Standard Chartered has begun offering institutional clients spot trading in Bitcoin and Ether through its Dubai International Financial Centre entity, extending its regulated digital-asset business in the UAE from custody into trade execution. The bank said on Thursday the service makes it the first global systemically important bank to provide institutional digital-asset spot trading in the UAE. Eligible clients can trade the two largest cryptocurrencies through Standard […]
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HDFC Bank is close to losing its position as the heaviest stock in the Nifty 50 to ICICI Bank after a sharp share-price decline narrowed the difference between the two lenders to less than half a percentage point.
HDFC Bank’s weighting in the benchmark has fallen to about 9.81 per cent, compared with 9.34 per cent for ICICI Bank, leaving a gap that exceeded four percentage points at the start of 2026. Reliance Industries remains third, with a weighting slightly above 8 per cent. Separate index research based on August 31 levels also showed the HDFC-ICICI gap at its narrowest since at least January 2010.
The convergence reflects sharply different share performances. HDFC Bank has fallen about 29 per cent this year, putting the stock on course for its weakest annual performance since 2008, while ICICI Bank has gained roughly 6 per cent. The sell-off has erased more than $65 billion from HDFC Bank’s value since its peak last year, reducing its market capitalisation to about $114.5 billion. ICICI Bank is valued at nearly $109 billion.
Pressure on HDFC Bank intensified after Managing Director and Chief Executive Officer Sashidhar Jagdishan said he would not seek another term and would leave when his current tenure ends on October 26. The bank has begun a succession process at a time when investors are already assessing the implications of an unusually unsettled period at board and senior-management level.
Jagdishan’s departure follows the March resignation of part-time chairman and independent director Atanu Chakraborty, who said certain happenings and practices he had observed over two years were not consistent with his personal values and ethics. The resignation prompted questions about governance, although the Reserve Bank of India said at the time that its periodic assessments had found no material concerns regarding the bank’s conduct or governance and described its financial position as satisfactory.
HDFC Bank subsequently commissioned external law firms to examine the implications of Chakraborty’s letter. The bank said in June that the review, based on records and witness interviews, did not substantiate the implications arising from the former chairman’s resignation. That finding provided an important institutional counterweight to the concerns raised by the abrupt exit, but it did not prevent governance and succession issues from remaining central to investor debate.
The market impact has become increasingly visible in index composition. At the end of December 2025, HDFC Bank accounted for about 12.7 per cent of the Nifty, against 8.05 per cent for ICICI Bank. By August 31, research from Nuvama Alternative & Quantitative Research put the weights at 9.85 per cent and 9.45 per cent respectively. Reliance Industries, whose shares have also weakened this year, had fallen to about 7.8 per cent from 8.9 per cent.
Index weight matters because passive funds and exchange-traded products tracking the Nifty allocate capital according to constituent weights. A change at the top would therefore alter the relative influence of the two banks on benchmark movements, although it would not by itself change their underlying businesses. HDFC Bank remains larger by market value, while Reliance Industries remains larger than either lender.
Operationally, HDFC Bank continues to report profit growth despite the market concerns. Standalone net profit for the June quarter rose 5 per cent from a year earlier to ₹19,060 crore, while net interest income increased 6.7 per cent to ₹33,535 crore. Gross advances rose 15.4 per cent year on year and total deposits increased 14.7 per cent. Its net interest margin, however, narrowed to 3.26 per cent, while gross non-performing assets edged up to 1.17 per cent.
ICICI Bank reported faster growth in the same quarter. Profit after tax increased 15.9 per cent to ₹14,805 crore, net interest income rose 12.7 per cent to ₹24,384 crore and its total loan portfolio expanded 19.6 per cent. The bank reported a 4.36 per cent net interest margin and a net non-performing asset ratio of 0.35 per cent at the end of June.
