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