March 25, 2008 / 6:29 AM / 11 years ago

PRESS DIGEST - New York Times business news - March 25

March 25 (Reuters) - The following were the top stories in The New York Times business pages on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* JPMorgan Chase & Co (JPM.N) agreed to pay $10 a share in stock and to purchase 95 million new shares of Bear Stearns Cos Inc BSC.N, giving JPMorgan an immediate 39 percent stake in the collapsed brokerage firm and paving the way to a likely deal closing on April 8. JPMorgan’s improved offer illustrates the deep complexity and political sensitivity of the deal, which also met the rejection and anger of Bear shareholders and employees.

* The Justice Department approved the merger of two rival radio networks, XM Satellite Radio Holdings Inc XMSR.O and Sirius Satellite Radio Inc (SIRI.O), saying the merger would not hurt competition or consumers. The proposed $5 billion merger must still be approved by the Federal Communications Commission (FCC).

* Alaska has brought a suit against drug maker Eli Lilly and Co (LLY.N) accusing the company of hiding the side effects of its bestselling schizophrenia medicine, Zyprexa.

* Lenders’ credit woes are starting to take a toll on small businesses. Some national surveys show that the businesses are encountering more restrictions at lending institutions, making it harder to get the credit necessary to expand or, in some cases, stay afloat.

* After months of talks, Ford Motor Co (F.N) and Tata Motors Ltd (TAMO.BO) may finally have a deal. The two car companies are expected to announce that Tata is buying Jaguar and Land Rover from Ford for about $2 billion, a person briefed on the negotiations said.

* Biovail Corp’s BVF.TO former chief and three other officers were accused by the U.S. Securities and Exchange Commission of various accounting frauds, with the Canadian company agreeing to settle with the agency for $10 million.

* Investors in Taiwan welcomed the presidential election victory of Ma Ying-jeou, a Nationalist who has called for closer relations with mainland China — a development that could spur the island’s lagging economy.

* Google Inc (GOOG.O) proposed a plan that may let wireless Internet devices use vacant television airwaves without interfering with current equipment. In comments filed with the FCC, Google offered suggestions on how the airwaves, known as white spaces, could provide high-speed mobile access to consumers without disrupting televisions and wireless microphones.

* Billionaire investor Carl Icahn said that he was suing Motorola Inc MOT.N to force it to hand over documents related to its mobile devices business.

* Ever since Germany cracked down on tax evaders, the principality of Andorra, a mile-high mall of sorts, has seen business slow.

* Television networks are promoting return of scripted shows to television, deftly omitting any mention of the three-month writers’ strike that took shows off the air.

* NBC Universal signed one of its top cable network executives, Bonnie Hammer, to a new contract while also expanding her duties to include control over the development of all entertainment programming for cable channels. The move sets up an unusual division at the television studio, with Hammer overseeing all the shows intended to be played on cable.

* Sen. Hillary Clinton called on the U.S. Congress to provide $30 billion to help states and communities lessen the number of foreclosures.

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