WEBVTT - Mike Virdi & Narinder Chadha on OurBus Transportation (Audio)

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<v Speaker 1>This is taking stock with pin Box and Kathleen Hayes

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<v Speaker 1>on Bloomberg Radio. The average person spends about sixty four

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<v Speaker 1>hours a month, that is three days commuting while can

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<v Speaker 1>you imagine what you could do if you had that

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<v Speaker 1>time back? Well, of course, one of the things you

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<v Speaker 1>probably do is you probably listened to more Bloomberg Radio

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<v Speaker 1>and Katherine Cattery, who's giving us a Bloomberg business flash. Katherine,

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<v Speaker 1>thank you him On the stock market is rallying on

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<v Speaker 1>track two on the month and quarter on a positive note.

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<v Speaker 1>Banks the recovering from a sharp drop as Deutsche Bank

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<v Speaker 1>tries to reassure investors about its financial health. Jonathan Galab

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<v Speaker 1>at RBC Capital Markets on opportunities in the banking sector.

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<v Speaker 1>You know, not all banks are created equal here and

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<v Speaker 1>if you were an investor that needed to put money

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<v Speaker 1>work in the financial sector, there are lots of very

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<v Speaker 1>healthy banks. Unfortunately not very many on the other side

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<v Speaker 1>of the Atlantic. We take the markets every fifteen minute

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<v Speaker 1>sand Bloomberg Radio down industrial leverage currently up one hundred

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<v Speaker 1>ninety nine points. That's a gain of one point one percent.

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<v Speaker 1>It's trading at eighteen thousand, three hundred forty three SMP

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<v Speaker 1>f I funded up twenty two points, a gain of

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<v Speaker 1>one percent, trading at seventy two. Then as Zac is

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<v Speaker 1>hired by fifty two points, a gain of one percent.

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<v Speaker 1>It's trading at fifty three twenty one. West Texas Intermedia

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<v Speaker 1>crude oil of twenty three cents of barrel, a gain

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<v Speaker 1>of half a percent at forty eight oh six. Spout

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<v Speaker 1>golled down seven dollars thirty cents, announced to thirteen eighteen

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<v Speaker 1>seventy Daniel Treasury down ten thirty seconds, with the yield

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<v Speaker 1>of one point five nine percent. Among today's top business stories.

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<v Speaker 1>BMW will roll out the first battery powered model of

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<v Speaker 1>its Urban Mini brand as part of a broader push

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<v Speaker 1>to make electric cars more mainstream and counter ambitious plans

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<v Speaker 1>from rivals. The new Mini is set to hit the

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<v Speaker 1>market in twenty nine and will be followed in twenty

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<v Speaker 1>twenty by a battery powered version of the BMW X

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<v Speaker 1>three sport utility vehicle. Well consumers took a break in

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<v Speaker 1>August after spending at a solid pace the past few months.

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<v Speaker 1>While that's no cause for alarm yet, consumption has been

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<v Speaker 1>going has been doing all the heavy lifting for the economy,

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<v Speaker 1>so it's ups and downs do matter. The Commerce Department

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<v Speaker 1>reported consumer purchases were little changed about after a four

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<v Speaker 1>tenths of a percent increase in July that was revised

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<v Speaker 1>higher after adjusting for inflation. Spending fell for the first

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<v Speaker 1>time since January, while after tax incomes also cooled. Two

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<v Speaker 1>of Wall Street's biggest banks are forecasting sharply divergent paths

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<v Speaker 1>for treasuries in the last three months of Economists at

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<v Speaker 1>Goldman Sachs Group see benchmark ten year yields climbing to

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<v Speaker 1>two percent by the end of the year. In contrast,

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<v Speaker 1>Morgan Stanley as forecasting meals will fall to one end

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<v Speaker 1>a quarter percent. It's two thirty two on Wall Street.

