrant™ for Meeting Solutions

Zoom Celebrates its Sixth Consecutive Year in the Leaders Quadrant

SAN JOSE, Calif., Oct. 11, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM), today announced that analyst firm Gartner has named Zoom a Leader in the 2021 Magic Quadrant for Meeting Solutions. This is the seventh time Zoom has appeared in the Gartner Magic Quadrant for Meeting Solutions and its sixth consecutive time as a Leader.

For the Meeting Solutions Magic Quadrant, Gartner analyzed 15 companies in the Meeting Solutions space, naming Zoom as a Leader. Zoom is the highest-scoring vendor across three use cases in this year’s Critical Capabilities for Meeting Solutions: Learning and Training, External Presentation, and Webinar.

“We are honored that Gartner has named Zoom a Leader in the Magic Quadrant for Meeting Solutions,” said Eric S. Yuan, CEO of Zoom. “Zoom simplifies and elevates communications for every business, from the single entrepreneur to the world’s largest enterprises, and we are humbled that so many organizations trust our frictionless, reliable, and secure platform. Zoom will continue to innovate our platform to meet emerging collaboration demands and further deliver customer happiness.”

To read a complimentary copy of the 2021 Gartner Magic Quadrant for Meeting Solutions report, please visit zoom.us/gartner.

Disclaimer

Gartner, Magic Quadrant for Meeting Solutions, Mike Fasciani, Tom Eagle, Brian Doherty, Christopher Trueman, 7 October 2021 – For Magic Quadrant

Gartner, Critical Capabilities for Meeting Solutions, Tom Eagle, Mike Fasciani, Brian Doherty, Christopher Trueman, 7 October 2021 – For Critical Capabilities report.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner Peer Insights reviews constitute the subjective opinions of individual end-users based on their own experiences, and do not represent the views of Gartner or its affiliates.

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for large enterprises, small businesses, and individuals alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Zoom Press Relations:
Beth McLaughlin
PR Specialist
press@zoom.us

Myanmar’s Forests Under Pressure From Illegal Logging, Smuggling

Logging companies and criminal gangs are destroying forests in East Asia at an unprecedented rate.

Myanmar is grabbing world headlines for its citizens’ struggle against a military regime that overthrew Aung San Suu Kyi’s elected National League for Democracy on Feb. 1.

Less well known about the country of 54 million people is the ongoing illegal logging that has been destroying the forests of Myanmar, which along with Indonesia, Malaysia, Vietnam, Cambodia and Thailand are deforestation hotspots in Southeast Asia.

The National Geographic magazine reports that half of the world’s remaining wild teak, one of the world’s most valuable hardwoods, grows in Myanmar.

National Geographic fellow Paul Salopek witnessed teak being transported on barges piled high with huge logs and described the scene as “a forest on the move.”

He described teak as “easily worked lumber.” It‘s rich in weather and pest-resistant oils and is highly rated for use in patio furniture and countertops.

Teak’s high silica content creates a smooth surface when it’s polished and also works well in the construction of yachts.

“Forest clearance in Southeast Asia is accelerating, leading to unprecedented increases in carbon emissions,” said a study by University of Leeds researchers published in July.

“The findings show that forests are being cut down at increasingly higher altitudes and on steeper slopes in order to make way for agricultural intensification,” it said.

A girl carrying a basket at a logging area on the outskirts of Yangon, Myanmar, where .logging  exploded in the early 200s, when the military junta discarded sustainable forestry practices ito cash in on vast natural resources, in a 2014 file photo. Credit: AFP
A girl carrying a basket at a logging area on the outskirts of Yangon, Myanmar, where .logging exploded in the early 200s, when the military junta discarded sustainable forestry practices ito cash in on vast natural resources, in a 2014 file photo. Credit: AFP

Criminal gangs

Meanwhile, the London-based Environmental Investigation Agency (EIA) reports that with some of the highest deforestation rates in the world, East Asia could by 2030 lose some 70 million hectares of natural forest, the equivalent of 25 percent of the projected global total.

Forests provide many benefits. They absorb toxic gases. They help to prevent soil erosion. And they provide much-needed shelter for animals and birds.

