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When borrowers get into financial trouble, lenders have several ways to help. They can offer grace periods, longer repayment schedules, lower interest rates or reduced balances. But nearly 40 percent of homeowners who had their monthly payments cut by 20 percent or more last year were delinquent again within a year, according to a report Monday from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. Lenders participating in the mortgage modification program have offered trial loan modifications to 760,000 eligible borrowers since it was launched in March. As of last month, just 31,000 had been made permanent, which requires at least three on-time payments and proof of income.

Bucyrus International Inc., the mining-equipment maker whose shares have more than doubled this year, agreed to buy Terex Corp.'s mining unit for $1.3 billion in cash to add haul trucks and expand its excavator line. The purchase is expected to be completed in the first quarter of 2010, South Milwaukee, Wisconsin-based Bucyrus said in a statement. The Terex mining-equipment unit employs about 2,150 workers and has 38 facilities around the world. Terex is based in Westport, Conn.

General Motors Co. has hired the chief financial officer of Microsoft Corp. to take over the automaker's books, tapping a cost-cutter now widely seen as a potential candidate to be GM's next CEO. Chris Liddell will become GM's finance chief starting next year and will report to interim CEO Ed Whitacre Jr.

Alcoa Inc. said Monday it and the Saudi Arabian mining company, Ma'aden, will invest $10.8 billion in a joint venture to develop an aluminum industrial complex in Saudi Arabia. The complex, which will range from a bauxite mine to production facilities, will be developed in two phases with initial production expected in 2014. Ma'aden will own 60 percent of the joint venture. Alcoa will control the other 40 percent through an investment partnership in which it will own 20 percent.

The World Trade Organization's top arbitrators upheld a ruling that China is illegally restricting imports of U.S. music, films and books, and Washington pushed forward with a new case accusing China of manipulating the prices for key ingredients in steel and aluminum production. Monday's verdict by the WTO's appellate body knocked down China's objections to an August decision that came down decisively against Beijing's policy of forcing American media producers to route their business through state-owned companies. If China fails over the next year to bring its practices in line with international trade law, the U.S. can ask the WTO to authorize commercial sanctions against Chinese goods.

Panasonic Corp. said Monday it had taken majority control of Sanyo Electric Co., forming one of the world's largest electronics makers. Panasonic said it had converted preferred shares to give it a 50.27 percent stake in Sanyo. It acquired the shares in a previously announced $4.6 billion tender offer that ended Dec. 9. The acquisition gives Panasonic access to Sanyo's advanced solar panel and rechargeable battery technology.

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