web analytics
July 22, 2014 / 24 Tammuz, 5774
Israel at War: Operation Protective Edge
 
 
At a Glance
News & Views
Sponsored Post
IDC Advocacy Room IDC Fights War on Another Front

Student Union opens ‘hasbara’ room in effort to fill public diplomacy vacuum.



Google to Buy Waze for $1.3 Billion

Google out-navigates Facebook. Google will pay $1.3 billion for Waze. Coming on top of $2 billion purchase of Iscar, and rumors of SodaStream next in line, Big Business is far from boycotting Israel.
Waze logo - soon to be part of Google's Internet empire

Waze logo - soon to be part of Google's Internet empire

Google will fork out $1.3 billion to buy the Israeli-based Waze social-friendly navigation app, the Hebrew-language Globes business newspaper reported Sunday. Waze’s staff reportedly will remain in Raanana.

Facebook reportedly was in front of the lineup to buy Waze, but Waze rejected the condition that its staff be transferred to the United States. Waze may also have been holding out for more money, and Google came up with the right price.

Apple had been rumored to be a potential bidder, but Apple CEO Tim Cook denied those reports.

Waze has soared in popularity, with more than 50 million users around the world, and that number is growing every day.

Google has shown that it loves Israel. In 2010, it bought up website gadget developer LabPixies for $25 million and interactive video-clip developer QuikSee for $10 million, and has set up a Google office here. Facebook, on the other hand, has closed down the Israeli operations of most of the companies it bought up.

The Waze app allows drivers using smartphone and tablet to share information on driving times and traffic situations, as well as the location of police radar traps, accidents and hazardous conditions. Based on user-shared information, it helps users find the fastest path to their destination taking into account traffic conditions and preferred routes.

The $1.3 billion price tag is more than 40 times the $30 million of financing Waze received less than year ago, three years after it was founded.  Waze’s founders will be instant multi-millionaires thanks to the Google purchase, which has not been officially confirmed.

But no one has denied the purchase eitehr. Waze told Globes “no comment,” and Google said, “We don’t relate to rumors and speculation.”

The influx of another $1.3 billion into Israel is great news for the Finance Ministry and for anyone purchasing items whose prices are based on the dollar. It is terrible news for exporters and for Israelis whose salaries come from the United States.

The influx of dollars will put downward pressure on the shekel-dollar rate, which dropped last week to 3.61 shekels to the dollar.

Last month. Warren Buffet paid out $2 billion to buy the remaining shares of the Iscar precision tool maker, and PepsiCo and Coca Cola are now rumored to be offering approximately $2 billion for the Israeli SodaStream manufacturer of machines that convert tap water into soda, and which had become an international hit.

The influx of those big bucks, along with the prospects of Israel’s exporting gas and bringing in more foreign currency, has strengthened the shekel. It also is a major headache for corporations and wage earners whose profits and salaries are in dollars and then converted to shekels.

Bank of Israel Governor Stanley Fischer has tried to battle the drop in the shekel-dollar rate by cutting the interest rate by a quarter of a percent, twice in two weeks, and announcing a $2 billion buying binge of dollars. So far, the “Fischer effect” has been negligible and the rate has continued to drop.

Following the report of the Google purchase of Waze, the exchange rate may drop again Monday when currency trading resumes, unless Fischer buys more dollars – lots of them.

About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

Please use the Facebook Tab below to leave your comment:

One Response to “Google to Buy Waze for $1.3 Billion”

  1. Jean Perles says:

    bravo israel, thanks…………

Comments are closed.

SocialTwist Tell-a-Friend

Loading Facebook Comments ...
Loading Disqus Comments ...
Current Top Story
Military funeral in Israel
IDF Names Missing Soldier As Sgt. Oron Shaul
Latest News Stories

UN Secretary General Ban Ki Moon said Tuesday that he respects the legitimacy of Israel’s right to defend itself, but also called on Israel to limit its reaction to ongoing Hamas rocket fire at Israeli civilians. According to a report on the Hebrew-language Ynet website, Mr Ban also said his organization rejected the terror gang’s […]

Left-wing Justice Minister Tzipi Livni said Tuesday that no ceasefire is imminent between Israel and Hamas, and added that the current military operation in the Gaza Strip was “unavoidable.” Speaking to Army Radio, Livni said there is no substance to Palestinian reports earlier in the day that Israel and the terrorists were considering an additional […]

Six IDF soldiers wounded in Gaza have showed significant improvement at Soroka Hospital in Beer Sheva, Israel Radio reported. Three soldiers have been downgraded from “serious” condition to “moderate,” and three additional soldiers are now listed as “lightly injured.” One hundred fourteen soldiers are currently hospitalised as the result of the fighting.

