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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

☆ You can't replace the dollar, but here are 5 alternative assets that are chipping away at the greenback's supremacy
▼ + stars: | 2023-05-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

The dollar isn't going away, but other assets classes are slowly chipping away at its dominance. The US dollar is the world's top reserve currency — by far. CFOTO/Future Publishing via Getty ImagesThe US dollar has been the world's reserve currency since the second world war, playing a crucial role in the world's trade. In 1999, over 70% of the world's foreign exchange reserves were held in the US dollar. Even alternative currencies like the Swedish krona, the South Korean won, and the Australian and Canadian dollars have been chipping away at the greenback's share.

[1/9] Investors and guests arrive for the Berkshire Hathaway annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. At the meeting, Berkshire shareholders reelected all directors and rejected shareholder proposals concerning climate change, diversity and political activities. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers.

Buffett spoke hours after Berkshire posted a $35.5 billion quarterly profit and said it bought back $4.4 billion of its own stock, a sign it considered the shares undervalued. The meeting features Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answering five hours of shareholder questions. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, are answering five hours of shareholder questions at the meeting. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ Berkshire posts $35.5 billion profit, sells over $13 billion in stocks
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +3 min

Berkshire also sped up repurchases of its own stock, buying back $4.4 billion, while paring its investments in other stocks such as Chevron Corp CVX.N, which is still a major holding. MORE CASHNet income equaled $24,377 per Class A share and rose from $5.58 billion, or $3,784 per share, a year earlier. That in part reflected a 27% jump in Apple's AAPL.O stock price, leaving Berkshire with a $151 billion stake in the iPhone maker. Quarterly operating profit increased 13% to $8.07 billion, or about $5,561 per Class A share, from $7.16 billion. Berkshire's cash hoard grew $2 billion in the quarter to $130.6 billion, as the company sold $13.3 billion of stocks and bought just $2.9 billion.

☆ Buffett's Berkshire posts $35.5 billion profit, buys back more stock
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: 1 min

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday said its first-quarter profit totaled $35.5 billion, reflecting gains from common stocks such as Apple Inc (AAPL.O), while higher income from investments bolstered operating profit. Net income equaled $24,377 per Class A share, and swelled from $5.58 billion, or $3,784 per share, a year earlier. Quarterly operating profit increased 13% to $8.07 billion, or about $5,561 per Class A share, from $7.16 billion. The Omaha, Nebraska-based company said it also repurchased $4.4 billion of its own stock in the quarter. Reporting by Jonathan Stempel in Omaha, Nebraska; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

[1/3] Writers Guild of America members and supporters picket outside Sunset Bronson Studios and Netflix Studios, after union negotiators called a strike for film and television writers, in Los Angeles, California, U.S., May 3, 2023. REUTERS/Mario AnzuoniLOS ANGELES, May 4 (Reuters) - The group representing Hollywood studios fired back on Thursday at claims from striking film and television workers that they have been forced into the "gig economy" because of changes brought by the streaming TV era. Roughly 11,500 members of the Writers Guild of America (WGA) went on strike on Tuesday, saying that studios had "created a gig economy inside a union workforce." Most TV writers, the group said, are employed on a weekly orepisodic basis, with a guarantee of a specified number of weeks or episodes. Writers say they are working more and making less as studios have shifted their focus to streaming over traditional TV and cable.

☆ Jeronimo Martins' first-quarter profit jumps 59%, margin narrows
▼ + stars: | 2023-04-26 | by ( Patricia Vicente Rua | ) www.reuters.com time to read: +2 min

LISBON, April 26 (Reuters) - Portugal's second-largest retailer Jeronimo Martins (JMT.LS) on Wednesday posted a 59% jump in first-quarter net income as higher prices to offset soaring inflation boosted sales, though its margins narrowed. The company booked a net profit of 140 million euros ($154.71 million) between January and March. Consolidated sales in the first three months of the year rose 23.4% to 6.8 billion euros, driven by its Biedronka chain in Poland, where sales increased 26% to 4.8 billion euros. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 20.1% to 446 million euros in the quarter. The company plans to invest around 1 billion euros this year, 45% of which in Poland where it wants to open between 130-150 stores and remodel about 350 stores.

☆ Biden to order all federal agencies to prioritize environmental justice
▼ + stars: | 2023-04-21 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

(Photo by Jim WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)President Joe Biden on Friday will sign an executive order directing federal agencies to invest in disadvantaged communities disproportionately affected by pollution and climate change, the White House said. The order will create a new Office of Environmental Justice in the White House to coordinate all environmental justice efforts across the federal government and require agencies to notify nearby communities if toxic substances are released from a federal facility. The president, who is preparing to announce his reelection bid next week, will make the announcement during a ceremony at the White House Rose Garden. Biden is expected to argue that his administration's historic environmental justice and climate agenda contrasts with "the dangerous vision Speaker McCarthy and his extreme caucus have for our planet, our economy, and public health," the official said. Early in his presidency, Biden pledged that addressing environmental justice would be a core component of his climate agenda and signed an executive order that launched the Justice40 Initiative, which requires agencies to deliver at least 40% of benefits from investments to overburdened communities.

