After rally sparked by Bernanke, US futures point lower as Obama speech lacks specifics

U.S. futures pointed lower after President Barack Obama's address to Congress Tuesday evening, as investors didn't get the specifics they hoped for on the government's plan to rescue troubled banks.
Earlier in the day markets rallied after Federal Reserve Chairman Ben Bernanke gave Wall Street a double dose of reassurance. He told Congress Tuesday the recession might end this year, and that regulators aren't planning to nationalize banks. The news alleviated some of investors' worries about the economy and the banking industry, and lifted the Dow Jones industrial average and Standard & Poor's 500 index off their lowest levels since 1997.
Anticipating that Obama would provide specifics about his plans to stabilize the financial system and further stimulate the economy, investors drove beaten-down financial shares up sharply.
But the details the market desperately seeks weren't unveiled Tuesday night. Speaking broadly to an ebullient crowd, the president said more money would be needed to rescue troubled banks beyond the $700 billion already committed last year.

Saying that while he understands bank bailouts are unpopular, he also insisted it was the only way to get credit moving again to households and businesses. He also called on Congress to move quickly on legislation to overhaul regulations on the nation's financial markets.
Stocks remain on shaky ground, however. Bernanke's comments may have helped stem the market's slide Tuesday, but the market also found stability from temporary technical factors: bargain-hunting, the unwinding of short bets, and selling exhaustion after six straight down days for the S&P 500.
And though it appears the government is trying to quash the notion of bank nationalization, the Obama administration still has not demonstrated how exactly it will repair the banking system. The nation's financial system remains "zombie-like," said Nick Kalivas, vice president of financial research at the brokerage MF Global.
"We had an up day today, but nothing has really changed on that front," Kalivas said earlier Tuesday, predicting that the market will move lower Wednesday if specifics weren't articulated in Obama's speech.
The continued focus on the stability of the financial system comes a day after the government moved closer to dramatically expanding its ownership stakes in the nation's banks, including Citigroup Inc. The Treasury Department, the Fed and other banking regulators said Monday they could convert the government's stock in the banks from preferred shares to common shares.
The Dow rose 236.16, or 3.3 percent, to 7,350.94. On Monday, the major indexes tumbled more than 3 percent, including the Dow, which fell 251 points and hit its lowest close since May 7, 1997.
Broader stock indicators also rebounded Tuesday. The S&P 500 index rose 29.81, or 4 percent, to 773.14. On Monday, it logged its lowest finish since April 11, 1997.
The Nasdaq composite index rose 54.11, or 3.9 percent, Tuesday to 1,441.83, while the Russell 2000 index of smaller companies rose 17.90, or 4.5 percent, to 412.48.
Advancing issues outnumbered decliners by about 6 to 1 on the New York Stock Exchange, where consolidated volume came to 7.09 billion shares, compared with Monday's 6.35 billion.