In previous years some trees were removed simply to provide more space for agricultural expansion. But in today’s Myanmar, profit-making has drawn the attention of illegal loggers.

Criminal gangs have a long history of involvement in illegal logging, in Myanmar and elsewhere in East Asia.

In recent years, they’ve become better organized and highly efficient in harvesting and exporting illegal timber.

As the EIA describes it, such gangs “now have the capacity to move into a forested area and rapidly extract all available hardwoods.”

Logging companies as well as the gangs form strong links with local government and military officials and are believed to have no qualms about paying bribes to them.

In Myanmar, you can find dedicated forest rangers, but their numbers have been limited at least until recently.

Endangered national park

In 2014 the Myanmar government finally took strong action. According to Paul Salopek, the government imposed a ban on wild teak exports. Police arrested 153 mostly Chinese illegal loggers, who were sentenced to 20 years in prison.

Since then, Myanmar has loosened the ban to allow sales of stockpiled timber or plantation trees.

Salopek spoke with an environmentalist named Aung who works in the Mawlaik region in northwestern Myanmar.

Aung said that the bosses in charge of cutting down teak trees pay their workers half of their wages in cash and the rest in drugs. In this way, he said, the workers become addicted to the drugs and dependent on their bosses.

Farm labor pays roughly three to five dollars a day in Myanmar, whereas cutting down teak trees pays a minimum of six dollars.

A group called Global Conservation (GC) reported that as of 2018 Myanmar’s largest national park, home for elephants and other wildlife species, had only 12 forest rangers patrolling it.

Protecting more than 150,000 hectares of deep jungle and rain forest with only 12 rangers, GC said, was “challenging.”

The Aleungdun Kathapa National Park lost 80 percent of its intact forests to illegal logging, but having a 2,000-foot cliff surrounding 60 percent of the park has helped it to survive decades of heavy logging.

According to the World Bank, storms, floods, and waterlogging have been identified as key sources of poverty, particularly in rural areas.

Dan Southerland is RFA’s founding Executive Editor.

Taiwan President Says China Threatens Regional Peace, Vows Not to Give Way

Taiwan president Tsai Ing-wen has vowed not to cave in to growing military threats from China, after Chinese Communist Party (CCP) general secretary Xi Jinping once more insisted that the democratic island must “unify” with China, contrary to the wishes of most of its 23 million residents.

Speaking at an Oct. 10 National Day ceremony, Tsai warned against “letting down our guard” in the face of pressure from China.

“The situation in the Indo-Pacific region is becoming more tense and complex by the day,” Tsai warned.

“After taking complete control of Hong Kong and suppressing democracy activists, the Beijing authorities also shifted away from the path of political and economic development that they had followed since reform and opening up began decades ago,” she said.

She said routine Chinese air force sorties in Taiwan’s southwestern air defense identification zone (ADIZ) “has seriously affected both our national security and aviation safety.”

“I want to reiterate that Taiwan is willing to do its part to contribute to the peaceful development of the region,” Tsai said, calling against for government-to-government talks with China, which Beijing has repeatedly refused.

“We … will not act rashly, but there should be absolutely no illusions that the Taiwanese people will bow to pressure,” Tsai said.

“We will continue to bolster our national defense and demonstrate our determination to defend ourselves in order to ensure that nobody can force Taiwan to take the path China has laid out for us,” she said.

“This is because the path that China has laid out offers neither a free and democratic way of life for Taiwan, nor sovereignty for our 23 million people.”

Taiwanese Air Force AT-3 jets fly over the Presidential Palace during national day celebrations in Taipei, Oct. 10, 2021. Credit: AFP
Taiwanese Air Force AT-3 jets fly over the Presidential Palace during national day celebrations in Taipei, Oct. 10, 2021. Credit: AFP

‘Unification of the Motherland’

Tsai’s speech came a day after Xi told a conference on the 1911 revolution that toppled the Qing Dynasty and led to the Republic of China under Sun Yat-sen, that he was determined to bring Taiwan under Chinese control.

“The historical task of complete unification of the Motherland must necessarily be realized … without fail,” Xi said, accusing “Taiwan independence forces” of trying to undermine the process.

