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Botswana I Ethopia I The Gambia I Ghana I Kenya I Malawi I Mauritius I Namibia I Nigeria I Senegal I South Africa I Swaziland I Tanzania I Togo I Uganda I Zambia I Zimbabwe Swaziland’s economy has had a tough time in recent years, with a quarter of the population requiring food aid in 2004/05 as a result of a drought. GDP grew just 1.8% in 2005 and the country also attained the unwelcome distinction of overtaking Botswana to have the highest rate of HIV/Aids in the world: nearly two-fifths of the population is infected, putting severe pressure on economic performance.

The US firm has a powerful reputation for innovating around clients and for spotting opportunities faster than most. It is also one of the biggest liquidity providers in flow products.

The bank has gone from rank outsider to top underwriter in less than five years.

What lessons did Stan O’Neal learn from the restructuring of Merrill Lynch at the turn of the decade? What are Merrill’s plans in mortgages, private equity and asset management? And what continues to drive Merrill’s CEO forward? O’Neal reveals all to Clive Horwood in his first in-depth interview since becoming the firm’s chairman and CEO.

Bahamas I Bardados I Bermuda I Dominician Republic I Jamaica I Trinidad & Tobago I Costa Rica I El Salvador I Guatemala I Honduras I Nicaragua I Panama I Argentina I Bolivia I Brazil I Chile I Colombia I Ecuador I Mexico I Paraguay I Peru I Uruguay I Venezuela

When Stan O’Neal took over as president and CEO of Merrill Lynch in 2001, the thundering herd of the 1990s was clapped out. O’Neal imposed a ruthless cost-cutting strategy that saved the firm’s independence. Now his rebuilding plans are starting to bear fruit. Can Merrill heed the lessons of the past, but at the same time make it back to the pinnacle of investment banking? Clive Horwood reports.

Merrill Lynch has worked hard to fill the gaps in its CDO franchise this year and exported significant innovation into Europe.

What are perceived outside the firm as conflicts of interest have not deterred clients from lining up to use Goldman Sachs’s M&A expertise.

Good ideas, backed by a global distribution capability, have kept Lehman Brothers at the forefront of global ABS this year.

Daniel Bouton, chairman and CEO of Société Générale, discusses in detail his bank’s culture and strategy with Euromoney’s editor, Clive Horwood.

While Stephen Roach of MSI criticises Bernanke over “flip-flopping”, we find him quite consistent in quietly squeezing US borrowing till the housing bubble ends and credit expansion slows.

As the silly season opens this summer, the British have a new hero or rather triumvirate of heroes. They are not footballers, movie stars or pop singers but bankers. Pick up any British newspaper and the solemn stares of David Bermingham, Giles Darby and Gary Mulgrew gaze out at you.