Government has no immediate plans to restrict the ability of international companies to relocate to Bermuda, Finance Minister Eugene has revealed.

And a Reuters newsagency story which quoted sections of the recent White Paper on Long Term Residents that said that Government may consider such restrictions, took the statements out of context, he said.

"I wondered when I heard it on the news today if Reuters is now writing the news for our local media," Mr. Cox said.

He said it should be clear to local media that no-one in Government has articulated such a policy.

"I find it extraordinary that one of the media is taking that up because obviously that is not a point that was made at any time in the White Paper - that we are looking to do that at this moment. We certainly have no intentions at this point in time to say we are turning away business because they are not the right size."

Mr. Cox said that economic and strategic planning had to take place to address the Island's need for sustainable development. "But let's face it - we have only been in power for a couple of years and these are things that you can't just go and change immediately. First of all you've got to keep the present business going. Can you imagine what would have happened if we did anything that would have stopped the business flowing? I personally find it disturbing that I have to try and answer questions which haven't been raised by us."

He said the Reuters story's White Paper reference was not "the main thrust of arguments" concerning long term residents. "Certainly economic development is not being considered in the White Paper. So I find it extraordinary to have to respond."

Mr.Cox added : "We certainly have been talking and thinking - that's the whole reason of having economic planning. How we're going to grow, maintain what we have at present while we're trying to change the rates of growth or whatever. We don't start that immediately, you have to have a plan for it and that's not something we feel is a priority at this point in time."

The Minister said that nothing will be done to upset Bermuda's economic well-being. "And certainly if you're going to start saying you're going to shut down businesses here and there is ludicrous."

The Reuters story gave a pr?cis of new policies for long term residents, but was headlined `Bermuda may limit companies to ease over development'. And it quoted what it claimed was a "little noticed passage" in the White Paper which said that the Government was weighing its options to restrict companies "that would make big demands on the Island's infrastructure" from coming here.

The story also stated that Bermuda had pursued strategies which "landed the island the headquarters of such major insurance as ACE Ltd. and XL Insurance Co Ltd., which each opened new buildings in downtown Hamilton this summer''.

But officials questioned whether that sort of "synergy" could be replicated by companies in other sectors, with the notable exceptions of e-commerce and telecommunications."

No Government official was quoted in the story. But the reporter managed to get a reaction from Pat Phillip-Bassett, CEO of the Bermuda International Business Association and Opposition Leader Pamela Gordon. Ms Gordon was quoted as saying : "It's our understanding they (the PLP government) are basically saying hold up, nobody come in."

Ms Phillip-Bassett told Reuters that the options being considered were not "entirely unexpected." When contacted yesterday she agreed that there had been no formal discussions about any policy restricting companies from moving here. She said she understood the references in the White Paper to be merely a continuation of Bermuda's ongoing discussion on ways to achieve sustainable development.