Business
FTSE 100 held back by hefty Rightmove and IAG falls
The FTSE 100 ended a losing week on a sour note, knocked by further heavy selling of US technology names and double-digit losses for blue chips Rightmove and IAG.
The FTSE 100 index closed down 53.21 points, or 0.6%, at 9,682.57.
The FTSE 250 ended 131.64 points lower, or 0.6%, at 21,773.39, and the AIM All-Share fell 3.66 points, 0.5%, at 749.47.
For the week, the FTSE 100 fell 0.4%, the FTSE 250 shed 1.8% and the AIM All-Share slid 2.7%.
London’s falls were reflected elsewhere in Europe and across the pond on Wall Street.
In European equities on Friday, the CAC 40 in Paris closed down 0.2%, while the DAX 40 in Frankfurt ended 0.7% lower.
In New York, the Dow Jones Industrial Average was down 0.6% at around the time of the London close.
The S&P 500 index was 1.1% lower, while the Nasdaq Composite declined 1.9%.
Joshua Mahony at Scope Markets said the broader market has been led lower by a pullback in “mega-cap tech, with semiconductors particularly under pressure”.
But “with earnings continuing to support the AI narrative and corporate profitability holding firm, many will question whether this week’s weakness represents a dip-buying opportunity rather than the start of a broader reversal”, he suggested.
Mark Haefele, chief investment officer at UBS Global Wealth Management, said that “bouts of volatility should not come as a surprise,” especially “after a strong run over the past several months”.
“While political uncertainty and shifting investor sentiment could inject further volatility into the market, we continue to believe that the fundamentals supporting the rally remain intact,” he added.
Mr Haefele argued that high stock valuations “do not necessarily signal an imminent correction”, and that the tech sector’s core metrics remain “robust”.
Goldman Sachs on Friday raised its 12-month prediction for the FTSE 100 and other European stock indices, to reflect increased earnings growth forecasts for 2025 and 2026.
Goldman now expects the London’s blue-chip index to surpass 10,000 within the next six months and hit 10,200 in 12 months, up from a prior target of 9,600.
In London, Rightmove plunged 12% as it warned operating profit growth could slow as it announced plans to ramp up investment on artificial intelligence capabilities.
The Milton Keynes-based online property portal said that between 2026 and 2028 it will accelerate investment in consumer innovation, AI-powered operations and research and development for new growth.
Russ Mould, investment director at AJ Bell, said: “Investing for future growth is not a bad thing but the scale of the market’s negative reaction implies real scepticism about its decision to put so much money into AI.”
Rightmove introduced guidance for 2026 of revenue growth of 8% to 10% and underlying operating profit growth of 3% to 5%, reflecting the increased investment.
Analysts at Citi said: “The updated guidance for FY26 onwards infers low/mid single digit downgrades to consensus underlying operating profit.”
Meanwhile, British Airways owner IAG nosed 12% as it reported “softness” in US travel and weaker prices in the European market.
“As expected the North Atlantic market saw some softness in US point-of-sale economy leisure and unit prices across our airlines were lower in the European market due to a combination of high growth by British Airways and more competitive markets elsewhere,” the airline said in a statement.
Sterling was quoted at 1.3166 dollars at the time of the London equities close on Friday, higher compared with 1.3106 dollars on Thursday.
The euro stood at 1.1582 dollars, up against 1.1536 dollars. Against the yen, the dollar was trading slightly lower at 153.07 yen, compared with 153.12 yen.
The yield on the US 10-year Treasury was at 4.07%, narrowed from 4.09% on Thursday. The yield on the US 30-year Treasury was quoted flat at 4.68%.
Ahead of the budget, Chancellor Rachel Reeves has submitted her likely tax-raising plans to the UK’s Office for Budget Responsibility, so that the independent fiscal watchdog can tell her how they may impact economic forecasts.
