Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
A tour bus carrying Chinese-speaking tourists crashed near a national park in southern Utah, killing at least four people and critically injuring up to 15 others, authorities...U.S. Newsread more
You're using the mapping app Waze to avoid traffic on your way to work when, at a stoplight, an ad for a tea shop pops up on screen, beckoning you with a 20 percent off deal.
That's the kind of scenario that Waze exec Matt Phillips says users will experience through the company's new Local ads, which launch publicly on Wednesday. Phillips likens the ads to a new type of digital billboard that will allow small and medium-size businesses to raise awareness and draw people inside.
Kung Fu Tea, which participated in Waze's pilot program, said that in three months, more than 5,500 drivers navigated to one of its 16 locations through its ads.
Google bought Waze for roughly $1 billion in 2013, and has offered advertisements to big brands like Dunkin' Donuts for several years, but the minimum price for those products is a whopping $850 per day. The new ones will cost as little as $2 per day.
"Our target market is truly local businesses — any business that has a store sign in front," Phillips said. "We've tested with restaurants and hardware stores, shoppings malls and movie theaters."
Phillips says that in the year of Local ads beta testing, Waze hasn't had reports of annoyed users. It serves only ads based on proximity to a businesses versus on a users' past location history.
The three types of Local ads are "takeover ads" which will appear on the top third of a user's screen when they are stopped for at least three seconds, branded pins, which will show up along a user's route, and promoted search ads, which will appear when a user is searching for something through the app.
Advertisers will be charged on a cost-per-thousand impressions basis.
Phillips said that although Waze shares accident and traffic information with Google Maps, his team is completely separate from Google's Maps ads team.
Google Maps launched its own "promoted pins" in 2016, but, anecdotally, they haven't had much traction. Morgan Stanley analyst Brian Nowak has called Maps the "most under-monetized" asset he covers.
Compared with Maps, Waze's user base is tiny: It currently has 100 million monthly active users versus the more than 1 billion that Maps hit in 2014.