Brussels, May 29: The European Union (EU) and the United Arab Emirates (UAE) have formally launched negotiations for a bilateral Free Trade Agreement (FTA), marking a potential breakthrough towards the EU’s first comprehensive trade deal in the Gulf region, said the European Commission.

This initiative also aims to expand further the EU’s global trade network, which currently comprises 44 agreements with 76 countries, said the Commission on Wednesday.

According to a press release of the Commission, Commissioner for Trade and Economic Security Maros Sefcovic and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi met in Dubai to reaffirm their shared vision for the agreement and agree on a roadmap, with substantive work expected to begin as early as June.

The first meetings of negotiating teams will focus on reducing tariffs on goods and facilitating services, digital trade and investment flows media reports.

Talks will also explore ways to boost trade in strategic sectors, such as renewable energy, green hydrogen and critical raw materials.

Sefcovic emphasized that a bilateral FTA would unlock “tremendous business opportunities” for both European and Emirati enterprises, while also bolstering the EU’s regional engagement with Gulf Cooperation Council (GCC) member states.

European Commission President Ursula von der Leyen hailed the launch of the talks as a “significant milestone,” noting that the agreement would deepen EU-Gulf ties, create new opportunities for European businesses, and strengthen cooperation in key areas such as renewable energy and digital technologies.

To address the uncertainty of US trade policy, the EU is strengthening cooperation with other economies to promote trade diversification and reduce its reliance on the United States.

Last Friday, US President Donald Trump announced that he is “recommending a straight 50 per cent Tariff on the EU, starting on June 1, 2025.” But after a phone call with von der Leyen on Sunday, he agreed to postpone the planned tariff increase until July 9. On Tuesday, Trump welcomed the EU’s decision to proceed with negotiations, calling it a positive step, but he again warned that he would enforce trade measures if a deal is not reached.

New Delhi, May 29: The total premium collected by public sector general insurance companies (PSGICs) has witnessed a notable rise from around Rs 80,000 crore in FY19 to nearly Rs 1.06 lakh crore in FY25, the government has said.

The overall general insurance industry also reported growth, with total premium collections reaching Rs 3.07 lakh crore in FY2024–25.

In a meeting with PSGICs here, Finance Minister Nirmala Sitharaman reviewed key performance indicators including premium collections, insurance penetration and density and incurred claims ratios.

The meeting was attended by Secretary, Department of Financial Services (DFS), M. Nagaraju, and the managing directors of New India Assurance, United India Insurance, Oriental Insurance, and National Insurance, General Insurance Corporation of India (Reinsurance), Agriculture Insurance Company of India Limited, along with other senior officials of the Finance Ministry.

While general insurance penetration in India remains relatively low at 1 per cent of GDP — compared to a global average of 4.2 per cent in 2023 — insurance density has steadily improved, increasing from $9 in 2019 to $25 in 2023.

The Finance Minister underscored the need for PSGICs to work towards improving both penetration and density to ensure wider financial protection.

Officials also presented a five-year analysis of the health insurance segment, showing consistent premium growth across Private Insurers, Standalone Health Insurers (SAHI), and PSGICs. Incurred claims ratios, which had peaked during the Covid-19 pandemic in FY21 (PSGICs at 126 per cent and private insurers at 105 per cent), have since declined.

By FY24, these ratios had moderated to 103 per cent for PSGICs, 89 per cent for private insurers, and 65 per cent for SAHI.

The PSGICs have witnessed a significant turnaround with all of them having become profitable again.

While Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits from Q4 of FY 2023-24 and Q2 of FY 2024-25, respectively, United India Insurance Company Ltd. (UIICL) posted profit in Q3 of FY 2024-25 after a gap of 7 years.

Notably, New India Assurance Company Ltd. (NIACL) has consistently maintained its position as a market leader and has been making profits regularly.

Finance Minister emphasised the urgent need for digital transformation across all PSGICs to improve service delivery and efficiency. This includes the adoption of AI-driven claim settlement systems, particularly for Motor Own Damage and Health insurance products, to ensure faster and more accurate claim resolution.

The minister also emphasised the importance of leveraging advanced data analytics and artificial intelligence to develop precise pricing models and efficient claims modelling, which are essential for improved risk assessment and long-term sustainability.

New Delhi, May 28: The Supreme Court on Wednesday upheld the delisting of ICICI Securities from the stock exchanges, rejecting a plea by an individual investor who challenged the share valuation process as being unfair.

The investor, Manu Rishi Gupta, had questioned the delisting on the ground that a reverse book building mechanism might have resulted in a better price for shareholders.

ICICI Securities was delisted in March last year, and it became a wholly-owned subsidiary of ICICI Bank.

Gupta’s counsel contended in the apex court that the delisting of ICICI Securities was done in an opaque and rushed manner and termed it “shocking”.

The counsel for ICICI Securities informed the Supreme Court that Gupta continued to indulge in buying and selling of shares of ICICI Securities, including as recently as August 2024 which undermined his claims of unfair treatment.

Nearly 72 per cent of shareholder votes were cast in favour of the scheme of arrangement for the merger of ICICI Securities with its promoter ICICI Bank, the private sector lender had stated in a regulatory filing with the stock exchanges.

The voting was conducted after a National Company Law Tribunal (NCLT) directive in February 2024, which mandated a shareholder meeting to approve the plan. The meeting was attended by 161 equity shareholders including authorised representatives.

Earlier, in March this year, the National Compay Law Apellate Tribunal (NCLAT) had upheld the delisting of ICICI Securities Ltd from the stock exchanges, dismissing the pleas filed by shareholders Quantum Mutual Fund and individual investor Manu Rishi Gupta against the move.

Quantum Mutual Fund had approached NCLAT in September to oppose ICICI Securities’ delisting, citing concerns over its impact on minority shareholders. Earlier, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had approved the delisting, dismissing the fund’s objections.

ICICI Securities in June 2023 announced its plan to delist and merge with its parent company, ICICI Bank Ltd. Shareholders approved the plan in March 2024. As part of the delisting, Under the proposed share-swap arrangement, shareholders were to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities.