PRESS DIGEST - Hong Kong - Aug 13

HONG KONG, Aug 13 (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

-- Heavyweight China Mobile (0941.HK) has lost HK$220 billion ($28.18 billion) in value in the past six days as its shares fell more than 10 percent.

-- Olympic medals were awarded for the first time ever in Hong Kong as the German equestrian team swept two golds on Tuesday.

APPLE DAILY

-- Microsoft's co-founder Bill Gates joined the councellors from three local universities in a forum in Hong Kong on Tuesday. Gates said Hong Kong universities should work more with the private sector in the development of new technologies. He also met with Chief Executive Donald Tsang at Government House and discussed how IT industry could flourish in the future.

MING PAO DAILY NEWS

-- NowTV, the broadband TV unit of telecoms firm PCCW (0008.HK), reported an annual loss of HK$397 million. However, the company achieved break-even in EBITDA (earnings before interest, tax, depreciation and amortisation) in its fourth quarter.

SING TAO DAILY

-- Mainland-based developer Country Garden (2007.HK) saw a 29 percent on-year decline in interim net profit to 1.016 billion yuan for the first six months of 2008. The company said it has no intention to lower its sales target for this year although total first-half sales contracts only reached one third of the 33 billion yuan target for 2008.

SOUTH CHINA MORNING POST

-- After falling for the past three trading days, mainland-listed stocks are cheaper than they were three years ago, but fund managers and analysts are still divided on whether it is time to buy.

-- Gome Electrical Appliances Holding (0493.HK), the mainland's biggest electronics appliance retailer, says it may not be able to meet its sales target this year as natural disasters hurt consumer sentiment in May and June.

THE STANDARD

-- Hong Kong is only a step away from establishing a Sharia finance market after a first sukuk, or Islamic bond, issued by the Airport Authority, gained tax-exemption approval from the government. It should be ready in October.

TA KUNG PAO