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The World Financial Review empowering communication globally MAY - JUNE 2022 4 INVESTMENT Empowering your Business through Global Citizenship Bluemina Citizenship & Residency 7 11 14 AFRICA Brand Africa: A Post COVID-19 Tourism Conundrum Tafadzwa Matiza African Solidarity to Mitigate the Impact of the Coronavirus Pandemic Marisha Ramdeen Controversies and Realities of Foreign Military Activity in Africa Theo Neethling 18 UKRAINE CRISIS The Russian Federation, President Putin and the Russian Military are Financially Liable to Ukraine and Its People for All Damages Suffered as a Result of War Crimes, Crimes Against Humanity and Other Human Rights Violations Charles H. Camp, Kiran Nasir Gore and Lilia Chu 25 INTERNATIONAL RELATIONS Japan Seeks to Join Five Eyes, in the Wake of the Invasion of Ukraine Craig Mark 31 RACISM Asian American Experiences of Racism During COVID-19 Sumie Okazaki 35 UNITED STATES How Flawed Thinking Limits America’s National Industrial Strategy Robert D. Atkinson 40 44 47 INNOVATION How Walmart Used Collaboration and Co-Creation to Build the World’s Largest Industrial Blockchain Solution Kate Vitasek Overcoming Resistance to Innovation Jim Euchner Business Responsibilities in Shaping Customer Relationships David De Cremer 52 FINTECH Fintech: Current Trends and Potential Future Developments Terence Tse, Mark Esposito and Danny Goh 55 HIGHER EDUCATION Our Colleges and Universities Need to Innovate. Here’s How. Steven Mintz 61 64 BEHAVIORAL SCIENCE COVID-19: We Must Use Behavioral Science to Communicate Better during the Delicate Reopening Period Carlos Scartascini, Déborah Martínez, and Ana María Rojas Behavioral Finance: It’s A Feature, Not a Bug [or] Let’s Stop Talking About Behavioral Finance and Apply It Tim Maurer 70 AVIATION INDUSTRY Covid-19, Labour Cost Minimisation and Its Consequences in Civil Aviation Geraint Harvey, Peter Turnbull and Daniel Wintersberger 74 EUROPE The Czech Republic Recovery and Resilience Plan Vojtěch Chloupek and Jiří Švejda 77 82 86 CHINA “Mega” Wind and Solar Clean-Energy Bases – a Stepping Stone to China’s Double-Carbon Pledge Xing Zhang China’s Quest to be a Global Digital Economy Leader Rachel Gong and Yeu-Mynn Yeung Superstore Closures in China: The Past, Now, and the Future Lisa Qixun Siebers 90 94 CRYPTOASSETS Regulating Cryptoassets: Overview of the UK Regime Effie Stathaki What is Bitcoin’s Fundamental Value? John Hawkins 98 EMERGING TRENDS An Ecosystem of Interconnectedness: Prioritising Key Legal Concerns in the Metaverse Pin Lean Lau 103 REMOTE WORK Addressing the Top Concern for Executives on Hybrid and Remote Work: Proximity Bias Gleb Tsipursky Production & Design: Angela Lamcaster Print Strategy: Stefan Newhart Production Accounts: Lynn Moses Editors: Elenora Elroy, David Lean Group Managing Editor: Jane Liu Editor in Chief: The World Financial Review Publishing Oscar Daniel READERS PLEASE NOTE: The views expressed in articles are the authors' and not necessarily those of The World Financial Review. Authors may have consulting or other business relationships with the companies they discuss. The World Financial Review: 3 - 7 Sunnyhill Road, London SW16 2UG, Tel +44 (0)20 3598 5088, Fax +44 (0)20 7000 1252, info@worldinancialreview.com, www.worldfinancialreview.com No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without written permission. Copyright © 2022 EBR Media Ltd. All rights reserved. ISSN 1756-3763 empowering communication globally

