Business News

LONDON, Dec. 16 (UPI) -- Inflation in Britain fell to 4.1 percent in November, but could fall to a low of 1 percent in 2009, Bank of England Gov. Mervyn King said.

CHICAGO, Dec. 16 (UPI) -- Grains closed higher on the Chicago Board of Trade Tuesday as the dollar fell further against the euro and yen.

NEW YORK, Dec. 16 (UPI) -- Crude oil prices pushed upward Tuesday on the New York Mercantile Exchange in advance of a producers' meeting likely to conclude with production cuts.

WASHINGTON, Dec. 16 (UPI) -- Stakeholders in the U.S. auto industry must show they're willing to sacrifice if assistance funds are to be allotted, a White House spokeswoman said Tuesday.

Stocks climb sharply on Fed action ... Falsified records found at Madoff firm ... Fed cuts lend rate to new low ... OPEC may cut back 2 million barrels a day ... News from United Press International.

NEW YORK, Dec. 16 (UPI) -- U.S. investigators said they had uncovered records at Bernard L. Madoff Investments Securities LLC that appear to be fraudulent.

NEW YORK, Dec. 16 (UPI) -- U.S. markets rose sharply Tuesday after the Federal Reserve said it would cut its key lending rate to historic lows.

TALLAHASSEE, Fla., Dec. 16 (UPI) -- The cost of a $1.34 billion Florida land deal with U.S. Sugar Corp. could reach $3.4 billion once interest on loans has been figured in, a state official said.

WASHINGTON, Dec. 16 (UPI) -- The U.S. Federal Reserve Tuesday cut the federal fund rate from 1 percent to a range between zero percent and 0.25 percent, the lowest in its history.

WASHINGTON, Dec. 16 (UPI) -- The Consumer Price Index dropped by 1.7 percent in November, falling for the second consecutive month, the U.S. Department of Labor said Tuesday.

ORAN, Algeria, Dec. 16 (UPI) -- Saudi Arabia's oil minister said Tuesday that the Organization of Petroleum Exporting Countries would cut production by 2 million barrels a day.

WASHINGTON, Dec. 16 (UPI) -- A lobbying firm in Washington said it severed ties with accused New York trader Bernard Madoff, as more of the trader's influence has come under scrutiny.

OTTAWA, Dec. 16 (UPI) -- Canadian manufacturing sales dipped 0.5 percent to $51.5 billion in October, a third month of decline, the Statistics Canada agency reported Tuesday.

MONTREAL, Dec. 16 (UPI) -- Sun Media, one of Canada's major news publishers, is trimming 600 jobs across the country before the end of the year, its corporate parent announced Tuesday.

WASHINGTON, Dec. 16 (UPI) -- U.S. credit card customers are finding the cards often come with a backlash that can trigger a cycle of reduced credit limits and higher interest charges.