Adamant: Hardest metal

Markets fall on war worries, loonie climbs

www.thestar.com Feb. 4, 2003. 06:10 PM

CANADIAN PRESS The Canadian dollar closed above the 66 cent (U.S.) level for the first time since July 9 on Tuesday as worries over a war with Iraq further depressed the American dollar and boosted gold.

The loonie closed up 0.10 of a cent to 66.02 cents (U.S.).

"There's a fair number of geopolitical issues the world is focused on and currencies tend to trade in the safe-haven manner, and the U.S. dollar is not seen as that safe haven at the moment," said Gerard Buckley, director of foreign exchange at Scotia Capital.

The American dollar is at a three-year low against the euro, which traded at $1.0882 (U.S.), up from $1.0785 Monday.

On the stock markets, anxiety over Iraq, a big charge by the world's largest insurer and a glum report from French telecom-equipment maker Alcaltel sent indexes lower, a day before U.S. State Secretary Colin Powell makes a key presentation to the United Nations regarding Iraq's weapons program.

The price of gold rattled up $8.20 to $379 (U.S.) an ounce in New York.

Losses in the information technology and telecom sectors took Toronto's S&P/TSX index down 48.75 points to 6,544.93. Nortel lost 20 cents to $3.50 and BCE dipped 37 cents to $28.75.

Also contributing to the Toronto loss was Inco, tumbling $2.50 to $30.65 after the nickel producer said a huge writedown of the Voisey's Bay nickel project contributed to a net loss of $1.48 billion (U.S.) last year.

The TSX was supported by a 4.25 per cent rise in the gold sector. Barrick gained 82 cents to $25.57.

The TSX Venture Exchange gained 12.06 points to 1,130.02.

On Wall Street, the Dow Jones industrial average dropped 96.53 points to 8,013.29.

The Nasdaq composite fell 17.64 points to 1,306.15 while the S&P 500 was down 12.12 at 848.20.

Investors are worried that a war with Iraq would further undermine a sluggish economy in which earnings continue to languish.

"The market is very concerned," said Katherine Beattie, senior technical analyst at MMS in Toronto.

"Everybody is waiting and unfortunately this waiting is hard on the market and the charts look horrific. We're waiting to see if we break last week's lows of 7,917 (intraday) for the Dow. And so, if Powell stands up tomorrow, provides evidence, the market is not going to bounce on it."

United Nations arms investigators found another empty chemical warhead on Tuesday, while chief inspector Hans Blix warned Iraq's government that "it's five minutes to midnight."

Markets paid little attention to a bit of positive economic news - the U.S. Commerce Department said orders to American factories in December rose by a slightly better than expected 0.4 per cent.

Techs were under particular pressure after Alcatel forecast a drop in sales of between 25 and 30 per cent in the current quarter. It also reported a fourth-quarter loss of $1.2 billion (U.S.). Alcatel shares lost 22 cents to $6.78 (U.S.).

Wall Street financial stocks took a hit as American International Group, the world's biggest insurer, slid $3.63 to $51.70 (U.S.) after announcing an after-tax charge of $1.8 billion to boost reserves.

Most Toronto financials were also depressed, with Royal Bank down 61 cents to $54.61. But Manulife was up 1 cent to $36 after its 2002 profit rose 19 per cent to $1.39 billion.

Networking giant Cisco Systems declined 28 cents to $13.20 (U.S.) ahead of its quarterly earnings. After the close, Cisco reported a quarterly profit of $991 million on sales of $4.7 billion, up from $660 million on $4.8 billion a year ago. Excluding one-time items, Cisco earned 15 cents per share, beating analyst expectations by 2 cents a share.

On the Toronto market, declines beat advances 631 to 461 with 201 unchanged.

Canada's largest appliance maker, Camco Inc. reported solid fourth-quarter profits but warned its Hamilton plant faces an uncertain future. Camco shares were ahead 10 cents to $2.70.

