When installing this app, the following permissions are mentioned - they are all innocent!:
Reading SMS and Contacts - to find when the last text and call was received - it doesn't read the contents of any texts.
Accessing internet - only to get the weather from Google.
Obtaining your approximate location - GPS is NOT used for this, only the coarse location from cell tower IDs. It doesn't actively get the location - only asks the phone for the last known location - so battery power is not wasted.
Accessing the phone network state - for working out how you are connected to the outside world.
Reading Calendar - this only finds the nearest event in your calendar and reads the title.
Read Phone State - this is required to see whether the internet is working - required by the ad networks.