Google tests carpooling app in Israel with Waze traffic service

Google wants to simplify the process of carpooling with a new application for its Waze traffic service. 

PHOTO: REUTERS

JUL 7, 20157:28 AM

[SAN FRANCISCO] Google wants to simplify the process of carpooling with a new application for its Waze traffic service.

The company is testing a new feature in the heavily congested region around Tel Aviv, called RideWith, that helps connect drivers and potential riders during rush hour, according to a blog post on Waze, which Google acquired for about US$1 billion in 2013. The new carpooling app is available in the Google Play Store for users of its Android operating system.

While the feature helps bring users to drivers, restrictions have been set up that make it different from popular ride-sharing services such as those from Uber Technologies and Lyft. That includes limiting the number of rides to two a day and reimbursing drivers only for the cost of gas and the wear and tear on vehicles.

Earlier this year, Bloomberg reported that Google is preparing to offer its own ride-hailing service, most likely in conjunction with its driverless car project. Google Ventures, the search giant's venture capital arm, invested US$258 million in Uber in August 2013.

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Google is pushing out new services to attract more users as it competes for attention from startups and rivals such as Apple Inc. and Facebook Inc. Waze has been integrated into Google's mapping feature to help alert users when there may be a traffic problem on their routes.

"With deep local traffic insight and a large, passionate community, Waze has developed RideWith to serve Israeli commuters at their greatest time of need: rush hour," Waze said in the blog.

"We hope to learn a lot from this pilot and will let you know how it goes."

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US oil prices sink nearly 8% on Greece, China worries

US oil prices sank nearly eight per cent on Monday on worries about slowing global growth after Greek voters rejected a bailout offer and China moved to calm financial market turbulence. 

PHOTO: BLOOMBERG

JUL 7, 20157:03 AM

[NEW YORK] US oil prices sank nearly eight per cent on Monday on worries about slowing global growth after Greek voters rejected a bailout offer and China moved to calm financial market turbulence.

US benchmark West Texas Intermediate for delivery in August fell US$4.43, closing at US$52.53 a barrel on the New York Mercantile Exchange.

"With the crisis in Greece, with the Chinese market unstable, the demand we once saw for global oil is eroding quickly," said Carl Larry, a consultant for Frost & Sullivan in Houston.

Analysts cited fears about Europe after Greece voted decisively against further austerity measures imposed by creditors, throwing its position in the currency bloc into doubt.

The Greece crisis has also boosted the dollar, raising the cost of crude for those using other currencies.

Volatility in China's equities markets spurred Beijing to step into support them, but served to underscore weaknesses in the Chinese economy that could impact energy consumption there.

Bart Melek, head of commodity strategy at TD Securities, said on top of the doubts about petroleum demand, "we have huge supply issues" with OPEC pumping "hugely" above quota.

AFP