Canada Bread, Canada's biggest bakery company and a unit of food giant Maple Leaf Foods, is closing its London, Ont. bakery, affecting 181 jobs. Canada Bread shares were down 5 cents at $22.20; Maple Leaf rose 9 cents to $11.49.

St. Lawrence Cement Group declined 39 cents to $19.01 after it posted higher profits but lower sales for 2002.

EnCana was down 23 cents to $47.77 after Monday's announcement of the sale of 10 per cent of the Syncrude oilsands venture to Canadian Oil Sands for almost $1.1 billion.

Canadian Oil Sands units slid $2.40 to $36.50 after the income trust said the expansion of the Syncrude stake will be funded largely by new issues of units, with the rest supported by debt.

The Toronto energy sector was up slightly as crude oil rose 80 cents to $33.58 (U.S.) in New York. Compton Petroleum gained 20 cents to $5.

TSX volume was 222.9 million shares worth $2.58 billion.

The Nasdaq Canada index lost 3.53 points to 223.48.

Markets fall on war worries, loonie climbs

www.thestar.com Feb. 4, 2003. 06:10 PM

CANADIAN PRESS The Canadian dollar closed above the 66 cent (U.S.) level for the first time since July 9 on Tuesday as worries over a war with Iraq further depressed the American dollar and boosted gold.

The loonie closed up 0.10 of a cent to 66.02 cents (U.S.).

"There's a fair number of geopolitical issues the world is focused on and currencies tend to trade in the safe-haven manner, and the U.S. dollar is not seen as that safe haven at the moment," said Gerard Buckley, director of foreign exchange at Scotia Capital.

The American dollar is at a three-year low against the euro, which traded at $1.0882 (U.S.), up from $1.0785 Monday.

On the stock markets, anxiety over Iraq, a big charge by the world's largest insurer and a glum report from French telecom-equipment maker Alcaltel sent indexes lower, a day before U.S. State Secretary Colin Powell makes a key presentation to the United Nations regarding Iraq's weapons program.

The price of gold rattled up $8.20 to $379 (U.S.) an ounce in New York.

Losses in the information technology and telecom sectors took Toronto's S&P/TSX index down 48.75 points to 6,544.93. Nortel lost 20 cents to $3.50 and BCE dipped 37 cents to $28.75.

Also contributing to the Toronto loss was Inco, tumbling $2.50 to $30.65 after the nickel producer said a huge writedown of the Voisey's Bay nickel project contributed to a net loss of $1.48 billion (U.S.) last year.

The TSX was supported by a 4.25 per cent rise in the gold sector. Barrick gained 82 cents to $25.57.

The TSX Venture Exchange gained 12.06 points to 1,130.02.

On Wall Street, the Dow Jones industrial average dropped 96.53 points to 8,013.29.

The Nasdaq composite fell 17.64 points to 1,306.15 while the S&P 500 was down 12.12 at 848.20.

Investors are worried that a war with Iraq would further undermine a sluggish economy in which earnings continue to languish.

"The market is very concerned," said Katherine Beattie, senior technical analyst at MMS in Toronto.

"Everybody is waiting and unfortunately this waiting is hard on the market and the charts look horrific. We're waiting to see if we break last week's lows of 7,917 (intraday) for the Dow. And so, if Powell stands up tomorrow, provides evidence, the market is not going to bounce on it."

United Nations arms investigators found another empty chemical warhead on Tuesday, while chief inspector Hans Blix warned Iraq's government that "it's five minutes to midnight."

Markets paid little attention to a bit of positive economic news - the U.S. Commerce Department said orders to American factories in December rose by a slightly better than expected 0.4 per cent.

Techs were under particular pressure after Alcatel forecast a drop in sales of between 25 and 30 per cent in the current quarter. It also reported a fourth-quarter loss of $1.2 billion (U.S.). Alcatel shares lost 22 cents to $6.78 (U.S.).