Early Wednesday, Dow futures were down 0.68 percent to 7,254, while the S&P 500 pointed lower by 0.64 percent and the Nasdaq by 0.73 percent.
In his semiannual report to the Senate Banking Committee, Bernanke predicted the economy is likely to keep contracting in the first six months of 2009, but that "there is a reasonable prospect" the recession will end this year.
He warned that a recovery will require getting credit and financial markets to operate normally, and that the government must continue working with ailing banks to bring them back to profitability. To the market's relief, though, the Fed chief said formally nationalizing the banks "just isn't necessary."
Traders were encouraged that the S&P 500 index has so far managed to stayed above its Nov. 21 trading low of 741.02. Investors searching for a recovery look for signs that market can test its lows from the worst of the credit crisis and then bounce higher.
Still, many analysts expect the market to remain volatile for the foreseeable future.
Rich Hughes, co-president of Portfolio Management Consultants in Los Angeles, said the market's rallies are likely to be based on hope or on rebounds from selloffs. He contends Wall Street still hasn't seen the wrenching decline that is often needed to scare investors from the market and set the ground for a lasting recovery.
"The underlying fundamentals just aren't there to support anything that's sustainable right now," Hughes said. "We haven't seen the capitulation that you'd want to see before you'd get thoroughly enthused."
The market's slide has been tough on long-term investors. A person who in 1997 put $50,000 in a fund that tracks the S&P 500 would now only have about $46,256.
Bond prices fell Tuesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.80 percent from 2.76 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, was unchanged at 0.29 percent.
The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude rose $1.52 to $39.96 per barrel on the New York Mercantile Exchange.
Home Depot posted a loss but the nation's largest home improvement retailer's results topped expectations when excluding costs for shutting four home-improvement brands. The stock rose $1.96, or 10.5 percent, to $20.67.
Target Corp. and Macy's Inc. said fiscal fourth-quarter earnings fell sharply as shoppers cut back on purchases. Office Depot Inc. posted a loss for the quarter. Target fell 60 cents to $27.83, while Macy's rose 89 cents, or 12 percent, to $8.29.
Two big drags on the Dow this year _ Citigroup and Bank of America Corp. _ regained ground Tuesday. Citigroup rose 46 cents, or 22 percent, to $2.60, and BofA rose 82 cents, or 21 percent, to $4.73.
Another bank in the Dow, JPMorgan Chase & Co., rose $1.51, or 7.74 percent, to $21.02 after announcing late Monday it would slash its quarterly dividend to 5 cents from 38 cents in a move to save $5 billion a year.
The only loser in the Dow Tuesday was Microsoft Corp., which dipped 4 cents to $17.17 after it reiterated its belief that the economic crisis will persist at least into the second half of 2009.
Asian stocks rose Wednesday following the U.S. rally, although gains across the region were far more modest. In Japan, the Nikkei 225 stock average rose almost 1 percent, and Hong Kong's Hang Seng gained 0.7 percent to 12,890.73. Benchmarks in South Korea, Singapore and Taiwan were also higher, though Shanghai and Australian stock measures lost ground.

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SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.

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Nikkei rises on weaker yen, stock-buying option

Japanese shares rose for the first time in a week Wednesday, buoyed by a weaker yen and speculation that the government may use public funds to buy stocks.
The benchmark Nikkei 225 stock average gained 103.54 points, or 1.4 percent, to 7,372.10 in afternoon trading. The broader Topix index was up 1 percent at 737.46.
Rattled by tumbling share prices, the ruling coalition is considering expanding the scope of a government entity currently limited to purchasing stocks held by financial institutions and their cross-held shares, the Nikkei financial daily reported Wednesday.

A recent proposal submitted to the Diet calls for allowing the Banks' Shareholdings Purchase Corp. to buy assets directly from the market, the Nikkei said.
Finance Minister Kaoru Yosano, who expressed concerns about the fallout from falling stock markets, hinted Tuesday that such a plan was in the works.
"Watching today's stock market, I think we will have to consider various options," he told reporters.
The yen's drop to three-month lows against the dollar also cheered investors. Exporters, whose overseas earnings grow as the dollar gains against the yen, made broad-based gains as a result. The dollar rose to 97.13 yen from 96.70 yen late Tuesday. Early last week, it was hovering in the low 90s.

Honda Motor Co. rose 7 percent and Panasonic Corp. advanced 5.8 percent.
The Nikkei index has shed more than 45 percent over the past 12 months as the deepening recession in Japan chilled investor sentiment.
Wednesday morning, figures showed that Japan posted a record trade deficit in January, with exports tumbling 46 percent from a year earlier. Its economy, the world's second-largest, shrank at its fastest rate in 35 years in the fourth quarter.
Earlier this month, Japan's central bank announced plans to buy stock holdings worth billions of dollars from financial institutions, whose bottom lines are being drained by heavy equity losses.
The strain on commercial banks' balance sheets has forced them to tighten lending, resulting in a credit crunch that has affected companies of all sizes trying to raise money.
Under the operation, which began this week, the central bank will buy 1 trillion yen, or $11.2 billion, in shares until April 2010.

