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While banks spend millions on creating an "image concept" around the globe, their efforts run into the ground in China.

Credit is this year's buzzword in investment banking. Credit analysts, credit trading, credit products and credit spreads are the talk of managers around the world. The excitement is driven by solid economic factors such as European monetary union, improving credit fundamentals, low interest rates and the search for yield. But markets are also being talked up by some traders looking for the upside in bonds almost as if they were equities. Investors are mistaken if they believe that credit derivatives provide a hedge in the same way as interest rate swaps. Will it all end in tears? Peter Lee investigates.

The globalization of the securities markets can put issuers and underwriters in breach of us law without their realizing it. And journalists can be the unwitting bearers of illicit news. Peter Lee asks if the SEC is about to make some long overdue changes.

Goldman Sachs promotes itself as the company's friend, saying it prefers to advise clients on friendly acquisitions. So why has it pitched into three hostile takeovers this year? Not just because times and markets have changed. Michelle Celarier reports.

Defying acute political uncertainty and a high-risk macroeconomic environment, some of Turkey's largest companies are preparing to make international offerings. Metin Munir reports.

In the course of the year, Morgan Stanley was involved in the largest merger ever. Novartis combined Swiss pharmaceuticals companies Ciba-Geigy and Sandoz to create $20 billion of market value on the first day of trading.

Awards for Excellence 1997

When foreign investment banks made $250 million on an erroneously priced Italian postal bond issue last year, the then chairman of Nomura's London office, Hitoshi Tonomura, was all set to follow CSFB's example and return Nomura's profit - thought to have been around $50 million.

Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff

Shaping up for the single currency

Shaping up for the single currency

Borrowers are wondering how European monetary union (Emu), if it happens, will affect their credit ratings.