BUSINESS LIVE: Compass forecasts strong growth; MusicMagpie up for sale; LSE appoints new finance boss

Just before close, the FTSE 100 was 0.13% lower at 7,494.59.

Meanwhile, the FTSE 250 was just 0.01% higher at 18,569.27.

The London Stock Exchange Group has named Michel-Alain Proch as its next chief financial officer.

Proch currently holds the same position at Publicis Groupe, one of the ‘Big Four’ advertising agencies and Saatchi & Saatchi’s former owner.

(PA) – Transport Secretary Mark Harper has been urged to fund new Elizabeth line trains to help save the UK’s largest rail assembly factory.

Alstom is consulting on potential redundancies believed to be around 550 at its train manufacturing site in Derby, while 780 contractors are also at risk.

This is due to a gap in its order book.

In a joint letter, bosses from Transport for London (TfL), Alstom and trade union Unite urged Mr Harper to agree to fund new trains for the Elizabeth line, which runs between Berkshire and Essex via central London.

They stressed the importance of a quick decision before Alstom demobilises its production facilities for the Aventra trains used on the route.

The letter warned that the Government’s decision for Old Oak Common – in the west London suburbs – to be the capital’s HS2 terminus for several years means more pressure will be put on Elizabeth line services at the station.

The letter stated: “The additional trains will enable TfL to operate a higher frequency of services to Old Oak Common to relieve wait times at the station, reduce crowding on trains and provide shorter journey times for more customers using Old Oak Common station.

“Relying on the existing services on the western route would undercut the benefits brought by introducing high speed rail travel between Birmingham and London; it would be detrimental to the local area, as it would fail to cater for the growing community around the station which has 26,000 homes and 56,000 new jobs in the pipeline; and the consequences would extend to the national economy.”

Savers are finally moving their cash away from current accounts paying little to no interest – and in such great numbers that it is hitting banks’ profits.

(PA) – Rival countries are “getting ahead” of the UK in developing greener jet fuel, the boss of British Airways has warned.

Chief executive Sean Doyle urged the Government to consider what other nations are doing to encourage domestic production of sustainable aviation fuel (Saf).

Transport Secretary Mark Harper insisted the UK is “on track” to meet its target of having at least five commercial Saf plants in construction by 2025.

US company Gulfstream Aerospace operated the first transatlantic flight powered by 100% Saf on Sunday.

The flight from its headquarters in Savannah, Georgia, to Farnborough, Hampshire, was carried out by a Gulfstream G600 business jet.

Gulfstream Aerospace said the flight “showcases the potential for aviation’s future use of renewable fuels”.

Saf is made from sustainable sources such as agricultural waste and used cooking oil, meaning it uses 70% less carbon than traditional jet fuel.

It is seen as vital to reduce the aviation industry’s carbon emissions but is currently several times more expensive to produce.

Speaking to an audience of aviation executives at the Airlines 2023 conference in Westminster, Mr Doyle said: “We’re struggling to really just get the ball rolling and getting plants built.

OpenAI’s co-founder Ilya Sutskever and more than 500 other employees have threatened to quit the embattled company after its board dramatically fired CEO Sam Altman.

In an open letter to the company’s board, which voted to oust Altman on Friday, the group said it is obvious ‘that you are incapable of overseeing OpenAI’.

Ashtead Group shares plummeted after it lowered its guidance – revealing revenues were dented by fewer natural disasters and the Hollywood’s writers’ strike.

The London-listed building equipment rental company, which does the bulk of its business in the US, said revenue was hit by ‘lower levels of emergency response activity with a significantly quieter hurricane season.’

Savers could see an National Savings and Investments boost in the aftermath of the Autumn Statement, as the Government looks to raise more money from the Treasury-backed bank.

A study of postcode areas with the highest advertised salaries says Leeds is the top-paying region outside London.

Other cities with attractive salaries include Cambridge, Bristol and Manchester, according to jobs site Adzuna.

