While Bermuda's international businesses have welcomed the deal crafted by Government with the OECD, they warned yesterday that a lack of information could lead to "anxiety'' in the market.

Bermuda International Business Association chairman Raymond Medeiros, said Minister of Finance Eugene Cox's statement in House of Assembly on Friday on Bermuda's commitment to the OECD raised a number of questions.

Mr. Medeiros said: "The withholding of these details may result in anxiety amongst the stake holders in Bermuda's international business community and their clients. The longer the delay, the larger the potential impact in this regard.'' David Ezekiel, head of the Chamber of Commerce's International Division branded the result as "excellent'', but he also warned the matter had to be handled carefully by Government.

Mr. Ezekiel and Mr. Medeiros spoke after Minister of Finance Eugene Cox on Friday announced that international business on the Island would be allowed to compete with local business on a more level playing field. Mr. Ezekiel said: "It is an excellent result for us. The minister and all his advisors -- both in the public and private sector -- are to be congratulated.'' But he said that with local business the Government had to be very careful that there is not a negative impact. And he said that Bermuda had to move towards change and bow to the pressure from the OECD in order not to be blacklisted. He said: "All in all given what we're facing, it is an excellent result.'' Mr. Medeiros said: "BIBA is encouraged that the Government is not required to and does not plan to adopt any changes to our jurisdiction's tax regime.

"This is further vindication that the OECD has recognised Bermuda's system of taxation as legitimate, fair and principled in the context of the global economy.'' But the minister's statement raised a number of questions.

"These include precisely when and how Bermuda's legislation and regulations will be modified with respect to exchange of information, transparency and substantial activity, as set forth in the annex to the Government's letter of commitment to the OECD.'' Mr. Ezekiel added: "There are obviously going to be some changes to the way we operate right now, but we don't have much choice.

"We couldn't take the chance of being on the OECD list. We have the opportunity to see both local and international business flourish. But as in all these things, the devil is in the detail.'' On the exchange of information, he said that the formula worked out with the United States worked very well, and could be used by Bermuda as a template for dealing with the rest of the world.

"If properly handled we should continue to see growth in both sectors of the economy. In many ways it will not be business as usual, but I do not think that any changes should worry.

"But we have to make sure local business is not adversely affected. But this can be done through other legislation and we can decide what areas we allow businesses in.'' Mr. Ezekiel added that the 60/40 and 80/20 rules have been made redundant and Bermuda has to move with the times.

"It is a fact of life that the world is moving on very quickly. "Country after country is becoming less protectionist and we have to find a way of doing the same thing.'' Changing face of retail: Shop owners are worried that they will face unfair competition from retailers coming in from abroad.