Regulators agree on bank-asset rules
International banking regulators agreed Sunday on global rules meant to ensure banks keep enough cash in hand to survive future market crises, and gave banks until 2019 to comply fully.
The rules will require banks to hold enough cash, and assets such as equities, corporate and government bonds that can easily be sold, to tide them over during an acute 30-day crisis.
The body that oversees the Basel Committee on Banking Supervision, which sets international rules, said Sunday that they will have to hold 60 percent of that amount when the rules start being phased in Jan. 1, 2015; that will rise by 10 percentage points every year until the standards take full effect at the beginning of 2019.
Egypt appoints 10 new ministers
Egypt swore in 10 new ministers Sunday in a Cabinet shake-up aimed at improving the government’s handling of the country’s ailing economy ahead of talks this week with the International Monetary Fund over a needed $4.8 billion loan. The reshuffle, which President Mohammed Morsi had promised in response to public anger over Egypt’s economic malaise, affected two key ministries, the interior and finance.
Selected local stocks
Aqua America, .70, 26.27 —.03
Clear Channel, .29 31.46 —.03
Cortland Bancorp, 9.70.00
Farmers Nat., .126.63 .06
First Energy, 2.20, 42.01—.03
FirstMerit Corp., .64,15.23 .32
First Niles Financial, .32,6.45.00
First Place Fin., .005.00
FNB Corp., .48,11.46—.01
General Electric, .76,21.20.10
Motors Liquidation, .0422.00
Huntington Bank, .16, 6.69.04
JP Morgan Chase, 1.20,45.36.79
Key Corp, .20,8.95.11
LaFarge, 15.98 .05
Macy’s, .80, 37.94.47
Parker Hannifin, 1.64, 88.82.48
RTI Intl. Metals,28.76.48
Simon Prop. Grp.,4.40,158.59.07
Stoneridge 5.51 —.01
United Community Fin. 3.43.03
Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.