☆ Why cutting middle management is a bad idea
▼ + stars: | 2023-04-11 | by ( Emilia David | ) www.businessinsider.com time to read: +4 min

The push to cut middle managers will backfire on tech. Companies like Amazon, Meta, and Salesforce embarked on cost-cutting efforts that "flattened" org charts by removing middle managers, starting a trend across Silicon Valley. Middle managers, or what Meta CEO Mark Zuckerberg calls "managers managing managers," saw their roles shrink in the past year as tech companies focus on "individual contributors," increasingly requiring managers to do coding work themselves. But losing middle managers could also impact team morale and how employees look at their futures in the company. It comes despite Musk recently signing an open letter calling for an industry-wide halt to any AI training for several months.

☆ Sweden's Alecta axes CEO after US bank losses
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

OSLO/STOCKHOLM, April 11 (Reuters) - Swedish pension fund Alecta on Tuesday fired its CEO Magnus Billing with immediate effect following the recent announcement of large losses from investments in several U.S. banks. Alecta, Sweden's largest pension fund provider, last month said it had lost 19.6 billion Swedish crowns ($1.87 billion) from its shareholdings in First Republic Bank (FRC.N), Silicon Valley Bank and Signature Bank. "The losses have severely damaged the trust in Alecta's asset management," the company said in a statement. "The board has concluded that Alecta needs new leadership in order to implement the necessary changes within the asset management and re-establish trust." The pension provider last week announced the replacement of its head of stock market asset management.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

☆ Wall Street could stand to benefit from recruiting beyond just the Ivies
▼ + stars: | 2023-04-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Emmalyse Brownstein has one about an investor's unique path to Wall Street. I hope Alfieri's story isn't just valuable to students trying to break into Wall Street. Wall Street could also benefit from casting a wider net among universities to get some diversity of thought. Click here to read some tips for how to nab a job on Wall Street despite not coming from an elite school. This fintech helps Wall Street keep tabs on employees' messengers.

☆ Raymond James says this telecom stock is a strong buy as it enters a new market segment
▼ + stars: | 2023-03-28 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Investors should turn their attention toward Ciena as the firm plunges deeper into edge routing, according to Raymond James. He also hiked his price target to $70 from $58 on the stock, implying upside of 44%. Leopold highlighted the firm's potential success from investments in the edge routing sector, as well as continued market expansion and "Huawei displacements." CIEN YTD mountain CIena's plunge into edge routing could be the rocket fuel the firm needs to displace Huawei, according to Raymond James. But Ciena also has the opportunity to significantly displace Huawei, Leopold said, specifically in the optical transport and switching and routing markets.

☆ Walmart lays off hundreds of workers at e-commerce facilities
▼ + stars: | 2023-03-23 | by ( Melissa Repko | ) www.cnbc.com time to read: +2 min

Walmart is laying off hundreds of employees at e-commerce facilities across the country, as the big-box giant and other retailers brace for a tougher year ahead. Walmart, the nation's largest private employer, is shrinking its workforce as many retailers plan on roughly flat or declining sales. Walmart's e-commerce rival, Amazon , announced 9,000 job cuts on Monday, following 18,000 layoffs in January. Walmart anticipates slower sales growth and lower profits in the coming year, as Americans put more of their money toward buying necessities like food and household essentials. E-commerce sales for Walmart's U.S. business rose 12% in the most recent fiscal year, which ended Jan. 31.

☆ Kamala Harris dodged a question about the Willow drilling project Biden just approved during an interview with Stephen Colbert
▼ + stars: | 2023-03-16 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +3 min

Kamala Harris dodged a question about if Biden broke a campaign promise with the Willow project. On Wednesday night's episode of "The Late Show With Stephen Colbert," Colbert first asked Harris what the major issues will be that define the upcoming 2024 election, in which Biden and Harris are expected to run for re-election. Colbert asked the Vice President. Colbert then asked about the blowback the Biden-Harris administration is now facing because of the Willow project approval. After pushing her three times, Harris still would not answer whether Biden broke a campaign promise, prompting Colbert to move on in the interview.

☆ Buy the dip in American Express shares, Wells Fargo says
▼ + stars: | 2023-03-14 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

American Express is showing "strength in uncertain times," according to Wells Fargo, which is confident in the stock following an investor meeting with Chairman and CEO Stephen Squeri and Chief Financial Officer Jeff Campbell. Fandetti maintained his overweight rating on American Express, and reiterated his price target of $200 per share, implying 27% upside from Monday's close. He added that despite the "turmoil" in U.S. banking following the failure of SVB and Signature Bank that spurred a broad selloff in financial stocks, American Express was confident in its business outlook. Wells Fargo believes that American Express' advantage around small and premium business customers is strengthening, making it more difficult for its competitors to catch up. American Express shares were up 1.8% on Tuesday before the market open.

