Salamis Equity

With No Vehicles Being Made, UAW Strike Could Cost GM $100 Million a Day

The General Motors workers strike could cost the company up to $100 million a day, say auto analysts.

The strike by approximately 46,000 workers across 30 factories in 10 states began Monday — with wages and benefits are a top concern for the United Auto Workers union. In its 2018 restructuring plan, GM lost 22,000 jobs globally, saving the company about $2 billion, while CEO Mary Berra’s salary was estimated to be about $22 million — over 280 times that of the median GM worker — “irk[ing] those on the line,” said The Guardian.

If the strike carries on, UAW members could end up earning just $250 per week

Esusu Raises $1.6M in Seed Funding for Savings and Rent Reporting Apps

Esusu founders Abbey Wemimo and Samir Goel have announced that they’ve raised $1.6 million in venture capital from Acumen Fund with participation from Sinai Ventures, Kleiner Perkins, Katapult Accelerator, Plug and Play Tech Center, Global Good Fund, Temerity Capital Partners, among other angel investors, to scale, expand market share and focus on product development for their two apps: a savings app and a rent reporting app, both designed to help people save money and build credit.

The savings app, launched in 2018 and available on iOS and the Android store, serves as a group savings model where customers form trusted groups with which to pool their money. “They essentially take turns buying big ticket items from the group pot. It’s got many names across the world, and it’s very common to immigrant cultures,” Goel told TNJ.com in a recent interview.
. . ““When my mom and I emigrated from Nigeria, we didn’t have a credit score. We walked into a big financial institution and were denied a loan because we had no credit data. We went down the street to a pay day loan lender and borrowed money at an interest rate of 400 percent,” he says. “My mother also sold my father’s wedding ring so she could afford my first year of college. Inspired by this experience and the experience of working in the private sector, Samir and i decided to create these products so that what happened to me and my mother doesn’t happen to others.” . . .

Read more via https://tnj.com/esusu-raises-1-6m-in-seed-funding-for-savings-and-rent-reporting-apps/

Source: TNJ