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☆ Europe’s shrinking stash heralds economic trouble
▼ + stars: | 2023-11-14 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

But the interest they earned on their assets increased from 16 billion euros to 66 billion euros in the same period. As a result, euro zone firms’ net interest was negative 19 billion euros in the second quarter of 2023. These financial gains may have helped euro zone growth. A further 700 billion euros matures in 2026. Homeowners with mortgages, which account for around 27% of euro zone households, are yet to feel the brunt of higher rates.

Persons: That’s, Mathieu Savary, Gross, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, European Central Bank, Reuters Graphics Reuters, ECB, BCA Research, Oxford Economics, International Monetary Fund, Oxford, IMF, Thomson Locations: Oxford, Spain, Italy, France, Germany, United States, China

However, variable-rate CDs and no-penalty CDs offer flexibility that may be worth considering. So far this year, CD rates have been increasing and I've managed to secure CDs with rates that range from 4.75% to 5.5% APY. "CD interest rates are for a 12-month period." Variable-rate CDBecause I've been mostly risk-averse with my CDs, one type that I've never tried are variable-rate CDs. For example, if you get a one-year CD paying 5% with the option to bump up, Manske said you can pay attention to CD rates and elect to update it if the rates rise.

Persons: —, I've, Christopher Manske, Manske, that's, doesn't Organizations: Service

High-yield savings accounts have seen huge APYs in recent times, but those rates may not last forever. Earn top savings rates and manage it all with a single secure login. But when should you ease up on your savings accounts and consider investing your money instead? That can make investing much more attractive than a savings account — even in a high-yield savings account — if you have a longer time horizon. Alternatives to HYSAsYou don't have to decide between a savings account and investing in a retirement savings account — like a 401(k) or an IRA — or a taxable brokerage.

Persons: —, Banks, Laura Mattia, Steve Oniya, Oniya, Tony Corsino, Mattia, you'd Organizations: Treasury, Service, Federal Reserve, Advisors, OM Investments, Zen Financial

I asked money experts for tips on how to get the most out of selling stocks by the end of the year. I'm going to use tax-loss harvesting to maximize the benefit I get from selling stocks. One pain point I'm addressing is that I have lost so much money in the stock market this year, and I just want out. With his recommendation, I sat down and reviewed each individual stock, looked into the company's earning reports, and researched news about emerging trends in that industry. However, Han shared a caveat that's important to know if you're someone who plans to keep on buying and selling stocks.

Persons: I'm, —, I've, Jeff Rose, Lei Han, Rose, Han, shouldn't Organizations: Service, CPA

☆ Singapore's digital economy – from e-commerce to social media – nearly doubled in five years
▼ + stars: | 2023-10-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

The study, published Friday, revealed that the economic contribution of the digital economy to Singapore's GDP nearly doubled to 106 billion Singapore dollars ($77.5 billion) in 2022, up from SG$58 billion in 2017, according to CNBC's calculations. The digital economy is divided into two parts: the information and communications sector; and digitalization in the rest of the economy. One-third of the digital economy was driven by the information and communications sector and two-thirds by digitalization in the rest of the economy. "The expansion of the digital economy has come on the back of increasing adoption of digital technologies by enterprises, which in turn contributed to the robust growth of tech manpower," IMDA said in the report. Comparatively, Singapore's digital economy performed better, contributing to 16.7% of its GDP in 2020.

Persons: Joseph Nair, IMDA Organizations: Central Business District, Getty Images, Media Development Authority, Singapore, digitalization Locations: Marina, Singapore, SINGAPORE, Estonia, Sweden, United Kingdom

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.

Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York

☆ Why Warren Buffett thinks interest rates exert a huge gravitational pull on asset values
▼ + stars: | 2023-09-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Federal Reserve sent a strong signal this week that interest rates will stay higher for longer. "Interest rates are to the prices of all assets like gravity is to the function of the earth," the Berkshire Hathaway CEO said in a 2012 interview. "Everything is based off interest rates... Buffett, the so-called "Oracle of Omaha," believes that when interest rates are low, they make any stream of earnings from investments worth more. "The most important item over time and in valuation is obviously interest rates," Buffett once said.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, I'd, You've Organizations: Federal Reserve, Berkshire, Tokyo, Treasury Locations: It's, Omaha

WASHINGTON (AP) — The Biden administration plans to increase scrutiny of the investment plans of foreign-owned companies operating in the United States. “National security is a foremost priority, and we deploy a wide range of tools to safeguard it,” Treasury Secretary Janet Yellen said Thursday. The federal government reviews and can block business activity of non-U.S. companies through the Committee on Foreign Investment in the United States, also known as CFIUS. At a conference dedicated to the committee, Yellen emphasized that CFIUS is adapting to a changing global economy as national security issues related to China are a primary consideration. “As new threats and vulnerabilities emerge, our national security priorities shift in response,” Yellen said.