Taiwan operates as a self-governing state using the Republic of China name, celebrating National Day on Oct. 10. Recent opinion polls continue to show that its 23 million people have no wish to be forced to “unify” with China under the CCP.

Tsai’s speech was backed up with a show of military strength, a flypast of 12 choppers, fighter planes and bombers, an aerobatic display by the Thunder Tigers, and two huge Republic of China flags carried over the presidential palace by a CH-47 Chinook helicopter.

The parade also wheeled out Taiwan’s homegrown Hsiung Feng III, Hsiung Feng II anti-ship missiles, and Tien Kung III surface-to-air missiles, along with Tien Chien II Surface-to-Air missiles mounted on military trucks.

Authorities in Hong Kong, which has been placed under close political and ideological control by the CCP following the 2019 protest movement, have effectively banned any celebration of democratic Taiwan’s Oct. 10 National Day, a custom with a strong minority following in the city.

Double Tenth warning

Secretary for security Chris Tang warned last month that celebrating the Double Tenth could constitute support for Taiwanese independence — a crime under a draconian national security law imposed on the city by the CCP from July 1, 2020, and at least one restaurant canceled bookings for a planned gathering on Sunday, the Hong Kong Free Press reported.

The “Double Tenth” anniversary marks the beginning of the revolution led by nationalist leader Sun Yat-sen that toppled the last Qing dynasty (1644-1911) emperor, and is marked in mainland China in a fairly low-key manner, with Oct. 1 celebrated as National Day marking the proclamation of the People’s Republic of China by Mao Zedong in 1949.

Hong Kong has long been home to a community of supporters of the Kuomintang, which is currently Taiwan’s opposition party, but which founded the 1911 Republic of China and took it to Taiwan after losing the civil war to Mao Zedong’s communists in China.

Conflict between KMT supporters and Hong Kong communists led to the Double Tenth Riots of 1956 in Tsuen Wan and Kowloon, in which dozens of people were killed.

Security personnel cordoned off the Red House in Tuen Mun, which once formed a base for anti-Qing activities in Hong Kong, barring anyone from entering the public gardens, according to social media posts.

China’s Kuomintang (KMT) nationalist government under Generalissimo Chiang Kai-shek relocated to Taiwan in 1949 after losing a civil war to Mao Zedong’s communists on the mainland.

The island began a transition to democracy following the death of Chiang’s son, President Chiang Ching-kuo, in January 1988, starting with direct elections to the legislature in the early 1990s and culminating in the first direct election of a president, Lee Teng-hui, in 1996.

Beijing has threatened to invade if Taiwan seeks formal statehood.

Translated and edited by Luisetta Mudie.

October 20th Institutional Diversity & Inclusion Summit to Highlight State of D&I in Institutional Investment, Next Steps

ATLANTA, Oct. 11, 2021 (GLOBE NEWSWIRE) — eVestment, a part of Nasdaq and a global leader in institutional investment data and analytics, has teamed up with the Institutional Investing Diversity Cooperative (IIDC), a consortium of investors and investment consultants, to host an Institutional D&I Summit.

During the virtual summit, institutional asset managers will learn how top consultants and other allocators factor D&I data into manager research, advise investors on D&I and use D&I data in manager evaluations. Sessions are designed to give managers insight into the growing demand for D&I data and an understanding of how that data is used. The summit is set for Wednesday, October 20 from 10 a.m. to noon Eastern Daylight/New York Time.

Featured speakers will include representatives from investment consultants Verus, Mercer, NEPC, Callan and FEG; management consultant McKinsey & Company; the investment and wealth management platform LPL; the OCIO SEI; and The Diversity Project UK.

Institutional asset owners such as pensions, foundations, endowments, family offices and sovereign wealth funds represent diverse stakeholders who increasingly want to know that the asset managers who invest on their behalf demonstrate organizational commitments to diversity and inclusion.

“Institutional investors and their consultants increasingly want to factor D&I considerations into how they evaluate managers,” said summit moderator Michele Shauf with eVestment. “They understand that, as an industry, asset management has considerable opportunity to improve diversity, so they’re keen to benchmark where managers are today and understand what firms are doing programmatically to increase D&I. Managers that fail to include any D&I responses in their database profiles could be disadvantaged.”

eVestment and the IIDC have been at the forefront of standardizing the collection of D&I data, both to give institutional asset owners and consultants access to better data and to make it easier for managers to provide that data. In January, eVestment launched an updated D&I questionnaire in consultation with the IIDC to give managers the opportunity to describe D&I policies and programs at the firm level and to share demographic breakdowns of individual portfolio teams as they are able.

