Speaker 1: This is taking stock with pin Box and Kathleen Hayes
Speaker 1: on Bloomberg Radio. The average person spends about sixty four
Speaker 1: hours a month, that is three days commuting while can
Speaker 1: you imagine what you could do if you had that
Speaker 1: time back? Well, of course, one of the things you
Speaker 1: probably do is you probably listened to more Bloomberg Radio
Speaker 1: and Katherine Cattery, who's giving us a Bloomberg business flash. Katherine,
Speaker 1: thank you him On the stock market is rallying on
Speaker 1: track two on the month and quarter on a positive note.
Speaker 1: Banks the recovering from a sharp drop as Deutsche Bank
Speaker 1: tries to reassure investors about its financial health. Jonathan Galab
Speaker 1: at RBC Capital Markets on opportunities in the banking sector.
Speaker 1: You know, not all banks are created equal here and
Speaker 1: if you were an investor that needed to put money
Speaker 1: work in the financial sector, there are lots of very
Speaker 1: healthy banks. Unfortunately not very many on the other side
Speaker 1: of the Atlantic. We take the markets every fifteen minute
Speaker 1: sand Bloomberg Radio down industrial leverage currently up one hundred
Speaker 1: ninety nine points. That's a gain of one point one percent.
Speaker 1: It's trading at eighteen thousand, three hundred forty three SMP
Speaker 1: f I funded up twenty two points, a gain of
Speaker 1: one percent, trading at seventy two. Then as Zac is
Speaker 1: hired by fifty two points, a gain of one percent.
Speaker 1: It's trading at fifty three twenty one. West Texas Intermedia
Speaker 1: crude oil of twenty three cents of barrel, a gain
Speaker 1: of half a percent at forty eight oh six. Spout
Speaker 1: golled down seven dollars thirty cents, announced to thirteen eighteen
Speaker 1: seventy Daniel Treasury down ten thirty seconds, with the yield
Speaker 1: of one point five nine percent. Among today's top business stories.
Speaker 1: BMW will roll out the first battery powered model of
Speaker 1: its Urban Mini brand as part of a broader push
Speaker 1: to make electric cars more mainstream and counter ambitious plans
Speaker 1: from rivals. The new Mini is set to hit the
Speaker 1: market in twenty nine and will be followed in twenty
Speaker 1: twenty by a battery powered version of the BMW X
Speaker 1: three sport utility vehicle. Well consumers took a break in
Speaker 1: August after spending at a solid pace the past few months.
Speaker 1: While that's no cause for alarm yet, consumption has been
Speaker 1: going has been doing all the heavy lifting for the economy,
Speaker 1: so it's ups and downs do matter. The Commerce Department
Speaker 1: reported consumer purchases were little changed about after a four
Speaker 1: tenths of a percent increase in July that was revised
Speaker 1: higher after adjusting for inflation. Spending fell for the first
Speaker 1: time since January, while after tax incomes also cooled. Two
Speaker 1: of Wall Street's biggest banks are forecasting sharply divergent paths
Speaker 1: for treasuries in the last three months of Economists at
Speaker 1: Goldman Sachs Group see benchmark ten year yields climbing to
Speaker 1: two percent by the end of the year. In contrast,
Speaker 1: Morgan Stanley as forecasting meals will fall to one end
Speaker 1: a quarter percent. It's two thirty two on Wall Street.
Speaker 1: Time to get an update of some of the other
Speaker 1: stories were following on Bloomberg Radio. Thank you Catherine from
Speaker 1: the Bloomberg News Room. I'm Ramie in essent Cio. Democratic
Speaker 1: presidential nominee Hillary Clinton is on the campaign trail in
Speaker 1: the battleground state of Florida. She addressed a crowd in
Speaker 1: Fort Pierce. Just thirty nine days left in the most
Speaker 1: important election and in our lifetimes, we have to make
Speaker 1: every single day count. We have to get more people
Speaker 1: registered to vote. Republican vice presidential candidate Mike Pence is
Speaker 1: in his home state of Indiana. He praised his running
Speaker 1: mate while speaking to a crowd in Fort Wayne. My
Speaker 1: fellow Hoosiers, I joined this campaign in a heartbeat because
Speaker 1: you have nominated a man for president who never quits,
Speaker 1: who never backs down. He is a fighter, he is
Speaker 1: a winner. Pence and Democratic vice presidential nominee Tim Kine
Speaker 1: are slated to debate on Tuesday at Longwood University in Farmville, Virginia. Meantime,
Speaker 1: former President Bill Clinton was among those saying a final
Speaker 1: goodbye to former Israeli President Schmon Perez today. Clinton talked
Speaker 1: about how vital press was to shaping Israel's history, planks
Speaker 1: to no small measure to his constant, relentless urgent The
Speaker 1: tomorrow's envisions are already being lived here in Israel. Six
Speaker 1: thousand people gathered in Jerusalem for today's funeral, and it's
Speaker 1: the end of an era for one of the city's
Speaker 1: longest running Jewish delicatessen's, and hopefully the beginning of another.