Bank of Japan Gov. Masaaki Shirakawa described equity market exposure as the most serious risk facing the country's major banks but said the measure is not aimed at boosting sagging stock prices.


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To withdraw funds from your account Please make sure that you have sufficient funds in place to cover the the necessary margin required for your open positions, after your requested withdrawal.

No requests for transfers to persons other than the account holder will be processed.
SigmaForex may require further identification or documentation in order to complete your request.
Please Note that transfer fees and bank charges may apply, and depend on the form of transfer.
Please note that we try to process the withdrawal request quickly. However, it may take up to 5 business days, depending on the method of transfer.

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Asian stock markets rise after Bernanke comments boost Wall Street; Tokyo up 1.3 pct

Asian stocks rose Wednesday, taking their cue from Wall Street after U.S. Federal Reserve Chairman Ben Bernanke said the government had no plans to nationalize hard-hit banks and the recession might end this year.
Gains across the region were far more modest compared with U.S. markets, where the major benchmarks surged from near 12-year lows as banking shares led a broad rally.
Investors seemed heartened by Bernanke's comments that formally nationalizing the banks to ensure their viability "just isn't necessary." In recent days, fears of nationalization have weighed heavily on markets as investors worry the move would dilute share prices and turn over major decision to government regulators.
Analysts were skeptical the rally would last in the face of further deterioration in the global economy.
The U.S. government may end up nationalizing the banks, but do so piecemeal rather than in a single injection, said Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong.
"The political difficulty of nationalization is hampering efforts to jump-start the recovery, and I think the rally (on Wall Street) yesterday was only temporary," Kowalczyk said.
In Japan, the Nikkei 225 stock average rose 94.26 points, or 1.3 percent, to 7,362.82 despite news the world's second-largest economy posted a record trade deficit in January, with exports tumbling 46 percent from a year earlier.

Elsewhere, Hong Kong's Hang Seng rose 0.8 percent, to 12,897.14, and South Korea's Kospi was up 0.2 percent at 1,065.83.
Benchmarks in Singapore and Taiwan were also higher, though Shanghai and Australian stock measures lost ground.
Overnight in New York, the Dow rose 236.16, or 3.3 percent, to 7,350.94. On Monday, the major indexes tumbled more than 3 percent, including the Dow, which fell 251 points and hit its lowest close since May 7, 1997.
Broader stock indicators also rebounded Tuesday. The S&P 500 index jumped 29.81, or 4 percent, to 773.14. On Monday, it logged its lowest finish since April 11, 1997.
U.S. futures pointed to a lower open on Wall Street.
In currencies, the dollar continued its advance, rising to 96.91 yen from 96.70 yen. The euro traded lower at $1.2812 from $1.2763.
In oil, light, sweet crude for April delivery was exchanging hands at $39.60 a barrel, down 36 cents. Overnight, the contract, staged a late-session rally to settle up $1.52 at $39.96 on the New York Mercantile Exchange.



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Accor, CNP, Deutsche Boerse, Novartis: European Equity

Feb. 24 (Bloomberg) -- The following companies may have unusual price changes in European trading. Stock symbols are in parentheses, and share prices are from the previous close.
The Dow Jones Stoxx 600 fell 1.4 percent to 172.86. Dow Jones Stoxx 50 Index declined 1.4 percent to 1,776.42. The Euro Stoxx 50 Index, a benchmark for the nations using the euro, decreased 0.7 percent to 1,977.50.

