PRESS DIGEST - Hong Kong - Aug 7

HONG KONG, Aug 7 (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

-- Mainland China's official TV station was selling 15-second air time for ads before Friday's Olympic opening ceremony at over 20 million yuan ($2.92 million) per slot. On the other hand, broadcasters are cutting prices on air time in Hong Kong, where the equestrian events are being held.

APPLE DAILY

-- The Hong Kong Stock Exchange (0388.HK) suspended trading for one day on Wednesday due to a tropical cyclone. It was the first time in seven years that the local market stayed closed all day because of a storm. Analysts predicted a rebound when the stock market re-opens on Thursday.

-- Five people have been arrested by the police for allegedly reselling Olympic equestrian event tickets illegally.

MING PAO DAILY NEWS

-- Morgan Stanley has lowered its target price on Bank of East Asia (0023.HK) to HK$29 a share. The bank's share price dropped more than eight percent on Tuesday to HK$33.2 after it reported a sharp decline in its interim profit.

SING TAO DAILY

-- Cathay Pacific (0293.HK) announced its interim results on Wednesday afternoon as many other business activities were halted because of the tropical cyclone. The airline dipped into the red for the first time in five years, reporting a loss of HK$663 million ($84.95 million) for the first half-year on high internation fuel prices.

SOUTH CHINA MORNING POST

-- Hong Kong-listed mainland lender Industrial and Commercial Bank of China (1398.HK) has won approval from the United States Federal Reserve to open a branch in New York, its first in the world's biggest economy.

-- The smooth build-up to the equestrian events in Hong Kong was thrown into disarray on Wednesday, with tropical storm Kammuri halting outdoor training and delaying the arrival of horses en route to the city.

THE STANDARD

-- Dual-listing candidate China South Locomotive and Rolling Stock Corp has brightened Hong Kong's gloomy new-listing market as its institutional H-share offering was covered in less than four days, while its A-share offer met with an overwhelming response. A source close to the deal said the company had priced its A-shares at the top price of 2.18 yuan apiece.

-- Hong Kong-listed Shanghai-based China Eastern Airlines (0670.HK) said it plans to invest 50 million yuan to establish a separate business-jet service unit.