PRESS DIGEST-New York Times business news - Jan 11

Fri Jan 11, 2013 2:11am EST

Jan 11 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* American Express said it would cut about 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations while more of its customers shift to online portals for booking travel plans and other needs. ()

* The Japanese government approved emergency stimulus spending of more than $100 billion on Friday, part of an aggressive push by Prime Minister Shinzo Abe to kick-start growth in Japan's long-moribund economy. ()

* An investor group led by Cerberus Capital Management agreed to buy a number of grocery chains from Supervalu , including Albertsons, for about $3.3 billion. ()

* Hedge fund Citadel posted returns of about 25 percent in its main investment funds, known as Kensington and Wellington, the firm wrote to investors in letters sent on Thursday. ()

* Sales of Nokia's new smartphone line, the Lumia, powered by Microsoft's Windows Phone operating system, soared more than 50 percent in the fourth quarter of last year, according to preliminary financial information. ()

* Several former senior executives at UBS were labeled negligent and incompetent on Thursday for failing to detect illegal activity that caused the Swiss bank to pay a $1.5 billion fine to global regulators. ()

* A California federal judge has delayed the sentencing of Philip Horn, a Wells Fargo broker who pleaded guilty to defrauding more than a dozen clients. ()

* Two large egg producers have received warning letters from the U.S. Food and Drug Administration, which said they violated a two-year-old rule aimed at preventing salmonella contamination. ()