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If you want to have good governance, you cannot be in a yes-sir mode: Sashidhar Jagdishan
How do you assess the damage due to this episode?
It’s not that we are facing this for the first time. We will have to convert this threat into an opportunity. In the past we knew the areas to be remediated and fixed. This case is like fighting a ghost. We had never anticipated this in the five and a half years where Atanu Chakraborty was at the helm. On March 18, when we confronted the issue of his resignation, we saw these two contentious lines. We said that we have a well-established process which you have instituted so intensely. If you have concerns, put it there and we collectively address it. To which he said, I do not have any to share. If you do not have any to share, then you please remove the lines. To which he was steadfast and he refused to budge. That is where it stands.
Over the years, has he ever raised any of these ethics and values issues for discussion?
No, he did not. (Under) the system, wherein all of us comment, there are no issues which can be stratified into ethics or personal values. There may be some errors, which have been addressed. Is there a complete agreement in terms of addressing these issues? Absolutely. Is there a difference in the proportionality of the action? Yes, some of us feel a response is fair, others feel it is harsh or too lenient. But trust me, there is nothing which is not addressed.
Also Read: HDFC Bank: What exactly was it? Atanu Chakrabarty’s shock exit baffles global investors
What is your understanding about why he did what he did?
I wish I had known. I wish the board knew. The very next day, on the 19th, Chakraborty said in a conversation that his resignation was routine in nature and that there is no wrongdoing in the bank’s operations. So, he seemed to have retracted his position-probably thinking he had done something he should not have. Unfortunately, the damage was already created and we have to confront it. Our performance will speak for itself. It’s possible he may come out with new issues. I’m sure there is nothing new, because many of these are already addressed or are being addressed. If something extremely new arises, we will take it up. Will there be differences in views between you and me? Absolutely. This is not a governance issue.
Were there differences between him and the management over the years?
Yes, and I am not apologetic about it because if you want to have good governance, you cannot be in a yes-sir mode. You must have views. We are a democratic organisation. If we collectively strongly believe that there are certain things which are not right, I will speak up. We have always had a lot of constructive discussions. It is something that, if at all, I have been more at the receiving end rather than the one which is giving from the other side.
Also Read: HDFC Bank to review decisions, ensure full transparency: CEO, Sashidhar Jagdishan
Following this development, shareholders have lost money. Will you be seeking any legal remedy?
This event has caused a lot of angst within the company, board, shareholders, more so the retail shareholders. I am not a legal expert, but as we speak, we are engaged with one to examine all possibilities. The company has a certain process and that will take its course.
How do you plan to remedy the situation?
We will convene multiple board meetings over the next month to get the views of all directors on decisions taken over time. We will re-examine them, evaluate the action points and see where we need to improve. This issue was not of our making; it was thrust upon us. We will take stock of past matters and address all issues-existing or new-without hiding anything. If these are operational issues, we will tighten design and controls. If these are conduct issues, we will be ruthless. I acknowledge that an institution of this size will have issues, but we have robust systems to address them. Even if, hypothetically, he (Atanu Chakraborty) raises a fresh issue that isn’t visible to us today but was visible to him, we will address it.
Also Read: HDFC Bank sacks 3 senior executives over Credit Suisse AT1 bond mis-selling allegations
Will you be offering yourself as CEO for a third term when your second ends in October this year?
I am able and willing, but I would prefer the board to complete the process and decide. I’m not the decision maker here.
Can you tell us what went wrong with the Dubai operations? You have acted against a few employees.
HDFC Bank operates in the Middle East through branches in Dubai and Bahrain-customer engagement typically happens in Dubai, while transactions are booked in Bahrain. This model had been followed for years. In June 2023, the Dubai Financial Services Authority clarified that clients who are continuously engaged in Dubai must also be onboarded there, even if accounts are booked in Bahrain. The issue surfaced after losses on Credit Suisse AT1 bonds, when some investors raised concerns about onboarding gaps. Our assessment is that this was a technical lapse in documentation and regulatory interpretation-not fraud or mis-selling. We initiated an internal review and took staff accountability actions through our disciplinary and board-level committees, with a right to appeal. There is no fraud, no misappropriation, and no integrity issue that has surfaced so far.