Accor SA (AC FP): Europe’s biggest hotelier reports full- year earnings before the market opens in Paris. Profit fell 30 percent to 618 million euros, according to the median of five analyst estimates, after Accor sold fewer properties and the global economic slowdown discouraged people from traveling. The shares added 52 cents, or 1.7 percent, to 30.38 euros.
Areva SA (CEI FP): The world’s biggest maker of atomic reactors reports full-year earnings after the market close in Paris. The company’s investment certificates lost 7.06 euros, or 2.2 percent, to 321.43 euros.
CNP Assurances SA (CNP FP): France’s biggest life insurer reports full-year earnings before the market opens in Paris. The company said earlier this month that 2008 revenue fell 10 percent to 28.3 billion euros. The shares fell 1.66 euros, or 3.3 percent, to 48.83 euros.
Daimler AG (DAI GY): The world’s largest truckmaker may be active after the European Automotive Manufacturers Association, or ACEA, releases the regions’ industry truck and bus sales figures for January. Daimler fell 3.4 percent to 18.63 euros.
Deutsche Boerse AG (DB1 GY): Europe’s largest exchange by market value reported a 18 percent decline in fourth-quarter profit because earnings last year were boosted by a one-time gain from a property sale. The shares added 1.3 percent to 35.96 euros.

Henkel AG & Co. KGaA (HEN3 GY): The maker of Loctite glue and Right Guard deodorant plans to discuss full-year results. The shares added 0.1 percent to 17.85 euros.
Kemira Oyj (KRA1V FH): The world’s biggest supplier of pulp and paper chemicals will probably say it had a loss of 40.4 million euros ($51 million) on 612 million euros in revenue, the mean analyst prediction. Kemira slid 2.8 percent to 4.82 euros.
Novartis AG (NOVN VX): Switzerland’s second-largest drugmaker said first-quarter results will be “severely impacted” because of currency swings. Shares fell 92 centimes, or 1.9 percent, to 47 francs.

Swiss Reinsurance Co. (RUKN VX): The second-biggest reinsurer turned to Warren Buffett for a “quick solution” to a need for capital that otherwise could “only be diminished over time,” Chief Financial Officer George Quinn told Finanz und Wirtschaft in an interview. Shares fell 1.01 francs, or 7 percent, to 13.15 francs.


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Stocks, Dollar Dive as Bailout Collapses

Asian markets dove today, and European exchanges opened down as the Senate abandoned efforts to bail out the American auto industry. The Nikkei in Tokyo and the Hang Seng in Hong Kong both closed down about 5.5%, with major exporters like Toyota and Sony leading declines. The bailout's collapse also delivered a pounding to the dollar, which dropped to a 13-year low of 88 yen before recovering slightly, reports the Financial Times.

London, Paris and Frankfurt bourses all fell this morning, with carmakers from BMW to Peugeot taking major hits. "Markets were calming down, so this is a terrible way to end the week and erase that sentiment. It couldn’t come at a worse time," said a banker in Tokyo.


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BAA ltd Airport Operator BAA Shoots Down $15 Billion Offer

BAA, which runs Gatwick and Heathrow airports in London, flatly rejected on Friday a $15 billion offer from Grupo Ferrovial of Spain and declared that it would not even enter into discussions on the matter.
It was a rocky start for Grupo Ferrovial’s formal bid, which the Spanish construction company has reportedly been preparing for weeks. Macquarie Bank of Australia is also said to be considering an offer for BAA, with private equity firm Blackstone Group as a potential partner.
BAA’s board, which is getting financial advice from Rothschild and UBS, said in a statement that Ferrovial’s offer “does not begin to reflect the true value of BAA’s unique portfolio of airport assets.”

Ferrovial on Friday confirmed that it made a bid for BAA as part of a consortium that includes Canadian fund manager Caisse de depot et placement du Quebec and investment company GIC Special Investments Pte Ltd. of Singapore.

From Ferrovial’s statement:
The consortium believes the proposal offers attractive value for BAA shareholders and hence is disappointed that BAA has chosen to reject the proposal without further discussion.

[SigmaForex Funding Methods]

Safety of funds plays an important role in any type of business; we make our best efforts to ensure protection of customers’ money.

