HINDUJA Group is believed to have partnered with the Abu Dhabi Investment Authority (ADIA) to buy Axa’s stake in Bharti-Axa Life Insurance.
Investment bank Jefferies has been hired to advise on the potential transaction and the due diligence process is expected to be completed early next year, Moneycontrol reported.
The Paris-based Axa, which has a significant presence in western Europe, North America and the Inda-Pacific region, holds a 49 per cent stake in the life insurance joint venture with Bharti Group. Bharti has a controlling shareholding in the entity which operates across India with 254 offices, selling life insurance products to groups and individuals.
However, it is not clear which entity of the London-based Hinduja conglomerate - which has a wide range of businesses ranging from automobile to healthcare - is involved in the negotiations.
Hinduja Group entity IndusInd Bank was involved in the Indian life insurance business in the past and sold policies of various companies at its branches.
The ADIA already has a footprint in the sector as the sovereign wealth fund was an anchor investor in the initial public offerings of ICICI Lombard, SBI Life Insurance and PolicyBazaar. It has also invested in the IPO of Star Health Insurance whose issue closed on Thursday (2) with a 79 per cent subscription.
Hinduja Group, Bharti-Axa and ADIA have not commented on the proposed deal.
While the share of life insurance in total premium was 46.34 per cent globally in 2019, the case was different in India. Life insurance accounted for 74.94 per cent of the total insurance business in the country, according to the Insurance Regulatory and Development Authority of India.
However, insurance penetration - measured as the percentage of insurance premiums to GDP - still remains low in India at 2.82 per cent, although it is better than the non-insurance sector’s 0.95 per cent, according to the insurance sector regulator.
Trump says he will speak to Modi in the coming weeks amid trade talks
Modi calls US and India "close friends and natural partners"
Trade officials from both countries may restart meetings in September
US-India trade reached $129 billion in 2024 with a $45.8 billion US deficit
US PRESIDENT Donald Trump said on Tuesday his administration is continuing negotiations to address trade barriers with India and that he would speak to prime minister Narendra Modi, indicating a possible reset after recent friction.
Trump said he looked forward to speaking to Modi in the "upcoming weeks" and expressed confidence that the two sides could reach an agreement.
"I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries," he said in a post on social media.
Modi responds with optimism
On Wednesday, Modi said Washington and New Delhi "are close friends and natural partners." He added that teams from both sides were working to conclude the trade discussions soon.
"I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people," Modi said in a social media post.
India's shares rose over 0.5 per cent after the remarks from both leaders.
Trade deal uncertainty
Trump had said for months that a trade deal was close, but later doubled tariffs on Indian imports to 50%, raising doubts about the future of the U.S.-India relationship.
In recent weeks, Trump and top US officials criticised India for buying oil from Russia, saying New Delhi was funding the war in Ukraine, a charge India denies.
At the same time, Modi has engaged with China and Russia. He visited China last month for a summit hosted by Chinese President Xi Jinping and was also seen with Russian president Vladimir Putin.
Analysts cautious
"While the social media statements by Trump and Modi signal a potential rapprochement between the U.S. and India, it is still premature to assume that a resolution will arrive swiftly," Madhavi Arora, economist at Emkay Global, said.
"With Trump, we will need to wait for more concrete signals that a deal is in the offing."
Meetings to restart in September
Trade officials from India and the US may meet in September to restart in-person discussions, CNBC-TV18 reported, citing sources. A US trade negotiators’ visit to New Delhi scheduled for August 25-29 was cancelled after talks stalled.
India's trade ministry declined to comment on reports of new meetings.
According to US Census Bureau data, two-way goods trade between the US and India reached $129 billion in 2024, with a $45.8 billion US trade deficit.
Tariffs and EU pressure
Trump recently said India had offered to reduce tariffs on US goods to zero but described the offer as late, saying the country should have acted earlier.
Reuters reported that Trump urged the European Union to impose 100% tariffs on China and India as part of pressure tactics against Russian president Vladimir Putin.
Indian officials in New Delhi said they do not expect the EU to take measures against India and that assurances had been given that EU trade talks would not be disrupted.
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Sitting at the centre of a long table, Trump was flanked by First Lady Melania Trump and Microsoft co-founder Bill Gates on one side, and Meta CEO Mark Zuckerberg on the other. (Photo: Getty Images)
US PRESIDENT Donald Trump praised Microsoft CEO Satya Nadella and Google CEO Sundar Pichai during a White House dinner with top technology executives on Thursday. The two Indian-American leaders thanked him for his leadership and for policies in the technology and AI sectors.
