The Banker's panel of judges salutes the best banks in 149 different countries based on their performances over the past year.

The world of hedge funds might be very close to a big shake-up and, perversely, New York could be one of the winners.

One veteran emerging-market investor is fond of saying that emerging markets are the ones where risk is priced in and developed markets are the ones where risk is overlooked. For many years, he and others like him were lonely voices. But today it seems the whole market agrees, which is a sure sign of trouble brewing.

Russia's central bank leaves bondholders on edge as one of the country's biggest banks goes under.

The Southern African Development Community’s Trade, Industry and Investment Review 2007/08 provides a useful projection of Angola’s industrial future.

The past 12 months have been turbulent for the banking sector. Despite the consequences of the credit crunch on structured credit models and transaction flows, both international and local banks have once again brought an impressive number of deals to the attention of The Banker’s judges. The global, regional and country winners have been picked from the 447 transactions submitted from 93 countries around the world.

With a new formula and an enlarged pool of participants, Deals of the Year 2007 has for the first time declared a global winner and five regional winners from the pick of the deals in 85 countries around the world. Both international and local banks have brought an extraordinary wealth of deals to the attention of The Banker’s judges. The next pages are dedicated to the well deserved accolades.

The Banker Global Awards salute the practitioners of astute purchasing that has furthered their regional ambitions, as well as those banks that have offered exemplary service levels in the corporate and social fields.

Banks around the world have achieved record profits and profitability for almost four years in a row as steady economic growth, especially in Asia, globalisation and the awakening of consumer finance in new markets continue to stimulate financial institutions. While uncertainties exist, the relatively benign environment is creating a bonanza for banks.