The Times reported the Government is considering increasing the basic, higher and additional rates of income tax by two percentage points, to 22%, 42% and 47%, while cutting the rate of national insurance paid by basic-rate taxpayers from 8% to 6%.
On the FTSE 250, ITV jumped 17% after confirming it is in the early stages of talks to sell its media and entertainment arm to Comcast Corp-owned Sky in a deal worth £1.6 billion.
The London-based television broadcaster and content producer said there can be no certainty that a deal will be struck.
Oxford Nanopore firmed 4.7% as it set out upbeat guidance for the full-year.
The Oxford-based specialist in DNA and RNA sequencing technologies said 2025 constant currency revenue growth is to be at the top end of its stated 20% to 23% range.
“All other financial metrics tracking in line with expectations,” it added, in a brief update.
Brent oil was quoted higher at 63.51 dollars a barrel at the time of the London equities close on Friday, from 63.25 dollars late on Thursday.
Gold traded higher at 4,012.24 dollars an ounce against 3,977.52 dollars.
The biggest risers on the FTSE 100 were Hikma Pharmaceuticals, up 60.0 pence at 1,582.0p, Coca-Cola Europacific Partners, up 240.0p at 6,950.0p, WPP, up 8.8p at 279.1p, Diageo, up 46.5p at 1,726.5p and Intercontinental Hotels Group, up 220.0p at 9,738.0p.
The biggest fallers on the FTSE 100 were Rightmove, down 81.8p at 573.6p, IAG, down 47.9p at 366.2p, Auto Trader, down 47.4p at 751.2p, Relx, down 122.0p at 3,194.0p and Experian, down 111.0p at 3,405.0p.
Next week’s global economic calendar sees UK jobs, earnings and GDP data, a slew of data in China, including retail sales and industrial production, and eurozone industrial production figures.
Monday’s UK corporate calendar has full-year results from sports nutrition brand Applied Nutrition. Later in the week trading updates are due from insurer Aviva and aerospace and defence firm Rolls-Royce.
Contributed by Alliance News
New Delhi: Many bank customers are unsure whether bank branches are open or closed today, Saturday, December 20, 2025, leaving them confused about whether to step out for important work or postpone their visit. With different banking schedules on weekends and varying services available on Saturdays, people are keen to know if branches are operating today or if it’s better to wait until a regular weekday.
Bank Holiday Status Today: Are Branches Open on December 20, 2025?
Banks are open today, as December 20, 2025 falls on the third Saturday of the month. In India, bank branches remain closed on the second and fourth Saturdays, while they operate normally on the first, third, and fifth Saturdays. Since today is the third Saturday, customers can visit physical bank branches for their regular banking needs.
Banking Services Available Even on Holidays
Even if banks are closed on a holiday, you don’t have to worry about urgent transactions. Online banking and mobile banking apps continue to work, even on national holidays, unless the bank informs customers in advance about maintenance or technical issues. For cash withdrawals and payments, you can rely on ATMs, internet banking, fintech apps, and UPI services, which remain available round the clock.
December 2025 Bank Holidays: State-Wise List to Keep in Mind
Here’s a quick look at bank holidays falling in different states during December 2025, so you can plan your branch visits accordingly:
December 20, 2025 (Saturday): Banks remain closed in Sikkim on account of the Losoong and Namsoong festival.
December 22, 2025 (Monday): Banks are again closed in Sikkim to mark the Losoong and Namsoong festival.
December 24, 2025 (Wednesday): Banks will be shut in Mizoram, Nagaland and Meghalaya due to Christmas Eve.
December 25, 2025 (Thursday): Banks across India remain closed to celebrate Christmas.
December 26, 2025 (Friday): Banks are closed in Mizoram, Nagaland and Meghalaya as part of Christmas celebrations.
December 27, 2025 (Saturday): Banks remain closed in Nagaland on account of Christmas.
December 30, 2025 (Tuesday): Banks are closed in Meghalaya to observe the death anniversary of U Kiang Nangbah.
