Christie's autumn sales miss target, crisis weighs

Auction house Christie's sold $146 million worth of Asian artwork in its Hong Kong autumn sales that concluded yesterday, around 35 percent below its pre-sale estimate as the financial crisis shrunk demand for Asian art.

After the five-day sales, Christie's made a total of HK$1.13 billion, around 35 percent less than the pre-sale estimate, with 70 percent of the 2,400 lots sold.

From ancient Chinese inkbrush scrolls to flawless diamonds, edgy contemporary Asian art, antique watches, lustrous Ming ceramics, fine wines and carved lacquer bowls, Christie's lush Hong Kong fall auctions were expected to tally HK$1.75 billion.

OOIL pessimistic about 2009 shipping outlook

Hong Kong-based container ship operator Orient Overseas (International) Ltd (OOIL) says the outlook for the industry next year is grim due to overcapacity and weak demand, as a global financial crisis dampens trade.

"The outlook is very pessimistic next year," Chairman Tung Chee Chen said. It forecast OOIL will post a net profit of $201 million in 2008 but will make a loss of $63 million in 2009.

Tung said OOIL might see higher revenues next year due to higher capacity, but its profit was likely to fall from 2008 due to weak demand.

Cell maker Yingli sees panel shipments up 60 pct

Chinese solar cell maker Yingli Green Energy Holding Co Ltd expects shipments of solar modules to rise 60 percent next year, with demand for panels likely to exceed supply in the face of the global downturn.

Yingli expects to ship modules with generating capacity of 400 megawatts (MW) in 2009 compared with around 250 MW this year, Cherradi Nabih, Yingli Green's vice president for manufacturing, said.

China's top refiners cut Dec runs to 20-month low

China's biggest refineries are set to cut production to the lowest in 20 months due to brimming fuel stocks and weak demand, underscoring the impact of the global economic downturn.

Twelve major plants accounting for over a third of China's capacity, most of them on the eastern and southern seaboards, plan to process 2.31 million barrels per day (bpd) of crude in December, down nearly 5 percent from November, a Reuters survey of company officials and industry sources showed yesterday.

Hong Kong dollar stable, forwards in focus

The Hong Kong dollar ended little changed after moving in a tight range yesterday but one-year Hong Kong dollar forwards continued to trade at a premium amid speculation the mainland could shift policy and allow its currency to depreciate to stimulate its economy. However, the premium narrowed from earlier in the week as short covering on Hong Kong forwards was less intense than on Monday and Tuesday.

Reuters

(HK Edition 12/04/2008 page2)