Delphi, UAW reach agreement on wage cuts

•DETROIT - Struggling auto parts maker Delphi Corp. reached a tentative wage-cutting agreement Friday with its largest union in what may set the pattern for future pay in the U.S. automotive parts industry.

The deal, which still must be voted on by Delphi members of the United Auto Workers, was signed just before a 1 p.m. meeting between the UAW leadership and presidents of the union's locals.

Details of the agreement were not released, but Delphi said in a statement it's a ''significant milestone'' in the company's quest to emerge from Chapter 11 bankruptcy protection. The union also said details are being withheld until a ratification vote by members.

Blackstone shares surge in company debut

•NEW YORK - Blackstone Group shares rose 13 percent in their stock market debut Friday, as investors scrambled for a piece of the sixth-richest initial public offering in U.S. history.

Chief Executive Stephen Schwarzman now controls a firm whose market value stands at about $38 billion. His personal wealth also skyrocketed, with a 24 percent stake in Blackstone's management partnership worth around $8 billion, on top of the roughly $449 million he was expected to cash out in the IPO.

Stocks fall sharply

•NEW YORK - Wall Street ended a volatile week with a sharp decline Friday as investors again succumbed to nervousness about souring subprime loans and rising oil prices. The Dow Jones industrial average fell more than 185 points.

The steep pullback coming a day after a respectable gain was characteristic of the erratic sessions Wall Street has endured in recent weeks as it dealt with concerns ranging from interest rates to the health of hedge funds to, more recently, the prospects of unfavorable legislation from Washington.

-From wire reports