The World Financial Review empowering communication globally

MAY - JUNE 2022

4

INVESTMENT Empowering your Business through Global Citizenship Bluemina Citizenship & Residency

7

11

14

AFRICA Brand Africa: A Post COVID-19 Tourism Conundrum Tafadzwa Matiza African Solidarity to Mitigate the Impact of the Coronavirus Pandemic Marisha Ramdeen Controversies and Realities of Foreign Military Activity in Africa Theo Neethling

18

UKRAINE CRISIS The Russian Federation, President Putin and the Russian Military are Financially Liable to Ukraine and Its People for All Damages Suffered as a Result of War Crimes, Crimes Against Humanity and Other Human Rights Violations Charles H. Camp, Kiran Nasir Gore and Lilia Chu

25

INTERNATIONAL RELATIONS Japan Seeks to Join Five Eyes, in the Wake of the Invasion of Ukraine Craig Mark

31

RACISM Asian American Experiences of Racism During COVID-19 Sumie Okazaki

35

UNITED STATES How Flawed Thinking Limits America’s National Industrial Strategy Robert D. Atkinson

40

44

47

INNOVATION How Walmart Used Collaboration and Co-Creation to Build the World’s Largest Industrial Blockchain Solution Kate Vitasek Overcoming Resistance to Innovation Jim Euchner Business Responsibilities in Shaping Customer Relationships David De Cremer

52

FINTECH Fintech: Current Trends and Potential Future Developments Terence Tse, Mark Esposito and Danny Goh

55

HIGHER EDUCATION Our Colleges and Universities Need to Innovate. Here’s How. Steven Mintz

61

64

BEHAVIORAL SCIENCE COVID-19: We Must Use Behavioral Science to Communicate Better during the Delicate Reopening Period Carlos Scartascini, Déborah Martínez, and Ana María Rojas Behavioral Finance: It’s A Feature, Not a Bug [or] Let’s Stop Talking About Behavioral Finance and Apply It Tim Maurer

70

AVIATION INDUSTRY Covid-19, Labour Cost Minimisation and Its Consequences in Civil Aviation Geraint Harvey, Peter Turnbull and Daniel Wintersberger

74

EUROPE The Czech Republic Recovery and Resilience Plan Vojtěch Chloupek and Jiří Švejda

77

82

86

CHINA “Mega” Wind and Solar Clean-Energy Bases – a Stepping Stone to China’s Double-Carbon Pledge Xing Zhang China’s Quest to be a Global Digital Economy Leader Rachel Gong and Yeu-Mynn Yeung Superstore Closures in China: The Past, Now, and the Future Lisa Qixun Siebers

90

94

CRYPTOASSETS Regulating Cryptoassets: Overview of the UK Regime Effie Stathaki What is Bitcoin’s Fundamental Value? John Hawkins

98

EMERGING TRENDS An Ecosystem of Interconnectedness: Prioritising Key Legal Concerns in the Metaverse Pin Lean Lau

103

REMOTE WORK Addressing the Top Concern for Executives on Hybrid and Remote Work: Proximity Bias Gleb Tsipursky

Production & Design: Angela Lamcaster Print Strategy: Stefan Newhart Production Accounts: Lynn Moses Editors: Elenora Elroy, David Lean Group Managing Editor: Jane Liu Editor in Chief: The World Financial Review Publishing Oscar Daniel READERS PLEASE NOTE: The views expressed in articles are the authors' and not necessarily those of The World Financial Review. Authors may have consulting or other business relationships with the companies they discuss. The World Financial Review: 3 - 7 Sunnyhill Road, London SW16 2UG, Tel +44 (0)20 3598 5088, Fax +44 (0)20 7000 1252, info@worldinancialreview.com, www.worldfinancialreview.com No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, or any information storage and retrieval system, without written permission. Copyright © 2022 EBR Media Ltd. All rights reserved. ISSN 1756-3763

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