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<v Speaker 1>Time to get an update of some of the other

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<v Speaker 1>stories were following on Bloomberg Radio. Thank you Catherine from

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<v Speaker 1>the Bloomberg News Room. I'm Ramie in essent Cio. Democratic

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<v Speaker 1>presidential nominee Hillary Clinton is on the campaign trail in

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<v Speaker 1>the battleground state of Florida. She addressed a crowd in

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<v Speaker 1>Fort Pierce. Just thirty nine days left in the most

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<v Speaker 1>important election and in our lifetimes, we have to make

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<v Speaker 1>every single day count. We have to get more people

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<v Speaker 1>registered to vote. Republican vice presidential candidate Mike Pence is

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<v Speaker 1>in his home state of Indiana. He praised his running

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<v Speaker 1>mate while speaking to a crowd in Fort Wayne. My

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<v Speaker 1>fellow Hoosiers, I joined this campaign in a heartbeat because

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<v Speaker 1>you have nominated a man for president who never quits,

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<v Speaker 1>who never backs down. He is a fighter, he is

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<v Speaker 1>a winner. Pence and Democratic vice presidential nominee Tim Kine

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<v Speaker 1>are slated to debate on Tuesday at Longwood University in Farmville, Virginia. Meantime,

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<v Speaker 1>former President Bill Clinton was among those saying a final

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<v Speaker 1>goodbye to former Israeli President Schmon Perez today. Clinton talked

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<v Speaker 1>about how vital press was to shaping Israel's history, planks

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<v Speaker 1>to no small measure to his constant, relentless urgent The

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<v Speaker 1>tomorrow's envisions are already being lived here in Israel. Six

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<v Speaker 1>thousand people gathered in Jerusalem for today's funeral, and it's

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<v Speaker 1>the end of an era for one of the city's

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<v Speaker 1>longest running Jewish delicatessen's, and hopefully the beginning of another.

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<v Speaker 1>New York's iconic Carnegie Delhi will close at the end

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<v Speaker 1>of this year. The owners want to license the brand

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<v Speaker 1>and sell the products wholesale. Carnegie Deli has been serving

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<v Speaker 1>world famous sky Hype Roomy sandwiches in Manhattan for nearly

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<v Speaker 1>eighty years. Global News twenty four hours a day, powered

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<v Speaker 1>by more than twenty hundred journalists and analysts in more

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<v Speaker 1>than one hundred twenty countries. I'm Ramy in Essensio. This

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<v Speaker 1>is Bloomberg, Catherine, thank you, and now let's get a

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<v Speaker 1>quick update of the markets down Dustrial averages up one

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<v Speaker 1>points at eighteen thousand, three hundred two. Smp F founded

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<v Speaker 1>up twenty two seventy two, nasked at hier by fifty

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<v Speaker 1>two at fifty three. And that's a Bloomberg business flash.

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<v Speaker 1>This is taking Stock with pim Box and Kathleen Hayes

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<v Speaker 1>on Bloomberg Radio. Bloomberg. Taking Stock is brought to by

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<v Speaker 1>American Arbitration Association. Business disputes are inevitable, resolve faster with

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<v Speaker 1>the American Arbitration Association, the global leader in alternative dispute

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<v Speaker 1>or resolution for over eighty five years. More at a

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<v Speaker 1>d R dot org. This is taking Stock. I'm pim Fox.

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<v Speaker 1>If you ever wanted to change the way that you commute,

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<v Speaker 1>perhaps this company has the answer. Mike Verdy and the

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<v Speaker 1>Render Singh Chattah are co founders of a new technology company.

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<v Speaker 1>It is called our Bus, and they joined me here

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<v Speaker 1>in the studio. Gentlemen, thank you very much for being here.

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<v Speaker 1>All right, So, who's the commuter and who's the coder.

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<v Speaker 1>I'm the commuter. You're the commuter. Tell us your commute story.