Trump described the gathering as a “high IQ group,” calling the executives “the most brilliant people.” Sitting at the centre of a long table, Trump was flanked by First Lady Melania Trump and Microsoft co-founder Bill Gates on one side, and Meta CEO Mark Zuckerberg on the other. Pichai and Apple CEO Tim Cook sat across from him, while Nadella was seated toward one end of the table.
“It’s an honour to be here with this group of people. They’re leading a revolution in business and in genius and in every other work you can imagine,” Trump said.
After his remarks, Trump invited the technology leaders to share their thoughts.
Pichai said the “AI moment is one of the most transformative moments any of us have ever seen or will see in our lifetimes. So making sure the US is at the forefront.” He called the White House’s “AI Action Plan,” announced in July, a “great start.”
“We look forward to working together. And thanks for your leadership,” Pichai told Trump. “Great job you’re doing. Incredible, really,” Trump replied.
Turning to Nadella, Trump said the Microsoft chief “has done a pretty good job” and pointed to Microsoft stock rising from USD 28 to over USD 500. “What a job you’ve done,” Trump said.
Nadella thanked Trump “for bringing us all together” and for policies that support US leadership in technology. He added that market access and global trust in American technology were key.
“I think that everything that you are doing in terms of setting in place the platform where the rest of the world can not only use our technology, but trust our technology more than any other alternative, is perhaps the most important issue, and you and your policies are really helping a lot,” Nadella said.
Nadella also thanked the First Lady for hosting a discussion on AI and economic opportunity. Trump responded: “A really amazing job you’ve done.”
Earlier in the day, Melania Trump hosted a meeting of the White House Task Force on Artificial Intelligence Education, joined by Pichai, IBM CEO Arvind Krishna and other industry leaders.
Speaking after Nadella, Gates said he is now in the second phase of his career, “giving away all the wonderful money that Satya’s good work has helped multiply a lot,” drawing laughter from Trump.
During the dinner, Trump asked Pichai about Google’s investment plans. Pichai said the company would invest USD 250 billion in the US over the next two years. “It’s great. We are proud of you. A lot of jobs,” Trump responded.
Trump also asked Nadella about Microsoft’s investment. Nadella said the company invests about USD 75–80 billion each year in the US. “Very good, thank you very much,” Trump said.
Responding to media questions at the event, Trump repeated his claim that he had “settled” seven wars, without naming them. He added that three of those wars had lasted 31, 34 and 37 years. Trump also said he would soon speak with Russian President Vladimir Putin, adding, “We are having a very good dialogue.”
Other attendees included Google co-founder Sergey Brin, OpenAI CEO Sam Altman and Oracle CEO Safra Catz.
(With inputs from PTI)
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The visit coincides with the 13th round of India-EU negotiations on a proposed free trade agreement, which both sides aim to finalise by December. (Representational image: iStock)
THE EUROPEAN Union's Political and Security Committee (PSC), made up of envoys from the 27 member states, will begin a five-day visit to India on Wednesday. The visit will focus on strengthening overall ties, including efforts to conclude a free trade agreement that has been under negotiation for years.
The committee, headed by Ambassador Delphine Pronk, is visiting India for the first time. It will hold strategic discussions with senior Indian government officials, defence industry representatives, civil society organisations and leading think tanks.
The PSC consists of EU member states' ambassadors based in Brussels and is chaired by the European External Action Service. It plays a key role in shaping the EU's common foreign and security policy (CFSP) and common security and defence policy (CSDP).
The visit coincides with the 13th round of India-EU negotiations on a proposed free trade agreement, which both sides aim to finalise by December. It also comes ahead of the next India-EU summit, expected to be held in India in the first half of next year.
"This extensive engagement aims to provide a comprehensive assessment of policy priorities, while exploring future avenues for enhancing cooperation on key foreign policy matters, security and defence, particularly in the lead up to the upcoming EU-India summit," an EU readout said.
The PSC monitors global developments and advises the Council of the European Union on strategic responses.
"EU-India collaboration is vital in key areas of mutual interest, including counterterrorism, cybersecurity, hybrid threats, maritime security and maritime domain awareness, space security, defence industry cooperation and countering foreign information manipulation and interference," Ambassador Pronk said.
"These critical issues will be high on our agenda and the insights and recommendations gathered from our visit will be presented to the top political leaders of the EU, paving the way for enhanced cooperation," she added.
Herve Delphin, the EU’s Ambassador to New Delhi, said the EU and India were "natural partners" with strongly converging interests and shared values.
"Our leaders are determined to elevate the EU-India Strategic Partnership and harness its immense potential," he said. "This partnership of mutual benefit can contribute to the prosperity and safety of our citizens and contribute to global stability and security."
