to move from Bermuda was an isolated case.

Companies move to Bermuda and later depart depending on their circumstances and the conditions governing their industries at any given time.

These movements and closures are reported on regularly in the Island's Business sections, and while no-one is happy to see businesses leave or close, very often it is for reasons over which Bermuda has little or no control.

Nor will STW's departure make a major different in the overall economy. No-one likes to see job losses or the departure of money under management. But in the overall scheme of things, 18 jobs are not many.

However, STW's reasons for leaving have nothing to do with economics or tax, or any of the other myriad reasons why offshore companies are usually formed or closed. And there is reason to fear that it will not be the last company to leave, although others will not do it with quite so much publicity or with quite such acute timing.

STW's chief executive William Williams has stated that the company, which currently employees 18 people, is going because Bermuda's regulations are changing and it is no longer worth the company's while to do business on the Island.

Mr. Williams stated that requirements that the company file returns on its racial make-up to the Commission for Unity and Racial Equality and the fact that restrictions may be placed on the length of time the company may employ a non-Bermudian for are at the heart of the company's departure.

This is precisely why observers of the Bermuda business community have been squirming over these sorts of well-intentioned moves to improve opportunities for Bermudians and to correct the racial imbalance in the community.

Government must remember that international businesses go not have to be in Bermuda. They choose to be in Bermuda because of geography, good infrastructure, low taxes and a unique and internationally admired form of self-regulation.

But the high cost of doing business also means that if the atmosphere changes, or if they feel they are being unfairly dictated to on any number of issues, they will leave, and as with STW, they will leave virtually overnight.

THE GOOD NEWS EDT The good news Very often, this newspaper is criticised for publishing too much "negative'' news.

And while the front page sometimes make for depressing reading, it is not true to say that there is no positive news reported in this newspaper.

Praise is due to the following people on whom we have recently reported: Assistant Justice Charles-Etta Simmons , who as chairman of the Legal Aid Committee has successfully lowered the programme's expenses while increasing the number of people it serves.

Former National Trust president Dennis Sherwin , for his innovative plans to link the Island's walkways and parks in an "emerald necklace'' where we can all rest and relax.

The Hotel Employers of Bermuda and the Hotel Division of the BIU , who have, for the second straight year, reached an amicable and sensible contract agreement -- an unthinkable event just five years ago.

The Bermuda national football team , for opening the World cup qualifying game with class in defeating the British Virgin Islands.