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Such is the scene every year at the shareholders meeting at Berkshire Hathaway , the $826 billion conglomerate helmed by the Oracle of Omaha himself, Warren Buffett . And I wanted to see Warren Buffett in person. Warren Buffett is the guy who changed our life. So we appreciate what Warren Buffett brought us. Or you can come here, see Warren Buffett in person, and just enjoy the conference.
Persons: Buffett, Warren Buffett, James F, Walter Chang, Graham, Dodd, Warren, Charlie, Matt McAllister, Omaha's, Jason Garner, James Hunt, Nathan Prottsman, It's, We're, Munger, Barbara Govan, Charlie Munger, Yuan Fang, Tom Keady, That's, Giuliano Guarino, Eleanor Abney, Hayden, Parker McIntosh Organizations: CNBC, Berkshire Hathaway, Oracle, CHI, Center, Berkshire Locations: Omaha, Berkshire, Fairhope , Alabama, Taipei, Taiwan, Oakville, Canada, South Africa, Omaha , Nebraska, Houston , Texas, Dublin, Ireland, New Market , Maryland, Milan, Italy, Louisville , Kentucky
The benchmark 10-year Treasury yield is hovering below levels that caused a massive crash last fall. Yet, persistent inflation and weak Treasury auctions could boost yields past the 5% mark. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's why Treasury auctions have become attention-grabbers for markets, as investors watch to see if there are enough willing buyers. The dangers of 5%When 10-year yields broke through the 5% mark last fall, traders panicked and the S&P 500 nosedived nearly 6% from October's peak-to-trough.
Persons: , That's, Treasurys, Bill Gross, Ed Yardeni, Eric Sterner, Yardeni, hasn't, they're, Goldman Sachs, Sterner Organizations: Service, Treasury, Business, Treasury Department, Federal, Yardeni Research, Investment, SEI, Apollon Wealth Management
Berkshire Hathaway on Saturday reported a sharp drop in first-quarter profits, driven largely by lower investment income, as the conglomerate’s chief executive, Warren E. Buffett, prepares to speak at its annual investor meeting. Those results belie an increase in operating earnings, which track the actual profits that Berkshire’s array of companies produce, and in Berkshire’s formidable cash hoard — which totaled nearly $189 billion as of March 31 — that points to the company’s robust health. The company’s latest results set a backdrop for the meeting in downtown Omaha, which will be the first for Berkshire since the death in November of Charles Munger, Mr. Buffett’s longtime business partner and alter ego, at age 99. For the first three months of the year, Berkshire reported $12.7 billion in earnings attributable to its shareholders, down 64 percent from the same time a year ago. Driving the drop was a steep fall in the paper value of Berkshire’s vast investment portfolio though Mr. Buffett has long warned shareholders to ignore fluctuations in the company’s stock holdings.
Persons: Berkshire Hathaway, Warren E, Buffett, Charles Munger, Buffett’s Organizations: Berkshire Locations: Omaha, Berkshire
Buffett will appear for the first time without his longtime business partner and friend Charlie Munger, who died in November. In 1978, Munger joined Berkshire Hathaway as vice-chairman and sat by Buffett’s side, quick with a quip or a sage piece of advice. Berkshire’s operating profits are expected to increase by 21% to $6,702 per Class A share, according to the FactSet estimates. Berkshire Hathaway reported a significant uptick in fourth-quarter operating earnings, which totaled $8.5 billion, up from $6.6 billion, or a 28% increase from a year ago. For the year, operating earnings rose to $37.3 billion, after setting a record of $30.8 billion in 2022.
Persons: Warren Buffett, Buffett, Charlie Munger, Greg Abel, Ajit Jain, Munger’s, Munger, , , Charlie, Berkshire Hathaway, “ Charlie, Abel, Greg, ” Buffett, “ Greg Organizations: New, New York CNN, Berkshire Hathaway, Oracle, , Berkshire Locations: New York, Woodstock, Nebraska, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska
The Berkshire Hathaway annual shareholders meeting Saturday will be broadcast exclusively on CNBC and livestreamed on CNBC.com. Chairman and CEO Warren Buffett is expected to field questions from Berkshire Hathaway shareholders who are attending the meeting in Omaha, beginning at 10:15 a.m. The event is always closely watched, but this year's will be noteworthy because Buffett won't have Charlie Munger by his side. Munger, the former vice chairman of Berkshire, was known for his sharp wit, and his absence is being felt by the thousands attending the event. Among the questions that will be top of mind at the "Woodstock or Capitalists" will be what Buffett's mystery holding is.