In June eVestment made this D&I data available to investors free of charge in an effort to improve transparency on the topic in the investment business. To view the entire eVestment D&I questionnaire, please click here.

“Knowing where we are on diversity in the industry and how those trends are moving is the key to making the kind of progress the industry is looking for,” said Shelly Heier, President of Verus, which is a member firm of the IIDC. “Getting this data is crucial to understanding where we are now, where progress is being made, where there is still work to be done and which asset managers are really stepping up. This is a topic that isn’t going away.”

The Institutional D&I Summit is open to asset managers and hedge funds who want to learn more about the demand for D&I data and how investors and consultants use it. For more information on speakers, the agenda and on registering, please visit https://www.evestment.com/events/di-summit/#.
Representatives from the media are also welcome to attend the virtual summit. For registrants who are unable to make the live event, a replay will be available online through October 22.

About the Institutional Investing Diversity Cooperative

The Institutional Investing Diversity Cooperative is a collection of institutional plan sponsors and some of the largest and most prominent institutional investment consultants in the industry today. The members of the cooperative are responsible for the stewardship of more than $32 trillion in assets held by institutions in retirement plans, employee health funds, endowments, foundations, operating funds and capital reserves, among others.

About eVestment

eVestment, a part of Nasdaq, provides institutional investment data, analytics and market intelligence covering public and private markets. Asset managers and general partners reach the institutional marketplace through our platform, while institutional investors and consultants rely on eVestment for manager due diligence, selection and monitoring. eVestment brings transparency and efficiency to the global institutional market, equipping managers, investors and consultants to make data-driven decisions, deploy their resources more productively and ultimately realize better outcomes.

Press Contact
Mark Scott
mscott@evestment.com
678 238 0761

Webtel.mobi Describes Requirements for a Sector-Influencing System in USD 10 000+ Trillion P.A. Transaction-Volume Markets

WM provides details of some top-level considerations for creating a Global Exchange and Digital Currency in the USD 10 000+ Trillion Per Annum Transactions Markets – where it is a potential sector-influencer, why its valuation is only USD 224 Billion, and why its revaluation to include its reconfigured TUV Digital Currency will be just as conservative

Extremely Simplified View of the WM Complex System

Extremely Simplified View of the WM Complex System

ST PETER PORT, Guernsey and NEW YORK, Oct. 11, 2021 (GLOBE NEWSWIRE) — In response to multiple queries received, Global telephony Provider Webtel.mobi (“WM”) provides top-level comment on some of the strategic considerations taken into account when developing a Global Exchange Mechanism and Globally-Operational Digital Currency. A summary of these considerations is as follows:

Understand the Structure of the Global Financial and Economic Systems
The execution-level of the Global Financial and Economic Systems is extremely fractured, but its top-level is not. It is well coordinated at the top-level by a variety of international organizations. Knowledge of the top-level coordinating structures and the volumes in these systems will dispel much of the superfluous discussion that takes place regarding alternative or reform structures and processes. Some examples are:

  • Cryptocurrencies that derive their value from applying Artificial Scarcity through limitation of coins volumes will only ever have maximum value within their systems of USD 1 Trillion to 1.5 Trillion. However, just global FX Gross Payment Obligations exceed USD 18.7 Trillion per day (X 260 = USD 4 862 Trillion per annum) – and this is just one of over 10 markets with daily volumes in the USD multi-Trillions. Cryptocurrencies therefore cannot provide an alternative to the current system from a volume perspective (details of the USD 18.7 Trillion per day FX Market Gross Payment are in the Resources section of this article).
  • Discussions on proposed CBDCs disregard that the majority of all Central Bank Money is already Digital Currency. They also disregard that all Central Banks coordinate their actions under the auspices of the Basel Committee on Banking Supervision, so they do not pose threats to one another. There is therefore, in reality, no “Digital Dollar” versus “Digital Yuan” threat, or “race” to develop a CBDC (see details in the Resources).

