And Motorola Inc., its sales hurt by the Asian crisis, is postponing investments in new factories and machinery, even going so far as to halt construction of a huge $3 billion semiconductor plant in Virginia.

The tax-like oil shock has almost certainly further weakened demand and induced businesses to postpone investments.

Some studies suggest that heavily indebted companies might have postponed long-term investments in new technologies and been saddled with inexperienced managers.

Now, in the midst of a war, businesses are still postponing investments.

By postponing investments, the nation's farmers have reduced their total outstanding debt to $140 billion, from $194 billion in 1984.

A few have cited oil prices while postponing new investments that could add jobs, even as an overall rise in business spending has suggested that the economy might be picking up speed were it not for energy.

Finally, if we are to meet the serious long-term challenges of globalisation, no government can afford to postpone or avoid necessary investments in our future.

In addition, January tends to be a particularly large month, because investors often postpone new investments in December when fund companies are making annual distributions of capital gains and dividends, which could be taxable.

Growing Uncertainty The increased uncertainty surrounding the Brazilian economy has alarmed the country's foreign creditors and prompted many local and foreign business executives to postpone investments.

The theory is that businesses have been postponing investments until uncertainty over the war is resolved, and that once that happens there will be a great surge of pent-up demand.