Persons: Warren Buffett, Berkshire Hathaway, Buffett, Charlie Munger, Munger Organizations: Berkshire Hathaway, CNBC, Berkshire Locations: Omaha, Berkshire, Woodstock
A young Shaolin monk runs horizontally across a wall, intense concentration, and perhaps a hint of astonishment, visible in his face. Four other trainees at a martial arts academy near the Shaolin Temple in China’s Henan province lounge nonchalantly, seemingly unaware of the gravity-defying action taking place above their heads. “There’s this high-level action,” photographer Steve McCurry told CNN of the photo’s composition in a video call from his home in Philadelphia. The Shaolin Temple – which was founded in AD 495 on the slopes of the sacred Mount Song – is said to be the home of Chan Buddhism. Today, Shaolin kung fu is widely known, and the monks’ feats in athleticism have been emulated in popular movies.
Persons: Steve McCurry, , doesn’t, McCurry, , , Jeremy Horner, LightRocket, It’s, Organizations: CNN, Jet, Pennsylvania State University, Geographic, Shaolin Locations: Shaolin, China’s Henan, Philadelphia, Pakistan, Afghanistan, Soviet, Peshawar, Niger, India, Pennsylvania, Dengfeng, Zhengzhou
Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. "When there is an excessive movement, it may be necessary to smooth it out," he told CNBC's Dan Murphy, according to a translation. Japanese Finance Minister Shunichi Suzuki on Friday backed currency interventions by his country's policymakers if the yen moved in sharp directions that started to impact households and companies. The finance minister declined to comment when asked whether current levels for the yen were appropriate. In the last few decades, while other global central banks have tightened their policies, Japan had maintained its ultra-loose strategy.
Persons: Shunichi Suzuki, CNBC's Dan Murphy, they've, Nicholas Smith Organizations: Toki, Japanese Finance, CNBC Locations: Niigata, Japan, Tbilisi , Georgia, propping
Holladay was driving the cars during the early car crash scene and the final car jump scene. He recalled breaking the Guinness World Record for most cannon rolls performed in a car to Business Insider. When I was hired as Ryan Gosling's stunt driver for "The Fall Guy," the film's stunt coordinator gave me one big objective. Although we had other stunts and cannon rolls to perform for other scenes, completing this big stunt felt like a real victory. A side-by-side picture of the car jump.
Persons: Logan Holladay, Ryan Gosling's, Guy, Holladay, , Adam Kirley, Daniel Craig's, Eric Laciste, we'd, Ryan Gosling, David Leitch, Colt, Tom Ryder, Aaron Taylor, Johnson, Emily Blunt, Chris O'Hara, Ryder Organizations: Business, Service, Guinness, Universal Pictures Locations: Sydney, Australia
Britain’s Conservative Party suffered striking early setbacks on Friday in local elections that are viewed as a barometer for how the party will perform in a coming general election and a key test for the embattled prime minister, Rishi Sunak. Only a minority of the results had been announced by early Friday, but already the signs were ominous, if not unexpected, for Mr. Sunak’s Conservatives, who have trailed the opposition Labour Party by double digits in national polls for 18 months. The Conservatives have lost more than 120 seats so far, including six in Hartlepool, in northeast England, where the Conservatives had made inroads after Brexit but have more recently lost ground to the resurgent Labour Party. Labour also won a special election for a parliamentary seat in Blackpool South, a seaside district, in a huge swing of votes away from the Conservatives, who had held the seat but narrowly missed finishing third, behind Reform U.K., a small right-wing party. The previous Tory member of Parliament, Scott Benton, resigned in March after becoming embroiled in a lobbying scandal.
Persons: Rishi Sunak, Scott Benton Organizations: Britain’s Conservative Party, Sunak’s Conservatives, Labour Party, Conservatives, Labour, Blackpool, Reform Locations: Hartlepool, England
Elsewhere, the dollar lost ground against most of its peers and was headed for its worst week in nearly two months, in part due to the sharp rise in the yen this week. The euro ticked up 0.05% to last trade at $1.0730, and was eyeing a weekly gain of 0.35%. "Recent Fed speech has acknowledged the lack of progress on inflation and the desire to maintain the current level of policy rates for longer. Down Under, the Australian dollar edged 0.07% higher to $0.6570, and was on track to gain nearly 0.6% for the week. The New Zealand dollar tacked on a marginal 0.03% to $0.5963, and was eyeing a 0.4% weekly gain.
Persons: Tokyo's, Vishnu Varathan, Jerome Powell, Sterling steadied, Tai Hui Organizations: Traders, Bank of Japan, Ministry of Finance, Mizuho Bank, Federal, Fed, Morgan Asset Management, New Zealand Locations: Asia, tenterhooks, Tokyo, Japan
“I noticed all my memories were really gambling related,” Malek explains to CNN Sport. So right where the AGA and the National Council for Problem Gambling is located – the nation’s capital – they abolished all public funds for problem gambling,” adds Whyte. Ramon Zelaya, the moderator of Reddit’s problem gambling forum, concurs. “I think the pace of innovation right now, particularly as it relates to fan engagement and betting, and in play betting and live betting will continue to increase,” said Maloney. Reportedly there were two specific games in which DraftKings Sportsbook flagged prop bets involving Porter in its daily betting insights.
Persons: CNN —, Saul Malek, he’d, , ” Malek, I’d, Malek, , Michael Reaves, Getty, Dominick Reuter, Joe Maloney, ” Maloney, ” Keith Whyte, Maloney, “ We’re, Al Bello, Whyte, “ We’ve, LeBron James ’, DraftKings, you’re, Greg Olsen, Jared C, Tilton, Adam Silver, Silver, Ramon Zelaya, ” Zelaya, “ I’ve, Sportradar, expained, Candice Ward, Reuters Maloney, Jontay Porter, Porter, “ It’s, Brian Sevald Organizations: CNN, CNN Sport, Gamblers Anonymous, Saturday’s Kentucky Derby, Kentucky Derby, Supreme, District of Columbia, Super, American Gaming, Monmouth, Getty, , Republicans, National Council, Belmont Park, ESPN, NCAA, NFL, NASCAR Hall of Fame, NBA, Reuters, Sporting, Toronto Raptors Locations: Saturday’s, Churchill, Nevada, Monmouth, Oceanport , New Jersey, AFP, America, New York, Belmont, District, , North Carolina
Restaurants are competing for frugal diners’ dollars
  + stars: | 2024-05-03 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
For some restaurants, it feels like a battle to get them to spend. Olive Garden-parent Darden Restaurants saw same-restaurant sales dip during its most recent quarter. Darden saw sales from households with incomes above $150,000 climb from the prior year. What to expect in Friday’s jobs reportThe US job market has been on a roll for the past three years. That’s about 25,000 more jobs per month than last year and 111,000 more per month than in 2019.
Persons: , Laxman Narasimhan, , we’ve, Ian Borden, Ricardo Cardenas, Scott Sheffield, “ Mr, , Matt Egan, Read, Alicia Wallace, ” Julia Pollak, ZipRecruiter Organizations: CNN Business, Bell, New York CNN, Starbucks, Darden, OPEC, Federal Trade Commission, Sheffield, Organization of, Petroleum, Saudi Arabia, Regulators, Pioneer Natural Resources, CNN, of Labor Statistics Locations: New York, China, Olive, American, Saudi, Sheffield, Texas, OPEC, Russia
Top Gear recently tested the Tesla Cybertruck's camping accessories. There's a software update for sensors that will hopefully prevent smashed fingers, as well as a sleek new cooler. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The frunk's sharp edges have been cause for concern, especially with some viral videos showing that the closing hood was capable of slicing through carrots — and possibly, misplaced fingers. This story is available exclusively to Business Insider subscribers.
Persons: , Jack Rix Organizations: Gear, Service, Business
The CEO of Trump Media urged leading House committee chairmen to investigate eight financial firms over concerns of potentially illicit short selling of DJT, whose majority shareholder is former President Donald Trump. A spokesperson for Clear Street declined to comment on Nunes' letter. DJT shares were trading 6% higher early Thursday at $47.84 per share, which is 32% lower than its opening price on March 26. Trump, who is the presumptive Republican presidential nominee, faces pending civil legal judgments of more than $500 million. "Based on factors including the volume and price of purportedly available 'locates,' [Trump Media] has identified ongoing anomalies in DJT trading," Nunes wrote the House Judiciary, Ways and Means, Financial Services, and Oversight and Reform chairmen in his new letter.
