PRESS DIGEST-New York Times business news - Dec 6

Thu Dec 6, 2012 2:35am EST

Dec 6 (Reuters) - The following are the top stories on the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Citigroup's announcement that it will slash 11,000 jobs worldwide underscores its major contraction since nearly collapsing during the financial crisis and its continuing battle against high operating costs and persistently sluggish markets. ()

* Federal investigators have charged many former employees of SAC Capital Advisors, the hedge fund owned by Steven A. Cohen, with trading on insider information. The trail leading to SAC has emerged out of a cluster of cases, many of them connected to the prosecution of the fallen titan Raj Rajaratnam. ()

* Instagram on Wednesday disabled the ability for Twitter to properly display Instagram photos on its website and in its applications. The move escalates tensions between the two companies, which were once friends in the battle against Facebook but have now become direct competitors. ()

* Freeport-McMoRan Copper and Gold is expanding further into the energy business, announcing on Wednesday the takeovers of two oil and gas companies worth about $9 billion. ()

* The antivirus software pioneer John McAfee was arrested in Guatemala City on Wednesday after he slipped over the border from his home in Belize where police want to question him in their investigation of the murder of his neighbor. ()

* After a campaign that drove a deep wedge between them, President Obama is now trying to rebuild relations with the business community in hopes of enlisting it in his showdown with Republicans in Congress over the looming fiscal crisis. ()