PRESS DIGEST - Hong Kong - June 17

HONG KONG, June 17 Mon Jun 16, 2014 10:19pm EDT

HONG KONG, June 17 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- The Hong Kong Monetary Authority is investigating several financial institutions, including at least one bank, for possible criminal breaches of the city's anti-money laundering laws. (link.reuters.com/kyp22w)

-- An undercover investigation by state media Xinhua has found that many industries bribe officials to obtain quality-control certification. The practice of certifying a company's products as meeting quality standards had been compromised by industries resorting to bribery. (link.reuters.com/pyp22w)

-- Tung Chee-hwa, the first chief executive of Hong Kong, will join the board of e-commerce giant Alibaba Group IPO-ALIB.N as an independent director soon after its initial public offering in New York, according to the company's updated U.S. regulatory filing. (link.reuters.com/qyp22w)

THE STANDARD

-- Judicial independence will not be compromised if judges are required to be patriotic, the Law Society chairman claimed amid debates over Beijing's white paper on Hong Kong. The white paper does not affect the current status of Hong Kong and is based on the Basic Law, Ambrose Lam San-keung said. (link.reuters.com/ryp22w)

-- Macau has reduced to five days, from seven, the permitted stay for Chinese passport holders who transit in the enclave effective from July 1. The move is aimed at deterring some mainlanders from deliberately breaching the existing entry requirements of transiting in Macau for seven days without actually travelling elsewhere. (link.reuters.com/syp22w)

-- Hong Kong-based internet finance firm Welab has altogether raised HK$180 million ($23.22 million) from investors including TOM Group and Sequoia Capital. Welab launched Welend, which is the first local peer-to-peer lending platform for lenders and borrowers, last June. (link.reuters.com/typ22w)

HONG KONG ECONOMIC JOURNAL

-- The construction cost of the third runway at the Hong Kong airport is set to be inflated due to delays in the project, with the overall cost expected to increase by 50 percent to HK$200 billion ($25.80 billion) from an initial estimate of HK$136.2 billion, according to industry sources.

-- Newspapers publication and printing service firm Next Media Ltd posted a profit of HK$240 million ($30.96 million) for the year ended March 2014, against HK$968 million loss in the previous year.

HONG KONG ECONOMIC TIMES

-- Knitted fabric and yarn producer Texwinca Holdings Ltd said its net profit for the year ended March amounted to HK$668 million, down 9 percent from a profit of HK$734 million in the previous year.

For Chinese newspapers, see............... ($1 = 7.7515 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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