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FTSE 100 dips as BP and Shell fall amid oil slide

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FTSE 100 dips as BP and Shell fall amid oil slide



The FTSE 100 fell on Tuesday, weighed down by falls in defence and oil stocks, and after mixed economic data in the UK and US.

“A sell-off in the oil market served to pull down the FTSE 100, exacerbated by profit taking in defence contractors,” said Dan Coatsworth, head of markets at AJ Bell.

“Driving the declines was speculation that the Russia-Ukraine war could be near to a resolution. While that would be positive after nearly four years of fighting, it has negative consequences for the oil and defence sectors.”

The FTSE 100 index closed down 66.52 points, 0.7%, at 9,684.79. The FTSE 250 ended just 8.18 points lower at 22,040.98, and the AIM All-Share ended up by just 0.18 of a point at 749.41.

In Europe on Tuesday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended 0.6% lower.

In London, economic data pointed to a pick-up in business activity post the Budget, and a cooling in wage growth, plus a further softening in the labour market.

Figures from the Office for National Statistics on Tuesday showed the unemployment rate rose to 5.1% in the three months to October, up from 5.0% in the three months to September.

The jobless figure came in line with the FXStreet-cited market consensus and is the highest level since 2021, as the country emerged from the Covid-19 pandemic.

The increase in people out of work in the UK came alongside a decline in employment and a moderation in earnings growth.

Analysts at ING said the UK labour market is now cooling quickly enough to make it less of an inflation outlier.

ING’s James Smith said: “Wage growth is losing steam as the broader job market continues to cool.”

He noted that private sector pay is now rising by 3.9% annually, slowing from close to 6% at the start of the year.

“Those annual growth rates should steadily move lower over the coming months,” Mr Smith said, adding that “a rate cut on Thursday is highly likely, and we expect two further moves in the first half of 2026.”

A separate report showed the UK’s private sector performed better than anticipated in December.

The flash UK purchasing managers’ composite output index rose to 52.1 points in December from 51.2 in November, outperforming FXStreet-cited expectations of a milder increase to 51.4 in December.

The flash services business activity index climbed to 52.1 in December from 51.3 in November, beating the consensus of 51.5 for December.

Rob Wood, at Pantheon Macroeconomics, said the improvement came as businesses finally put a “chaotic few months of Budget speculation behind them” and looked towards the year ahead with greater policy certainty.

The pound was quoted higher at 1.3429 dollars at the time of the London equities close on Tuesday, compared with 1.3390 dollars on Monday.

The euro stood at 1.1775 dollars, up against 1.1764 dollars. Against the yen, the dollar was trading lower at 154.79 yen compared with 155.24 yen.

Stocks in New York were lower at the time of the London equity close on Tuesday.

The Dow Jones Industrial Average was down 0.5%, as was the S&P 500 index, while the Nasdaq Composite was down 0.4%.

The yield on the US 10-year Treasury was quoted at 4.17%, unchanged from Monday. The yield on the US 30-year Treasury was at 4.83%, also flat compared with Monday.

Data from the Bureau of Labour Statistics (BLS) showed US nonfarm payroll employment rose 64,000 in November, beating the FXStreet-cited consensus of 50,000.

However, in October, nonfarm payrolls dropped by 105,000, compared with expectations for a 25,000 decline, while September and August’s totals were revised down by a combined 33,000.

Federal government employment declined by 6,000 in November, following a loss of 162,000 in October.

The BLS data showed the unemployment rate climbed to 4.6% in November, the highest level since September 2021, above FXStreet-cited expectations of 4.4% and up from 4.2% a year earlier.

Wells Fargo said the US labour market remains in “a precarious position”.

The three-month average pace of job growth is now just 22,000 through November, compared with 62,000 heading into the report, the broker noted, while the unemployment rate rose to 4.6%, marking a new high since the end of the pandemic.

