PRESS DIGEST - Hong Kong - Aug 6

Reuters

HONG KONG, Aug 6 (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.

SOUTH CHINA MORNING POST

-- The city's employers will have to fork out an additional HK$1.4 billion ($180.6 million) a year if the hourly statutory minimum wage goes up from the current HK$30 to HK$33, the Minimum Wage Commission was told. (http://bit.ly/1scxjMJ)

-- Tycoon Cecil Chao Sze-tsung has launched a succession plan that will allow his daughter, Gigi Chao, to take the helm of the family property company Cheuk Nang. The family came under the spotlight in 2012 after Cecil Chao offered HK$500 million to any man who succeeded in marrying Gigi Chao after learning she had wed her girlfriend. (http://bit.ly/1opvyb4)

-- E-commerce giant Alibaba Group Holding (IPO-BABA.N) has started its restructuring of ChinaVision Media Group with the appointment of a new chief executive, Zhang Qiang. ChinaVision has been renamed Alibaba Pictures Group. (http://bit.ly/1p98kuQ)

THE STANDARD

-- A do-not-call register should be expanded to include telemarketers, who annoy just about everyone with their cold calls, the Office of the Privacy Commissioner in Hong Kong said. (http://bit.ly/X0feZ0)

-- Confidence in mandatory provident fund schemes reached a nadir last month, a survey by the University of Hong Kong revealed. About 24 percent of the respondents said they had "zero confidence" in the retirement protection scheme, compared with 21.6 percent last year and 14.1 percent in 2012. (http://bit.ly/1mkxcem)

-- China Merchants Bank opened its first offshore private banking centre in Hong Kong at the headquarters of its local subsidiary, Wing Lung Bank. The centre will provide global wealth management services to high-end clients both in Hong Kong and the mainland. (http://bit.ly/1zSiTWw)

HONG KONG ECONOMIC JOURNAL

-- Some 500 frontline staff from Macau casino and gaming industry staged a protest on Tuesday demanding Galaxy Entertainment Group Ltd to improve its employee benefit.

HONG KONG ECONOMIC TIMES

-- HKT Trust posted a forecast-beating 18 percent rise in first-half profit at HK$1.4 billion. It expects income from mobile telecommunications to contribute to one-third of its annual revenue this year.

MING PAO DAILY NEWS

-- Footwear retailer Belle International Holdings Ltd expects its footwear division to post a low-single digit decline in same-stores sales during its fiscal first half, weaker than the company expected, according to its Chief Executive Sheng Baijiao.

For Chinese newspapers, see...............

(1 US dollar = 7.7502 Hong Kong dollar) (Reporting by Donny Kwok; Editing by Gopakumar Warrier)

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