December 11, 2007 / 6:43 AM / 11 years ago

PRESS DIGEST - New York Times business news - Dec 11

Dec 11 (Reuters) - The New York Times reported the following stories on its business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Conrad Black was sentenced to 6-½ years in prison for fleecing shareholders of Hollinger International Inc out of millions of dollars.

* To the ire of Chinese steel workers, the United States is set to impose new tariffs on Chinese steel pipe imports early next year.

* UBS UBSN.VX became the latest Western bank to seek a financial lifeline from the cash-rich East on Monday, selling a more than 10 percent stake to investors from Singapore and the Middle East, as it wrote down a further $10 billion in the value of its mortgage-backed assets.

* The fourth-largest search engine company,, will begin a service today called AskEraser, which allows users to make their searches more private.

* After several false starts, the Toronto Stock Exchange and the Montreal Exchange MXX.TO announced a merger valued at $1.3 billion.

* Washington Mutual Inc (WM.N), one of the country’s largest lenders, said it would exit the subprime lending business, cut its dividend and eliminate 3,150 jobs.

* The dollar’s falling value is making European automakers eager to build more vehicles in the United States, even as American car companies continue to shift production to other, lower-cost countries.

* Losses on investments weakened by the deepening housing crisis have forced Bank of America Corp (BAC.N) to close a multibillion-dollar high-yield fund, after wealthy investors withdrew billions of dollars in assets.

* Citigroup Inc’s (C.N) board was locked in debate over its new leader, with no clear consensus over who would be tapped.

* MBIA Inc (MBI.N), the nation’s largest bond insurer, said it would receive a $1 billion investment from the private equity firm Warburg Pincus to shore up its finances and safeguard its top-flight credit rating.

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