Dec 6 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. ()