PRESS DIGEST - Hong Kong - Oct 23

HONG KONG, October 23 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- An Executive Councillor has suggested the government should buy back stakes in two cross-harbour tunnels now held by CITIC Pacific (0267.HK). The time is right as CITIC Pacific is in a tight cash position.

APPLE DAILY

-- More than 100 local travel agencies in Hong Kong face financial difficulty, according to an internal government document. Business-class travellers and hotel-ticket package travellers have decreased.

MING PAO DAILY NEWS

-- the Monetary Authority of Hong Kong has provided a total of HK$7.9 billion to several Hong Kong banks since official measures for improving liquidity in the banking system were announced in early October, according to Secretary for Financial Services and the Treasury Ceajer Chan.

SOUTH CHINA MORNING POST

-- Macau SAR government unveiled a draft security bill on Article 23 of the Basic Law for consultation.

THE STANDARD

-- Real estate agency Centaline said it had cut 10 percent of staff at its property agencies in Hong Kong over the past two months and would continue to do so until it breaks even. It denied it would slash 4,000 staff at a stroke.

SING PAO

-- Association of Banks said local banks would begin buying back the first batch of Lehman minibonds from early December. DBS Bank said it would start the buyback from some of the affected Lehman-related investment product customers and the compensation would involve HK$414 million combined.

TA KUNG PAO

-- The new gold futures at HKEx recorded less than 700 contracts combined in the first three days of trading. Some expect the turnover to rise to 10,000 contracts within a year.

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