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It's been going on for seven years, and has taken up more of the US Federal Accounting Standard Board's (FASB's) time than any other rule. US bankers and issuers hate it, claiming it will force an unwanted change in borrower strategies and will even hit earnings. They've lobbied Congress to get it nullified, and the board has responded with a year's postponement and by changing some of the strictures. Yet still the complaints roll in from those few who claim to understand it. Systems still aren't ready, and there is less than a year to go before it comes into effect. Who'd have thought that an accounting rule-change could cause such a furore? Antony Currie reports on the dilemmas and debates around rule FAS133

Japan's new leviathans

Edited by Antony Currie

Edited by Rebecca Bream

Joining the Wall Street party

Citigroup's latest acquisition

Turkey is supposed to be privatizing; it's also ostensibly following policies that will bring down inflation. But vested interests that benefit from the unwieldy structure of state corporations and a banking industry dependent on earnings from high-interest treasury paper are thwarting these processes. The privatization of Turk Telekom is a tangled tale of delay and indecision, and a banking industry that can cope with a low-inflation environment is something to hope for rather than an immediately practicable reality. Metin Munir reports.

Who pushed NatWest?

When cutting costs is not enough

Who pushed NatWest?

When cutting costs is not enough

Edited by Brian Caplen