Back in London, oil majors BP and Shell fell by 3.4% and 2.7% respectively, while defence stocks Babcock International and BAE Systems declined by 3.6% and 1.7% respectively.

Brent oil was quoted at 59.01 dollars a barrel at the time of the London equities close on Tuesday, down from 60.39 dollars late Monday as hopes grow of a peace deal between Ukraine and Russia.

“The prospect of an end to the war in Ukraine and continued strong production from Opec+ is also weighing on prices. Even though US growth has been upgraded for 2026, this is not filtering through to a stronger oil price,” said Kathleen Brooks at XTB.

“Until we get a clearer demand picture or supply restraint from Opec+, it is hard to see how the oil price will recover.”

On the FTSE 250, trading platform IG rose 8.5% after extending its share buyback amid encouraging trading. Goodwin, meanwhile, slumped 11% despite reporting pre-tax profit more than doubled in the half-year to the end of October.

Elsewhere, four large London-listed growth stock investment trusts said their net asset values got a boost from a raised valuation for Elon Musk’s Space Exploration Technologies.

Scottish Mortgage Investment Trust, a FTSE 100 index constituent, together with FTSE 250 constituents Edinburgh Worldwide Investment Trust and Baillie Gifford US Growth Trust, as well as Schiehallion Fund, said a trigger event has required an upwards adjustment in the valuation of their holdings in SpaceX.

SpaceX is moving ahead with plans for an initial public offering that would seek to raise significantly more than 30 billion dollars, in a transaction that would make it the biggest listing of all time, Bloomberg reported on Tuesday last week.

Scottish Mortgage said the new valuation for SpaceX raised its NAV per share to 1,297.23 pence on Monday from the 1,205.12p it had reported for Friday last week. SpaceX now makes up 15.3% of its portfolio by value, up from 8.2% at the end of November.

Scottish Mortgage shares were up 0.9%, Edinburgh Worldwide was up 2.6%, Baillie Gifford US Growth was up 1.2% and Schiehallion Fund was up 1.5%.

Gold was quoted at 4,304.60 dollars an ounce on Tuesday, higher against 4,296.68 dollars.

The biggest risers on the FTSE 100 were easyJet, up 15.90 pence at 512.80p, Endeavour Mining, up 106.00p at 3,708.00p, JD Sports Fashion, up 2.14p at 83.18p, Fresnillo, up 68.00p at 2,924.00p and Convatec, up 4.80p at 234.80p.

The biggest fallers on the FTSE 100 were Babcock International, down 45.00p at 1,214.00p, BP, down 14.95p at 422.50p, Informa, down 27.00p at 864.00p, Shell, down 72.00p at 2,626.50p and Polar Capital Technology Trust, down 11.00p at 450.50p.

Wednesday’s economic calendar has UK inflation data and producer price inflation figures.

Wednesday’s UK corporate calendar has a trading statement from Serco.

– Contributed by Alliance News



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Misty Winter Mornings Slow Flights Across North and East India: IndiGo Urges Passengers To Plan Ahead

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Misty Winter Mornings Slow Flights Across North and East India: IndiGo Urges Passengers To Plan Ahead


New Delhi: IndiGo has issued a travel advisory for Wednesday (December 17) morning as thick winter mist and dense fog are expected to blanket parts of North and East India, leading to reduced visibility and slower flight movements.

In a post shared on X, the airline said, “As the morning approaches under misty winter skies, fog is predicted across parts of North and East India, which may lead to reduced visibility and a slower pace of flight movements during the early hours. In the interest of safety, some flights may experience delays or adjustments.”

The airline emphasised that it is taking proactive steps to ensure passenger safety. “Our teams across airports are fully prepared and working in close coordination to manage schedules smoothly, assist customers and maintain a steady flow of operations,” the post added.

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Passengers are being urged to plan ahead, allowing extra travel time to reach the airport and to check the latest flight status through IndiGo’s website or mobile app.

