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Awards for Excellence 1999

Awards for Excellence 1999

Awards for Excellence 1999

Awards for Excellence 1999

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.

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.

Asset-backed Finance: Europe takes to securitization

Foreign investors are buying large amounts of US agency debt as a substitute for treasuries. Fannie Mae and Freddie Mac, both publicly listed companies, are expanding their balance sheets and pushing into new markets. But they are not treasury lookalikes. The implications should concentrate the minds of investors. James Smalhout reports.

He has been the prince regent of international finance, the central banker in waiting. But Rafael Buenaventura has finally taken on the mantle of Philippines central bank governor more than a year after his old school mate, President Estrada, let it be known that Buenaventura would be the man.

Chicago exchanges: The education of David Brennan

Recent changes in Japanese legislation have increased the range of securitizations possible. Christopher Stoakes reports

Chicago exchanges: The education of David Brennan