Business Digest

NATION

GM plans temporary shutdown of plant

NEW YORK — General Motors Co. will temporarily shut down a plant that builds two of its crossover vehicles and reduce production at a transmission plant as a result of a parts shortage stemming from a strike at a supplier in India, according to a person familiar with the situation.

Workers at Rico Auto Industries have been on strike for several weeks, and as a result, parts shipments to Detroit-based GM have been disrupted, the person, who did not want be identified, said.

Rico makes a component that goes into the transmissions manufactured at GM’s Warren Transmission Plant in suburban Detroit and shipped to its Lansing Delta Township plant for use in its GMC Enclave and Buick Acadia models.

Home loan rates climb for third consecutive week

WASHINGTON — Rates for 30-year home loans climbed to 5.03 percent this week, the third consecutive weekly increase.

The average rate inched up from 5 percent a week earlier, mortgage company Freddie Mac said Thursday. The last time the average was higher was the week of Sept. 24, when rates averaged 5.04 percent.

The average rate on a 15-year fixed-rate mortgage rose to 4.46 percent from 4.43 percent recorded last week, according to Freddie Mac.

Delphi reaches deal in lawsuit against hedge fund

NEW YORK — Delphi says it has reached a deal to settle a lawsuit against a hedge fund that last year pulled out of a deal to lift the auto supplier out of bankruptcy protection.

Delphi spokesman Lindsey Williams confirmed Thursday that a settlement with Appaloosa Management LP has been reached, but said the company isn’t releasing any details.

Appaloosa led a group of investors in 2007 that agreed to inject as much as $2.55 billion into Delphi in exchange for stock. Investors withdrew from the deal in April 2008 and Delphi sued.

Associated Press