Bermuda's doors to competitors.

"Bermuda can either remain on the sidelines of the world economy and run the risk of being gradually frozen out of many of the new developments of the 1990s,'' he told a meeting of accountants.

"Or it can rise up to the challenges of deregulation and liberalisation in order to be an active player in the wider world and thus ensure economic prosperity as we enter the 21st Century.'' In a remarkably frank speech on Bermuda's future opportunities and areas for growth in international business, Dr. Saul said the recession had "shaken Bermuda out of its lethargy'' and said that people longing for the "good old days'' must be "shunted aside''.

He also said Bermuda's tourism industry was under threat from several areas, including the potential re-emergence of Cuba as a leading holiday destination.

For the full story, turn to Business, Page 9.