Uninformed debate on these matters should be replaced with informed discussion and clear identification of what is being sought. What is being sought is global digitalization of all currency for both national and international utilization, in a seamless manner, that sees to multicurrency transference, payment, convertibility and redemption – via a functioning global exchange mechanism facilitating any transaction type to, in, or from any country, for States, Organizations, Companies or individuals, that replaces current digital and cash transactions – without destabilizing national economies or the global economy. This is what WM has created.

Attendance to Geopolitical and Geostrategic requirements takes precedence
Development of a globally usable Digital Currency gives access to astronomically large volumes of global market transactions. However, it simultaneously requires attendance to a correspondingly astronomically large number of requirements and responsibilities for the insurance of international stability. This requires satisfactory structuring of Geopolitical, Geostrategic requirements before one attends to the legal, regulatory, economic, financial, commercial, and technical requirements (which are also extraordinarily large in number and scope). This is one of the reasons that WM took nine years to complete its full operational testing to ensure these matters had been satisfactorily attended to.

Adopt an “Evolution not Revolution” approach
The current Global Financial System has multiple inefficiencies and deficiencies – but it nevertheless functions. It is moreover essential that it continues to function until an orderly transition to another system takes place – because if it does not, global anarchy and chaos will result. Merely calling for the current System’s dissolution without offering a functioning viable alternative serves no purpose. Therefore, it is better to examine and understand the causes of the current System’s negative and/or inefficient aspects, and then try to reform them in an evolutionary manner. This is what WM has done with the creation of its fully operational Global Financial System that operates in parallel to the existing system without destabilizing it. This provides for an orderly and voluntary transition to its use – on an elective basis – and does not introduce systemic stress.

Apply a 21st Century Mindset, Structures and Processes
The current Global Financial and Economic Systems functions according to a mindset based on the world as it was structured in (primarily) the 17th to 20th centuries – but primarily in the 19th Century. Moreover, the systems and processes it runs on are 20th Century systems and processes. However, this is the 21st century – and the 19th Century mindset and 20th Century systems and processes simply cannot cope. The problem is they literally cannot be stopped to be rebuilt or restructured. These Systems are like a person on a perpetual-motion treadmill. If the person stops running, he/she will fall. Similarly, if any of the legs of the prevailing Systems are stopped to rebuild or to be restructured, the entire system will fall. These Systems literally cannot stop – and so their existing structures cannot be reformed. This is one of the reasons why WM kept its user-group limited during its nine years of fully-operational testing – precisely so it would be able to shut down its platform 1 to be able to rebuild its Platform 2. With too many Members, it would simply not have been possible for WM to shut Platform 1 down due to legal and regulatory considerations, ongoing financial transactions of businesses and individual members, etc. However, due to its strategic decision, WM was able to shut down its Platform 1 and rebuild its Platform 2 to be completely optimized for 21st Century requirements.

Align with Regulation and Regulators
Often, Regulatory Regimes and Regulators are regarded as situations or entities to be avoided. The polar opposite is the case. A company must always sit firmly within an identified and confirmed sector and its identified and confirmed regulatory requirements – which it should stay within and not stray outside of. Similarly, close contact should be kept with all relevant Regulatory Agencies. They have decades of experience in ensuring market stability, and their experience is invaluable in assisting companies with advice and guidance. They are not opponents – they are a company’s greatest allies in advising against predictable issues before they arise. This is the approach WM has always followed.

Reduce potential corporate vulnerabilities
Provision of such essential services must be carried out from a sustainable and robust base, so there is no threat to the continuation of the essential services being provided. On a technical and operational level, WM ensured it is in a situation of zero-debt, decentralization of infrastructure to ensure continued operations in all circumstances, reduction of infrastructure and personnel requirements due to the use of a Complex Adaptive System for the majority of its operational, security and administration functions. On a corporate structure level, WM ensured it had no large corporate or institutional shareholders – being funded in totality by its founders and a small group of under 300 private shareholders. It also did not list on any Stock Exchange – despite obtaining eligibility to list on the main board of one of the world’s Top 5 Stock Exchanges in 2011. This is because the large Stock Exchanges are private companies, owned by companies that WM would potentially partially or fully disintermediate in respect of some of their other commercial operations. It would consequently be risky to be listed on an Exchange owned by them. Instead, WM has its own “Share Swap” Facility on its Platform, on which its shareholders and all qualified Members of WM can buy and sell WM shares among each other within an internal and non-public Members-Only Closed Loop system, as supervised by its Resident Agent firm. Therefore, WM’s corporate vulnerabilities have all been mitigated or removed.

