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European Monetary Union (EMU) will affect the European group on two levels – structural and technical. Ernst & Young’s international tax group London examines some of the most striking of the structural business effects, and highlights technical pitfalls.

In an international context, making use of different classification rules for debt and equity can create hybrid financing instruments. Harry Doornbosch and Allert Kramer, PricewaterhouseCoopers, New York look at the hybrid options from a Dutch perspective

Asset securitization is increasingly accepted by Japanese corporations and institutions as a financing technique, and by investors as a suitable investment. Dean Yoost and Sachihiko Fujimoto, Pricewaterhouse-Coopers, Tokyo, provide practical guidance

New regulations on non-US partnerhips have been introduced in the US. Michael Cooper and Stan Torgersen of Deloitte & Touche LLP, Washington DC, advise readers on who should report and to what extent reporting is required

The French government wants to extract high taxes from the banking and financial services sectors to pay for tax cuts in other areas of the economy. Under measures proposed by the government in September this year, contributions made by the sector to the taxe professionelle (business tax) will go up to finance a reduction for other sectors. The proposals are part of the reform of the business tax. The tax is based on assets and salaries, and rates vary from region to region. Under the proposals the salary base would be removed from the tax. The socialist government hopes that this will encourage businesses to hire more employees and so reduce unemployment.

The Royal Bank of Scotland has agreed to buy Bank of Ireland's 23.5% holding in US bank, Citizens Financial Group. The deal is valued at $750 million, and will give Royal Bank of Scotland 100% ownership of Citizens Financial.

BTR's aerospace division is to be bought out by a management team based in Canada, the Netherlands, the UK and the US. The deal is worth £510 million ($816 million). The division manufactures tubing, hosing and other products for the aerospace industry.

Schlumberger Technology Corporation, a wholly-owned subsidiary of Schlumberger oil and energy technical services group, has completed a merger with Camco International.

US insurance provider American International Group has agreed to buy retirement assets group, Sun America. The $18 billion stock deal will boost American International's worldwide pension capabilities.

General anti-avoidance rules fill tax advisers the world over with trepidation. With good reason? Oliver Ralph compares practices and precedents across international jurisdictions, to discover the substance behind the rules