How do you see the synergies of the merger between HDFC and HDFC Bank?
I believe the merger is the best thing that could have happened. The housing industry will drive growth over the next few years. For an institution of this scale and distribution, if we didn’t manufacture home loans, we would have missed a massive runway opportunity. Presently we penetrate about 4-5% of our customers with home loans. Over the next 5-10 years, that could be 8-10%, which itself will be massive. Once you start the customer’s primary banking relationship with us, the impact becomes very significant over time. The entire management recognises we’ve gone through a lot of pain because we took on assets but no deposits. Building deposits to substitute borrowings that are running down isn’t easy, especially in a liquidity environment that has been extremely tight since July 2023. Some investors know the engine has to slow temporarily. They’ve said, ‘We’ve stayed with them through this; let’s step aside, invest elsewhere for quick returns, and come back when the visibility on what’s committed improves.’
You have talked about restructuring the organisation. Can you tell us more?
We review the leadership and organisation structure periodically; it’s time for a refresh. But these are all simple business-as-usual, tactical strategies, which energise the organisation periodically.
What is that one message that you want to convey to the shareholders as well as the depositors?
Our values, ethos and governance principles remain intact. The institution is financially strong. Day-to-day issues-whether errors and omissions or conduct-are addressed promptly and appropriately. The future is bright, we’re well positioned post-merger, and we’re very positive on India compared with parts of the world facing turmoil. The economy is in a better place, and we’re best positioned to capture the opportunities over the next couple of years.
As green bond and loan activity cools elsewhere, the Asia Pacific region is emerging as a rare engine of growth in the world’s sustainable finance market, according to a new report from ING.
Key takeaways
- Asia Pacific bucked a global decline in sustainable finance in 2025, posting strong growth in green bonds and loans driven by financial institutions and corporations.
- ING forecasts a rebound in global sustainable issuances to US$1.621 trillion in 2026, with Asia Pacific expected to lead momentum through transition finance.
- While EMEA remains the largest sustainable finance market, corporate appetite there is softening, making Asia Pacific’s real-economy demand increasingly decisive for global growth.
Despite mounting geopolitical and economic turbulence rattling global markets, the Asia Pacific is holding its ground and in some areas, pulling ahead in sustainable finance. That is the central finding of Dutch banking group ING’s latest Sustainable Finance Pulse report, which paints an increasingly divergent picture between a softening West and a resilient, growing East.
Globally, sustainable issuances totalled US$1.557 trillion in 2025, a decline of roughly 6.7 per cent from the US$1.669 trillion raised the previous year. Yet within that subdued global picture, Asia Pacific stands out. The region recorded strong year-on-year growth in green bonds and green loans in 2025, even as sustainability-linked loans and transition bonds experienced a modest pullback.
The drivers of that growth are notable. Financial institutions and corporations led the expansion, while governments, supranational firms, and sovereign funds and agencies saw a slight decline in activity. ING also reported record-high sustainable finance volumes in the region last year, driven by robust deal activity across the first three quarters and its leading role as sustainable finance coordinator on the majority of its transactions.
A Pivot Point for Transition Finance
Looking ahead, ING is cautiously optimistic. “In 2026, we expect to see more growth from Asia Pacific and potentially a pick-up in transition issuance as policy frameworks continue to develop across the region,” said Martijn Hoogerwerf, head of ING’s sustainable solutions group in Asia Pacific. The bank specifically flagged the possibility of a rebound in transition bond debt, instruments designed to help carbon-intensive industries shift toward cleaner operations, as regulatory architecture matures across regional markets.