Ambassador Delphin added that the visit by PSC underlines Team Europe’s intent to strengthen defence and security cooperation with India.
The EU readout said the visit builds on recent milestones, including the EU College of Commissioners’ visit to India in February, the first EU-India Strategic Dialogue in June, and the upcoming EU-India Summit in early 2026.
"The EU is one of India's largest trading partners and investors, with both sides aiming to conclude a free trade agreement by the end of 2025," it said. "The EU and India as large, pluralistic democracies share a strong commitment to upholding the rule of law, human rights, and democratic governance," it added.
(With inputs from agencies)
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Takeaway apps have become a source of employment for undocumented migrants
Uber warns Home Office rules targeting illegal gig economy workers could increase takeaway delivery costs in the UK.
Undocumented migrants have historically used food delivery apps for work, exploiting limited right-to-work checks.
Companies like Uber Eats, Deliveroo, and Just Eat have introduced stricter checks, including facial recognition and document verification.
Compliance and administrative costs have contributed to a fall in Uber UK profits despite rising revenues.
Government enforcement includes thousands of interviews and hundreds of arrests for suspected illegal working.
Uber’s UK accounts at Companies House welcomed the Home Office’s efforts to deter migrants and people smugglers from risking Channel crossings. However, the company cautioned that “new legislative requirements could have an adverse impact on our business, including expenses necessary to comply with such laws and regulations.”
Takeaway apps have become a source of employment for undocumented migrants, attracted by historically limited right-to-work checks. Delivery riders have sometimes sold or rented their accounts on social media to “substitutes” who may be working illegally.
Company response and compliance measures
Over the past year, Uber, Deliveroo, and Just Eat have introduced stricter “right-to-work” verification, including enhanced facial recognition and document checks. Thousands of workers who failed these checks have been removed from the platforms.
The Home Office has urged delivery companies to strengthen monitoring to prevent misuse and suspend accounts where illegal work is detected. Officials are also sharing data on asylum accommodation to help companies monitor potential illegal employment.
Impact on Uber UK’s finances
Uber’s UK revenues increased from £5.3bn in 2023 to £6.5bn in 2024, but profits fell from £29.4m to £21.6m. The company cited rising administrative and compliance costs in its food delivery division as a key factor.
In February, Uber reported blocking thousands of accounts since April 2024 after introducing tougher right-to-work checks to prevent illegal substitutions.
Government enforcement figures
In July, Home Office immigration enforcement teams spoke to 1,780 individuals, resulting in 280 arrests for suspected illegal working. The asylum status of 53 individuals is currently under review.
Significance for the UK gig economy
The crackdown reflects broader government efforts to regulate gig economy employment and prevent illegal working while highlighting the potential economic impact on consumers. Takeaway prices may rise as delivery companies adjust to stricter verification requirements and increased compliance costs.
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Dawood Pervez (L), managing director at Bestway Wholesale and Katie Secretan, managing director of Co-op Wholesale
A NEW partnership has been formed between Co-op Wholesale and Costcutter Supermarkets Group (CSG) to support independent retailers across the UK.
Goes beyond the standard supply deal, it aims to bring the combined expertise and resources of both businesses together, helping local retailers compete in an increasingly tough convenience market, a statement said on Thursday (4).
Katie Secretan, managing director of Co-op Wholesale, welcomed the move. She said: “I am delighted to announce this new agreement which goes further than just a supply deal; we are jointly focused on true partnership as the key ingredient for mutual success, as we collectively support independent retailers to grow through our market leading propositions.”
The deal ensures that Costcutter stores will continue to benefit from Co-op Wholesale’s full-service convenience model, including access to Co-op’s well-known own-brand products.
Dawood Pervez, managing director of Bestway Wholesale, which owns Costcutter, said the agreement builds on a strong existing relationship. “The continuation of our collaboration will see Costcutter stores continue to benefit from the market-leading full-service convenience model from Co-op Wholesale, including access to the iconic and best in class Co-op own brand products. Both businesses are committed to working together to continuously improve the offer, supporting retailer growth in an evolving market,” he said.
Bestway Wholesale, part of the Bestway Group, is one of the UK’s largest independent food and drink wholesalers. Founded in 1976, the company has grown to operate 62 depots across the country and generates a turnover of around £3 billion. It supplies more than 100,000 retailers and 7,000 symbol and franchise operators, as well as running over 200 of its own company-owned stores.
The group also manages brands including Costcutter, best-one and Bargain Booze, and services a wide range of businesses in retail, catering, foodservice and specialist pet supplies.