Andy's Feed
Nov 6, 2013

Surging India stocks a poor guide to the economy

(The author is a Reuters Breakingviews columnist. The
opinions expressed are his own)

By Andy Mukherjee

SINGAPORE, Nov 6 (Reuters Breakingviews) – The surging
Indian stock market has decoupled from the country’s ailing
economy.

Nov 5, 2013

Infosys visa woes stress need for Outsourcing 2.0

By Andy Mukherjee

SINGAPORE, Nov 6 (Reuters Breakingviews) – A $34 mln fine
for “paperwork errors” in the Indian company’s U.S. visa
applications will sting. But given the woeful state of America’s
job market, the outsourcing industry needs to brace itself for
tougher immigration rules. Reprogramming the business would be a
good start.

Full view will be published shortly.

CONTEXT NEWS

- Infosys has agreed to pay $34 million to the U.S.
government to settle allegations of “paperwork errors” in I-9
filings, the Indian software exporter said in an Oct. 30 press
release. Employers in the United States use I-9 to document the
identity and employment authorization of new hires.

Oct 25, 2013

India’s subsidy shuffle is futile gimmickry

By Andy Mukherjee

SINGAPORE, Oct 25 (Reuters Breakingviews) – Curbing
subsidies before next year’s elections would be political
suicide. So Finance Minister P. Chidambaram may simply delay
payments to hit his deficit goal. But the sleight of hand will
wreck next year’s budget. Accounting trickery is no substitute
for fiscal consolidation.

Full view will be published shortly.

CONTEXT NEWS

- Indian Finance Minister Palaniappan Chidambaram, finding
it hard to rein in subsidies on food, fertilizers and energy,
may sweep as much as $15 billion of handouts into next year’s
accounts, Reuters reported on Oct. 25, citing an official who
declined to be identified.

Oct 23, 2013

Fleeing multinationals mean India needs hot money

By Andy Mukherjee

SINGAPORE, Oct 23 (Reuters Breakingviews) – BHP Billiton is
all but giving up on exploring for Indian oil and gas because of
delayed clearances. Harsh rules on foreign stores have upended
Wal-Mart’s plans. With a faltering business climate, New Delhi
still craves investment dollars. Fickle short-term cash is its
only bet.

Full view will be published shortly.

CONTEXT NEWS

- BHP Billiton is surrendering the right to dig for oil and
gas in as many as nine blocks in India, the company said on Oct.
21, citing an “inability to carry out exploration operations.”

Oct 17, 2013
via Breakingviews

Debt deal may encourage Asia’s dollar craving

Photo

By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Washington’s last-minute deal on raising the U.S. government’s debt ceiling made grim viewing for Asian central banks. It’s the second time in two years they have faced anguish over the safety of their enormous U.S. government bond holdings. But even with an agreement to raise the ceiling until Feb. 7, and default averted, the harrowing experience is unlikely to turn America’s largest creditor group into a bunch of angry sellers. They may in fact do the opposite, and buy more.

Oct 15, 2013

India in depth: Changing recipe of monetary sauce

(The author is a Reuters Breakingviews columnist. The
opinions expressed are his own)

By Andy Mukherjee

SINGAPORE, Oct 15 (Reuters Breakingviews) – The Reserve Bank
of India’s in-house rule for setting interest rates is a secret
sauce in desperate need of a new recipe.

Sep 26, 2013
via Breakingviews

Bond-buying helps Japan’s banks more than economy

Photo

By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The Bank of Japan’s bond-buying is proving to be more of a blessing for the country’s lenders than for the deflation-stricken economy. The central bank’s spending spree has allowed lenders to offload 12 percent of their holdings of government debt this year.

Sep 20, 2013

Raghuram Rajan wants to be India’s Paul Volcker

(The author is a Reuters Breakingviews columnist. The
opinions expressed are his own)

By Andy Mukherjee

SINGAPORE, Sept 20(Reuters Breakingviews) – Raghuram Rajan,
India’s new central bank chief, wants to be his country’s Paul
Volcker. The former Federal Reserve chairman’s tight monetary
policy tipped the U.S. economy into recession in the early
1980s, but succeeded in curbing double-digit inflation rates.
Following in his footsteps, Rajan raised the monetary
authority’s key policy rate by 25 basis points on Sept. 20.

Sep 19, 2013
via Breakingviews

Fed brings Asia short-term relief, long-term risks

Photo

By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The U.S. Federal Reserve has granted Asia a temporary reprieve. But the longer the relief lasts, the greater the risk that complacency will undermine the region’s financial stability.

Sep 18, 2013
via Breakingviews

Emerging markets’ foreign debt is no time bomb

Photo

By Andy Mukherjee

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Emerging markets are sitting on a $5.8 trillion pile of debt to foreign lenders. Yet they are far less vulnerable to sudden capital flight than they were two decades ago.

    • About Andy

      "Andy Mukherjee covers Asian economies from Singapore. He joined from The Straits Times where he was a senior writer. Andy spent eight years at Bloomberg News, the last five as an Asia columnist. In 2004, and again in 2006, he was awarded the second prize for outstanding commentary writing by the New York-based South Asian Journalists' Association. He left Bloomberg to join a start-up business television station in Mumbai where he was the executive editor until 2010. Andy has an undergraduate degree in journalism from University of Delhi."
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