PRESS DIGEST - Hong Kong - June 10

HONG KONG, June 10 (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.

HONG KONG ECONOMIC TIMES

-- The transportation industry is set to stage a slow-drive demonstration today involving 500 vehicles on busy Hong Kong roads to demand the administration cancels fuel taxes in the face of high operating costs.

APPLE DAILY

-- Hong Kong ranks 70th on a survey on quality of life among 215 world cities, lagging rivals such as Singapore at 32nd place. Bad air pollution was a major factor.

-- Sources said karaoke parlour chain, music and movie publisher Neway Group was seeking to launch its IPO exercise this month to raise HK$800 million to HK$1 billion. The company says it has a more than 60 percent market share in the karaoke box operations.

MING PAO DAILY NEWS

-- Taiwan-based China Airlines (2610.TW) has become the sixth airline to announce a cut in the frequency of its flight services in the past two weeks. Its rival EVA Air 2628.TW is poised to do the same.

SING TAO DAILY

-- Henderson Land (0012.HK) has purchased two lots from its chairman Lee Shau-kee, both at a discount from market prices. One site cost HK$549 million and the other, with a 60 percent stake, was sold for HK$730 million.

SOUTH CHINA MORNING POST

-- In its race to tap the estimated US$1 trillion Islamic finance market, Hong Kong faces a sizeable hurdle -- taxes, according to Eddie Yue, a deputy chief executive of the Hong Kong Monetary Authority.

THE STANDARD

-- Economists are mixed on whether the People's Bank of China will continue to increase the reserve requirement ratio after the central bank raised it by 100 basis points to 17.5 percent.

-- The Secretary for Justice has called for a staggering 30 percent rise in the pay of senior government lawyers in a move that would see their salaries top those of senior civil servants for the first time.

SING PAO