BEST OF THE BROKERS March 29, 2010 HMV Shore Capital have issued a “sell” recommendation for music retailers HMV Group as they remain unconvinced that management can maintain HMV UK profits and suspect profits would already be in decline. Shore Capital said HMV Live also lacks the scale, we believe, to overcome structural pressures on the group’s core businesses. RSM TENON RSM [...]
Mixed reactions to yesterday’s Budget March 25, 2010 THE chancellor’s Budget speech contained many references to entrepreneurs, but what was the substance, and will small businesses actually benefit? The main announcement was a one-off £2.5bn package to help small businesses. However, not all of this money will go directly to helping entrepreneurs. “The package includes all sorts of things including the university regeneration [...]
Profits flat at Tenon after acquisition March 24, 2010 ENTREPRENEURIAL business advisory firm RSM Tenon yesterday said profits remained broadly flat over the first half of its financial year after the group completed its largest-ever acquisition, adding that it plans to move to London’s official list before mid-2010. Tenon said adjusted pre-tax profit came in at £5.9m for the six months to December, up [...]
FSA’s fine means Lehman cases are on the cards March 2, 2010 LAURENCE LIEBERMAN FINANCIAL DISPUTES PARTNER AT TAYLOR WESSING LAST Thursday, the FSA fined RSM Tenon Financial Services £700,000 for failings in its advice and sales processes relating to Lehman-backed structured products between 1 November 2007 and 31 August 2008. Tenon was also directed to conduct a past-business review and compensate those customers that it determines [...]
Tenon hit with FSA sanctions February 25, 2010 THE Financial Services Authority (FSA) yesterday handed out its first fine in connection with investments backed by the collapsed Lehman Brothers bank after carrying out a review of the structured products market. The City watchdog fined accounting firm RSM Tenon £700,000 on charges that it failed to “treat some of its customers fairly” between November [...]
CITY MOVES | WHO’S SWITCHING JOBS February 11, 2010 HSBC The bank has appointed Chris Barrow as global head of sales for its recently-launched HSBC Prime Services business, targeted at hedge funds and institutional fund managers across Europe and Asia. Barrow joins from Nomura, where he was international head of sales for prime services, and has also worked as head of sales and marketing [...]
Confidence high among firms February 7, 2010 THE slow economic recovery has not dampened the spirits of UK business owners, a survey by business adviser RSM Tenon has found. Many of the survey respondents said the situation will not take long to improve, with 59 per cent of those polled indicating that they felt confident about potential opportunities for their businesses over [...]
Tenon boosted by recovery services and new tax rates January 19, 2010 BUSINESS advisory group RSM Tenon said yesterday its business had held up well over the first half of its financial year, driven in particular by its recovery services division. Tenon, which completed the acquisition of RSM Bentley Jennison just before the period end in December, said it continued to perform in line with expectation during [...]
CITY VIEWS: ARE YOU WORRIED ABOUT THE EFFECTS OF SWINE FLU ON THE ECONOMY? July 20, 2009 MARK WOOLRIDGE HOME & LEGACY“I think companies will be hit very hard, especially in service-related businesses. If 20 or 30 per cent of staff are off ill, then it will hit the firm’s ability to provide a good service. And if lots of train and tube drivers become ill, then it will really affect transport [...]
General Motors thrashes out deal with workers’ union over healthcare debts May 21, 2009 GENERAL Motors (GM) and the United Auto Workers (UAW) yesterday reached an agreement on contract changes and restructuring $20bn (£12.6bn) in debt owed to a trust fund for retiree healthcare. The tentative agreement, which was reached after a round of intensive talks involving representatives of the US Treasury, will now go to a ratification vote [...]