further after TeleBermuda's parent company GlobeNet has been bought up for $1 billion dollars by a US cable giant.

TeleBermuda's General Manager and Senior Vice President James Fitzgerald said yesterday that his company will continue to be dedicated to reducing the cost of calls on the Island.

He said costs of calls to the United States will be cut by 50 percent by 2001, from 49 cents to just 30 cents a minute.

Yesterday Worldwide Fiber announced it was buying GlobeNet, which is headquartered in the former US Naval Base in St David's, subject to shareholder approval.

"This is a good deal for GlobeNet, a good deal for TBI and a good deal for the people of Bermuda,'' said Mr. Fitzgerald.

See Page 15 for Full Story