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<v Speaker 1>I know everybody has at least one. Go ahead, tell

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<v Speaker 1>us your commute story. I'm where did the lightbulb go

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<v Speaker 1>off in your head that told you you had to

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<v Speaker 1>create an app that basically connects with buses to turn

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<v Speaker 1>them into more personalized transport. Sure, I've been commuting to

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<v Speaker 1>New York City for a good twenty years now, from

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<v Speaker 1>all different parts of New Jersey to all different parts

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<v Speaker 1>of New York City, and my community has only gotten

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<v Speaker 1>worse over the years. Um, the average commuter, like myself,

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<v Speaker 1>we get in our car every morning before our families

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<v Speaker 1>wake up. We got we drive to a bus stop

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<v Speaker 1>or train stop, We pay for parking, We get into

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<v Speaker 1>a bus of training, we pay for that stops ten

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<v Speaker 1>or fifteen ways, and then we get into New York

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<v Speaker 1>City and then we make our way out of Penn

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<v Speaker 1>station or port authority Um, and we get into New

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<v Speaker 1>York City and then we take a subway or a cab,

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<v Speaker 1>or we walk a mile to get to our jobs.

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<v Speaker 1>So it's multiple transfers. It's exhausting, it's stressful. God forbid,

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<v Speaker 1>there's delays in any one of those transfers, and then

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<v Speaker 1>you know, it's just not a good day at work.

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<v Speaker 1>Um And I would have probably continued doing it like

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<v Speaker 1>most people have. But what UH prompted me to do

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<v Speaker 1>all of this was watching my mom do it for

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<v Speaker 1>even longer than I've been doing it. And it's harder

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<v Speaker 1>for her to do it now because she walks with

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<v Speaker 1>a king coming up and down the stairs, getting out

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<v Speaker 1>of stations, getting into cabs. All right, So we got

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<v Speaker 1>no I got we got the need, But when did

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<v Speaker 1>and then what you called? You knew that Noranda knew

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<v Speaker 1>how to do something when there's a logistic expert, he's

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<v Speaker 1>been in the business for thirty years, and I knew,

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<v Speaker 1>if if there's any way to solve this problem, this

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<v Speaker 1>is the guy. I gotta go talk to you, all right,

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<v Speaker 1>So let's find out where the how to just solve

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<v Speaker 1>this problem what we're trying to do. But we wanted

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<v Speaker 1>to accomplish. What I wanted to accomplish was that the

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<v Speaker 1>timing right now is absolutely correct for people to create

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<v Speaker 1>a group from where they live and where they work.

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<v Speaker 1>Times right now say that people have everybody has a smartphone.

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<v Speaker 1>So the bub got off that you know what, what's

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<v Speaker 1>so difficult about people sharing their time they commute? So

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<v Speaker 1>we tried to find local people with my clives, how

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<v Speaker 1>many people are going to New York City at the

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<v Speaker 1>same time. We didn't have technology at that time, but

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<v Speaker 1>we wanted to test a proof. That's the whole situation

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<v Speaker 1>that We went to the bus stops and started asking people,

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<v Speaker 1>what time do you guys go to work? What time

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<v Speaker 1>do you guys want to go? Why you have to

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<v Speaker 1>stop at fifteen stops? Change buses? Do all this? What

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<v Speaker 1>if I take you into Manhattan directly? And people started

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<v Speaker 1>giving their information, so the bulb actually brightened up them that,

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<v Speaker 1>oh my god, that means people are willing to use

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<v Speaker 1>this service. So we started with the one bus starting

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<v Speaker 1>from Kendall Park, New Jersey. People started getting on the bus.

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<v Speaker 1>We started on sixt of May. We thought it would

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<v Speaker 1>take us about three to four months to fill up

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<v Speaker 1>the bus. By fifth week, we were at capacity. Every

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<v Speaker 1>trip the bus was saving at least forty minutes thirty

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<v Speaker 1>five minutes one way on the way back. Also, people

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<v Speaker 1>are saving at least thirty thirty five minutes. There are

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<v Speaker 1>no stops. Bus starts from Kendall Park. We make one

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<v Speaker 1>more stop at a residential community and bus goes directly

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<v Speaker 1>into Manhattan. They stopped at a couple of locations in Manhattan.

