Parliamentary approval for a waiver of the 60/40 ownership rule showed a lack of understanding by Bermuda's politicians. The charge was levelled last night by investment businessman Robert Pires. ---- Page 2 BURCH GOES ON THE OFFENSIVE MIL CT Burch goes on the offensive Ex-Bermuda Regiment chief Lt. Col. David Burch yesterday launched a counter-attack after a Magistrate slammed the Island's part-time army over a row involving a Rastafarian conscientious objector. Lt. Col. Burch -- just awarded an OBE in the Queen's Birthday Honours List -- said his conscience was clear, despite a dressing down by Magistrate Arthur Hodgson. ---- Page 2 YACHT CAPTAIN DESCRIBES FIRE FIR Yacht captain describes fire The captain of a luxury yacht last night described the horror moment when crewmen were smothered in smoke during an on-board fire. Capt. Sean Stephens, who commands the Hallelujah for a multi-millionaire US businessman, described the blaze as potentially "very grave''. ---- Page 3 HIGH HOPES OF NEW RACE RECORD SLG High hopes of new race record A forecast of high winds have prompted speculation of a record crossing in the Newport-Bermuda Race. As captains and crew of the 163 yachts are now making final preparations for the 635-mile classic, the weather forecast, not surprisingly, has become a popular topic of discussion. ---- Sport, Page 13 EXEL DECLARES EARNINGS BOOST BUC EXEL declares earnings boost EXEL Ltd. has declared net income of $170.6 million for the second quarter to May 31, compared to $211.6 million for the same period last year. ---- Business, Page 25