Minimum deposit required for funding new accounts:
Our accounting department is ready to help you fund your new account or add funds to an existing account. For Standard Dealing Desk Accounts the minimum deposit is $ 500, and for the No Dealing Desk Accounts the minimum deposit is $ 2000.
Deposit instructions:
You must open a web account and associate it with your live account to insure security of transactions in your account

How to do so?
1. Open web account
2. Login and associate your Live Trading Account with your Web Account
3. Login to your Web Account and click 'Make a Deposit"

Deposit methods
1- Bank wire transfer
A wire transfer is a transfer of money from one bank account to another. The actual transfer is done by the bank, and neither the sender nor the recipient of the money sees or touches the actual funds.
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None
SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.
Withdrawal Eligibility
Immediate availability

Restrictions
The account holder name of the funds must always match the name listed as the customer on the trading account.
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Open www.e-gold.com- Create new e-gold account - Issue transfer request from your e-gold account to SigmaForex e-gold account.
Deposit Time
Immediate deposit SigmaForex does not guarantee deposit times in the event of a margin call
Fees
None
SigmaForex will not be held responsible for charges or fees assessed by going through an intermediary bank.

Withdrawal Eligibility
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Restrictions
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Companies Forecast Hewlett-Packard’s Profit Declines 13%

Just three months ago, Hewlett-Packard appeared largely immune to the global recession that had shaken other major technology companies. Now, it, too, has succumbed to a worsening economy, reporting flat revenue growth for the first three months of the year but forecasting revenue declines for the rest of the year.
H.P., based in Palo Alto, Calif., hit Wall Street on Wednesday with a stunning reversal in its outlook for the fiscal year. For the first time in Mark V. Hurd’s tenure as chief executive, the company reduced its full-year revenue forecast. The company now expects revenue to fall as much as 5 percent from the $118.4 billion recorded last year. In November, H.P. surprised investors by forecasting that sales this year would rise to as much as $130 billion.
“The swing in the revenue outlook is particularly glaring and suggests that, clearly, their business has slowed materially over the last two months,” said Shebly Seyrafi, an analyst with Calyon Securities.

The quarter also stood out as remarkable because it provided one of the first indications that Mr. Hurd is human after all, one Wall Street analyst said.
“I think people will be nervous because H.P. is showing that it’s fallible,” said A. M. Sacconaghi, a securities analyst with Sanford C. Bernstein & Company. “I think going into this quarter there was a belief that they were infallible and would make any numbers they provided.”
In its most recent quarter, the first of the 2009 fiscal year, revenue fell close to 20 percent year-over-year in three of its major businesses — personal computers, business hardware and printing. Those types of declines put H.P. in the same league as some of the technology industry’s other large companies, like Intel and Cisco Systems, whose customers have been restraining their buying.
Nevertheless, H.P posted a 13 percent decrease in earnings, at $1.85 billion, or 75 cents a share, down from $2.13 billion, or 80 cents a share, in the year-earlier period. Excluding one-time charges, the company matched the 93 cents a share average earnings forecast by Thomson Reuters.
Revenue for the period increased 1 percent, to $28.8 billion, from $28.5 billion in the year-earlier period. Analysts expected the company to post revenue of $31.9 billion for the period.
While H.P. missed the revenue forecast in the first quarter, ended Jan. 31, and has now lowered its revenue forecast well below analysts’ full-year forecast of $126.5 billion, it still expects full-year earnings of $3.76 to $3.88 a share. Analysts forecast $3.77 a share.

Mr. Hurd maintained that H.P.’s profitability should remain high, thanks to continuing cost-cutting measures, the ability to increase prices and the potential for more lucrative services deals.
He sounded less optimistic about the economy, however. “We just don’t want to bank on the fact that the economy is going to get better,” Mr. Hurd said during a conference call with analysts. “We just don’t see a catalyst to change it.”
As has been the case throughout Mr. Hurd’s four years running H.P., the company’s major businesses remained profitable during good times and bad. PC sales slid 19 percent, to $8.8 billion, and operating profit margins fell slightly from a year ago, but while sales of printing and imaging products plummeted 19 percent, to $6 billion, profit margins improved by 3 percentage points. In addition, H.P’s first quarter received a significant boost from the acquisition of Electronic Data Systems. H.P.’s services revenue more than doubled to $8.7 billion.
Analysts, however, remained dismayed with a large decline in sales of supplies like printer ink. “That was the most disturbing part,” said Ashok Kumar, an analyst with Collins Stewart. “That is the bedrock of their profitability.”
H.P. plans a number of measures to reduce costs even further in the months to come. Mr. Hurd’s base salary will be cut 20 percent, while other executives’ salaries will be cut 10 to 15 percent. Other employees will also face up to 5 percent reductions in their pay. H.P. has also curtailed contributions to its retirement plan and stopped a plan that allowed employees to buy H.P. shares at a discount.
“Mark is second to none in terms of expense management,” Mr. Kumar said. “It is likely that this will be the last reset. If it is the first of many resets, then H.P. is not what investors make it out to be.”
Shares of H.P. closed down 26 cents, at $34.08. They fell almost 6 percent in after-hours trading, to $32. 11, after the release of the results.


