for expatriates arriving in Bermuda to live.

The 80-page glossy magazine includes everything a new arrival needs to help him or her settle down with the minimum of fuss, from education and medical facilities to local pubs, nightclubs and restaurants.

There is also a lengthy article on Bermuda's history and a page devoted to answering questions typically asked by newcomers to the Island, such as the extent of crime, dress codes, the friendliness of the people and sports facilities.

The magazine's executive editor Mrs. Amanda Outerbridge tells expatriate readers in her introduction: "You will find that Bermudians are happy to embrace you in their social circles. They are generally well educated, well travelled and very entertaining company.'' Although Bermudians were proud of the economic "miracle'' of the Island, Mrs.

Outerbridge adds: "However, we also appreciate that without fresh talent and skills from overseas, Bermuda would not be where it is today -- or where we want it to be tomorrow.'' The magazine will be on sale at local newsagents for $2.50 and available on request free to local companies who are taking on new foreign workers.

Mr. Ian Coles, general manager of Bermuda Marketing, which publishes Bermuda Business, said: "Our aim is not to attract new people to Bermuda but to help people who have already been given work permits.'' TIMESFAX COMES TO ISLAND BUC Tired of waiting until late afternoon for world news to arrive in Bermuda in the form of newsprint? Well, wait no more. The Phoenix Stores have started subscribing to TimesFax.

TimesFax is a an eight-page, specially made up compendium of the main US, international, business and sports news from The New York Times , which also includes the crossword and commentary sections.

The news sheet is faxed daily all around the world for redistribution to local readers so they can read the main stories in the newspaper at the same time as US residents.

The Phoenix Stores have been redistributing TimesFax free of charge to individuals, companies, hotels and guest houses over the last two weeks in an exercise to test demand for the service.

The original copy of TimesFax is faxed from New York to Bermuda between 11.30 p.m. and midnight daily and then faxed to customers in Bermuda, who so far number only 17. Other copies are being given out to newspaper subscribers registered with Phoenix Stores.

Although there is no charge at the moment, when the service is fully operational, TimesFax will cost $1.50 per copy or $10 per copy ($250 per month) to hotels and guest houses who will be allowed to make copies to distribute to each guest.

Mr. Reid Young, president of Phoenix Stores, has approached The Daily Telegraph , of London, to see if it can provide a similar service, particularly since the frequency of British dailies arriving in Bermuda has decreased in proportion to the number of flights lost between here and London over the past 12 months.

AIG INSURANCE SPONSORSHIP AWD AIG insurance sponsorhip The American International Group was inadvertently omitted last week from a list of local companies which provided scholarships for Bermudians to attend the College of Insurance in New York.

AIG, in fact, has been giving out scholarships to the college since 1975. Its current two-year award pays for tuition, room and board, books and air fares to and from Bermuda.

The current recipient is Miss Carla Adams, who will be graduating from the college in May with a degree in business and a major in insurance.