The demand underpinning this growth, ING argues, is structural rather than speculative. “The resilience of Asia Pacific’s sustainable finance market is increasingly underpinned by real-economy demand in areas such as energy, infrastructure and digital capacity,” said Anand Sachdev, country manager for ING Singapore and head of South and Southeast Asia.
Sachdev also pointed to a shift in client priorities. Companies in the region are increasingly focused on “practical, bankable green and transition financing solutions,” underscoring the growing importance of structuring expertise in delivering credible decarbonisation pathways.
Contrast with EMEA
The contrast with Europe, the Middle East and Africa is striking. While EMEA is expected to remain the largest source of sustainable finance globally in 2026, its growth will be led by governments and financial institutions, even as corporate issuances see a notable decline. ING attributes this partly to the relative ease of accessing conventional, non-ESG-linked debt, and describes sustainability-linked instruments in the region as a weak spot.
Bucking that trend within EMEA, however, is Central and Eastern Europe. Sustainable issuances there surged 40 per cent year-on-year in 2025, driven by sovereigns and state-owned enterprises.
A Cautious Global Rebound Expected
Despite the global dip in 2025, ING sees reasons for renewed confidence. The bank is forecasting a recovery to around US$1.621 trillion in sustainable issuances for 2026, pointing to a relatively strong start to the year with US$257 billion coming to market in January and February alone. March, however, brought a slowdown as market volatility linked to conflict in the Middle East weighed on sentiment.
For the Asia Pacific, the trajectory appears more insulated. With policy frameworks catching up to market appetite and corporations seeking credible paths to decarbonisation, the region looks set to play an increasingly central role in shaping how the world finances its climate transition.
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Stocks were set to fall in Asia and S&P 500 futures dropped around 1.1% in early trade. Benchmark Brent crude futures opened about 7.5% higher at $102.37 a barrel.
The euro fell about 0.5% to $1.1672.
Marathon talks in Islamabad ended in stalemate and U.S. President Donald Trump on Sunday said the U.S. Navy would itself start blockading the Strait of Hormuz.
Iran has effectively closed the choke point for 20% of the world’s daily energy supplies since the war started in late February, driving up oil prices by more than 30% and fuelling fears of a surge in inflation that has whacked bond markets.
U.S. Treasury futures sank in early trade and gold , which has been a loser as investors have cashed out profits from its long pre-war rally, fell almost 2%.
“This is an absolute unwinding of any optimism heading into the peace talks into that play of dollar: safe-haven; oil jumping and selling out of everything else,” City Index senior market analyst Fiona Cincotta said. “On the other hand, we have seen the markets over-exaggerate sometimes. And I think especially around this scenario, the market is struggling to really price it correctly, because there is so much uncertainty, so many unknowns.”
Moves early on Monday dragged many asset prices back near where they had traded in the middle of last week, before the U.S. and Iran had struck a two-week ceasefire deal.
“The market is now largely back to conditions before the ceasefire, except now the U.S. will block the remaining up to (2 million barrels) Iranian-linked flows through the Strait of Hormuz as well,” said Saul Kavonic, MST Marquee analyst in Sydney.
“The key remaining question is if the U.S. renews strikes on Iran, raising the risk of strikes on energy infrastructure across the region which could have a further lasting impact beyond the duration of the war.”
The Wall Street Journal reported Trump and his advisers were now weighing limited strikes on Iran.
Risk-sensitive currencies such as the Australian dollar and sterling came under pressure, falling 0.7% and 0.5%, respectively. The dollar rose 0.3% to 159.78 yen.
With expectations building for a resurgence in inflation, investors have priced in the possibility of several central banks, such as the European Central Bank and Bank of England, leaning towards raising interest rates this year, in stark contrast with pre-war expectations for cuts or steady rates.
Global equities, which ended last week around their highest since early March, buoyed by optimism that the United States and Iran were heading towards some kind of resolution, are still 2% below where they were prior to the war breaking out.
