paid out to a speaker, and the fee came from a Bermuda-based company.

The Wall Street Journal has reported that Mr. Bush agreed to take shares in Global Crossing in February last year in lieu of $80,000 cash for speaking to a group assembled by the telecommunications start-up operation.

The newspaper said the stock is now worth about $14.4 million. Mr. Bush normally gets $100,000 for an overseas speech, the Journal stated. However, he decided to give a 20 percent discount to Global Crossing whose co-chairman, Lodwrick Cook, was an old friend.

The day after the speech Mr. Bush was talking about the company over breakfast with Mr. Cook and Global Crossing's other co-chair Gary Winnick. Mr. Winnick suggested that Mr. Bush take his fee in stock in the then privately held firm.

Mr. Bush agreed.

After Global Crossing went public in August its stock price increased fivefold. Last week Global Crossing agreed to purchase Frontier Corp. for $11.2 billion in stock.

The Journal attributed the story on Bush to unidentified sources close to him.

A Bush spokesman confirmed the speech did take place but declined to say how he was paid.

DAVIS APPOINTED OVERSEAS PARTNERS CHIEF APP Davis appointed Overseas Partners chief D. Scott Davis has been appointed president and chief executive officer of Bermuda reinsurer Overseas Partners Ltd.

Mr. Davis, 47, was most recently vice president of finance at United Parcel Service. His prior responsibilities at UPS include banking, investments, financial reporting and shareholder relations.

He is a certified public accountant. A press release stated that he was instrumental in the formation of Upinsco, a UPS insurance company in the US Virgin Islands.

Mr. Davis takes the helm vacated in December by Bruce Barone, who resigned abruptly. Mr. Barone had been involved with OPL since its incorporation in 1983.

BERMUDA STOCK EXCHANGE TO HOST FORUM CON STK Bermuda Stock Exchange to host forum The Bermuda Stock Exchange is sponsoring a forum to discuss the formation of investors' clubs on April 15 at 5.30 p.m. at the Mariners Club on Richmond Road.

The evening will feature guest speakers discussing how to go about forming a club, how to choose and buy stocks, how to work with a financial advisor, how to buy on the BSX and how to use the Internet.

The free event will be chaired by radio host Fred Hassell.

SMALL BUSINESS TRIBUTE ON APRIL 24 CON BUC Small business tribute on April 24 The Bermuda Small Business Development Corporation is holding the third annual tribute to Bermuda's small businesses on April 24 at the Hamilton Princess Hotel.

About 230 people attend the event on average. This year's event will feature a video showcasing three of the corporation's clients who have reengineered their businesses.

Contact the company at 292-5570 for information.

BIBA SIGNS ON FOUR NEW MEMBERS BUC BIBA signs on four new members The Bermuda International Business Association (BIBA) has signed up four new members to the organisation. Hector, Dwyer & Associates, Windcrest Management Ltd., Aardvark Communications Ltd. and Swift International Ltd. have joined the organisation.

BIBA now has 45 full members and 16 associate members. Aardvark and Swift joined as associate members.

LOCAL DELEGATION HOSTS CALIFORNIA MEETING CON Local delegation hosts California meeting A Bermuda delegation hosted a breakfast meeting at a mutual funds conference in California yesterday, selling the Island as a reputable and business-friendly jurisdiction.

Bank of N.T. Butterfield and Son Ltd. senior vice president Peter Rodger told those in attendance that the Island continues to work on improving its regulatory framework to cater for the fund industry.

He said the Bermuda Monetary Authority aims to grant approval for funds in about 48 hours, with many applications being processed within 24 hours of receipt. The average time for processing incorporation is now down to an average of 3.7 days according to Mr. Rodger.