Wall Street financial stocks took a hit as American International Group, the world's biggest insurer, slid $3.63 to $51.70 (U.S.) after announcing an after-tax charge of $1.8 billion to boost reserves.

Most Toronto financials were also depressed, with Royal Bank down 61 cents to $54.61. But Manulife was up 1 cent to $36 after its 2002 profit rose 19 per cent to $1.39 billion.

Networking giant Cisco Systems declined 28 cents to $13.20 (U.S.) ahead of its quarterly earnings. After the close, Cisco reported a quarterly profit of $991 million on sales of $4.7 billion, up from $660 million on $4.8 billion a year ago. Excluding one-time items, Cisco earned 15 cents per share, beating analyst expectations by 2 cents a share.

On the Toronto market, declines beat advances 631 to 461 with 201 unchanged.

Canada's largest appliance maker, Camco Inc. reported solid fourth-quarter profits but warned its Hamilton plant faces an uncertain future. Camco shares were ahead 10 cents to $2.70.

Canada Bread, Canada's biggest bakery company and a unit of food giant Maple Leaf Foods, is closing its London, Ont. bakery, affecting 181 jobs. Canada Bread shares were down 5 cents at $22.20; Maple Leaf rose 9 cents to $11.49.

St. Lawrence Cement Group declined 39 cents to $19.01 after it posted higher profits but lower sales for 2002.

EnCana was down 23 cents to $47.77 after Monday's announcement of the sale of 10 per cent of the Syncrude oilsands venture to Canadian Oil Sands for almost $1.1 billion.

Canadian Oil Sands units slid $2.40 to $36.50 after the income trust said the expansion of the Syncrude stake will be funded largely by new issues of units, with the rest supported by debt.

The Toronto energy sector was up slightly as crude oil rose 80 cents to $33.58 (U.S.) in New York. Compton Petroleum gained 20 cents to $5.

TSX volume was 222.9 million shares worth $2.58 billion.

The Nasdaq Canada index lost 3.53 points to 223.48.

Markets fall on war worries, loonie climbs

www.thestar.com Feb. 4, 2003. 06:10 PM

CANADIAN PRESS The Canadian dollar closed above the 66 cent (U.S.) level for the first time since July 9 on Tuesday as worries over a war with Iraq further depressed the American dollar and boosted gold.

The loonie closed up 0.10 of a cent to 66.02 cents (U.S.).

"There's a fair number of geopolitical issues the world is focused on and currencies tend to trade in the safe-haven manner, and the U.S. dollar is not seen as that safe haven at the moment," said Gerard Buckley, director of foreign exchange at Scotia Capital.

The American dollar is at a three-year low against the euro, which traded at $1.0882 (U.S.), up from $1.0785 Monday.

On the stock markets, anxiety over Iraq, a big charge by the world's largest insurer and a glum report from French telecom-equipment maker Alcaltel sent indexes lower, a day before U.S. State Secretary Colin Powell makes a key presentation to the United Nations regarding Iraq's weapons program.

The price of gold rattled up $8.20 to $379 (U.S.) an ounce in New York.

Losses in the information technology and telecom sectors took Toronto's S&P/TSX index down 48.75 points to 6,544.93. Nortel lost 20 cents to $3.50 and BCE dipped 37 cents to $28.75.

Also contributing to the Toronto loss was Inco, tumbling $2.50 to $30.65 after the nickel producer said a huge writedown of the Voisey's Bay nickel project contributed to a net loss of $1.48 billion (U.S.) last year.

The TSX was supported by a 4.25 per cent rise in the gold sector. Barrick gained 82 cents to $25.57.

The TSX Venture Exchange gained 12.06 points to 1,130.02.

On Wall Street, the Dow Jones industrial average dropped 96.53 points to 8,013.29.

The Nasdaq composite fell 17.64 points to 1,306.15 while the S&P 500 was down 12.12 at 848.20.

