r, a move that was a formality. Diamond announced he would end his bid to join the central bank in an opinion piece in the New York Times on Monday, citing strong Republican opposition. As the 2012 election approaches, experts said it may be more difficult for President Barack Obama to fill there it has been losing market share to nimbler competitors such as Apple Inc. (AAPL) and devices based on Google Inc.'s (GOOG) Android operating system. Its failure to keep pace with the fast-moving market saw it abandon its Symbian platform for smartphones in February, in favor of a partnership with Microsoft Corp. (MSFT) and its Windows Phone software. S&P Thursday became the latest ratings agency to downgrade Nokia, cutting it to BBB+/A-2 from A-/A-1, and putting it on a negative creditwatch, but the agency said that "at this stage, we believe the long-term rating will remain investment grade." Fitch Ratings downgraded Nokia's credit rating by two notches Tuesday, leaving it one step away from junk territory, while Moody's Investors Service last week put Nokia on watch for a downgrade. Moody's now rates the company at a higher A3, which is four steps above junk territory. Nokia's shift to Windows Phone from Symbian is designed to reverse the company's failing market share, but with the first Windows Phone not set to launch until the fourth quarter, there are concerns the company may find it difficult to retrieve lost customers. The company's management team also faces internal challenges after Nokia said earlier Thursday that Chief Technology Officer Richard Green is taking a leave of absence, to be replaced by Henry Tirri, head of Nokia Research Center. "We can confirm that Rich Green has taken leave to attend to a personal matter. We have not provided a specific timetable for his return," Nokia spokesman Tomi Kuuppelomaki said, responding to a report from Finnish newspaper Helsingin Sanomat that Green is unlikethe plots. Cheung Kong, the property flagship of tycoon Li Ka-shing, paid HK$11.65 billion for a prime site on Borrett Road in the Mid-Levels district. The purchase price was below the HK$12 billion-HK$15.2 billion range forecast by five analysts polled by Dow Jones Newswires, but was still 22.6% higher than the opening bid of HK$9.50 billion. The developer also bought a much smaller site in Yuen Long, New Territories, for HK$300 million, more than double the opening bid of HK$132 million, and was within the HK$200 milli