Delphi avoids strike, still wants to cancel contracts

DETROIT -- Delphi Corp. dodged a bullet Friday, avoiding a devastating strike by delaying a bid to reject its labor agreements. But the nation's largest auto supplier warned it will renew efforts to cancel its contracts in six weeks if it fails to reach a settlement with its unions and its largest customer, General Motors Corp. Delphi, which filed for bankruptcy in October, says its expensive U.S. labor agreements make it impossible to compete in a global economy. The company first threatened in December to ask a bankruptcy court to reject its union contracts. Friday was the third time Delphi delayed the filing, which also seeks to terminate health care and life insurance for retired hourly workers. Delphi said it will try to settle with GM and its unions by March 30. If no agreement is reached, the company said it will file a motion with the court on or before March 31.

Satellite radio firm posts loss in fourth quarter

NEW YORK -- Sirius Satellite Radio Inc. reported a wider loss in the fourth quarter Friday as costs for building its rapidly growing base of subscribers mounted. The company, which added shock jock Howard Stern to its roster last month, lost $311.4 million compared with a loss of $261.9 million in the same period a year ago.

Coal company president blasts Kentucky miners

COAL RUN, Ky. -- Sidney Coal Co. president Charlie Bearse was expressing an opinion that many in these mountains secretly share. Problem was, he put that opinion in writing. "It is common knowledge that the work ethic of the Eastern Kentucky worker has declined from where it once was," Bearse wrote to the state mining board. Bad attitudes and drug abuse, he argued, were affecting attendance "and, ultimately, productivity." Bearse's appeal to the board: relax an English-only policy in the mines so he could bring in Hispanic workers.

More 40-year loans for homes possible

NEW YORK -- The Treasury Department's resumption of 30-year bond sales could have an interesting impact on the home mortgage market, with lenders offering more 40-year loans and maybe even 50-year mortgages for the first time to help some consumers qualify for loans. While the connection between the two -- the U.S. government borrowing money through the sale of debt and a home buyer looking for a loan to buy a home -- may not be apparent, the two are inseparable. That's because the interest rate the government pays for its debt usually determines the rate consumers and corporations will pay for the loans they take out. The reintroduction of the 30-year bond means lenders -- who had relied on the government's 10-year note for mortgage rate guidance -- have a better idea of what to charge homebuyers for a 40-year mortgage. There is also some talk among lenders, who are always looking for new mortgage products, about creating a 50-year home loan.

China, Iran close to completing oil deal

SHANGHAI, China -- China and Iran are close to setting plans to develop Iran's Yadavaran oil field, according to published reports, a multibillion-dollar deal that comes as Tehran faces the prospect of sanctions over its nuclear program. The deal is thought potentially to be worth about $100 billion. According to Caijing, a respected financial magazine, a Chinese government delegation is due to visit Iran as early as March to formally sign an agreement.

-- From wire reports