Includes Bonds, Equities, Loans, M&A, MTN, Project Finance

Analysts nominate top companies in each Asian country or sector they cover, bearing in mind market strength, profitability, growth potential and quality of management and earnings.

The two countries will not be able to sustain their export-led growth policies while inflation is boosted by QE II. Beyond that, the reduction of US deficits will further undermine Chinese and German exports, writes Charles Dumas of Lombard Street Research.

Poor Vikram Pandit can’t catch a break. Despite Citi stock being up almost 44% over 2010, and profits and revenues on the rise as credit losses decrease, Pandit seems to get blamed for everything. In January, the Indian police reportedly filed a case against Pandit and other senior Citi executives because of an alleged $70 million fraud at a Citibank branch in a New Delhi suburb. Yet more bizarre – the fraud was supposedly reported to the police by Citi itself. But an accusation made in a bar menu in the East Village in New York City poses perhaps the biggest threat to Pandit’s good-guy reputation. He’s apparently lost Santa Claus’s retirement funds.

Searching for liquidity, high returns? As any bon vivant hedge fund manager will tell you the answer is Chateau Lafite, the wine from the Bordeaux estate owned by the Rothschild family since 1868. While your typical hedge fund recorded an average return of 7% last year, one specialist wine hedge fund, the clearly labelled Wine Investment Fund, returned almost 50%. Since its launch in 2003, this vintage fund has returned its investors the equivalent of 16%. What’s the story behind its success? High-rolling Chinese tycoons, who have a nose for Chateau Lafite and have been buying up bottles almost single-handedly. Some wine merchants claim almost every case they buy ends up in China. While this outstanding trade may be a play on China’s economic miracle, investors need to be wary of the odd bottle being corked. Can the economy continue on its upward trajectory for ever? For those looking for a new carry trade in 2011, wine may also be the ticket, rather than some high-yielding currency of the New World wine regions, such as New Zealand, South Africa or Australia, because it’s value keeps on increasing as the tycoons drink the supply away. Anyone who tries to tell you any different will be vinified.

The ousting of long-time mayor Yury Luzhkov could pave the way for the sale of a number of prime assets owned by the Russian capital’s administration. Guy Norton reports.

Autos and Auto Parts

Asia’s best-run companies are taking advantage of strong domestic growth to integrate and expand, while the tough global environment distracts their peers. Chinese and Indian companies are leading the charge. This year’s Euromoney best-managed companies in Asia survey highlights some of the region’s world-beaters. Lawrence White reports.

Government loans to BNDES to be restricted; Tax breaks for long-tenor investors

Negotiations on government purchase of Surgutneftegaz stake; Surprise offer to buy out minority shareholders at INA

Observers of the Japanese government bond market are sounding a note of caution at the start of this year, amid concerns that the domestic investors that have propped up the market for so long might finally lose their nerve.

Launches find it hard to raise capital; Investment banking salaries prove more appealing

Mumtalakat to diversify portfolio; Alba IPO raises $338 million

Sovereign wealth funds buy in; Firm now valued at $9.7 billion

Highlights growing importance of food sector; Part of growing M&A trend

Corporates are still squirrelling away cash, so bond issuance has shrunk. When and how will the cash be put to work?

Banks might refuse to underwrite and distribute sovereign debt at risk of principal reduction.

The SEC’s regulatory interest in the market in private-company shares might cripple this source of funding.

Bank has had good results by sticking to its derivatives skills; Michel Péretié, head of CIB, is seeing first fruits of investment in M&A advisory

Bondholder standoff on the cards at ailing Punch.

Bank debt bail-ins have prompted fierce debate in the banking industry and among fund managers. Spend time in the company of a bank-funding official or an investor in bank debt and it doesn’t take long for them to get a little hot under the collar.

The widening insider-trading probe in the US is creeping closer to systemically important financial market players, as subpoenas have been received by hedge funds SAC and Citadel and two big mutual funds: Wellington Management and Janus Capital.

Recent insider-trading investigations in the US and the UK have focused on bit players by financial market standards. The three hedge funds raided in the US are low-profile firms. Don Chu, the expert network official charged with channelling confidential corporate information, was described in the case against him as a New Jersey resident paid $6,000 a month by his research firm employer – peanuts to a Wall Street player.

Inter-emerging markets deals are on the increase. Some global investment banks will be hard pressed to get a look-in.

Neither side appears to be gaining from Sino-foreign securities joint ventures.

All Nigerian banks to benefit; Banks contribute to sinking fund

Regulators have sparked a new dash to raise capital; The outlook for earnings and returns is unclear