Speaker 1: New York's iconic Carnegie Delhi will close at the end
Speaker 1: of this year. The owners want to license the brand
Speaker 1: and sell the products wholesale. Carnegie Deli has been serving
Speaker 1: world famous sky Hype Roomy sandwiches in Manhattan for nearly
Speaker 1: eighty years. Global News twenty four hours a day, powered
Speaker 1: by more than twenty hundred journalists and analysts in more
Speaker 1: than one hundred twenty countries. I'm Ramy in Essensio. This
Speaker 1: is Bloomberg, Catherine, thank you, and now let's get a
Speaker 1: quick update of the markets down Dustrial averages up one
Speaker 1: points at eighteen thousand, three hundred two. Smp F founded
Speaker 1: up twenty two seventy two, nasked at hier by fifty
Speaker 1: two at fifty three. And that's a Bloomberg business flash.
Speaker 1: This is taking Stock with pim Box and Kathleen Hayes
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Speaker 1: If you ever wanted to change the way that you commute,
Speaker 1: perhaps this company has the answer. Mike Verdy and the
Speaker 1: Render Singh Chattah are co founders of a new technology company.
Speaker 1: It is called our Bus, and they joined me here
Speaker 1: in the studio. Gentlemen, thank you very much for being here.
Speaker 1: All right, So, who's the commuter and who's the coder.
Speaker 1: I'm the commuter. You're the commuter. Tell us your commute story.
Speaker 1: I know everybody has at least one. Go ahead, tell
Speaker 1: us your commute story. I'm where did the lightbulb go
Speaker 1: off in your head that told you you had to
Speaker 1: create an app that basically connects with buses to turn
Speaker 1: them into more personalized transport. Sure, I've been commuting to
Speaker 1: New York City for a good twenty years now, from
Speaker 1: all different parts of New Jersey to all different parts
Speaker 1: of New York City, and my community has only gotten
Speaker 1: worse over the years. Um, the average commuter, like myself,
Speaker 1: we get in our car every morning before our families
Speaker 1: wake up. We got we drive to a bus stop
Speaker 1: or train stop, We pay for parking, We get into
Speaker 1: a bus of training, we pay for that stops ten
Speaker 1: or fifteen ways, and then we get into New York
Speaker 1: City and then we make our way out of Penn
Speaker 1: station or port authority Um, and we get into New
Speaker 1: York City and then we take a subway or a cab,
Speaker 1: or we walk a mile to get to our jobs.
Speaker 1: So it's multiple transfers. It's exhausting, it's stressful. God forbid,
Speaker 1: there's delays in any one of those transfers, and then
Speaker 1: you know, it's just not a good day at work.
Speaker 1: Um And I would have probably continued doing it like
Speaker 1: most people have. But what UH prompted me to do
Speaker 1: all of this was watching my mom do it for
Speaker 1: even longer than I've been doing it. And it's harder
Speaker 1: for her to do it now because she walks with
Speaker 1: a king coming up and down the stairs, getting out
Speaker 1: of stations, getting into cabs. All right, So we got
Speaker 1: no I got we got the need, But when did
Speaker 1: and then what you called? You knew that Noranda knew
Speaker 1: how to do something when there's a logistic expert, he's
Speaker 1: been in the business for thirty years, and I knew,
Speaker 1: if if there's any way to solve this problem, this
Speaker 1: is the guy. I gotta go talk to you, all right,
Speaker 1: So let's find out where the how to just solve
Speaker 1: this problem what we're trying to do. But we wanted
Speaker 1: to accomplish. What I wanted to accomplish was that the
Speaker 1: timing right now is absolutely correct for people to create
Speaker 1: a group from where they live and where they work.
Speaker 1: Times right now say that people have everybody has a smartphone.
