Business News

CHICAGO, Oct. 15 (UPI) -- Grains closed sharply lower on the Chicago Board of Trade Wednesday, moving in sympathy with both oil and stocks.

NEW YORK, Oct. 15 (UPI) -- Crude oil prices fell to a penny more than half July's record price, retracting 50 percent on the New York Mercantile Exchange in just over three months.

U.S. markets resume skid Wednesday ... Iceland's neighbors pitch in with loans ... Feds to scrutinize Wash. Mutual pratfall ... Dole, Del Monte fined over banana pricing ... News from United Press International.

NEW YORK, Oct. 15 (UPI) -- U.S. financial giants, JP Morgan Chase and Wells Fargo both beat expectations with stronger-than-expected third quarter performances, the companies said.

BRUSSELS, Oct. 15 (UPI) -- Powerful European business and union groups are calling on governments to turn their attention to economies headed for trouble.

REYKJAVIK, Iceland, Oct. 15 (UPI) -- Norway and Denmark stepped up to help neighbor Iceland through its financial crisis, the Icelandic central bank said.

NEW YORK, Oct. 15 (UPI) -- U.S. stock markets fell hard Wednesday as investors worried the economy was headed toward a recession.

WASHINGTON, Oct. 15 (UPI) -- The U.S. Federal Reserve's Beige Book report released Wednesday said consumer spending had declined in September in most of the central bank's districts.

SEATTLE, Oct. 15 (UPI) -- Federal prosecutors said Wednesday they were looking for any possible violations of the law in the collapse of Washington Mutual.

BRUSSELS, Oct. 15 (UPI) -- The European Commission Wednesday said California fruit producers Dole and Del Monte have been fined more than $80 million for fixing prices of bananas.

WASHINGTON, Oct. 15 (UPI) -- Group of Eight leaders issued a statement Wednesday saying they will work together to implement the G7 Plan of Action to support the global economy.

NEW YORK, Oct. 15 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke said Wednesday further rate cuts weren't out of the question as an upcoming monetary policy move.

LONDON, Oct. 15 (UPI) -- Two British airlines said they would reduce fuel surcharges by up to $45 on return flights after an industry watchdog group criticized the practice.

LONDON, Oct. 15 (UPI) -- A $64 billion rescue offered to three banks in Britain may not be enough to stabilize the British banking system, the Treasury Select Committee chairman said.

MIAMI, Oct. 15 (UPI) -- A fraud case against Bear Stearns dropped by the Securities and Exchange Commission's Miami office has the SEC inspector general seeing red, sources said.