Trump said on Sunday that the price of oil and gasoline may remain high through November’s midterm elections, a rare acknowledgement of the potential political fallout from the war.
Brent crude futures rose $7.60, or 7.98%, to $102.80 a barrel by 2310 GMT after settling 0.75% lower on Friday.
U.S. West Texas Intermediate was at $104.88 a barrel, up $8.31, or 8.61%, following a 1.33% loss in the previous session.
“The market is now largely back to conditions before the ceasefire, except now the U.S. will block the remaining up to 2 million barrels per day Iranian linked flows through the Strait of Hormuz as well,” said Saul Kavonic, head of energy research at MST Marquee.
President Donald Trump https://www.reuters.com/world/us/donald-trump/ said on Sunday the U.S. Navy would start blockading nL1N40U07M the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardising a fragile two-week ceasefire.
He added that the price of oil and gasoline nL1N40V03P may remain high through November’s midterm elections, a rare acknowledgement of the potential political fallout from his decision to attack Iran six weeks ago.
U.S. Central Command said U.S. forces would begin implementing the blockade of all maritime traffic entering and exiting Iranian ports at 10 a.m. ET (1400 GMT) on Monday. “Not only does this restrain exports from Persian Gulf oil producers, but it will also restrict Iran’s ability to export oil and will exacerbate the supply disruptions the market is experiencing,” ANZ analysts Brian Martin and Daniel Hynes said in a note.
IG market analyst Tony Sycamore said the move would effectively choke off the flow of Iranian oil, forcing Tehran’s allies and customers to apply the necessary pressure to get the waterway reopened.
Iran’s Revolutionary Guards nS8N40E024 said on Sunday that any military vessels attempting to approach the Strait of Hormuz would be considered a violation of the two-week U.S. ceasefire and be dealt with harshly and decisively.
Despite the stalemate, three supertankers nL1N40U04R fully laden with oil passed through the Strait of Hormuz on Saturday, shipping data showed. They appeared to be the first vessels to exit the Gulf since the ceasefire deal was struck last week.
No other ships were spotted in the strait on Monday except for one Iran-flagged vessel anchored there, shipping data on LSEG showed.
On Sunday, Saudi Arabia said it has restored full oil pumping capacity through the East-West pipeline nL1N40S100 to about 7 million barrels per day, days after providing an assessment of damage to its energy sector from attacks during the Iran conflict.
Check out what’s clicking on FoxBusiness.com.
First son Barron Trump’s new beverage venture has announced its first two flavors ahead of its planned launch, now set for May.
SOLLOS Yerba Mate, headquartered near Mar-a-Lago, revealed the news in a LinkedIn post last week.
“Introducing our 12-pack: Pineapple + Coconut,” the company said. “Launching May 2026.”
The announcement comes after the 19-year-old, the youngest son of President Donald Trump, was listed as a director of the Palm Beach, Florida-based beverage company, according to January SEC filings in Florida and Delaware.
BARRON TRUMP LINKED TO BEVERAGE COMPANY BASED NEAR MAR-A-LAGO
Barron Trump’s new beverage venture has announced its first two flavors ahead of its May launch. (Mike Segar/Reuters / Reuters)
The product will be available for purchase online at sollos.com, the company said.
The company also shared videos showcasing the design of its new beverage packaging ahead of launch.
In one video, light blue cans featuring “SOLLOS” in bold lettering over an orange-and-yellow sun graphic appear to move through a factory during mass production.
Another clip shows packaging for the 12-pack, including a light blue box with yellow graphic accents.
A LOOK AT THE TRUMP FAMILY’S BUSINESS EMPIRE
SOLLOS Yerba Mate launches a 12-pack pineapple and coconut beverage line. (SOLLOS Yerba Mate/LinkedIn / Fox News)
Yerba mate, a caffeinated herbal tea native to South America, has recently gained popularity in the U.S. as an alternative to coffee.