Investors are worried that a war with Iraq would further undermine a sluggish economy in which earnings continue to languish.

"The market is very concerned," said Katherine Beattie, senior technical analyst at MMS in Toronto.

"Everybody is waiting and unfortunately this waiting is hard on the market and the charts look horrific. We're waiting to see if we break last week's lows of 7,917 (intraday) for the Dow. And so, if Powell stands up tomorrow, provides evidence, the market is not going to bounce on it."

United Nations arms investigators found another empty chemical warhead on Tuesday, while chief inspector Hans Blix warned Iraq's government that "it's five minutes to midnight."

Markets paid little attention to a bit of positive economic news - the U.S. Commerce Department said orders to American factories in December rose by a slightly better than expected 0.4 per cent.

Techs were under particular pressure after Alcatel forecast a drop in sales of between 25 and 30 per cent in the current quarter. It also reported a fourth-quarter loss of $1.2 billion (U.S.). Alcatel shares lost 22 cents to $6.78 (U.S.).

Wall Street financial stocks took a hit as American International Group, the world's biggest insurer, slid $3.63 to $51.70 (U.S.) after announcing an after-tax charge of $1.8 billion to boost reserves.

Most Toronto financials were also depressed, with Royal Bank down 61 cents to $54.61. But Manulife was up 1 cent to $36 after its 2002 profit rose 19 per cent to $1.39 billion.

Networking giant Cisco Systems declined 28 cents to $13.20 (U.S.) ahead of its quarterly earnings. After the close, Cisco reported a quarterly profit of $991 million on sales of $4.7 billion, up from $660 million on $4.8 billion a year ago. Excluding one-time items, Cisco earned 15 cents per share, beating analyst expectations by 2 cents a share.

On the Toronto market, declines beat advances 631 to 461 with 201 unchanged.

Canada's largest appliance maker, Camco Inc. reported solid fourth-quarter profits but warned its Hamilton plant faces an uncertain future. Camco shares were ahead 10 cents to $2.70.

Canada Bread, Canada's biggest bakery company and a unit of food giant Maple Leaf Foods, is closing its London, Ont. bakery, affecting 181 jobs. Canada Bread shares were down 5 cents at $22.20; Maple Leaf rose 9 cents to $11.49.

St. Lawrence Cement Group declined 39 cents to $19.01 after it posted higher profits but lower sales for 2002.

EnCana was down 23 cents to $47.77 after Monday's announcement of the sale of 10 per cent of the Syncrude oilsands venture to Canadian Oil Sands for almost $1.1 billion.

Canadian Oil Sands units slid $2.40 to $36.50 after the income trust said the expansion of the Syncrude stake will be funded largely by new issues of units, with the rest supported by debt.

The Toronto energy sector was up slightly as crude oil rose 80 cents to $33.58 (U.S.) in New York. Compton Petroleum gained 20 cents to $5.

TSX volume was 222.9 million shares worth $2.58 billion.

The Nasdaq Canada index lost 3.53 points to 223.48.