December 31, 2025 (Wednesday): Banks are shut in Mizoram and Manipur for New Year’s Eve and Imoinu Iratpa festival.
Last Updated:
Modi government’s VB G RAM G Bill replaces MGNREGA, raising job days from 100 to 125, boosting tech-driven transparency, and enhancing state flexibility amid Opposition protests.
Since FY15, the cumulative budgetary allocation to MGNREGA has reached Rs 8.64 lakh crore, about 3.6 times that of the UPA period.
As the Modi government introduced the VB G RAM G Bill — Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) in the Lok Sabha, replacing MGNREGA, the Opposition, including the Congress, vociferously protested and tore copies of the legislation in the well of the House, irked by the absence of Mahatma Gandhi’s name. Realising its bankruptcy of issues, the Congress latched onto this matter hurriedly, without examining the fine print—where none existed. What the Congress fails to acknowledge is that rural employment schemes have existed since the 1960s, and even MGNREGA did not carry Mahatma Gandhi’s name when the Bill was legislated in 2005.
Improvements to MGNREGA since 2014-15
The implementation of MGNREGA during the UPA years was riddled with weak oversight, patchy execution, and relatively shallow budget allocations. Since FY15, the cumulative budgetary allocation to MGNREGA has reached Rs 8.64 lakh crore, about 3.6 times that of the UPA period. This includes stepped-up expenditure of Rs 1.12 lakh crore during crisis periods such as the Covid pandemic.
This exponential increase in allocation translated into visible improvements in women’s participation, person-days generated, and the creation of durable rural assets. Unlike the UPA era, digitisation and geotagging of photographs have aided in improving transparency and facilitating timely payment of wages.
However, despite the ramp-up in implementation, several irregularities and structural issues — such as fake job cards, chronic delays in wage payments, quality and durability deficits in assets, and accountability gaps — have been highlighted in various Departmentally Related Standing Committee reports.
The Bill: Differentiation across multiple dimensions
The new Bill represents a comprehensive revamp of MGNREGA while retaining the core employment guarantee. It raises the guaranteed wage employment from 100 days to 125 days per household per financial year, covering more than a third of the year. While convergence, saturation, and a whole-of-government approach existed operationally under MGNREGA, these principles have now been formally embedded in the legislation, reinforcing the commitment to rural resilience and prosperity.
The Bill also mandates that wage payments be made within seven days of completion of work, compared to the earlier ceiling of 15 days.
The most defining feature of the Bill is its emphasis on technology-enabled planning, transparency, and accountability. All Viksit Gram Panchayat Plans will be aggregated into the Viksit Bharat National Rural Infrastructure Stack and integrated with the PM Gati Shakti National Master Plan to enable spatially optimised infrastructure development. Artificial intelligence will also be leveraged for planning, audits, and fraud-risk mitigation.
Biometric authentication of workers, mobile application-based and dashboard-based monitoring systems providing real-time visibility of demand, works, workforce deployment, payments, and progress, along with weekly public disclosure mechanisms — both digital and physical — covering key metrics, muster rolls, payments, sanctions, inspections, and grievance redressal — form a robust technology-driven transparency and accountability framework.
Enhancing responsibility, predictability, flexibility, and accountability for states
Earlier, states received 32 percent devolution from central taxes. This was increased to 42 percent by the Fourteenth Finance Commission. In alignment with this shift, VB G RAM G will be implemented as a centrally sponsored scheme with a 60:40 Centre-state funding pattern, replacing the earlier central sector structure.
States will also have greater flexibility to allocate funds, based on Viksit Gram Panchayat Plans, to those gram panchayats that need them the most, thereby addressing regional disparities more effectively. The Bill introduces normative allocations, enabling states to better predict finances and plan works in advance.
With technology-driven governance and the liability resting on states to provide unemployment allowance if work is not provided within 15 days, states are firmly brought within the accountability framework. When analysed together, the employment guarantee and panchayat plans clearly reinforce the demand-driven character embedded in the Bill.