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<v Speaker 1>Asked for its dynamic as for people whose owns where

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<v Speaker 1>people want to go, they can go in the app

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<v Speaker 1>and say where they want to stop, but stops at

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<v Speaker 1>a commonplace. It's a community travel community travels together. Everybody

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<v Speaker 1>saves time, you save money. Buses we get from charter companies.

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<v Speaker 1>Well that's where I was gonna come next, because you

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<v Speaker 1>guys do not own the buses, not the stand springing.

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<v Speaker 1>You're bringing business to a bus charter companies. We started

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<v Speaker 1>out trying to find a solution for commuters, how to

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<v Speaker 1>save them time and money and and provide a better lifestyle,

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<v Speaker 1>better commute for them. But we ended up doing that

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<v Speaker 1>and creating dedicated, profitable routes for bus companies who are

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<v Speaker 1>busy on the weekends but on the weekdays not so much.

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<v Speaker 1>And have you you make money by taking a little

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<v Speaker 1>piece of that or absolutely absolutely so the c for

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<v Speaker 1>the customer, it is ostensively obviously, the app is free

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<v Speaker 1>right absolutely, and in fact the customer pays less because

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<v Speaker 1>we've done our homework. We've done our research, and we

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<v Speaker 1>found that if each bus does two trips in a day,

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<v Speaker 1>we can keep the cost down for the commuters. We

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<v Speaker 1>don't have to keep doing price hikes. We can provide

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<v Speaker 1>profitable routes for bus companies who have good equipment, new

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<v Speaker 1>equipment with Wi Fi charging stations. Right now, I noticed

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<v Speaker 1>that that this is kind of like a hurdle that

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<v Speaker 1>they all would have to get over. You're not just

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<v Speaker 1>going to I'm not just gonna give it to any Yeah,

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<v Speaker 1>so um, if you have and now we've signed up

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<v Speaker 1>vendors that are willing to findance brand new buses for

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<v Speaker 1>us if we give them get dedicated routes because that's

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<v Speaker 1>guaranteedn't come from them Monday to Friday, and they make

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<v Speaker 1>their on the weekend during private charter events. And you

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<v Speaker 1>can vet these people obviously because you're gonna know all

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<v Speaker 1>the whole complaints has done true. They have their duty,

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<v Speaker 1>they have their mc information to everything has to be very,

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<v Speaker 1>very complained. Everybody in technology you only got about you know,

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<v Speaker 1>ten seconds. They all love scale. You think this can

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<v Speaker 1>scale to other big cities, other urban areas where you

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<v Speaker 1>need this. We we've already gotten about thirty seven routes

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<v Speaker 1>ready to go, researched and planned and ready. We have

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<v Speaker 1>people emailing us every day, hundreds of people asking us

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<v Speaker 1>the cards. Sorry, so how do people how do people

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<v Speaker 1>connect with your go ahead? Oh you are bus dot com.

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<v Speaker 1>They can sign up and again, oh you are bus

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<v Speaker 1>dot com. Howard bus dot com our bus dot com.

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<v Speaker 1>All right, well you can ask them all the questions

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<v Speaker 1>and maybe get a better commute. I want to thank

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<v Speaker 1>you gentlemen for coming in. Mike Verdy and the render

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<v Speaker 1>same chata. They are the co founders of our bus technology,

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<v Speaker 1>trying to make your transport even easier. Thank This is

0:10:55.559 --> 0:11:01.559
<v Speaker 1>taking Stock. I'm pim Fox. This is Bloomberg whom we're

0:11:01.559 --> 0:11:03.720
<v Speaker 1>taking stock is brought to by T two Computing, a

0:11:03.760 --> 0:11:07.680
<v Speaker 1>new kind of I solutions company for workflow, mobility and infrastructure.

0:11:07.880 --> 0:11:09.960
<v Speaker 1>Let them explain how their expertise can help you gain

0:11:10.040 --> 0:11:12.800
<v Speaker 1>greater business value. Visit T to computing dot com for

0:11:12.880 --> 0:11:13.599
<v Speaker 1>more information,