PRESS DIGEST-New York Times business news - July 22

July 22 Mon Jul 22, 2013 1:16am EDT

July 22 (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.

* Facebook Inc has been quietly working for more than two years on a project that is vital to expanding its base of 1.1 billion users: getting the social network onto the billions of cheap, simple "feature phones" that have largely disappeared in America and Europe but are still the norm in developing countries like India and Brazil. ()

* As government investigators closed in on billionaire hedge fund manager Steven Cohen in recent years, his defenders argued that the unusual structure of his firm, SAC Capital Advisors, shielded him from any illegal trading by his employees. However, federal regulators made their case on Friday that Cohen was not only aware of suspicious trading activity at SAC but participated in it. ()

* Detroit's pension shortfall accounts for about $3.5 billion of the $18 billion in debts that led the city to file for bankruptcy last week. How it handles this problem - of not enough money set aside to pay the pensions it has promised its workers - is being closely watched by other cities with fiscal troubles. ()

* With freight trains as their caravans, manufacturers like Hewlett-Packard Co are reviving an ancient way to ship products made in China to markets in Western Europe. ()

* As another television programming blackout looms, this time because of a high-stakes negotiation between the CBS Corp and Time Warner Cable Inc, there is a new wrinkle, courtesy of Aereo, the start-up that streams broadcast TV via the Internet. ()

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