“Foggy conditions may also impact road traffic, with slower movement and longer travel times expected while commuting to the airport. Customers travelling early are advised to plan with additional buffer time and check the latest flight status on our website or app before leaving home,” the advisory stated.

IndiGo also expressed gratitude to passengers for their patience. “Thank you for your patience and continued trust as we work steadily through the early hours, with visibility expected to improve as the day progresses,” the airline added.

The advisory coincides with similar warnings from the Indira Gandhi International (IGI) Airport in Delhi. On Tuesday (December 17) morning, the IGI Airport issued a fog advisory, cautioning that departures and arrivals might face disruptions due to low visibility. Around 6:06 am, Delhi Airport reported that flight operations were “steadily recovering” but warned that some delays could persist.

The airport urged passengers to remain in touch with their respective airlines for the most accurate schedule updates. “We appreciate your cooperation and understanding,” the airport said, adding that ground staff and personnel have been deployed across terminals to assist travellers.

The situation is further complicated by Delhi’s deteriorating air quality. According to data from the Central Pollution Control Board (CPCB), the city’s overall Air Quality Index (AQI) was recorded at 378 around 8 am on Tuesday, placing it in the “very poor” category.

The combination of dense fog and heavy pollution has reduced visibility in the early morning hours, disrupting air traffic and prompting repeated advisories from both airlines and airport authorities. Passengers are being urged to remain vigilant and plan their journeys with extra time, as conditions are expected to improve gradually as the day progresses.



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This Slowest Train Moves At 9 kmph And Offers A Heavenly Journey

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This Slowest Train Moves At 9 kmph And Offers A Heavenly Journey


India’s Slowest Train: In an age where speed defines travel, one Indian train proves that slowing down can be the real thrill. Officially India’s slowest passenger train, the Nilgiris Mountain Railway moves at 9 km per hour, but delivers one of the most unforgettable rail journeys anywhere in the country.

Running between Mettupalayam and Ooty (Udagamandalam) in Tamil Nadu, this heritage train shows passengers that the beauty of a journey often lies in how long it lets you breathe it in.

A Heritage Ride Through The Blue Hills

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Recognised as a UNESCO World Heritage Site under the Mountain Railways of India, the Nilgiris Mountain Railway stands as a living piece of history and a cherished symbol of India’s railway heritage.

Built in the early 1900s, the narrow-gauge toy train uses a rare rack-and-pinion system to climb the steep slopes of the Western Ghats. It is an engineering marvel that has stood the test of time.

The train’s slow pace is not a limitation but a necessity. The route winds through narrow valleys, sharp bends and steep gradients carved into the Nilgiri hills, demanding caution and precision.

As the train climbs, passengers are treated to a journey that feels suspended between past and present, enhanced by steam locomotives and old-world wooden coaches that echo another era.

Stations, Scenery And A Five-Hour Escape

Covering a distance of about 46 kilometres over nearly five hours, the train stops at hill stations such as Hillgrove, Coonoor, Wellington, Aravankadu, Lovedale and Ketti. Each stop adds to the sense of timelessness, offering brief glimpses into quiet hill-town life.

Along the way, the landscape unfolds in layers. Dense forests give way to misty slopes, waterfalls spill down rocky faces and tea plantations stretch endlessly across the hills. The journey passes through 208 curves, 16 tunnels and around 250 bridges, making every kilometre feel like a carefully crafted postcard.

A Bollywood Moment Frozen In Time

The Nilgiris Mountain Railway also holds a special place in popular culture. It became iconic after featuring in the song ‘Chaiyya Chaiyya’ from the 1998 film ‘Dil Se’.

Shot with Shah Rukh Khan and Malaika Arora dancing atop the train, the sequence remains one of Bollywood’s most memorable visuals.

Sung by Sukhwinder Singh and Sapna Awasthi, the song was filmed on the same train, temporarily painted brown for the shoot. Its slow speed played a key role in making the daring choreography possible, though performers were secured with safety harnesses throughout.

