PRESS DIGEST - Hong Kong - Aug 18

HONG KONG, Aug 18 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- Many of the credit card issuing banks have increased financial charges on overseas spending in foreign currencies to about two percent of the amount spent.

-- A green group estimates the government subsidy on electricity charges for 2.44 million households could reach HK$8.78 billion, but it fears the benefit could lead to waste by those who enjoy this help on tariffs.

APPLE DAILY

-- International oil prices per barrel have doubled since Tony Tyler took office as the chief executive officer of Cathay Pacific Airways (0293.HK). His airline has only rearranged routes without cutting service frequencies and Tyler says he does not want the layoff exercise in 1998 by the airline to be repeated as operating costs increase.

-- The number of TV audience switching to receive digital format programmes has jumped 60 percent over the past two months to about 351,000 households, or 15.6 percent of total, in July.

MING PAO DAILY NEWS

-- The number of new stocks launched in the first seven months was 21, or 50 percent of the total in the same period last year. The number of listing candidates who received approval but had not yet arranged an IPO has accumulated to a record high of 26 so far this year.

SOUTH CHINA MORNING POST

-- Hong Kong's first sharia-compliant Islamic banking service will be launched today by Hong Leong Bank (HLBB.KL), which offers both conventional and Islamic banking in its home market of Malaysia.

-- New York-listed Starwood Hotels and Resorts (HOT.N) is set to open its first W Hotel in Hong Kong next month. W Hotel Hong Kong's general manager Damon Page said the hotel will focus on lifting brand awareness rather than chasing higher room rates.

THE STANDARD

-- Mid-sized developer HKR International (0480.HK) said 30 units of its Tung Chung residential project, Le Bleu Deux, were sold during the weekend, generating HK$230 million in revenue.

WEN WEI PO

-- Fund houses predict interim earnings of both Cheung Kong (0001.HK) and Hutchison Whampoa (0013.HK) to decrease, by as much as 68 percent in the first half year. The two groups are set to announce interim results this Thursday.

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