Persons: Donald Trump, Devin Nunes, Nunes, Donald Trump's, Trump Organizations: Trump Media, Republicans, Trading, Cowen, Company, Securities, StoneX Securities, Clear, CNBC, Nasdaq, Market, Trump, Judiciary, Financial Services, Exchange, Depository Trust Company, SEC
CNN —A violent hailstorm wreaked havoc on vineyards in Chablis in the famous French wine region of Burgundy Wednesday evening, delivering another weather blow to already hard-hit local Chardonnay winemakers. The extent of the damage was still unclear as winegrowers checked over their plots on Thursday, a representative for the Burgundy wine association told CNN. “We’ve never seen anything like this, it’s dramatic,” Julie Fèvre, a winemaker, told BFM. Some 38 million bottles of Chablis Chardonnay wine are sold every year, generating an estimated $340 million turnover, according to the Burgundy wine association. Around 67% of Chablis wine is exported to foreign markets, the association said.
Persons: “ We’ve, Julie Fèvre, BFM, ” Paul, Étienne, we’ve, Vincent Laroche, Marc Fesneau, , Chablis, ” Louis Poitout, we’ll, CNN’s Laura Paddison Organizations: CNN, Chablis, BFMTV, International Organisation of Vine Locations: Chablis, Burgundy, France,
An attendant holds a sample of newly-designed Japanese 10,000 yen banknote, with three-dimensional holographic technology to prevent forgery, for a photograph at the National Printing Bureau Tokyo plant in Tokyo, Japan, on Wednesday, June 28, 2023. The yen gave up ground in early trade on Thursday, reversing direction after a sudden surge against the dollar overnight that traders and analysts were quick to attribute to intervention by Japanese authorities. The dollar was 0.9% higher at 155.98 yen as of 0100 GMT, retracing about half of its late Wednesday surge from around 157.55 to exactly 153 over a period of about 30 minutes. "The 'sneak attack' element really is the MOF (Japan's Ministry of Finance) looking to punish speculators and send a warning about shorting the yen." That helped lift the dollar to a 34-year peak of 160.245 yen on Monday and also spurred a sharp reversal which official data suggested was due to Japanese intervention totalling about $35 billion.
Persons: Jerome Powell, Masato Kanda, Kyle Rodda, Sterling, Powell, Jack Mclntyre Organizations: National Printing Bureau, Federal Reserve, Reuters, Capital.com, Japan's Ministry of Finance, Bank of Japan, Brandywine Locations: National Printing Bureau Tokyo, Tokyo, Japan, U.S, Melbourne
Enter the closed-end fund, a relative of the traditional, open-end mutual fund. Gundlach highlighted closed-end funds on CNBC's " Closing Bell " Wednesday afternoon, noting that it's "a pretty good environment for moderate risk assets." "For retail investors, closed-end funds have gone back to trading at discounts broadly, and with some leverage involved there, there's double-digit yields available without taking a ton of credit risk," he said. Searching for discounts Drivers of these closed-end fund discounts, particularly those that hold bonds, include sharp spikes in yields. The Abrdn National Municipal Income Fund (VFL) , for instance, is trading at a 15% discount to its net asset value, according to Nuveen's CEF Connect, a database of closed-end funds.
Persons: Jeffrey Gundlach, Gundlach, Eaton Vance Organizations: Income Fund, Income Trust, Fidelity Locations: Eaton Vance California
Roger Wonson reached his milestone 100th birthday in April 2024. AdvertisementWhen Roger Wonson celebrated his 100th birthday with friends at his care facility, he provided the entertainment. "I get a lot of kicks from music," Wonson told Business Insider. He played saxophone and drums in several bands in his home state of Massachusetts. "I don't eat a lot," Wonson said.
Persons: Roger Wonson, , Wonson, It's, Michelle Boudreau, Mary Sue, Wanson, it's, didn't, Ted Talks, I've, Declan Organizations: Business, Service, US Air Force, Beverly Locations: Massachusetts
The Judge Deciding Google’s Fate
  + stars: | 2024-05-02 | by ( Steve Lohr | More About Steve Lohr | ) www.nytimes.com   time to read: 1 min
One of Amit P. Mehta’s first cases after becoming a federal judge in late 2014 proved to be a crash course in antitrust. Sysco, the nation’s largest distributor of food to restaurants and cafeterias, was trying to buy the rival US Foods, and the Federal Trade Commission had sued to block the $3.5 billion deal, arguing that it would stifle competition. Judge Mehta told lawyers on both sides that he would need help educating himself. After the trial in 2015, Judge Mehta wrote a comprehensive, closely reasoned 128-page opinion and ordered a temporary halt to the deal. Within days, Sysco abandoned its acquisition plan.
Persons: Amit P, Mehta’s, Judge Mehta, Sysco Organizations: US Foods, Federal Trade Commission
Russian energy giant Gazprom posted its first annual loss since 1999. AdvertisementRussian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. International Energy Agency data indicates that gas flows to Europe hit their lowest levels since the early 1970s. Meanwhile, Gazprom has outlined investments totaling 2.57 trillion rubles for this year, indicating a reduction of nearly 16% compared to its projections for 2023. Russia has managed to reroute much of its energy flows to other countries such as China and India.