More Than A Train Ride

For most travellers, the Nilgiris Mountain Railway is about slowing down, watching the hills rise and enjoying the journey as it progresses.

In a world obsessed with arrival times, India’s slowest train offers the freedom to enjoy the journey itself.



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Thousands of drivers wrongly fined for speeding since 2021

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Thousands of drivers wrongly fined for speeding since 2021


Thousands of drivers could have speeding fines cancelled after a fault saw some cameras falsely triggered on English motorways and A roads.

And tens of thousands of drivers will have speed awareness courses cancelled as the government orders National Highways to look back at six years of speed camera data.

National Highways said it had found 2,650 wrongful speed camera activations since 2021 due to a delay between cameras and variable speed signs.

Not all camera activations are enforced, so not all of the wrongful activations will have resulted in fines.

Affected drivers will be contacted by police and be reimbursed for any fines while points will be removed from their licences where needed.

More than 36,000 drivers have been told by police their speed awareness courses are being cancelled as a precaution while the speed camera issue is investigated.

Police forces are also thought to be discontinuing thousands of other prosecutions, regardless of whether they were affected by the issue.

Transport minister Simon Lightwood said the government will compensate any affected drivers, refunding speeding fines and rescinding points from licences.

“Steps will be taken to remedy any incorrect prosecutions,” he said in a written statement to parliament.

National Highways apologised for the error.

“Safety is our number one priority,” said chief executive Nick Harris.

“All drivers should continue observing the posted speed limits as normal. Anyone who has been impacted will be contacted by the relevant police force.”

The agency said a temporary fix had been rolled out, providing an extra layer of data from the cameras to police forces so they can filter out any faulty captures.

But the agency gave no clear timeline as to when a permanent fix would be in place.

National Highways, which runs England’s motorways, blamed an “anomaly” in how variable speed cameras were interacting with signs on some A roads and motorways.

It meant a delay of around 10 seconds between cameras and relevant variable speed signs, meaning some drivers were incorrectly identified as speeding after the limit had changed.

So on a road where the speed limit increases, a driver may see a sign saying 60mph, but the camera recording it may still be working on the basis of a previous 40mph speed limit.

National Highways said the 2,650 incidents since 2021 represent fewer than two each day, compared with more than six million activations of speed cameras on the affected roads over the same period.

It said the anomaly has impacted 10% of England’s motorways and major A roads.

The fault affects 154 cameras out of a total of 400 across the entire motorway networkall of the variable speed cameras on smart motorways, and a section of the A14 between Huntingdon and Cambridge plus the A1 approach junction to the A14.

Andy Walpole, 55, from Swindon was one of those who was incorrectly landed with a ticket for speeding on the M25 between junction 9 and Cobham services.

“I was adamant I wasn’t speeding. I drive for a living, so I adhere to the variable speed limits within a mile an hour, so I knew I wasn’t,” he told the BBC.

He opted to pay for a speed awareness course rather than challenge the penalty, because he felt it was difficult to mount a successful appeal.

Though he was refunded the cost of the course, he says: “How can we have trust and faith in the system now?”

He also wonders how many people who chose to take points on their licence would have ended up with higher insurance premiums as a result of an unsafe conviction.

“What if you took your car insurance out the day after you’d taken the points? You declared those points on your insurance — where do you stand then?”

National Highways is working with police to check activations and promised nobody would now be wrongly prosecuted.

Meanwhile, police forces have stopped issuing fines from variable cameras until they have confidence in their accuracy.

National Highways said it will increase the use of traffic patrol officers to enforce speed limits in the meantime.

Lightwood warned drivers that “if you break the law, you can expect to be punished”.

A Department for Transport spokesperson said: “We apologise to anyone who has been affected. Safety was never compromised, and we are working with policing to ensure nobody is incorrectly prosecuted in future.

“Enforcement is still in place, and the public can remain confident that only motorists who break the rules will be penalised.”



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