The business community in Bermuda reacted very favourably yesterday to the appointment of Paula Cox as Finance Minister.

?Our stability is assured, our fiscal management sound, our country is blessed,? said Premier Alex Scott on making the appointment yesterday.

Ms Cox will be replacing her father, Eugene Cox, and Mr. Scott said she was ?raised at his feet and raised above his head?. Mr. Cox died of cancer at the age of 75 on January 9 this year.

During her term as Minister of Labour and Home Affairs, Ms Cox impressed the then suspicious business community who were dealing with a labour Government for the first time.

And she had to tackle the thorny issue of work permit term limits with the businessmen and women of the Island, with constant meetings and arguments, trying to balance what the Government wanted with the needs of the business community.

?This is very good news,? said David Ezekiel, head of the Association of Bermuda International Companies. ?I think anyone who has dealt with her received the news very well.?

He said she has got a lot of skills to bring to the table, but there would be some learning curve on joining the Ministry.

?But (this is) nothing she will not be able to handle,? he said.

Ms Cox will now give up the post of Attorney General, which will go to Senator Larry Mussenden and Minister of Employment, which will be handed over to Terry Lister.

Mr. Ezekiel added: ?Reaction from myself and all my colleagues has been extremely positive. We have experience with her at Home Affairs and Immigration, and I had to do a lot of work with her.

?If there is one thing that came out of there, everyone on our side believed it was a constructive dialogue. While the decision is hers, she gets a lot of input and does a lot of listening.?

And he said he had a great deal of respect for the woman, despite the business community not getting the conclusion they wanted.

?Certainly from our point of view and from Island?s point of view it is a positive development. It is a ministry in pretty good shape. The tax base appears to be still reasonably strong because of the international business sector and has got a strong infrastructure at the Ministry already, which will make it easier to take over the reins and a lot of that credit has to go to her father to get it all in shape. From everything we know it is an excellent result.?

Andrea Mowbray, director of the Bermuda Employer?s Council was also fulsome in her praise for Ms Cox, who is currently also a legal counsel at ACE.

?We are quite pleased,? she said. ?She is known to be fair, balanced and good at consulting with stakeholders. She has a fair and reasoned approach and takes everything into account before making decisions.?

Glen Titterton, chief executive officer of BF&M also said he was glad at her move into her father?s shoes.

?I think this is a very good appointment. I think that she is a pair of safe hands for this most important Ministry. She is disciplined, she is firm, and I think she is able to stand up to the pressures that would be exerted on her by other ministers and be able to present a very credible budget. I am very impressed by the appointment.?

Deborah Middleton, chief executive officer of BIBA, said: ?We welcome the opportunity of working with Minister Paula Cox as she takes over as the new Minister of Finance. Her reputation for excellence in all that she undertakes precedes her and we know she will be particularly dedicated to ensuring that the good work of her father continues?.

Henry Smith, chief executive officer of the Bank of Bermuda, where Ms Cox worked for many years as senior legal counsel before moving to ACE Ltd., said: ?We have known Paula Cox as a colleague and Minister for many years and have the greatest respect for her ability and integrity. We have confidence in her ability to assume the very challenging role of Finance Minister. The Premier has selected well: She is the obvious choice for the job.?

Sarah Farrington, president and chief executive officer of CAPITAL G Bank Ltd, also welcomed the move.

She said: ?Minister Paula Cox has proven to be very capable in carrying out her Ministerial duties and is clearly very measured and of sound judgement. We note that she is a member of the international business community and in particular has previous experience in financial services, which we believe should be of great benefit to her in her new role. We look forward to working with her.?

Grant Gibbons, shadow finance minister, said: ?I think it is a good choice and wish the new minister well with her new responsibilities. Also it is good because it was a little unrealistic to think she had to deal with Education and Attorney General?s Chambers and a full time job, and I am glad the Premier recognised that challenge.?