Chinese President Xi Jinping arrived in Cairo for a state visit on Tuesday night, opening talks with President Abdel Fattah el-Sisi as Beijing seeks stronger ties with a pivotal Arab partner amid questions over Washington’s regional role. Xi, accompanied by his wife Peng Liyuan, was received at Cairo International Airport by Sisi and Egypt’s first lady, Entissar el-Sisi. The visit is Xi’s first to Egypt in a […]
Russia’s new federal framework regulating cryptocurrency circulation took effect on Tuesday across the country’s financial sector, establishing a supervised domestic market for digital assets while retaining a ban on cryptocurrency payments inside the country. Federal Law No. 282-FZ entered into force on September 1 after President Vladimir Putin signed it on August 4. The State Duma approved the legislation on July 21 and the Federation Council endorsed […]
Arabian Post Staff -Dubai Alpha Dhabi Holding has doubled its capital commitment to the Mubadala Capital-managed MICAD Credit joint venture to $1 billion and raised its ownership stake to 40 per cent from 20 per cent, expanding its exposure to global private credit. The Abu Dhabi Securities Exchange-listed investment group said the revised partnership agreement also broadens MICAD Credit JV’s mandate beyond its existing US and European […]
Matein Khalid Chinese fast-fashion giant Shein is set to list in Hong Kong on September 1 at a valuation of up to $27 billion. That is less than half the $64 billion valuation at which Abu Dhabi sovereign wealth fund Mubadala invested in 2023. It is a brutal comedown for a retailer once expected to be worth $100 billion. My knowledge of sartorial retailing is admittedly less than encyclopaedic. Yet I […]
Arabian Post Staff -Dubai US and Iranian forces exchanged direct attacks on Sunday for the first time in about a month, with Washington striking two Iranian launchers on Larak Island and Tehran answering with missile attacks aimed at US military sites in Jordan. Jordan’s armed forces said on Monday that its air defence systems intercepted eight missiles that entered the kingdom’s airspace at dawn. The military said […]
Jungheinrich marks 25 years of presence in Singapore, as country’s backbone for material flow of goods and a driver of sustainable intralogistics solutions, with more than 7,000 machines in the market and over 100 warehouse solutions implemented
Jungheinrich Singapore established itself as one of the few full-liner suppliers of material handling equipment and solutions in the country, and the pioneer of electrification, with an estimate market share of 25% in electrified machines
Milestone marked with an anniversary dinner on 28 August 2026, attended by Guests of Honour: Thomas Motak, Deputy Head of Mission of the Federal Republic of Germany to Singapore, and Nadine Despineux, Member of the Board of Management, Chief Sales Officer, Jungheinrich
SINGAPORE – Media OutReach Newswire – 31 August 2026 – Jungheinrich, a global leader in sustainable material handling solutions, celebrated 25 years of presence in Singapore as country’s backbone for material flow of goods and a driver of sustainable intralogistics solutions, with more than 7,000 machines in the market and over 100 total warehouse solutions implemented.
Jungheinrich Singapore celebrates 25 years of material flow excellence, marking the milestone with Managing Director, Singapore and Malaysia, Benedict Kothe; Guest of Honour Thomas Motak, Deputy Head of Mission of the Federal Republic of Germany to Singapore; Jungheinrich Chief Sales Officer Nadine Despineux; and key industry leaders and guests.
On 28 August 2026, Jungheinrich celebrated this silver jubilee with an anniversary gala dinner at Pan Pacific Orchard Singapore, graced by Guests of Honour: Thomas Motak, Deputy Head of Mission of the Federal Republic of Germany to Singapore, and Nadine Despineux, Member of the Board of Management, Chief Sales Officer, Jungheinrich, alongside key attendees such as, Manojit Acharya, Vice President – Asia Pacific & Managing Director, India, Benedict Kothe, Managing Director, Singapore and Malaysia, Jungheinrich, Jens Rübbert, President of the European Chamber of Commerce, Singapore, Soo Haw Yun, Vice President, Global Enterprises, Singapore Economic Development Board, and the various Jungheinrich teams, customers and partners in the APAC region.