Persons: —, Biden, Janet Yellen, Yellen, ” Yellen, “ We've, ByteDance, LIV, Paul Rosen, ” Rosen, Joe Biden, Donald Trump, ”, Patrick McHenry Organizations: WASHINGTON, Foreign Investment, State, Justice, Energy, Commerce, Twitter, PGA, U.S, Washington, Financial Locations: United States, U.S, China, Beijing, R

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

☆ The minds behind JPMorgan's AI-driven ETF share the high-yielding strategy that's helped it beat 94% of its human-powered peers this year — and the 7 investments they're making now
▼ + stars: | 2023-08-22 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

The JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) is dominating the competition. Of course, Reiner and his colleagues, Eric Moreau and Andrew Stern, aren't complaining about their fund's 22.6% rise in 2023. It's hard to poke holes in JPMorgan's growth-focused income ETF. JPMorgan's income-focused ETF uses an AI model that gathers and sorts through a treasure trove of information, especially financial statements, to help find suitable investments. Other than putting a premium on income and using AI to find standout stocks, a pair of traits that make JPMorgan's income ETF sing are its transparency and its liquidity.

Persons: Hamilton Reiner, Reiner, Eric Moreau, Andrew Stern, aren't, what's, it'll, Morningstar, —, I'm, Moreau, Stern didn't, they've, Bonds, — it's, it's, Moreau spotlighted, he's Organizations: JPMorgan Nasdaq Equity, Nasdaq, JPMorgan, NXP Semiconductors, NextEra Energy, NextEra Locations: Netherlands, Florida

☆ What ARM's expected debut means for the IPO market and SoftBank
▼ + stars: | 2023-08-21 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

Its debut will be a big deal for an IPO market that's been in the doldrums since 2022, but the company's listing has big implications for SoftBank as well. SoftBank agreed to acquire Arm in 2016 for $32 billion, which at the time was the biggest-ever purchase of a European technology company. The unit also swung to a 9.5 billion yen loss, having made a profit of 29.8 billion yen in the same period a year earlier. SoftBank said its Vision Fund booked an investment gain of 159.8 billion yen, its first gain in five consecutive quarters. In July, the company led a $65 million investment in U.K. insurance technology company Tractable.

Persons: Son, Tomohiro Ohsumi, SoftBank, It's, Rene Haas, Haas, Nvidia SoftBank, Arm, Grace Hopper, Didi, Uber, Yoshimitsu Goto, Leswing Organizations: SoftBank Group Corp, ARM Holdings, Bloomberg, Getty, Apple, reining, Acorn Computers, Acorn, Machines, VLSI Technology, CNBC, ARM, Nvidia, Vision, Investors, AMD, Vision Fund Locations: Tokyo, Cambridge, England, Switzerland, European, Europe, U.S, London, New York

☆ America’s richest 10% are responsible for 40% of its planet-heating pollution, new report finds
▼ + stars: | 2023-08-17 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

Robert Alexander/Getty ImagesTo do this, the researchers analyzed huge datasets spanning 30 years to connect financial transactions to carbon pollution. They found the wealthiest 10% in the US, households making more than about $178,000, were responsible for 40% of the nation’s human-caused, planet-heating pollution. But a household making money from the hospital industry would need to bring in $11 million to produce the same amount of planet-heating pollution. Identifying the main actors behind the climate crisis is vital for governments to develop policies that cut planet-heating pollution in a fair way, he added. “At the moment, the way the economy works is that it takes money and turns it into climate pollution that is destabilizing life on Earth,” Nicholas said.

Persons: CNN —, you’ve, it’s, ”, Jared Starr, Robert Alexander, ” Starr, Starr, Kimberly Nicholas, Mark Paul, ” Nicholas Organizations: CNN, University of Massachusetts Amherst, Santa, Santa Fe Municipal Airport, Lund University, Rutgers University, Oxfam, “ Locations: Santa Fe, Santa Fe , New Mexico, Sweden

☆ America's wealthiest 10% are responsible for 40% of its climate-crisis-causing emissions. Tax them, researchers say.
▼ + stars: | 2023-08-17 | by ( Morgan Mcfall-Johnsen | Marianne Guenot | ) www.businessinsider.com time to read: +6 min

The richest 10% of Americans' income has generated 40% of US carbon emissions, a new study found. Tax shareholders rather than focusing on consumers, the study authors argue. How much carbon emissions are produced in the supply chain to create the earnings of each income group, pre-tax. Not only was the top 10% earners' income generating over 40% of emissions, but the income of the top 1% was responsible for 15%-17% of emissions, they found. In the US, multiple proposals for a carbon tax have been introduced in Congress.

