Average is 5.14 percent
Peabody’s Kayenta mine OK’d until ’26
FLAGSTAFF — The federal agency that regulates surface mining has approved a permit revision that combines the facilities and coal reserves of two northeastern Arizona coal mines.
The life of mine permit covers Peabody Energy’s Kayenta Mine and allows operations to continue there until 2026. The Office of Surface Mining approved it Monday.
The Kayenta permit now includes coal reserves from the shuttered Black Mesa mine, although Peabody has said it has no immediate plans to resume mining there. The federal agency says that would require a separate permitting process.
Environmentalists had fought to keep the agency from issuing the decision, saying they weren’t given enough time to comment. They also claimed the cultural and spiritual aspects of mining never were fully addressed.
30-year fixed-rate mortgages at record low
WASHINGTON — Rates on 30-year fixed-rate mortgages fell to a record low for the second straight week, causing refinancing applications to surge to the highest level in more than five years, a month after the Federal Reserve pledged to channel billions to prop up the sinking U.S. housing market.
The average rate is 5.14 percent.
The opportunity isn’t available to those with poor credit or little equity in their homes, and foreclosures are still likely to surge.
Grandson of Toyota founder may run firm
TOKYO — As Toyota Motor Corp. faces its biggest crisis, speculation is growing that the charismatic grandson of the company’s founder may take over leadership sooner than expected.
Japan’s nationally circulated Asahi newspaper reported Tuesday that Akio Toyoda – long groomed for the top job – will replace current president Katsuaki Watanabe as soon as April.
The newspaper did not cite sources and Toyota denied any decision has been made.
Southwest to lease back 5 planes it just sold
ATLANTA — Discount carrier Southwest Airlines Co. sold five aircraft for $175 million and agreed to lease the planes back from the buyer for 12 years. The Dallas-based airline also modified its fuel hedge portfolio to limit its exposure from falling oil prices.