The Bermuda Monetary Authority has sent out its annual Cup Match notice indicating the increase in Bermuda dollar notes and coins in circulation due to the higher spending during the holiday.

The BMA expects to have issued a net total of $62.2 million in notes and $9.2 million in coins by July 30, compared to $59.8 million in notes and $9.5 million in coins issued by the same time last year.

CHINA HEARTLAND FUND SHARES TO BE LISTED STK China Heartland Fund shares to be listed Up to 700,000 C shares of The China Heartland Fund Ltd. have been approved for listing on the Bermuda Stock Exchange. The fund was incorporated in Bermuda in July, 1997.

"The principal objective of the company is long term capital appreciation through investment in companies established or operating in the People's Republic of China,'' a press release stated. "Particular emphasis will be given to obtaining returns in respect of Chinese companies operating principally outside Shanghai, Shenzen and Hong Kong in the hinterland of China.'' As of May 21 this year the company has deposited US$9.73 million with the China Securities Corp. The company also invests in three classes of shares and other listed equity and equity-related securities of Chinese-related enterprises established or listed outside China.

Edinburgh-based Martin Currie Investment Management Ltd. is the investment manager of the company.

"China is a market of vast potential,'' Martin Currie director Chris Ruffle said.

SALE OF ADMIRAL INSURANCE SERVICE DELAYED BUC Sale of Admiral Insurance Service delayed Mid Ocean Ltd. owned Lloyd's of London managing agency Brockbank Group Plc has delayed the sale of subsidiary Admiral Insurance Service.

The subsidiary is one of the UK's five largest auto insurance businesses.

According to Bloomberg news Brockbank had three bidders -- including General Electric Capital Corp. -- who were willing to pay up to $199 million for the company.

But the deal ran into a Lloyd's auction deadline which specifies transactions must be completed before the auction for underwriting capacity begins at the end of July.

Admiral was established in 1993 as a telephone sales auto insurance business.

Brockbank announced three weeks ago it was looking to sell the business. EXEL Ltd. is on the verge of completing the purchase of Mid Ocean and had decided that a consumer insurance business was not part of its strategy the business service stated.

GLOBENET COMMUNICATIONS STARTS BSX TRADING STK BUC GlobeNet Communications starts BSX trading GlobeNet Communications Ltd., a Bermuda exempt company set up as the holding company for long distance provider TeleBermuda International Ltd., has begun trading on the Bermuda Stock Exchange.

GlobeNet is trading under the ticker GLOCOM BH. Shares will now be quoted in US dollars. Deals may be settled in Bermuda dollars but such action, including the foreign exchange, must be arranged by the brokers on behalf of their clients.

TeleBermuda shareholders voted on the reorganisation at a meeting last Thursday.

EXEL DIRECTORS FOLLOWING MERGER NAMED BUC EXEL directors following merger named Mid Ocean Ltd. directors Sir Brian Corby, Robert R. Glauber and Paul Jeanbart will become directors of EXEL Ltd. following the merger of the two companies.

They will join Mid Ocean chairman Robert Newhouse, and president and chief executive officer Michael Butt along with EXEL's current board to make up the directors of the new merged entity.

Earlier this year the two Bermuda-based companies announced a merger, with EXEL paying $2.2 billion in stock for the rest of the company it didn't already own.

Shareholders will vote on the merger at meetings in Bermuda August 3, with closing of the deal expected on August 7.