Commodities - Oil tumbles, platinum outshines gold

www.forbes.com Reuters, 02.03.03, 5:14 PM ET

NEW YORK (Reuters) - Crude oil fell Monday amid rising supply from strike-hobbled Venezuela, the world's No. 5 petroleum exporter, while speculative buying took platinum to 22-year highs to overshadow less dramatic gains in gold. In other commodity trading, coffee rose amid forecasts for demand to outstrip supply, while soybeans gained on supportive data showing strong export shipments in the United States. NYMEX crude oil futures fell more than 2 percent, weighed by a warning from OPEC of a possible oversupply situation in the second quarter as Venezuela's output continued to recover. The potential for war with Iraq was not far from the minds of traders, some of whom were looking at buying into the market ahead of U.S. Secretary of State Colin Powell's appearance before the U.N. Security Council Wednesday. Powell has said that in his address he will provide "straightforward, sober and compelling proof" that Iraq is hiding banned weapons of mass destruction from U.N. arms inspectors. Iraq has denied it has such weapons. "We see Venezuela as less and less of a supportive factor, as output there has rebounded to about the halfway mark and refiners have had ample time now to make further adjustments to their mix of feeds," said Tim Evans, senior energy market analyst at IFR-Pegasus in New York. Venezuelan President Hugo Chavez said Sunday crude output increased to nearly 1.8 million barrels per day, more than half of the 3.1 million bpd pumped in November. Output hit a low of 150,000 bpd after the strike began on Dec. 2. A return of oil exports from Venezuela could pressure the OPEC oil producers' cartel to rein in output. "If there is danger of a glut, we have to meet and rectify the situation. Definitely we (OPEC) are concerned about the second quarter," UAE Oil Minister Obaid bin Saif al-Nasseri said Sunday at an oil conference. NYMEX March crude oil futures ended 75 cents lower at $32.76 per barrel. March gasoline was down 0.92 cent at 95.68 cents a gallon, while March heating oil was down 1.45 cents at $91.81 cents a gallon. COMEX platinum futures soared, taking the centerstage from gold, which was supported by the weak dollar. "It's still all go in terms of platinum and in gold it's been kind of a lazy day," said the head of a precious metals trading firm. "It certainly feels that this is hedge fund money that moved into platinum." Platinum, used in vehicle anti-pollution systems and jewelry, has risen almost 17 percent in 2003 amid support from a global supply deficit and fears that output from No. 2 producer Russia could be hit by a temporary work stoppage. There was also underpinning from President George W. Bush's State of the Union speech last week to spend $1.2 billion on funding hydrogen powered fuel cell vehicles. Platinum is a key component of fuel cells, which create electricity without pollution by combining hydrogen and oxygen, with water as the only byproduct. COMEX April platinum was up $24.80 at $683.70 an ounce. February gold was up $2.50 at $370.80 an ounce. CSCE coffee futures were lifted by supportive fundamentals, analysts said. "If you look at the International Coffee Organization export numbers for Colombia and other milds and robustas, they are below year ago," said Judith Ganes of J. Ganes Consulting. Traders who were friendly to the market also pointed to the recent ICO forecast that 2003 global supply could fall short of demand by 5 million 60-kg bags or more. In related news, growers and officials said Honduran coffee exports could fall to 2.4 million 46-kg bags during the 2002-03 season -- below the previous forecast of 3 million bags -- due to a cold January and damage from the coffee borer worm. CSCE March coffee ended 0.85 cent higher at 66.15 cents per pound. CBOT soybeans rebounded from early losses to end higher amid support from sold exports. The U.S. Agriculture Department said in its Monday report that 48.31 million bushels of soybeans had been inspected for export in the week of Jan. 30. The amount was a marketing year high, analysts said. Some 45 percent of the soy was headed for top buyer China. Traders reported talk that China was expected back in the soybean market after the weeklong Lunar New Year celebrations that end this week. CBOT March soybeans ended 4 cents higher at $5.68 per bushel, while March corn was off 1-1/2 cents at $2.36-3/4. March wheat was up 3 cents at $3.23-1/2.

BIZSCHEDULE (UPDATE 2)