A special toast was raised to mark Jungheinrich Singapore’s 25-year journey and its evolution into a strategic hub for Asia-Pacific (APAC). Established on 21 February 2001 as the first country unit in APAC, Jungheinrich Singapore is now part of a regional network spanning eight country units and 14 partner companies, supported by over 1,500 employees. The Singapore operation oversees key regional functions including training, automation, dealer management, sales, customer service and human resources, with the APAC spare parts distribution centre also based here.
Jungheinrich has also established itself as one of the few full-liner suppliers of material handling equipment and solutions in Singapore, offering warehouse trucks, racking, automation, digital solutions and customer service all under one roof. The Singapore team, comprising of 150 employees, works closely with Jungheinrich’s partners across APAC, supporting the company’s regional reach and market development.
Over the past 25 years, Jungheinrich Singapore has pioneered the adoption of electric material handling equipment in the country, with an estimated 25% share of the electrified machines market. Its team of 50 technicians strive to provide industry-benchmark service, supporting the logistics sector’s shift towards more efficient and professional operations. In recognition of its innovation and education initiatives, Jungheinrich Singapore was named Supply Chain Innovator of the Year (CSR) at the prestigious Supply Chain Asia Awards 2025, and has also achieved Great Place To Work® Certified™ status.
Notably, Jungheinrich Singapore was the first in APAC to open a Jungheinrich Experience Centre, established in May 2024, to showcase product innovation and illustrate how material flow interacts within a warehouse setting. The centre has since welcomed visitors including Kuehne & Nagel, Supply Chain Asia, the German Embassy in Singapore, and a slew of students from Republic Polytechnic (Singapore) and the University of St. Gallen (Switzerland).
Jungheinrich Singapore has also played an active role in supporting the local community, serving as the official logistics sponsor for the annual National Day Parade for 2 consecutive years in 2025 and 2026, deploying electric forklifts, pallet trucks and reach trucks to help distribute close to 250,000 fun packs to spectators. The organisation also donated warehouse trucks to support Willing Hearts and Food Bank Singapore in their operations, and provided pallet jacks and forklifts for the United Buddy Bears Exhibition at Gardens by the Bay in September 2025, which marked the 60th anniversary of diplomatic ties between Singapore and Germany.
Looking ahead, Jungheinrich Singapore will focus on developing localised automation solutions, expanding the rollout of AntOn by Jungheinrich, and introducing sustainable material handling solutions tailored to customers across APAC. Building on the launch of its first electric van in July 2025, the organisation is also targeting a fully green-energy service fleet by 2030, supporting its commitment to Carbon Neutrality by 2030 for Scope 1 emissions.
“As we celebrate 25 years in Singapore, we are proud of the strong foundation we have built with 150 intralogistics experts who support our customers across industries. Our journey has been defined by innovation, partnership, and a commitment to improving material flow efficiency. Looking ahead, we remain focused on helping businesses enhance productivity, increase warehouse safety and quality, and achieve sustainable growth through advanced material handling solutions,” said Benedict Kothe, Managing Director, Singapore and Malaysia, Jungheinrich.
“We congratulate Jungheinrich on 25 years in Singapore. Over the years, Jungheinrich has grown its Singapore operations into a strategic APAC hub, driving initiatives such as automation, innovation, and sustainability. We look forward to deepening our partnership with Jungheinrich as it contributes to Singapore’s logistics sector and develops solutions for the region,” said Soo Haw Yun, Vice President, Singapore Economic Development Board.
As Jungheinrich Singapore enters its next chapter, the organisation remains committed to supporting customers’ growth with innovative, sustainable and increasingly automated material handling solutions.Hashtag: #Jungheinrich #Manufacturing #Logistics
The issuer is solely responsible for the content of this announcement.
