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Friday, January 31, 2014

Business Today: Wall Street drops, ends January with sharp losses

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01/31/2014

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street drops, ends January with sharp losses

NEW YORK (Reuters) - A selloff in emerging markets sent a cold chill down Wall Street, triggering a slide on Friday and making January its worst month since May 2012 after one of its best years in more than a decade.

For companies, a rocky road ahead in emerging markets

CHICAGO/LONDON (Reuters) - International companies are taking steps to mitigate the effects of the turmoil in emerging markets, including hedging foreign currency exposure more aggressively, reducing some investment plans, cutting costs, and raising prices frequently.

Fed draws criticism from abroad as emerging markets still reeling

MUMBAI/NEW YORK (Reuters) - The Federal Reserve's decision to keep trimming its economic stimulus drew fire on Friday as India's central bank chief said Americans should be more attuned to the global impact of their policies, and the IMF called for vigilance given strains in financial markets.

U.S. consumer spending rose in December, confidence slips this month

WASHINGTON (Reuters) - U.S. consumer spending rose in December, but an ebb in consumer confidence and signs of cooling in factory activity this month suggested economic growth could moderate in the first quarter.

Keystone pipeline will not affect Canada oil sands growth: U.S. report

WASHINGTON (Reuters) - The proposed Keystone XL oil pipeline is unlikely to increase the pace of Canadian oil sands development, a U.S. State Department study said on Friday, raising pressure on President Barack Obama to approve a project environmentalists see as a major climate change problem.

U.S. FAA downgrades India aviation rating; Air India, Jet hit

NEW DELHI (Reuters) - U.S. authorities have downgraded India's aviation safety rating, citing a lack of safety oversight, meaning Indian carriers cannot increase flights to the United States and face extra checks for existing ones.

Fiat to present small Jeep SUV in March, 500X in October: union

MILAN (Reuters) - Italian carmaker Fiat will present a Jeep-branded small sports utility vehicle (SUV) at the Geneva car show in March while its 500X crossover vehicle will be presented at the Paris show in October, an Italian trade union official said.

Court approves Bank of America's $8.5 billion mortgage settlement

NEW YORK (Reuters) - A New York state judge on Friday approved Bank of America Corp's $8.5 billion settlement with investors in mortgage securities, which would resolve much of the bank's liability from its acquisition of Countrywide Financial Corp during the financial crisis.

Polar vortex chills January U.S. auto sales

DETROIT (Reuters) - Snow and bone-chilling weather likely hurt U.S. auto sales in January but should not prevent the industry from continuing its rebound, analysts said.

Panama Canal says extends talks with consortium to February 4

PANAMA CITY (Reuters) - The Panama Canal Authority said on Friday it had extended a window for talks with a Spanish-led consortium expanding the waterway aimed at ensuring work continues on the project, which faces huge cost overruns.