Speaker 1: So the bub got off that you know what, what's
Speaker 1: so difficult about people sharing their time they commute? So
Speaker 1: we tried to find local people with my clives, how
Speaker 1: many people are going to New York City at the
Speaker 1: same time. We didn't have technology at that time, but
Speaker 1: we wanted to test a proof. That's the whole situation
Speaker 1: that We went to the bus stops and started asking people,
Speaker 1: what time do you guys go to work? What time
Speaker 1: do you guys want to go? Why you have to
Speaker 1: stop at fifteen stops? Change buses? Do all this? What
Speaker 1: if I take you into Manhattan directly? And people started
Speaker 1: giving their information, so the bulb actually brightened up them that,
Speaker 1: oh my god, that means people are willing to use
Speaker 1: this service. So we started with the one bus starting
Speaker 1: from Kendall Park, New Jersey. People started getting on the bus.
Speaker 1: We started on sixt of May. We thought it would
Speaker 1: take us about three to four months to fill up
Speaker 1: the bus. By fifth week, we were at capacity. Every
Speaker 1: trip the bus was saving at least forty minutes thirty
Speaker 1: five minutes one way on the way back. Also, people
Speaker 1: are saving at least thirty thirty five minutes. There are
Speaker 1: no stops. Bus starts from Kendall Park. We make one
Speaker 1: more stop at a residential community and bus goes directly
Speaker 1: into Manhattan. They stopped at a couple of locations in Manhattan.
Speaker 1: Asked for its dynamic as for people whose owns where
Speaker 1: people want to go, they can go in the app
Speaker 1: and say where they want to stop, but stops at
Speaker 1: a commonplace. It's a community travel community travels together. Everybody
Speaker 1: saves time, you save money. Buses we get from charter companies.
Speaker 1: Well that's where I was gonna come next, because you
Speaker 1: guys do not own the buses, not the stand springing.
Speaker 1: You're bringing business to a bus charter companies. We started
Speaker 1: out trying to find a solution for commuters, how to
Speaker 1: save them time and money and and provide a better lifestyle,
Speaker 1: better commute for them. But we ended up doing that
Speaker 1: and creating dedicated, profitable routes for bus companies who are
Speaker 1: busy on the weekends but on the weekdays not so much.
Speaker 1: And have you you make money by taking a little
Speaker 1: piece of that or absolutely absolutely so the c for
Speaker 1: the customer, it is ostensively obviously, the app is free
Speaker 1: right absolutely, and in fact the customer pays less because
Speaker 1: we've done our homework. We've done our research, and we
Speaker 1: found that if each bus does two trips in a day,
Speaker 1: we can keep the cost down for the commuters. We
Speaker 1: don't have to keep doing price hikes. We can provide
Speaker 1: profitable routes for bus companies who have good equipment, new
Speaker 1: equipment with Wi Fi charging stations. Right now, I noticed
Speaker 1: that that this is kind of like a hurdle that
Speaker 1: they all would have to get over. You're not just
Speaker 1: going to I'm not just gonna give it to any Yeah,
Speaker 1: so um, if you have and now we've signed up
Speaker 1: vendors that are willing to findance brand new buses for
Speaker 1: us if we give them get dedicated routes because that's
Speaker 1: guaranteedn't come from them Monday to Friday, and they make
Speaker 1: their on the weekend during private charter events. And you
Speaker 1: can vet these people obviously because you're gonna know all
Speaker 1: the whole complaints has done true. They have their duty,
Speaker 1: they have their mc information to everything has to be very,
Speaker 1: very complained. Everybody in technology you only got about you know,
Speaker 1: ten seconds. They all love scale. You think this can
Speaker 1: scale to other big cities, other urban areas where you
Speaker 1: need this. We we've already gotten about thirty seven routes
Speaker 1: ready to go, researched and planned and ready. We have
Speaker 1: people emailing us every day, hundreds of people asking us
Speaker 1: the cards. Sorry, so how do people how do people
Speaker 1: connect with your go ahead? Oh you are bus dot com.
Speaker 1: They can sign up and again, oh you are bus
Speaker 1: dot com. Howard bus dot com our bus dot com.
Speaker 1: All right, well you can ask them all the questions
Speaker 1: and maybe get a better commute. I want to thank
Speaker 1: you gentlemen for coming in. Mike Verdy and the render
Speaker 1: same chata. They are the co founders of our bus technology,
Speaker 1: trying to make your transport even easier. Thank This is
Speaker 1: taking Stock. I'm pim Fox. This is Bloomberg whom we're
Speaker 1: taking stock is brought to by T two Computing, a
Speaker 1: new kind of I solutions company for workflow, mobility and infrastructure.
Speaker 1: Let them explain how their expertise can help you gain
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