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UBS Warburg wins this award again this year because, more than any other bank, it has thought carefully about how to arrange its online editorial, and about how to use the internet to inform its clients in ways that it couldn't before.

If a bank does not win a particular award, it does not mean that its website is bad. Almost without exception the websites Euromoney saw in 2002 were well thought out. They now generally do what clients want them to do, not just what clever bankers and developers have realized they are capable of doing. And most firms undertake strict approval processes before they turn a good idea into a website. So it is little wonder that the overall quality has improved markedly over the past year.

In Asian markets in 2002 some leading corporate and sovereign issuers got bloody noses. But smaller deals just kept on coming. Overall volumes were lower, but not disastrously so, and there were impressive increases in some domestic markets.

Many Asian firms are adopting imaginative strategies to cope with the difficult business environment and improving their treatment of shareholders. Hong Kong companies have caught the analysts’ eyes.

Euromoney's seventh Asian company ranking is based on a survey of market analysts at major banks and research institutes in Asia. We received 150 replies, a 44% increase on last year's 104. Respondents were asked to nominate the top-three companies in each of the countries or sectors they covered, bearing in mind market strength, profitability, growth potential and quality of management and earnings. Points were awarded on the usual scale of 4:3:2. We received nominations for 813 companies for all categories.

In this year's Asian 100 the notable profitability of the top Australian banks reflects an economy that has outperformed most of the world. Among its neighbours, some Korean banks put on an impressive growth spurt as the economy recovered.

This ranking of Asia-Pacific banks, valid as of November 1 2002, was compiled by Moody's Investors Service from commercial banks' annual reports and financial statements for 2001 and 2000.

Banks and sites were first invited to take part in the third annual internet awards in July 2002. Euromoney approached those firms that had taken part before plus those that had expressed an interest in taking part over the past year and those that Euromoney journalists felt would like to be involved. Any bank or site was welcome to submit sites for consideration but we did ask potential participants to read the awards articles from previous years and consider whether their sites had a good chance of winning before they put themselves forward. Participants confirmed the sites they were submitting by mid-August.

Leading European private-equity firm Doughty Hanson finally launched its long-delayed fourth buy-out fund at the end of October but will have to work hard to convince investors to hand over their money.

What is Morgan Stanley doing increasing derivatives exposure to non-investment-grade credits? That was the question a lone investor posed after looking at the investment bank's 10Q.

Morgan Stanley's site has been running for four years but many changes have been made in that time. The latest version has been available for the past year. Globally, 1,167 companies are registered on the site, comprising producers, refiners, industrials, utilities and transportation companies.

This award goes to a site that stands out prominently from the competition. The Barclays Capital Strax platform has been running for two years, helping communication by sitting between the borrower and the lender. But Barclays Capital itself steps away from the negotiation and guarantees the risk from both sides. That is, Strax facilitates direct negotiation between the bank's hedge-fund customers and the lending community, while Barclays Capital remains the principal intermediary.