Jungheinrich Singapore
As one of the world’s leading providers of material handling solutions, Jungheinrich has advanced the development of innovative, sustainable products and solutions for material flows for more than 70 years. The family-owned, listed business generated revenue of €5.5 billion in the 2025 financial year with a workforce of over 21,000, and service and sales companies across 42 countries. In APAC, the company has established eight country units and over 14 partner companies, supported by over 1,500 employees. Established in Singapore in 2001, Jungheinrich Singapore marks its 25th anniversary in 2026 as the company’s strategic hub for the region.
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OpenAI has appointed Meta’s India and Southeast Asia vice-president Sandhya Devanathan as its vice-president for Southeast Asia and Australia, strengthening the ChatGPT maker’s regional leadership as it expands consumer, enterprise and government engagement across Asia-Pacific.
Devanathan is due to take up the newly created role in October and will be based in Singapore, reporting to Kiran Mani, OpenAI’s managing director for Asia-Pacific. Her responsibilities will cover consumer growth, enterprise adoption and partnerships, regulatory engagement and operations across Southeast Asia and Australia.
The move gives OpenAI an experienced technology executive as competition intensifies among artificial intelligence companies for users, corporate customers, developers and public-sector partnerships. Devanathan has spent more than a decade at Meta and has held senior roles spanning ecommerce, gaming and country leadership across Asia-Pacific.
Devanathan announced her departure from Meta on Friday, describing the decision as “bittersweet” and saying she would take a short break before beginning her next chapter. OpenAI subsequently confirmed that she would join the company in the regional position.
Her departure also reshapes Meta’s reporting structure in one of its largest markets. Arun Srinivas, Meta’s managing director and country head for India, will report directly to Benjamin Joe, the company’s vice-president for Asia-Pacific. Srinivas had been reporting to Devanathan.
Devanathan joined Meta in 2016 and helped build its businesses and teams in Singapore and Vietnam, as well as ecommerce initiatives across Southeast Asia. She moved in 2020 to lead Meta’s gaming business in Asia-Pacific before being appointed vice-president and head of India, taking up that position in January 2023. Her remit was later expanded to include Southeast Asia.
At Meta, her work covered the company’s business and revenue priorities, relationships with major brands, advertisers, creators and partners, and the expansion of digital commerce and messaging services. She has more than 25 years of experience across banking, payments and technology.
OpenAI’s appointment places Devanathan in charge of markets where governments and companies are accelerating investment in generative artificial intelligence while also debating rules on safety, data, copyright and the use of advanced models. Her remit includes regulatory engagement, making her role important to OpenAI’s efforts to navigate differing policy regimes across Southeast Asia and Australia.
The company has been expanding its physical and management presence across Asia-Pacific, with offices in Singapore, Tokyo, Seoul, Sydney and Delhi. It has also strengthened its leadership in India, where it appointed former Uber executive Prabhjeet Singh as managing director earlier this year.
OpenAI has made India a significant part of its regional growth strategy as demand for generative AI tools rises among consumers, developers and businesses. In February, the company launched OpenAI for India, an initiative focused on artificial intelligence infrastructure, enterprise adoption, skills development and education partnerships.
Devanathan’s appointment extends that regional build-out beyond India, giving OpenAI a senior executive responsible for Southeast Asia and Australia from Singapore. The role combines commercial expansion with policy and operational responsibilities rather than focusing solely on sales or partnerships.
For Meta, the leadership change comes as the company continues to manage its advertising, messaging and social-media businesses across the region while increasing investment in artificial intelligence. Devanathan’s departure removes an executive who had overseen both India and Southeast Asia and had been part of Meta’s Asia-Pacific leadership structure.
When Meta appointed Devanathan to lead its India operations in 2022, the company said she would bring together its business and revenue priorities and strengthen relationships with brands, creators, advertisers and partners. She moved back to India for the role after earlier assignments in Singapore and Southeast Asia.
In her departure message, Devanathan highlighted work involving government citizen services delivered through WhatsApp in India and small businesses using Meta’s applications as digital storefronts in Vietnam, Indonesia and Thailand. She also referred to her experience helping technology companies and creators grow across the region.
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