Persons: Peter Unger, Patrick T, Fallon, Jared Starr, Starr, Carlo Allegri, That's Organizations: Investments, Service, Getty Images, Getty, University of Massachusetts Amherst, International Monetary Fund Locations: Manhattan

☆ Progressive had a great quarter, but it's not Jim Cramer's top insurance stock
▼ + stars: | 2023-08-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer says that although Progressive had an "incredible quarter," he prefers Chubb (CB) as a insurance pick. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: CNBC's Jim Cramer, Chubb, Cramer, Jim Cramer's, Jim Cramer, Jim Organizations: Progressive Corp, MetLife, UnitedHealth, Progressive, Federal Reserve, Jim Cramer's Charitable, CNBC

A lot of people in my life, from my old boss to financially savvy friends, would try to encourage me to start a retirement account, but I ignored them. In addition to growing my net worth, I also wanted to find a way to retire by the age of 50 as a millionaire. With no retirement account and very little cash in savings, I've spent the first five years of my thirties being strategic with my finances. In order to make sure I'm progressing toward my goal of being a retired millionaire by 50, I keep a close eye on every dollar that comes in and out of my account. I make sure I'm spending a smaller fraction of my earnings than I have in the past so I can make up for lost time and save more.

Persons: I've, I'm Organizations: Service Locations: Wall, Silicon

☆ SoftBank posts surprise loss even as Vision Fund back in black after five quarters
▼ + stars: | 2023-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

SoftBank reported a surprise loss in the first quarter covering April-June, despite an investment gain from its massive tech-focused Vision Fund. Here's how the company did:The SoftBank group reported a net loss attributable to owners of the parent of 477.6 billion yen ($3.3 billion). The tech conglomerate, which engages in venture capital investing through its Vision Fund, has had its fair share of ups and downs. The brainchild of founder Masayoshi Son, SoftBank's Vision Fund comprises Vision Fund 1 and Vision Fund 2 and invests in high growth stocks. Misra was instrumental in the early days of the Vision Fund, which was launched in 2017.

Persons: SoftBank, GoTo, Masayoshi Son, Son, Yoshimitsu Goto, Rajeev Misra, Misra, — CNBC's Arjun Kharpal, Sheila Chang Organizations: Vision Fund, Vision, Silicon, Nvidia Locations: Alibaba, Indonesian, U.S

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

☆ Berkshire posts record operating profit, rising rates boost Buffett's returns
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added. Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends. NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York

☆ Berkshire posts record operating profit, $35.9 billion of net income
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator. Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Net income totaled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss. Pilot added $114 million to operating profit. Overall profit from Berkshire Hathaway Energy, in which Berkshire has a 92% stake, was little changed at $785 million.

Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Cathy Seifert, Seifert, Buffett, PacifiCorp, Jonathan Stempel, Angus MacSwan, Jan Harvey, Alistair Bell Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Clayton Homes, BNSF, Berkshire repurchased, Apple, Occidental Petroleum, Berkshire Hathaway Energy, Forbes, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Occidental, An Oregon, New York

☆ Uber Posts 14% Rise in Revenue as Growth Slows
▼ + stars: | 2023-08-01 | by ( Yiwen Lu | More About Yiwen Lu | ) www.nytimes.com time to read: +1 min

Uber’s revenue increased 14 percent in its most recent quarter, the company reported on Tuesday, but the growth was its slowest since the coronavirus pandemic began easing last year. The San Francisco-based company posted revenue of $9.2 billion, up from $8.1 billion in the second quarter last year. The 14 percent growth was slower than the 105 percent increase a year earlier and down from 29 percent in the previous quarter. Uber’s gross bookings — the amount paid by customers — totaled $33.6 billion, up 16 percent from year earlier. “We are focused on driving significant demand in the years ahead — both by attracting new riders to Uber and by getting existing riders to use Uber more,” Dara Khosrowshahi, the chief executive, said in a statement.

