Ghana is trying to prove it can combine democracy with economic stability. When military rule ended, inflation control and public finances fell apart. Since 1997 the situation has improved. Against this volatile background, banks have to adapt continually. Can Ghana graduate away from World Bank tutelage, and even be accepted into international capital markets? James Rutter reports.

With jumbo syndicated loans generating large fees - $600 million for Olivetti's deal alone - syndicated lending is suddenly a big revenue earner for investment banks. But how much old-fashioned lending business is there left for the market's smaller players? Jack Dyson reports.

Scandinavian banks are falling over themselves to make acquisitions and take stakes in the Baltic states. What they get are brand-new, hi-tech banks with underdeveloped markets. The downside is that experienced local bankers are thin on the ground. The locals seem pleased enough by the invasion but some hint that more diversity of foreign involvement might offer a wider window on the world. Alex Mathias reports.

Henry Grunfeld died on June 10, a few days after celebrating his 95th birthday with his family and close colleagues. He had maintained his regular attendance at his office at Warburg Dillon Read, and his interest in the business and activities of the firm, until the day before his death.

Alexander Nelson Hood, 4th Viscount Bridport.

And the winner isn't...

An M&A flood has shaped the financial markets landscape of the past 12 months and seeped into almost every category of our global awards for excellence this year. Lots of banks and investment banks are riding the tide but none more so than Morgan Stanley, our best investment bank of 1999 and best M&A adviser. More than ever, acquisitions have been financed by big loans. That has helped underscore the dominance of Chase, our best bank. Citigroup's success in many categories provides evidence that Citi and Salomon are confounding the sceptics and learning to work together.

Awards for Excellence 1999

For over a decade after 1987, when it first topped the US bond league tables, Merrill Lynch enjoyed unfettered growth, profitability and renown as the world's premier securities firm. Its mix of retail distribution, dependable income and worldwide expansion became the model for big investment banks to aspire to. Then, last year, things started to go wrong. Merrill's bond traders made huge losses, acquisitions in Japan and Canada produced sorry results, US asset managers put in a weak performance and clients defected from Mercury Asset Management. Most worrying, internet stock traders began to encroach on Merrill's retail business. For the past few months, the firm has licked its wounds, fended off merger rumours, and laid new plans. Now it's coming out fighting. Antony Currie reports.

Every chief executive in Europe should heed the lessons of Telecom Italia's defeat. No company is beyond attack and the art of how to fight a hostile raider must be learned, or relearned, urgently. Olivetti's was a daring stroke, inspired by Roberto Colaninno's ambition and by a group of advisers each believing their improbable target was attainable. But its assault was as blunt and simple as a battering ram.