If you’re a regular online shopper, you’ve probably been bombarded by pop-ups that say things like ‘100 people are looking at this’ or ‘Five items left’.

Brignull says this can be a deceptive tactic to encourage people to buy quickly.

Compass Group saw profits and revenue rise in its full-year results, with the firm mainly putting this down to ‘strong performance and favourable exchange rates’.

The largest catering company told investors that revenue increased by 21.6 per cent to £31billion in the year to September 30, compared to the previous year.

MusicMagpie has confirmed that talks about a potential sale to BT Group and investment company Aurelius are underway.

The Stockport-based business, known for selling secondhand electronics, said talks were at ‘a very early stage’ and that there was ‘no certainty’ of an offer being made from either party.

Russ Mould, investment director at AJ Bell, comments on the markets this morning:

It’s rare to see construction rental group Ashtead issue a profit warning so when one does come along, it’s natural for the share price to take a beating. That’s exactly what has happened today and why it has caused a considerable drag on the FTSE 100.

Also weighing on the UK blue chip stock index was catering group Compass as its full year revenue and earnings per share were marginally below market expectations.

Tomorrow’s session includes the latest minutes from the Federal Reserve regarding its decision to keep interest rates unchanged. That has the potential to move markets, so do results on the same day from chip specialist Nvidia which has been this year’s stock market darling.

It’s been a major driver of US equity market performance in 2023 so the slightest bit of bad news from the company could send shockwaves across the market.

On Wednesday there is the latest outlook for the UK economy and public finances from the Office for Budget Responsibility, alongside the chancellor’s Autumn Statement.

Rishi Sunak will set out an optimistic vision of Britain’s economic prospects today as hopes of tax cuts in the Autumn Statement rise.

In a speech two days before the crucial financial package, the PM will insist the easing of inflation shows that the UK has finally turned a corner.

Microsoft has swooped in to hire ousted OpenAI boss Sam Altman along with co-founder Greg Brockman to lead a new advanced AI research team, the tech giant’s CEO Satya Nadella has announced.

Nadella also appeared to confirm Emmett Shear’s reported appointment as the new OpenAI CEO, a company which Microsoft partners with, saying they are ‘looking forward to getting to know Emmett Shear and OAI’s new leadership team and working with them.’

Derren Nathan, head of equity research at Hargreaves Lansdown, comments on Compass Group’s annual results:

Contract caterer Compass Group has served up a set of full year results that is likely to satisfy shareholders tastes. Volume and price contributed to growth in equal measure, and encouragingly new business growth of 5% trended above historical norms.

This reflects a structural growth opportunity in outsourcing as more businesses turn to Compass to mitigate supply chain and regulatory pressure. This was reflected in the fact that 50% of the £2.7bn of new business won over the year came from customers dipping their toes into outsourcing for the very first time.

Compass is the market leader but with a share of less than 15% and 50% self-operated there’s a lot to go for. That should give it some shelter from macroeconomic pressures and the guidance given for the new financial year could leave some room for upside.

The boss of Fortnum & Mason this weekend gave a stark warning to the Government to scrap the tourist tax in Wednesday’s Autumn Statement before it is ‘too late’ to prevent losing sales revenues to the French.

Tom Athron, chief executive of the luxury London food store, said: ‘Paris will be a very attractive proposition for visitors next year, as it hosts the Olympics.

Halfords has reportedly been approached over a possible merger with van hire firm Redde Northgate to create a combined group worth of more than £1.3billion.

The two companies held detailed talks about a ‘nil premium’ tie-up – in which neither firm receives a premium to the market value of their shares – according to the Sunday Telegraph.

The Confederation of British Industry (CBI) will today urge Jeremy Hunt to save the UK from ‘low growth and lost opportunities’ as he finalises his Autumn Statement.

It will pile further pressure on the Chancellor to ease the burden on businesses by making permanent a ‘full expensing’ tax break, which rewards investment but is due to expire in 2026.