Israeli docs operate on patients. Not quite the same 'operations' at Gaza hospital

Leading US paper interviews Hamas leader, shocked to ‘discover’ interview takes place in civilian hospital.

PM meets wounded soldiers at Ashkelon hospital, tells foreign diplomats they have moral obligation to support Israel.

As of this writing, Code Red rocket alerts were sounded in the following locations Tuesday: 6:59 pm Yad Mordechai, Netiv Ha’Asara 6:37 pm Zikkim, Karmiya, Netiv Ha’Asara, Yad Mordechai 5:48 pm  Hatzerim 5:26 pm Be’er Sheva, Ashkelon 5:25 pm Ofakim, Merhavim, Maslul 4:47 pm  Kfar Aza, Sha’ar HaNegev Regional Council 4:42 pm  Nahal Oz, Kfar Maimon, […]

Ashkelon Mayor Itamar Shimoni said Tuesday that the funeral of Jordan Ben-Simon, a lone IDF soldier killed in Gaza yesterday, would be limited to 300 attendees due to the threat of rocket attacks.  Following the outpouring of support for lone soldiers yesterday, when more than 20,000 people created a mass funeral for lone soldier Sean Carmeli, […]

Teenage member of MK Zoabi’s clan making name for self as pre-eminent Arab supporter of Israel.

Army finally forced to admit soldier is missing; efforts continue to identify seventh body from Sunday night attack.

Israel activists take the streets of New York on Sunday. For some reason, no rocks or Molotov cocktails were thrown at police.

Israel needs an ally in talks over a premature cease fire with Hamas terrorists intent on wiping out the Jewish State.

IDF soldier Shiloh Hadad is the lone survivor of the Golani 13, fierce Israeli warriors who saved two kibbutzim from a massacre on Monday.

One soldier’s body is MIA, as IDF names remaining Golani soldiers killed in Shejaiya

The IDF is determined to destroy as many tunnels as possible, eliminating this imminent threat to the citizens of Israel. 23 terror tunnels have been uncovered by IDF forces since July 17th.

IDF operations move forward as more tunnels and rockets are found and destroyed…

More Articles from Tzvi Ben-Gedalyahu
A wounded Israeli soldier is carried into Soroka hospital Beersheba after being evacuated from Gaza.

The bigger the lie the more it is believed – until it one day is exposed.

Knesset Speak Yuli Edelstein has rejected the idea of postponing the inauguration of Reuven Rivlin as President of Israel on Thursday but is scaling back the ceremonies due to the war. Rivlin will replace Shimon Peres, whose seven-year term was highlighted by his constant claim that Israel has a peace partner in the Palestinian Authority. […]

Hamas has orchestrated lies and half-truths to lead foreign media into the trap of believing that Israel is carrying out a massacre in the Shejaiya “refugee camp” in Gaza, while Israel’s hands are tied because of information that cannot be revealed due to military censorship. The terrorist regime has claimed that clashes in a refugee camp are […]

Netanyahu has decided that the lives of Israeli are more important than looking good for Obama, U.N. and the NY Times.

Hamas has chosen to be humiliated by an IDF ground incursion instead of a ceasefire.

If this is what Hamas does during a “humanitarian ceasefire,” what is in store with a non-humanitarian ceasefire?

Theater of war becomes theater of absurd: Hamas offers 10-year truce; Abbas offers to patrol smuggling corridor.

Hamas has becomes its own best enemy. “We aren’t leading our people today to destruction. We are leading them to death.”

    Latest Poll

    Israel's Iron Dome Anti-Missile System:





    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/news/google-to-buy-waze-for-1-3-billion/2013/06/09/

Scan this QR code to visit this page online: