PRESS DIGEST - Hong Kong - May 20

HONG KONG, May 20 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- Chief Executive Donald Tsang on Tuesday said his salary and those of all appointed officials in his cabinet would be reduced by 5 percent.

APPLE DAILY

-- Sporting goods giants Adidas (ADSG.DE) and Nike (NKE.N) are both said to be closing their respective Asian regional headquarters in Hong Kong. If the rumours are true, a combined 400 workers may lose their jobs.

SOUTH CHINA MORNING POST

-- Oil explorer Smart Rich Energy Finance (Holdings) (1051.HK) has secured buyers for almost half the HK$4.55 billion worth of new shares it plans to issue later this month to acquire a gold mine in Indonesia recently sold by debt-laden OZ Minerals (OZL.AX) of Australia, according to chief executive Owen Hegarty.

-- Lumena Resources Corp, China's second-largest thenardite producer, which aims to raise up to HK$1.5 billion in an IPO in June, plans to invest more than 1 billion yuan ($146.5 million) this year to boost production of sodium sulphate by 75 percent to 2.8 million tonnes in 2010, according to a report by BOC International.

HONG KONG ECONOMIC JOURNAL

-- Legislators have urged the Hong Kong Monetary Authority to review the employment terms for the chief executive post in terms of length in office, pay and other compensation. The call came after the official announcement of HKMA chief Joseph Yam's retirement in October.

TA KUNG PAO

-- Fast-food chain Cafe de Coral (0341.HK) said growth in first-quarter turnover was slower year on year and it would be satisfied if it could maintain last year's performance in the second-quarter performance amid the market downturn.

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