[SigmaForex Withdrawal Methods]

To withdraw funds from your account Please make sure that you have sufficient funds in place to cover the the necessary margin required for your open positions, after your requested withdrawal.

No requests for transfers to persons other than the account holder will be processed.
SigmaForex may require further identification or documentation in order to complete your request.
Please Note that transfer fees and bank charges may apply, and depend on the form of transfer.
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Personal Computers

PC makers' shares fall on fears of worsening demand

SAN FRANCISCO (Reuters) - The shares of PC heavyweights Hewlett-Packard Co (HPQ.N), Apple Inc (AAPL.O) and Dell Inc (DELL.O) fell on Thursday as new signs emerged of eroding demand for technology hardware.
HP's stock dropped 8 percent after the company slashed its fiscal 2009 outlook on Wednesday. HP, the world's No. 1 PC maker and No. 2 services firm, posted weak fiscal first-quarter sales of printers, personal computers and servers.
Apple shares fell nearly 4 percent as new data showed the company's premium-priced computers are proving a tougher sell in difficult times. According to research group NPD, Apple's January computer sales through U.S. retail outlets fell 6 percent on a unit basis from a year ago as the dollar value dropped 11 percent. Its unit market share fell to 13.7 percent from 16.4 percent, NPD said.
Apple declined to comment on the data.

According to NPD, overall PC unit sales through U.S. retailers rose 13 percent in the month, but revenue fell 3.2 percent.
"I think what HP and Apple are seeing is what should be expected in this environment, that consumers are making the change to lower-price, lower-end notebooks," ThinkPanmure analyst Vijay Rakesh said.
The shares of Dell, which is scheduled to report quarterly results next Thursday, fell 6 percent. The No. 2 PC maker has been cutting costs and retooling its operations as it continues to lose market share.

The global economic meltdown has severely hurt IT purchases, with enterprises paring back costs and consumer spending evaporating. Fourth-quarter 2008 PC shipments posted their worst growth rate since 2002, according to research group Gartner.
HP's diversified business and recurring revenue streams had so far helped insulate it somewhat from the downturn, but analysts said the company could not escape from what is one of the worst demand environments in memory.


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Customer satisfaction is number 1

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Sun Hung Kai Lifts Prices at New Luxury Home Project

Sun Hung Kai Properties Ltd., Hong Kong’s biggest developer by market value, is raising prices for a new luxury residential project by 5 percent after selling 150 units in 10 days.
“The response has been so good, we are raising the prices gradually,” Victor Lui, executive director of Sun Hung Kai Real Estate Agency, said in a phone interview today.
The builder, which released 200 apartments at its Kowloon project in the first launch, sold the 150 units for HK$14,000 to HK$20,000 ($1,806-$2,580) a square foot, generating HK$3.5 billion revenue, Lui said. It’s now selling three-bedroom units at the project, called The Cullinan, for HK$14,700 to HK$21,000 a square foot, based on Bloomberg calculations using his figures.
The sale may indicate investment in Hong Kong’s luxury homes is picking up, Centaline Property Agency Ltd., one of the city’s biggest real-estate agencies, said. Prices of luxury homes, defined as those worth at least HK$10 million, fell 19.2 percent in the fourth quarter from a year earlier, CB Richard Ellis Group Inc. said last week.
“There’s a bunch of cash-rich people out there who prefer holding real assets such as property, gold as they become more wary of other financial investments,” said Wong Leung-sing, an associate director at Centaline. “Under the current environment, The Cullinan sale has exceeded expectations and it’d be a harbinger of an increasingly active investment luxury market.”
Sun Hung Kai’s shares rose as much as 4.2 percent on the news, the most since Feb. 9. They traded 0.8 percent higher at HK$60.65 at 3:05 p.m. Hong Kong time, while the Hang Seng Property Index, which tracks the shares of six developers, advanced 2.7 percent.

