voiced his frustration yesterday with red tape-related delays in his plans to open a beach house at St. Catherine's beach this summer.

He leased the former Club Med beach house from Works & Engineering and started work sprucing it up in late spring, submitting plans for retroactive approval by the DAB.

However, he has only just received final approval from the DAB and is still without Health Department approval.

Now, because of the time it has taken for all the permits, Mr. West does not believe he will be able to open at all this summer. He said he had planned to open a beach bar and restaurant serving light fare, and a watersports concession offering beach and snorkelling gear, a water trampoline, and through various partners, jet ski tours leaving from the location, parasailing and diving.

He would have been open seven days a week with a barbecue and local entertainment four nights a week catering to locals and cruise ship visitors.

"I am not pleased,'' Mr. West said.

"I had hoped to open the end of May, now I can't see opening before next season.'' He added that he believed since it was a service to benefit the Island's tourism industry he ought to have been able to get the necessary approvals a lot quicker.

"The operator of the Tobacco Bay concession supported the idea as we would have taken some of the load off -- with two cruise ships coming into St.

George's a day with 1,800 passengers each.'' *** EARLS AND DAVIS AWD Earls and Davis pass first BSX NASD exam The Bermuda Stock Exchange has announced that Gavin Davis of the LOM Group and Dave Earls of Voyager Financial Services have passed the Natioanl Association of Securities Deal (NASD) Series 7 exam. It was the first time the exam has been offered in Bermuda, however, due to its success, plans are already underway to offer the on-island exam again in the fall. BSX corporate communications manager Joanne MacPhee said the BSX was pleased with their results and committed to improving regulatory standards in the financial services industry here.

"The Exchange is committed to improving regulatory standards in the financial services industry in Bermuda and we are already working with NASD to arrange a second exam date in October.

By next year we hope to offer the exam on a quarterly basis,'' she said.

*** ACT APPOINTS ALLSOP SALES MANAGER APP ACT appoints Allsop sales manager Local information systems solutions provider Applied Computer Technologies has announced the appointment of Lucy Allsop to the post of sales manager.

She will be tasked with leading ACT's sales team in delivering mission critical solutions and professional services to corporate clients.

She will also head up developing effective business development strategies and managing ACT's client relationship model.

Miss Allsop previously worked at MCI's UUNet and has extensive experience in sales for Internet service providers.

"With her considerable international experience she brings with her a global perspective which will not only benefit ACT, but those individuals who will be working with her,'' ACT general manager Richard Parker said.

*** BSX DELISTS INVESCO INDIA GROWTH FUND STK BSX delists INVESCO India Growth Fund Administrators of the Bermuda-based INVESCO India Growth Fund plan to be wind up the fund and its business following an indication by shareholders that they do not see themselves continuing to participate.

The announcement follows a suspension of the listing on the Bermuda Stock Exchange on Tuesday.

The directors have now concluded that they will be seeking shareholder approval to require redemption of all outstanding shares in the fund.

Investors will have the option of reinvesting in the INVESCO GT India Fund, which is managed by the same portfolio management team. The BSX asks that enquiries be directed to Angus Pottinger, INVESCO Asset Management Limited (London).

*** IPC'S DOWLING TAKES EARLY RETIREMENT APP IPC's Dowling takes early retirement Bermuda-based IPC Holdings Ltd. yesterday announced that James P. Bryce will become president and CEO of the company and its wholly-owned subsidiary IPCRe Ltd., effective July 25, 2000.

Mr. Bryce has been promoted from the position of senior vice president and will replace John Dowling , who plans to take early retirement.

"After 37 years in the insurance business, I've decided to spend more time with my family and friends,'' Mr. Dowling said.

"The past six and a half years with IPC in Bermuda have been particularly enjoyable.'' Prior to joining IPC in 1993, Mr. Bryce served in various senior underwriting positions with subsidiaries of American International Group in New York, London, Tokyo and Hong Kong.

IPC's Chairman of the Board of Directors, Joseph Johnson, said he had "every confidence in his ability to lead the company''.

IPCRe, provides property catastrophe reinsurance and short-tail property reinsurance.

*** Dave Earls Gavin Davis