e-commerce lawyer Warren Cabral.

The partner of Appleby, Spurling & Kempe told a group of professionals hosted by the Bermuda Society in London on June 29 that the Island was "at the forefront of the great change in society known as the Internet revolution'' and ranked behind only the United States and Singapore in terms of infrastructure in place for conducting electronic transactions.

Mr. Cabral explained to the audience the benefits of conducting e-business in Bermuda, noting the legislation in place, tax and currency benefits that suited the need of Internet companies.

And he said Bermuda is "widely perceived as a blue chip offshore financial centre.'' Mr. Cabral also pointed out that Bermuda was the first country to include e-commerce in a minister's portfolio to develop the regulatory framework needed to encourage e-commerce on the island.

And he concluded that Government was taking steps to ensure that Bermudians were well equipped for the Internet age.

"It is the express wish of the Government to train Bermudians for the Internet age,'' he said.

"The intention is that Bermudians should be educated to a level sufficient to compete for the jobs currently seen as going solely to expatriates in the international companies.'' FRONTLINE INCREASES STAKE IN BOND ISSUE BUC Frontline increases stake in bond issue Bermuda-based Frontline Ltd. has increased its stake to $109.5 million, or 38 percent, in the bond issue of shipping company Golden Ocean.

An announcement was made that Frontline had issued 68,700 new shares to pay for $5 million of Golden Ocean bonds. A Press release said that shares were used for payment because of the seller's desire to maintain a continued interest in the tanker market.

The total number of Frontline shares after this issue stands at 78,838,060.

BSX INFORMED OF BRANIGAN RESIGNATION STK BSX informed of Branigan resignation Korea Investment Opportunities Ltd yesterday advised the Bermuda Stock Exchange that on 17 July 2000 Paul Alan Branigan resigned as a director of Korea Investment Opportunities Ltd. owing to the pressure of other work commitments.

The BSX said the board has filled the vacancy by appointing another Framlington representative as a director, Mr. Thomas Stephen Vallance, with effect from 17 July 2000.

Mr. Vallance is Framlington's emerging markets operations director and is a solicitor.