Top Business Stories
At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. Male-heavy boards dominate in the start-up mecca of Silicon Valley, which prides itself on progressive thinking and putting talent first. A Reuters survey of the 10 top venture-backed start-ups, as measured by venture funds raised, shows that six do not have any women on the board, including Pinterest. Reuters' research relied on publicly available data and discussions with start-up executives and board members.
RUGAO, China/SINGAPORE (Reuters) - Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area's reliance on China Rongsheng Heavy Industries Group , the country's biggest private shipbuilder. Like Rongsheng's shipyards, the area is struggling to survive. Rongsheng lost an annual record 572.6 million yuan ($92 million) last year, and lost 1.3 billion yuan in the first half of this year. The company has become a test of China's market reforms.
NEW YORK/LONDON (Reuters) - Just over three decades ago, Goldman Sachs (GS) bought a niche coffee-and-gold trading firm called J. Aron & Company, becoming one of the first banks to enter the commodity markets. A year from now, the Wall Street giant may be one of the last ones standing as the former J. Aron traders who now run Goldman mount a lonely defense of their right - and customers' need - to buy and sell copper, crude or corn. Rising regulations, political pressure, falling profit margins and fierce competition from newcomers - including overseas banks - is forcing Goldman's rivals to retreat, or scale back, particularly in the costlier trade of physical commodities, a critical core for many banks. On Thursday, Deutsche Bank, one of the five biggest players of the past decade, said it would quit commodities trading under regulatory pressure, cutting 200 jobs.
Apple shareholders are ecstatic over the iPhone maker’s expected deal with China Mobile, the world’s largest mobile carrier. But while Apple may win big, some competitors, especially Samsung Electronics and HTC, stand to lose out. Once a deal with China Mobile is complete, Apple is expected to more than double its sales in China, growing much faster than the overall smartphone market there and taking share from its two Asian competitors.
(Reuters) - Shares of Barnes & Noble Inc fell as much as 11 percent on Friday, a day after the U.S. Securities and Exchange Commission told the bookseller it had begun an investigation into a restatement of earnings announced on July 29. "We are cooperating with the SEC, including responding to questions and requests for documents," company spokeswoman Mary Ellen Keating said in an email. "We cannot comment on why the SEC is investigating the restatement," she said. The SEC's New York regional office also said it was looking into a former non-executive employee's allegation that the company improperly allocated certain expenses between its Nook e-reader and retail businesses.