☆ UK's Domino's expects tech investments to hit 2023 profit
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Britain's Domino's Pizza Group Plc (DOM.L) said on Thursday its profit this year would be impacted by investments in cloud-based technology platforms, sending its shares down more than 8%. The company said it expects underlying core profit this year to be within market expectations, excluding about 9 million pounds ($10.69 million) to be incurred in costs from investments in two new cloud-based IT systems. Brokerage Jefferies, however, said the outlook including investment costs implied a 7% decline from the group's market forecast of 137.6 million pounds for 2023. Domino's reported 2022 underlying core profit of 130.1 million pounds, compared with 136.4 million pounds in the previous year, affected by the technology investments, higher costs and food inflation. Shares of London-listed Domino's, a franchisee of U.S.-based Domino's Pizza Inc (DPZ.N), was down 8.2% at 0900 GMT.

☆ Wells Fargo hikes its UPS price target, says delivery giant could see big earnings growth
▼ + stars: | 2023-03-03 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

United Parcel Service ' earnings growth potential is underappreciated by investors, Wells Fargo said. Analyst Allison Poliniak-Cusic reiterated the package delivery stock as overweight while raising her target share price to $221 from $195. "In 2024 not only should those investment headwinds fade, but they should generate incremental profit." And despite earnings growth largely being a 2024 story for the company, Poliniak-Cusic said the company could see upside earlier. But she also noted that productivity improve can generate downside support and create operating leverage, which can help accelerate profit growth in a period of recovery.

☆ Here are Wednesday's biggest analyst calls: Apple, Procter & Gamble, Tesla, Spotify, AbbVie & more
▼ + stars: | 2023-03-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Morgan Stanley upgrades Sarepta to overweight from equal weight Morgan Stanley said it's bullish on the company's gene therapy drug, SRP-9001. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's standing by its overweight rating on the EV maker after its earnings report on Tuesday, but says it's now a show-me story. Morgan Stanley reiterates Eli Lilly as top pick Morgan Stanley said the stock is best-in-class and that it's bullish on its diabetes drug, Mounjaro. Morgan Stanley names JD.com a catalyst driven idea Morgan Stanley said it's bullish heading into the China e-commerce company's earnings on March 9. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley said it's standing by shares of Microsoft.

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☆ Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and more
▼ + stars: | 2023-03-01 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Revenue for the quarter came in at $663 million, falling well below analysts' estimates of $742 million, according to Refinitiv. Sarepta Therapeutics — The biotech stock soared by 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Kohl's reported a loss of $2.49 per share on $5.78 billion of revenue. Analysts surveyed by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion of revenue. Monster reported $1.51 billion in revenue, falling short of analysts' expectations of $1.6 billion.

☆ Carlyle veteran Peter Clare to retire after more than three decades
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 27 (Reuters) - Carlyle Group (CG.O) veteran and chief investment officer of its corporate private equity business, Peter Clare, will retire on April 30, weeks after the buyout firm named former Goldman Sachs Inc (GS.N) executive Harvey Schwartz as its chief executive. Clare, who joined Carlyle in 1992, has held several senior leadership roles in the unit. Carlyle also said on Monday Sandra Horbach and Brian Bernasek, currently co-heads of U.S. buyout and growth platform, will assume the role of co-heads of the Americas to oversee the firm's private equity business effective immediately. The appointments comes at a turbulent time for private equity firms as stubbornly high inflation, rising interest rates and geopolitical turmoil together crimped lucrative exits from investments. Earlier this month, Carlyle reported a steep 52% slide in its fourth-quarter distributable earnings as the private equity firm cashed out on fewer investments as dealmaking slowed.

☆ Buffett's Berkshire profit falls on investments, currencies
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: 1 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday said fourth-quarter profit fell, reflecting lower gains from investments and foreign currency exchange losses as the U.S. dollar lost value. Berkshire also repurchased $2.6 billion of its own stock in the quarter, boosting full-year buybacks to $7.9 billion. Quarterly net income fell 54% to $18.16 billion, or $12,412 per Class A share, from $39.65 billion, or $26,690 per share, a year earlier. Operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Reporting by Jonathan Stempel in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett's Berkshire posts record annual operating profit
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Profit also fell at the BNSF railroad, while Berkshire generated more profit from its energy businesses and more income from its insurance investments as interest rates rose. For all of 2022, Berkshire lost $22.82 billion, largely because of losses in its $308.8 billion common stock portfolio. "We're delighted to see the growth in float," said Thomas Russo, a partner at Gardner Russo & Quinn who helps invest $8 billion, about 17% of which is in Berkshire stock.

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