Relief for farmers and support to agriculture
Agriculture and allied activities play a critical role in food security and contribute significantly to GDP. As the annadata is a key stakeholder in the vision of Viksit Bharat, farmer welfare remains a core focus of the Modi government. Initiatives such as PM-KISAN, PMFBY, the announcement of 50 percent returns over cost in MSP, and GST 2.0 reforms, including a reduction in GST on key farm inputs to five percent, reflect this commitment.
Yet, persistent challenges remain in agricultural production, with implications for food security. One major issue is the chronic labour shortage during peak sowing and harvesting periods. This concern was also flagged by the Standing Committee on Rural Development in its 2012–13 report on MGNREGA, which noted that MGNREGA works during peak agricultural seasons adversely affect labour availability for farming. While the department acknowledged the issue, it had earlier rejected a blanket ban on works during peak periods.
Recognising this challenge, and considering that over 80 percent of farmers are small and marginal, farm mechanisation levels remain low, and more than 45 percent of the cost of cultivation is labour-related, the Bill empowers states to notify, in advance, a period aggregating up to 60 days in a financial year covering peak sowing and harvesting seasons during which works under the scheme will not be undertaken. This ensures adequate availability of farm labour during critical agricultural operations.
Another major concern is that over 50 percent of India’s net sown area remains monsoon-dependent, exposing food production to high rainfall variability. With water security identified as one of the four thematic focus areas, water-related works such as irrigation support and groundwater recharge will strengthen agricultural resilience. The other thematic focus areas—connectivity, storage, and protection from extreme weather—also provide direct and indirect support to farmers.
Conclusion
The transformative VB G RAM G Bill represents continuity rather than rupture, carrying forward the spirit embedded in MGNREGA while addressing its structural shortcomings. By raising the employment guarantee from 100 to 125 days, strengthening execution through technology-enabled planning, payments, and oversight, and enhancing state participation and accountability, the Bill seeks to elevate rural employment guarantees to the next level.
In doing so, states are also poised to reap positive spillover effects across agriculture and rural infrastructure, making VB G RAM G a more holistic instrument for rural development in a Viksit Bharat.
Click here to add News18 as your preferred news source on Google.
December 20, 2025, 07:32 IST
Read More
NDA functionaries, including ministers, would soon hit the ground to explain and create more awareness about benefits of the new rural employment guarantee scheme VB G-RAM-G, which has replaced the UPA-era MNREGA, to negate the opposition’s narrative. This was discussed at Friday’s Cabinet meeting, which PM Modi chaired soon after his foreign trip, sources said.TOI has learnt rural development and agriculture minister Shivraj Singh Chouhan briefed the key provisions of the new scheme to all ministers while urging them to take the message to people. Sources said the PM was also of the similar view for creating more awareness about the new law. Opposition parties may soon carry out protests against the new scheme, particularly for dropping the name of Mahatma Gandhi and increasing burden on the state govts.
Scandals, prediction markets: Is 2025 a turning point for sports betting?
Anthony Joshua knocks out Jake Paul in boxing spectacle
Bank Holiday Today: Are Banks Open Or Closed On December 20, 2025? Find Out
-
Business6 days agoHitting The ‘High Notes’ In Ties: Nepal Set To Lift Ban On Indian Bills Above ₹100
-
Business5 days agoStudying Abroad Is Costly, But Not Impossible: Experts On Smarter Financial Planning
-
Business1 week agoIPO Explained: Meaning, Process, Benefits, Risks
-
Sports5 days agoJets defensive lineman rips NFL officials after ejection vs Jaguars
-
Business5 days agoKSE-100 index gains 876 points amid cut in policy rate | The Express Tribune
-
Tech1 week agoCursor Launches an AI Coding Tool For Designers
-
Tech6 days agoFor the First Time, AI Analyzes Language as Well as a Human Expert
-
Fashion1 week agoBangladesh industrial importers get 3-yr usance term for capital goods