SOLLOS was previously announced as a beverage brand designed to complement life in the “Sunshine State,” with branding centered on the sun.
“SOL,” meaning sun in Spanish, represents sunrise and the beginning of the day, the company said. “LOS,” spelled backwards from “SOL,” represents sunset. The startup emphasized that the name is intended to capture the full cycle of the sun, reflecting the idea that “It Begins Where It Ends.”
HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME
Light blue cans, featuring the logo “SOLLOS,” move through a factory line. (SOLLOS Yerba Mate/LinkedIn / Fox News)
According to SEC filings dated Jan. 23, SOLLOS raised $1 million through a private placement and lists at least five partners.
Barron, a student at New York University’s Stern School of Business, along with four others named in the SEC filing, are listed as executive officers and members of the company’s board of directors.
Others involved in the company include Spencer Bernstein, Rudolfo Castello, Stephen Hall and Valentino Gomez, some of whom attended the same high school as Barron.
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Bernstein, a Villanova University student who previously attended Oxbridge Academy in Palm Beach with Trump, was listed as an executive officer.
“I’ve decided to postpone my final semester at Villanova University to focus on something I’ve been building for the past 8 months,” Bernstein previously posted on LinkedIn.
“Since the end of last school year I have been working alongside my co-founder, Stephen Hall, and a few close friends on SOLLOS Yerba Mate, a lifestyle beverage brand built around clean + functional ingredients.”
Hall, now a student at the University of Notre Dame who also attended Oxbridge Academy, was listed as an executive officer and director.
FOX Business’ Sophia Comptom contributed to this report.
Analysis-Protracted Iran war narrows BOJ’s rate hike options
US stock futures slide over 1% after Iran ceasefire talks fall through
The Tourism Authority of Thailand emphasizes sustainable growth by promoting premium experiences and prioritizing safety. After welcoming 9.31 million visitors in early 2026, Thailand projects a total of 30 to 34 million arrivals by the end of the year.
Emphasizing Quality in Tourism
Bangkok, 8 April 2026 – The Tourism Authority of Thailand (TAT) is committed to The New Thailand vision, focusing on Value over Volume to ensure sustainable and meaningful growth. Despite global economic uncertainties, Thailand aims to sustain its competitiveness and recalibrate its 2026 international tourism outlook. TAT is implementing targeted measures to enhance high-value experiences, expand quality market segments, and ensure safety and reliability through the Trusted Thailand framework. This approach not only reinforces confidence but also aligns with evolving traveler priorities through the “Healing is the New Luxury” concept, bolstering Thailand’s reputation as a resilient and competitive destination.
Strengthening Resilience Amid Global Challenges
Building on its 2025 performance, Thailand continues to leverage tourism in economic recovery amidst global challenges like economic uncertainty and regional competition. While international arrivals are gradually recovering, changing travel behaviors and cautious spending underline the need to focus on quality growth and greater value per trip. In the first quarter of 2026, Thailand welcomed 9.31 million international visitors, with China leading, followed by Malaysia, Russia, India, and South Korea. Long-haul markets, including the UK and the US, also contributed significantly to a diversified market mix, supporting sustained tourism growth.
Projected Growth and Future Outlook
For 2026, TAT anticipates international arrivals around 30–34 million, taking into account global fluctuations such as travel demand, air connectivity constraints, and energy price volatility. Domestically, 206 million trips are expected, with total tourism revenue projected to be approximately 2.58 trillion Baht. The strategy acknowledges anticipated easing of geopolitical tensions in the Middle East within months. By aligning with global conditions, TAT is poised to maintain Thailand’s position as a preferred travel destination, focusing on quality growth and ensuring economic resilience through enhanced traveler experiences.
Source : TAT refocuses on value over volume as 2026 tourism outlook is recalibrated
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