PRESS DIGEST - Wall Street Journal - Dec 3

Mon Dec 3, 2012 2:21am EST

Dec 3 (Reuters) - The following are the top stories in the Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

* Delta Air Lines Inc has approached Singapore Airlines Ltd to discuss buying its 49 percent stake in British carrier Virgin Atlantic Airways Ltd, three people familiar with the situation said on Sunday. The Asian carrier has considered selling its stake in Virgin over the past five years and has held talks in the past with several airlines, including Delta. ()

* State regulators on Sunday approved new rules for how U.S. life insurers set reserves for future claims, a decision that may free up billions of dollars to help boost the industry's flagging returns. ()

* SAC Capital Advisors LP, the giant hedge-fund firm allegedly involved in what the government has described as the biggest insider-trading case it has ever made, has less than three months to convince investors to stick with the money manager. ()

* Embattled BP Plc will fete its investors on Monday - and many hope that fresh details about its plans as a smaller, more focused company will outshine last week's negative headlines. ()

* Cerberus Capital Management LP, working on an acquisition of Supervalu Inc, has indicated it is willing to pursue multiple options for the troubled grocer, including a deal to buy Supervalu's entire business and another to purchase its Albertsons stores, a person familiar with the matter said. ()

* After years of meteoric growth in China, Yum Brands Inc - the U.S. company that owns Pizza Hut and KFC - is starting to stumble in its single biggest market, as intense competition and fast-food fatigue cause Chinese consumers to lose their appetite for fried chicken and pizza. ()

* The White House and congressional Republicans remained at loggerheads - in both public and private - over how to design a deficit-reduction package, with just a few weeks remaining before the nation hits the fiscal cliff. ()

* A recent bidding war between Reckitt Benckiser and Bayer AG for vitamin maker Schiff Nutrition International Inc could be a taste of things to come, as consumer-products companies and drug makers jostle to grab a slice of a growing market for vitamins and health supplements.