My favorite translation is the New World Translation published by the Christian Congregation of Jehovah's Witnesses. However, many have questioned why they decided to write a new Bible translation:
In order to understand and proclaim the message of the Holy Scriptures, Jehovah’s Witnesses have over the years used many different English Bible translations. While these versions have their points of merit, they are often colored by religious traditions and the creeds of Christendom. (Matthew 15:6) Jehovah’s Witnesses therefore recognized the need for a Bible translation that faithfully presented what is in the original inspired writings.
The first step toward filling this need was taken in October 1946 when Nathan H. Knorr, a member of the Governing Body of Jehovah’s Witnesses, proposed the production of a new Bible translation. On December 2, 1947, the New World Bible Translation Committee set out to prepare a translation that would be faithful to the original text, would embody the latest scholarly findings gleaned from newly discovered Bible manuscripts, and would use language readily understood by today’s readers.
With the publication of the first installment—the New World Translation of the Christian Greek Scriptures—in 1950, it became evident that the translators had met their objectives. Bible texts that had previously been only dimly understood became dramatically clear. For instance, consider the perplexing text at Matthew 5:3: “Blessed are the poor in spirit.” (King James Version) It was rendered: “Happy are those conscious of their spiritual need.” The apostle Paul’s admonition rendered “be careful for nothing” (King James Version) was translated: “Do not be anxious over anything.” (Philippians 4:6) And the apostle John’s reference to “the concupiscence of the flesh” (Douay Version) reads, “the desire of the flesh.” (1 John 2:16) Clearly, the New World Translation opened up a new world of understanding.
Various scholars were impressed. For example, British Bible scholar Alexander Thomson noted that the New World Translation is outstanding in accurately rendering the Greek present tense. To illustrate: Ephesians 5:25 reads “Husbands, continue loving your wives” instead of saying merely “Husbands, love your wife.” (King James Version) “No other version appears to have exhibited this fine feature with such fulness and frequency,” said Thomson regarding the New World Translation.
Another outstanding feature of the New World Translation is its use of God’s personal name, Jehovah, in both the Hebrew and the Greek portions of the Scriptures. Since the Hebrew name for God appears nearly 7,000 times in the so-called Old Testament alone, it is clear that our Creator wants his worshipers to use his name and to know him as a person. (Exodus 34:6, 7) The New World Translation has helped millions of people to do so."