Adopt a neutral and non-aligned position both Geopolitical and Commercial perspectives
As WM’s service-provision is to all countries, in all currencies, for all transactions, it has adopted a completely neutral and non-aligned Geopolitical approach regarding all its activities (subject to adherence to all international rules and laws accepted and applied by Guernsey – which includes UK, EU, USA and other guidance and resolutions in respect of sanctions). Similarly, as WM is a System not a product, and the majority of companies worldwide can use its services, it adopts a similarly non-aligned and neutral stance towards all companies – subject again to relevant rules, laws and sanctions lists.

Know and acknowledge your limits, and constantly implement Confidence-Building measures
From Standard Oil Company in the USA to Yukos in the Russian Federation – and for time immemorial – the graveyards of commercial history are littered with the bodies of commercial entities that did not understand or acknowledge the limits of their powers, and tried to take on or defy States. No matter its power or capacity, a company is not a State, and should never overstep its boundaries and try to act like – or defy / take on – a State. Due to the scope and reach of WM’s System – and the transactions volumes it has access to – its requirements and considerations far surpass commercial considerations only, and include the requirements to practice Statecraft. However, at the same time, WM knows and acknowledges its limits, and stays within them. WM also underwent 30+ due diligences in multiple countries internationally, had the Levy Economics Institute thoroughly review the system, and has – through these confidence-building measures – demonstrated its capacities, its regulatory compliance and its restraint worldwide.

Be extremely conservative with pricing and corresponding valuations
It is an unprecedented situation where a company has a System that can provide sector-influencing services globally to, and in, all the world’s largest volume transactions markets – with transaction volumes in excess of USD 10 000+ Trillion per annum – simultaneously and with no immediate competitors. Additionally, due to WM being powered by its Artificial Intelligence Complex Adaptive System, its costs are virtually zero, and its revenue is virtually all net. Therefore, if it applied standard fees in percentage points, its revenues would comprise a significant proportion of global money supply. However, because that situation would be unreasonable – and because WM was built primarily as a reforming structure not a commercial structure – it provides its services at either zero cost or ultra-low cost. Similarly, its previous valuation by a leading global consultancy that valued WM at USD 224 Billion was carried out using extremely conservative workings based on penetrations and earnings on fractions of a percent – in order to overwhelmingly err on the side of caution and conservatism. Even its current revaluation – to include its TUV Global Digital Currency that can be used for all transactions types in digital or cash-replacement format, in all currencies and all countries worldwide – will similarly be carried out with the same extreme and overwhelming conservatism to keep the valuation within acceptable limits.

These represent some of the top-level considerations that were attended to by WM – and which must be attended to by any entity – if providing – or contemplating entry into a situation where one seeks to provide –Services in extremely large-volume and complex markets Global Markets that have the potential to impact on all countries and people.

Resources:

Media Contact:
Nick Lambert: wm@thoburns.com

Basel Committee on Banking Supervision:
https://www.bis.org/bcbs/membership.htm

USD 18.7 Trillion per day Gross FX Payment Obligations
https://www.bis.org/publ/qtrpdf/r_qt1912x.htm

Fate of Standard Oil Company:
https://en.wikipedia.org/wiki/Standard_Oil

Fate of Yukos:
https://en.wikipedia.org/wiki/Yukos

Research Reports on the Capacities of the WM System:
https://tinyurl.com/TUVresearch

Video on the Capacities of the WM System:
https://youtu.be/XYBrCikUhn8

WM’s urls:
https://webtel.mobi/pc (Tablets / Laptops / Desktops)
https://webtel.mobi (Smart Phones)
https://webtel.mobi/wap (Pre-Smart Mobile Phones)

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/311d9e72-ef0a-4a90-a6ab-57ad6f59755f

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.