Hang Lung Properties
The number of units sold and the revenue generated were earlier reported by the South China Morning Post.
Prices fetched at The Cullinan may entice Hang Lung Properties Ltd., Hong Kong’s fourth-biggest developer by value, to sell units at its nearby Harbourside project, analyst Manfred Ho said. Shares of Hang Lung rose as much as 6.9 percent today, snapping a nine-day losing streak. They traded 4.7 percent higher at HK$14.30.
Hang Lung has “quite a big number of unsold units at The Harbourside, so if The Cullinan is selling well, definitely they will be one of the direct beneficiaries,” said Ho, a Hong Kong- based analyst at BOC International Group.
Hang Lung has about 2,000 homes unsold at its Harbourside and Long Beach developments in Hong Kong, as it held back apartment sales last year after prices fell as much as 25 percent from last year’s peak.
Sun Hung Kai may start selling the second batch of units next week, Lui said, adding the developer will decide on the number after wrapping up the first launch. Buyers in the first launch included investors from China, he said.
Sun Hung Kai is also in the final stages of negotiating the sale of four penthouse units, Lui said. One of them, a 4,000 square-foot duplex, is priced at HK$50,000 a square foot while the other three smaller ones at more than HK$30,000, he said.
Standing at 270 meters, The Cullinan will be Hong Kong’s tallest residential project and includes 825 units.

Still Under Pressure
Still, some analysts said prices for The Cullinan are not enough to lift the entire Hong Kong property market, which is weighed down by a recession and rising unemployment.
“Hong Kong’s economy is really dependent on the financial sector, which is volatile, and trade, where we don’t see any sign of improvement,” Cusson Leung, an analyst at Credit Suisse Group AG, said by phone today.
Hong Kong’s economy slid into a recession in the third quarter, its first since 2003, as the global slowdown hurt domestic spending and demand for exports. Unemployment rose to 4.6 percent in the three months ended Jan. 31, the highest rate since September 2006, the government said Feb. 17.
Home prices on the Peak, Hong Kong’s most-expensive residential area, slumped 30.5 percent in the fourth quarter of 2008 from a year earlier, the steepest decline since the Asian financial crisis in 1998, CB Richard Ellis said last week. The average price was HK$16,678 a square foot, it said.
Hong Kong’s record price for a luxury home was for a house in Sun Hung Kai’s Severn 8 project on the Peak that sold in the first half of last year for almost HK$56,000 a square foot.


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Valero Energy

VeraSun Energy to sell assets to Valero Energy

Ethanol producer VeraSun Energy Corp. said Friday it is selling assets to Valero Energy Corp. for $280 million amid difficult industry conditions and tight credit markets.
The assets include certain VeraSun production facilities in South Dakota, Iowa, Minnesota, and Indiana. The company will sell all production facilities and operations in separate or combined transactions.
"Given current difficult industry conditions and continued constrained credit markets, we believe that commencing a sale process is in the best interest of Company stakeholders," said Don Endres, VeraSun's chief executive.
Other companies have expressed interest in VeraSun's assets, excluding those included in the proposed Valero (nyse: VLO - news - people ) transaction.

VeraSun will hold an auction for other bidders to offer more favorable terms than Valero's bid. Bidders have until March 13 to submit qualifying bids. If qualifying bids are received, the company will conduct an auction on March 16.
VeraSun said it has enough liquidity to maintain production facilities and staff through the sale process.


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