Persons: Organizations: Gazprom, Service, Gazprom Group, Bloomberg, Ukraine, International Energy Agency, Reuters Locations: Europe, Russian, Ukraine, Russia, China, India
The Fed likely won't cut interest rates until after a recession arrives, according to GlobalData TS Lombard. The research firm said Fed Chair Powell is likely to fall into the trap of being reactionary when it comes to rate decisions. AdvertisementThe Federal Reserve is making a big mistake by not cutting interest rates right now, according to GlobalData TS Lombard chief US economist Steven Blitz. And if inflation sees a sharp rebound to 5%, "they obviously hike" interest rates, Blitz said. AdvertisementAll-in, according to Blitz, it means that interest rates could stay at current levels for longer-than-expected, especially since it appears there will be no recession this year.
Persons: Powell, Steven Blitz, Jerome Powell, Blitz, Jeremy Siegel Organizations: Fed, GlobalData, Lombard, Federal Reserve
CNN —President Joe Biden on Wednesday called close US ally Japan “xenophobic” at a Washington, D.C., fundraiser, just weeks after lauding the US-Japan alliance at a state dinner. The president made the remark while arguing that Japan, along with Russia and China, would perform better economically if the countries embraced immigration more. Because we welcome immigrants,” Biden said, according to reporters traveling with the president at a fundraiser with Asian American and Pacific Islander supporters. Immigrants are what makes us strong.”Biden had similarly cast Japan, Russia and China as “xenophobic” during an interview with a Spanish language radio station in March. The latest critique of Japan comes less than a month after he hosted Japanese Prime Minister Fumio Kishida for a state visit.
Persons: Joe Biden, ” Biden, , , Fumio Kishida, Biden, Jessie Yeung Organizations: CNN, D.C, American, Pacific, Immigrants, Japanese, White House Locations: Japan, Washington, Russia, China
Technical analyst Rob Ginsberg said in a note to clients late Tuesday that the recent bounces for the S & P 500 and the Nasdaq-100 look suspiciously like "bear flags," an ominous chart pattern. "Equities ended the month on a sour note, as last week's dead cat bounces stalled out beneath resistance. A "bear flag" is a technical pattern that sometimes develops during short-term bounces in a broader market decline. Last week, the S & P 500 rose 2.7%, its best weekly performance since November. Ginsberg said in the note that he sees potential downside to the 4,800 level on the S & P 500, which would equal a further decline of about 4.5%.
Persons: Rob Ginsberg, doesn't, Ginsberg Organizations: Wolfe Research, Nasdaq
Paul Auster’s Best Books: A Guide
  + stars: | 2024-05-01 | by ( Wilson Wong | ) www.nytimes.com   time to read: 1 min
Paul Auster, who died on April 30 at the age of 77, was an atmospheric author whose scalpel-sharp prose examined the fluidity of identity and the absurdity of the writer’s life. An occasional memoirist, essayist, translator, poet and screenwriter, Auster was best known for his metafiction — books that were characterized by their elusive narrators, chance encounters and labyrinthine narratives. Consuming Auster’s genre-defying books is not unlike the experience of reading he describes in “The Brooklyn Follies”: “When a person is lucky enough to live inside a story, to live inside an imaginary world, the pains of this world disappear,” he wrote. “For as long as the story goes on, reality no longer exists.” Thankfully, Auster left us with many worlds and stories and realities to lose ourselves in. These are the books that best represent his work.
Persons: Paul Auster, Auster, Organizations: Brooklyn Locations:
Just over a decade ago, six-week abortion bans were seen as too radical even by many members of the anti-abortion movement, who worried they carried too much political and legal risk. Ron DeSantis, a Republican, cuts off access to the procedure before many women even know they are pregnant, leaving millions of women in the South hundreds of miles from a clinic offering abortion. The ban represents another victory for the true believers of the anti-abortion movement that seek sharp curbs on the procedure. But when such a ban was first introduced, mainstream abortion opponents who preferred gradually chipping away at abortion rights felt such restrictions could backfire and undermine their broader goals. I asked her how the six-week ban moved from the fringe to the mainstream — and why those early warnings from anti-abortion allies might be coming true now.
Persons: Ron DeSantis, Elizabeth Dias, Lisa Lerer, Roe, Wade Organizations: Gov, Republican Locations: Florida
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