Before personal computers, corporate local area networks, and a global digital telephone network, the Internet was just a laboratory experiment.

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Likewise, traditional local and long-distance telephone service over the copper network is being displaced by better technology from cable and fiber.

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"We have enough (international telephone) circuits but it's very difficult to get connected to the local network in the U.S., " Cheng said.

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Last year, it established a direct-sales network in Germany allowing investors who are enticed by its advertisements to dial a local telephone number to purchase funds.

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