Persons: Dara Khosrowshahi Organizations: Wall Street Locations: San Francisco

☆ The 'crypto couple' is pleading guilty in their alleged $4.5 billion bitcoin heist. Here's how the saga unfolded.
▼ + stars: | 2023-07-31 | by ( Michelle Mark | ) www.businessinsider.com time to read: +4 min

The "crypto couple" Ilya Lichtenstein and Heather Morgan are due for a plea hearing on August 3. The couple is expected to plead guilty to orchestrating a $4.5 billion bitcoin-laundering scheme. An attorney for both Lichtenstein and Morgan did not respond to Insider's request for comment ahead of Thursday's plea hearing. Prosecutors also alleged that Lichtenstein and Morgan had been planning to flee to Russia under new identities. Lichtenstein, whom prosecutors have described as a flight risk due to his Russian citizenship, has remained incarcerated.

Persons: Ilya Lichtenstein, Heather Morgan, ensnared, Lichtenstein, Morgan, Olivier Douliery Organizations: Service, Department of Justice, IRS, Prosecutors Locations: Wall, Silicon, Manhattan, United States, Lichtenstein, Russia

☆ The US economy's brief moment of slowing inequality might be on its way out
▼ + stars: | 2023-07-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Income inequality has narrowed in the US, with low-wage workers receiving raises during the pandemic. This trend has been tapering off, though labor market competition has benefited wage growth. This was thanks to pre-pandemic minimum wage legislation, coupled with higher raises for lower wage workers in the tumultuous years that followed. Although low-wage workers have slightly narrowed the gap, corporate profits have boomed, allowing those at the very top to stay separated from the rest. In June 2022, low-wage workers saw 7.2% wage growth from the prior year, falling to 6.5% in June 2023.

Persons: It's, David Autor, Ford, Autor, Harry Holzer, John LaFarge Jr, SJ, Georgetown University's, Holzer, Biden, " Holzer Organizations: Service, National Bureau of Economic Research, Federal Reserve Bank, Dallas, MIT Department of Economics, American Bar Association, Public, Georgetown, Georgetown University's McCourt School of Public, Federal Reserve Bank of, Economic Policy Institute Locations: Wall, Silicon, Federal Reserve Bank of Atlanta

☆ Citi downgrades Goldman Sachs, says targets will take time to be reached
▼ + stars: | 2023-07-25 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Citi thinks Goldman Sachs ' long-term company goals may be more difficult to reach than investors think. Citi downgraded shares of the investment bank to neutral from buy in a Tuesday note. He cautioned, however, that investor returns will likely be closer to the lower end of Goldman managements forecasts. Goldman shares are up 4.5% this year. GS YTD mountain Goldman Sachs stock has climbed more than 4% since January.

Persons: Goldman Sachs, Keith Horowitz, Goldman, Horowitz, — CNBC's Michael Bloom Organizations: Citi, Goldman Locations: GBM

☆ Britain to unleash $64 billion in pension funding for tech startups after missing out on Arm IPO
▼ + stars: | 2023-07-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Among the measures introduced by the government was an agreement among the country's largest defined contribution pension providers to allocate 5% of assets in their default funds to unlisted equities by 2030. This could unlock up to £50 billion (roughly $64 billion) of investment in high-growth firms if all other defined contribution pension schemes follow suit, Hunt said. Meanwhile, average earners' pension pots could rise up to 12% to as much as £16,000 with defined contribution pension schemes committing to more effective investments, he added. Hunt also committed to an "intermittent trading venue" that makes it possible for public market investors to trade shares of unlisted firms. This would act as a halfway house for privately-traded firms looking for alternative ways of raising capital to public listings.

Persons: Jeremy Hunt, Hunt Organizations: Britain, Finance, CNBC, Treasury Department Locations: Europe, Silicon

Today, Nico's Ice Cream includes two brick-and-mortar locations in Portland and pints sold in about 60 grocery stores across Oregon and Washington. Within a year, one ice cream cart became two brick-and-mortar locations, a Mexican restaurant and a cafe that closed almost as quickly as it opened. Most of that revenue — $473,000 — came solely from Nico's Ice Cream. One piece of equipment was particularly important: the ice cream blender, made by a Hope, New Zealand-based company called Little Jem. Vergara, working at one of his two Nico's Ice Cream locations.

Persons: Nico Vergara, Vergara, he'd, Jem Organizations: Zealand, CNBC, Cream, Apple Locations: New Zealand, Portland , Oregon, Portland, Oregon, Washington, Mexican, Zealand, Hope , New Zealand

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