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FLAG began in 1990 when a group of investors -- including a Saudi bank and a Japanese trading company, as well as the American telephone carrier NYNEX -- recognized a lack of phone capacity between Great Britain and Asia. Within 10 years, amid exuberant projections of broadband Internet demand, FLAG Telecom Ltd. built a worldwide fiber-optic network, a market value of more than $4 billion and a share price of up to $40. FLAG is registered in Bermuda, whose tax laws (it levees no taxes on income, sales or profits, and also exempts foreign-owned companies from the island's employment laws) have encouraged the re-location of many U.S. and European companies. In this photo, executives of an unidentified corporation enjoy the island's festive culture and seasonable climate.
Photo: AP
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