www.forbes.com Reuters, 02.03.03, 5:01 PM ET THE REUTERS BUSINESS REPORT Monday, Feb. 3, 2003 Editors: Frank McGurty Eddie Evans, Toni Reinhold Tel. 646-223-6200 Technical assistance: 800 435-0101 (** Denotes stories added since latest Bizschedule) (Some earlier stories may have been dropped from this update) ------------------------------------------------------------- TOP STORIES WASHINGTON - President Bush sends Congress a $2.23 trillion budget for next year that would expand the military, slash taxes for investors and overhaul government-subsidized health care, racking up record deficits even without a possible war with Iraq (BUDGET (UPDATE 3), BY ADAM ENTOUS, EXPECT BY 5:30 P.M.) SEE ALSO: BUDGET-ECONOMY (UPDATE 2), MOVED BUDGET-HIGHLIGHTS, MOVED NEW YORK - Upbeat reports on the manufacturing and building sectors suggest the tempo of economic growth is likely improving from last quarter's funereal pace (ECONOMY (WRAPUP 2), BY WAYNE COLE, MOVED) SEE ALSO: ECONOMY-MANUFACTURING (UPDATE 1), MOVED ECONOMY-CONSTRUCTION (UPDATE 2), MOVED ECONOMY-HOUSING-AFFORDABILITY, MOVED NEW YORK - Frank Quattrone, an investment banker whose success in the '90s technology boom was legendary, is suspended by Credit Suisse First Boston amid an internal investigation of hot stock offerings (FINANCIAL-CSFB-QUATTRONE (UPDATE 2), BY GREG CRESCI, MOVED) CORPORATE PHILADELPHIA - WorldCom, the bankrupt phone company, will cut 5,000 jobs, more than 8 percent of its work force, and trim annual costs by $2.5 billion in an effort to emerge from bankruptcy (WORLDCOM-JOBS (UPDATE 2), BY JESSICA HALL, MOVED) CHICAGO - Shares of Boeing, Lockheed Martin and Alliant Techsystems, all major space shuttle contractors, drop in the first trading day after the Columbia shuttle disaster (SHUTTLE-AEROSPACE-STOCKS (UPDATE 2), EXPECT BY 5:30 P.M.) DETROIT - Auto sales slowed in January from December's breakneck pace, but aggressive incentives and hot products helped some automakers eke out gains (AUTOS-SALES, BY TOM BROWN, MOVED, WILL BE LED) SEE ALSO: AUTOS-INCENTIVES-CHRYSLER (UPDATE 1), MOVED EARNINGS AND OUTLOOKS ** ARLINGTON, Va. - US Airways Group reports the industry's second-biggest quarterly loss, as slower demand and cost pressures hurt results while it worked to restructure in bankruptcy court (AIRLINES-USAIRWAYS-EARNS (UPDATE 1), MOVED, WILL BE LED) CHICAGO - Wendy's hamburger chain expects 2003 earnings to miss its target, citing a price war among larger fast-food rivals and rising costs (LEISURE-WENDYS-OUTLOOK (UPDATE 3), BY DEBORAH COHEN, MOVED) LOUISVILLE, Ky. - Managed care company Humana Inc. posts a quarterly net loss, reflecting severance costs from job cuts, charges related to acquisitions and other items (HEALTH-HUMANA-EARNS (UPDATE 3), MOVING SHORTLY) NEW YORK - Mattel, the No. 1 U.S. toy maker, says earnings rose 35 percent, led by strong sales of Barbie dolls and Fisher-Price toys (MANUFACTURING-MATTEL-EARNS (UPDATE 3), BY ANGELA MOORE, MOVED) MARKETS NEW YORK - Stocks climb after surprisingly strong data on the manufacturing sector lifts hopes for better economic growth this year, but the threat of war keeps investors' enthusiasm in check (MARKETS-STOCKS (UPDATE 10), BY ELIZABETH LAZAROWITZ, MOVED) SEE ALSO: MARKETS-FOREX (UPDATE 8), MOVED MARKETS-BONDS (UPDATE 3), MOVED MARKETS-USA, EXPECT BY 6 P.M. MARKETS-COMMODITIES, EXPECT BY 6 P.M. MARKETS-OIL (UPDATE 4), MOVED MARKETS-EUROPE-STOCKS (UPDATE 7), MOVED ALSO IN THE NEWS ** BOSTON - Former Tyco International