Europe Shares Close Lower on Fed Fears
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LONDON, Jan 6- The Basel Committee of regulators from nearly 30 countries agreed on Sunday to ease a new rule forcing banks to build cash buffers to protect against any month-long market squeeze. The Liquidity Coverage Ratio rule is one of the world's main regulatory responses to the financial crisis.
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CAIRO, Jan 6- Egypt reshuffled its government on Sunday to strengthen Islamist control and pledged to complete talks with the International Monetary Fund on a $4.8 billion loan deal to stave off a currency crisis that risks igniting more unrest.
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LONDON, Jan 6- The economies of the United States, China and much of the developing world have decoupled from Europe, leaving it to wallow in various stages of recession and fiscal disarray.
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*Citi has Monday deadline for stress test by Fed. Jan 6- Citigroup Inc's Michael Corbat has been meeting with bank regulators in his first months as CEO, as he looks to bolster relationships and finalize the bank's plan to return capital to shareholders, sources familiar with the matter said. Corbat is expected to play it safe when Citigroup asks the U.S.
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Jan 4- With the fiscal cliff avoided and U.S. tax rates rising for higher income households, financial advisers have gone into overdrive to help their clients mitigate the negative effects while trying to benefit from the greater clarity.
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TORONTO, Jan 6- Sagging demand for non-precious metals- a trend that's beyond the direct control of Canada's embattled gold producers- is shaping up as their best hope for recovery in 2013 after a year that battered their share prices.
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BASEL, Switzerland/ LONDON, Jan 6- Global regulators gave banks four more years and greater flexibility on Sunday to build up cash buffers so they can use some of their reserves to help struggling economies grow.
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WASHINGTON, Jan 6- Senate Minority Leader Mitch McConnell on Sunday ruled out raising tax revenues on top of the tax hike on the wealthy in the "fiscal cliff" deal, and said the full focus must now be on spending cuts to curb U.S. deficits.
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*Heathcare costs may provide Medicare debate common ground. WASHINGTON, Jan 6- President Barack Obama could seek common ground with Republicans in the looming battle over Medicare spending by broadening the debate over entitlement reform to encompass the spiraling healthcare costs that confront a wide range of Americans.
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WASHINGTON, Jan 6- U.S. Senate Minority Leader Mitch McConnell on Sunday ruled out raising tax revenues again on top of the tax hike on the wealthy in the "fiscal cliff" deal, and said the full focus must now be on spending cuts.
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CAIRO, Jan 6- Egypt's pound slid by half a percent on Sunday at the central bank's fifth auction of foreign currency, with all $60 million on offer sold to banks at a cut-off price of 6.4185 pounds, the central bank said. Thursday's cut-off price was 6.3860 pounds to the dollar.
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PRAGUE, Jan 6- Czech Finance Minister Miroslav Kalousek admits to asking himself a frequent question about his hard line on budget cuts: "Have we frightened people too much?"
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Jan 6- Al-Mursi Al-Sayed Hegazy, an expert on public finance and Islamic economics, was sworn in on Sunday as Egyptian finance minister. *Hegazy obtained a master's degree in economics from Alexandria University in 1976 and a doctorate in 1985 from the University of Connecticut in the United States, according to a copy of his CV provided by Alexandria University.
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BASEL, Switzerland/ LONDON, Jan 6- Global regulators have given banks more time to build up cash buffers so they can divert some of their reserves to helping struggling economies grow.
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NEW YORK, Jan 6- While the focus of last week's agreement between the Federal Trade Commission and Google Inc was search, the deal's restrictions on how Google uses its patents could have a broader impact on the technology industry.
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ABU DHABI, Jan 6- Commercial banks in the United Arab Emirates plan to ask the central bank to delay and soften new rules placing caps on mortgage loans for residential housing, banking industry sources said on Sunday.
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WASHINGTON, Jan 5- If you had to flip a coin over whether Congress will raise the debt ceiling, here's the ultimate one- a freshly minted trillion-dollar platinum coin. A formal petition has been started asking the White House to create such a coin in order to avoid another high-stakes fiscal battle to raise the debt ceiling.
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CHICAGO, Jan 5- A fix for Illinois' public pension crisis remained elusive on Saturday after a meeting between Democratic Governor Pat Quinn and legislative leaders failed to produce a deal. State House of Representatives Speaker Michael Madigan, a Democrat, said that it was still possible to reach a deal in time to be voted on early next week by the Legislature.
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CAIRO, Jan 5- Egypt's Islamist President Mohamed Mursi fired his finance and interior ministers, cabinet sources said on Saturday, in a government reshuffle he had promised to assuage public anger at an economic crisis.
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CHICAGO, Jan 5- A fix for Illinois' public pension crisis remained elusive on Saturday after a meeting between Democratic Governor Pat Quinn and legislative leaders failed to produce a deal. State House of Representatives Speaker Michael Madigan, a Democrat, said that it was still possible to reach a deal in time to be voted on early next week by the Legislature.