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.
U.S. stocks had their biggest drop since May as traders worried about potential ripple effects if a debt-laden Chinese real estate company defaults and the likelihood that the Fede will signal a pullback.
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.
The demonstration Wednesday centered on fears Bukele may try for re-election in 2024. Protests also voiced concern about the president's concentration of power and the controversial decision to make the cryptocurrency Bitcoin legal tender.
The Federal Reserve is reviewing the ethics policies that cover the financial holdings of its senior officials in the wake of disclosures that two regional Fed presidents engaged in extensive trading last year.
Stocks closed lower on Wall Street Friday, marking a feeble ending to an up-and-down week of trading.
The number of Americans seeking unemployment benefits moved up last week to 332,000 from a pandemic low, a sign that worsening COVID-19 infections may have slightly increased layoffs.
Stocks couldn’t hold on to a brief afternoon gain and wound up ending mostly lower.
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Amazon said that it is hiring 125,000 positions in warehousing and distribution throughout 18 states, in addition to the 40,000 corporate and tech openings it announced earlier this month.
President Joe Biden has invited CEOs and business leaders to the White House to discuss COVID-19 mandates.
