In cultures around the world families and friends pool their money together into a single pot of money. The process is called esusu, and a new app has adopted the name and making the process easier than ever.
Abbey Wemimo is the co-founder of Esusu. As an immigrant himself, Wemimo's mother practiced esusu and used that financing strategy to send Wemimo to school.
Wemimo explains that the main focus is to create a platform for immigrants and people of color, but of course he would be happy for all Americans to use the platform. Accessibility was a key factor in developing Esusu, which is why Wemimo says the company built a phone-based app.
Technology stocks led another decline on Wall Street Thursday, leaving the Nasdaq composite down 2.5%. Microsoft, Nvidia and other big tech companies had some of the biggest losses.
COVID-19 continues to impact the world of sports, and most significantly, the NHL. The world's premier hockey league has postponed a total of 104 games so far this season, and a spike in omicron infections has led to a surge in postponements in recent weeks. This comes after the NHL went dark for six days in December because of a COVID-19 outbreak, and after the league decided not to have its players participate in the 2022 Beijing Olympics so it can use the time to reschedule postponed games. Yahoo Sports NHL reporter Justin Cuthbert joined Cheddar News' Closing Bell to discuss.
The internet shutdown has led some Kazakhstan-based miners to hint that they may be looking for greener pastures, while others are banking on a return to normal once the social unrest settles in the country.
Prices paid by U.S. consumer jumped 7% in December from a year earlier, the highest inflation rate since 1982.
Stocks closed higher on Wall Street Wednesday after the latest report of surging prices appeared to keep the Federal Reserve on track to raise interest rates later this year.
Federal Reserve Chair Jerome Powell told lawmakers on Tuesday during his confirmation hearing that it is time to wind down the central bank's aggressive pandemic-era policies.
Stocks closed higher on Wall Street Tuesday as technology companies rebounded after an early loss.
Take-Two Interactive, maker of "Grand Theft Auto" and "Red Dead Redemption," is buying Zynga, maker of "FarmVille" and "Words With Friends," in a cash-and-stock deal valued at about $12.7 billion.
Stocks ended slightly lower on Wall Street Monday after recouping much of an early slide.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
