NPR 2012-01-26

 The Federal Reserve is unlikely to raise the benchmark interest rate before 2014. Its policymaking arm, the Federal Open Market Committee (FOMC), is trying to reassure 1 consumers and investors 2 they'll be able to borrow cheaply well into the future. Steve Beckner of Market News International has details from the Fed's two-day meeting.

 
The FOMC's been holding the key federal funds rate near zero for more than three years, and now it says it expects to keep the overnight money market rate exceptionally low at least through late 2014. The committee had previously 3 said it expected to keep the funds rate that low to at least mid-2013. In announcing its decision, the FOMC cites slower business investment and world economic growth, still elevated unemployment and significant downside risks from global financial strains. It calls inflation subdued 4. For NPR News, I'm Steve Beckner in Washington.
 
President Obama's touring a manufacturing plant in Iowa as part of a three-day swing through key election-year states. He's echoing the economic agenda he laid out in his State of the Union address last night. In the speech, he called for a robust 5 commitment to manufacturing and incentives 6 for companies to bring outsourced jobs back home.
 
Well, Congressional Republicans are criticizing the president's State of the Union address, including his call for higher taxes on the wealthiest Americans. NPR's Craig Windham reports GOP lawmakers argue the speech was a rehash of policies that they say have failed to help the economy.
 
Republican Senator John Barrasso of Wyoming says the speech left him cold.
 
"I didn't hear much new at all."
 
Barrasso says he's surprised the president did not defend his policies.
 
"So as said, I heard a talk about fairness and basically pitting one American against another."
 
But John McLennan, a government professor at the College of William and Mary, says Mr. Obama was actually pitting himself against Republican economic policies.
 
"The real contrast he's trying to draw here is between a party that seems, from his perspective, to be primarily about protecting the advantage of the very wealthy and a party that's gonna defend the middle class."
 
Craig Windham, NPR News, Washington.
 
President Obama's praising the Navy SEALs who rescued an American woman and a Danish man from Somali pirates yesterday and apparently 7 said as much when he gestured to the Defense 8 Secretary Leon Panetta just before the State of the Union address.
 
"Good job tonight. Good job tonight."
 
But Pentagon spokesman Navy Captain John Kirby revealed that even though the president was told Jessica Buchanan and Poul Hagen Thisted were saved, the secretive mission was still not over.
 
"We knew at that point that shots had been fired [and] that casualties had been taken among the kidnappers 9, but more importantly, we knew that the two hostages were safe."
 
The aid workers who were kidnapped in October are reported to be in good condition.
 
Dow's up 48 points.
 
This is NPR News.
 
The ‘right to be forgotten’ will soon be legally guaranteed in the European Union if sweeping 10 new data privacy recommendations are indeed adopted. Teri Schultz in Brussels says it's clear the EU has US social media companies in mind with the new proposal.
 
Currently, each of the 27 EU members have their own laws regarding the handling of personal data. With the new directive, all EU countries would be governed by what Justice Commissioner 11 Viviane Reding calls a ‘one-stop shop.’ That would be a single set of rules including a requirement for companies to contact people if they want to use their data and the ‘right to be forgotten’ under which companies such as Google or Facebook would have to delete any data upon request. Reding says even a company that's US-owned will have the same responsibility.
 
"They will have to apply European law like everybody who is doing business in Europe."
 
If the proposal becomes law, any company breaking the rules can be fined up to 2% of annual turnover 12. For NPR News, I'm Teri Schultz in Brussels.
 
The head of the Syrian Arab Red Crescent in a northern town reportedly has been shot dead. The Associated Press cites the spokesman for the international committee saying the official was in a car when he was shot. Syria has been plagued by ten months of unrest since the uprising began against President Bashar al-Assad.
 
Well, the last of thousands of mourners have paid their final respects to Penn State's Joe Paterno at a two-day public viewing for the legendary 13 coach. Thousands streamed past Paterno's casket for four hours this morning before a private funeral that was scheduled for this afternoon.
 
Here's the latest from Wall Street. The Dow is up more than 40 points; it's at 12,714.
 
I'm Lakshmi Singh, NPR News, Washington.