general counsel Mark Belnick is charged with stealing $12 million in a scheme that hid lucrative bonus payments from the conglomerate's board (MANUFACTURING-TYCO-BELNICK (UPDATE 3), BY TIM MCLAUGHLIN, MOVED) NEW YORK - You could be forgiven for investing in Global Crossing once, during the height of the Internet boom. But twice? That's the question facing investors as the high-speed network operator prepares to emerge from bankruptcy (TELECOMS-GLOBALCROSSING, BY SIOBHAN KENNEDY. EXPECT BY 6 P.M.) AMSTERDAM/SAN FRANCISCO - Global chip sales grew a feeble 1.3 percent in 2002 after a weak December but are expected to grow much faster this year, industry groups say (TECH-SEMICONDUCTORS-SALES (UPDATE 3), BY LUCAS VAN GRINSVEN AND ELINOR MILLS ABREU, MOVED) CANADA OTTAWA - Corel Corp., best known for its WordPerfect and CorelDraw products, posts a wider fourth-quarter loss, but the software maker says it will return to profit in 2003 (TECH-COREL-EARNS (UPDATE 1), MOVED) LATAM ** MEXICO CITY - Mexican telephone giant Telmex, the most closely watched stock in Latin America, reports earnings for what is expected to be its fourth weak quarter in a row as Mexico sluggishly emerges from an economic recession (TELECOMS-MEXICO-TELMEX, BY FIONA ORTIZ, EXPECT BY 7 P.M.) CARACAS - Venezuela's opposition hails as a victory a petition for constitutional reform aimed at ousting President Hugo Chavez, but they face a tough battle to force the leftist leader to accept elections in the world's No. 5 oil exporter (VENEZUELA, BY PATRICK MARKEY, EXPECT BY 3 P.M.) SEE ALSO: VENEZUELA-STRIKERS, MOVED SAO PAULO - Banco Bradesco SA, Brazil's biggest private bank, posts better-than-expected earnings, due in part to cash it put aside earlier to protect against currency volatility (FINANCIAL-BRAZIL-BRADESCO-EARNS (UPDATE 3), BY NICHOLAS WINNING, MOVED) MORE INTERNATIONAL STOCKHOLM - Swedish telecommunications equipment maker Ericsson reports a weaker-than-expected end to 2002 and says first-quarter sales may fall by more than a third (TECH-ERICSSON (UPDATE 4), BY JAN STRUPCZEWSKI, MOVED) LONDON - A new anti-impotence pill goes on sale in Europe, signaling the start of a multibillion-dollar battle for a market dominated by Pfizer Inc.'s Viagra (HEALTH-IMPOTENCE, BY BEN HIRSCHLER, MOVED) TOKYO - Prime Minister Junichiro Koizumi dismisses speculation he will select Nobuyuki Nakaharaa, a proponent of inflation targeting, as the new Bank of Japan chief (ECONOMY-JAPAN-KOIZUMI (UPDATE 2), BY YONGGI KANG, MOVED) FEATURES NEW YORK - Forget war fears, a sagging stock market and other worries. When it comes to pension accounting, many companies just refuse to take off their rose-colored glasses (BIZFEATURE-ACCOUNTING-PENSIONS, BY DEEPA BABINGTON, MOVED) NEW YORK - A few years ago, the online grocery business was all about buzz, with not much said about profits. Now, the buzz has gone, and for profits, the few survivors are still not saying much (BIZFEATURE-RETAIL-ONLINE, BY ELLIS MNYANDU, MOVED) COLUMN BOSTON - The idea of setting aside money for future goals can be hard to swallow during a period of economic weakness. But saving even modest amounts can make an enormous difference in your long-term prospects (COLUMN-FUNDS, BY CLINT WILLIS, MOVED) Please e-mail comments and questions about the Reuters Business Report (RBR) to frank.mcgurty@reuters.com, eddie.evans@reuters.com or toni.reinhold@reuters.com, or call (646) 223-6200.

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