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As November's US presidential election draws near, interest grows in how the Federal Reserve is going to balance managing the economy and managing candidate's demands.

When John Mack (pictured right) was brought in as CEO to turn around Credit Suisse First Boston more than three years ago, he offered a simple diagnosis. "We don't have a revenue problem, we have a cost problem," he said. That might have been so then. But in trying to cut costs, has the former Morgan Stanley CEO created a revenue problem that wasn't there before?

For one emerging-markets issuer at least, the US-led invasion of Iraq has proved a bonus.

A top-notch pension scheme and subsidized healthcare ensure employees love working for General Motors. But the costs place a huge strain on the finances of one of the world's biggest bond issuers. Smart financial engineering has eased investors' fears over these liabilities. But GM must now address weak profitability in the car business. Its financing arm can't bail it out for ever. Kathryn Tully reports.

These days it's no fun being an analyst, what with all the sniping at your reputation. Imagine if, on top of that, you're struggling to find a date.

War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report

Large US banks with ambitions to become national franchise players now see that dream become more possible as slipping earnings bring weaker banks within acquisition range. Mergers look like the only way to grow. But along with the announcement of high-profile deals investors are making it clear that they have not forgotten the mistakes of the merger-manic 1990s. Antony Currie reports.

The imminent accession of 10 countries to the European Union comes at an inauspicious time for the EU project, with the collapse of constitutional proposals and an undermined Stability and Growth Pact. This will alter accession countries' attitudes to their obligations, with consequences for eastern European finance. Julian Evans reports.

Parmalat's collapse is leading regulators to question how a multi-billion dollar disaster was not foreseen and averted.

Western Europe | Emerging Europe | Asia | North America

The yield curve on European government bonds is set to flatten or even invert from March this year as new regulations force the region's second-largest group of pension funds to change the profile of their assets.