Warning: reset() expects parameter 1 to be array, null given in /home/designdi/public_html/funs.php on line 77

Warning: Variable passed to each() is not an array or object in /home/designdi/public_html/funs.php on line 77

Warning: reset() expects parameter 1 to be array, null given in /home/designdi/public_html/funs.php on line 78

Warning: Variable passed to each() is not an array or object in /home/designdi/public_html/funs.php on line 78

Warning: reset() expects parameter 1 to be array, null given in /home/designdi/public_html/funs.php on line 79

Warning: Variable passed to each() is not an array or object in /home/designdi/public_html/funs.php on line 79
WebSite, Design and Web Hosting News - Yahoo to buy 10 pct stake in South Korea's Gmarket
Web Design Directory

  w   w   w   .   d   e   s   i   g   n   d   i   r   .   n   e   t
An industry leading web design, hosting and development directory. We bring together the best web designers and their customers. Find the lates website business news and updates.
Search DesingnDIR
Advertising | Submit Site »
   » Home Page / Industry News  
  Find Services Provider       Technology Stories        WebSite Services   
Yahoo to buy 10 pct stake in South Korea's Gmarket

2006-06-07 06:03:00

U.S. Internet firm Yahoo Inc. is buying a 10 percent stake in South Korea's No.2 online retailer Gmarket, giving it a foothold in one of Asia's fastest-growing e-commerce industries.

The deal is Yahoo's latest investment in online retail firms in Asia, and puts it in head-on competition with eBay Inc. in South Korea's $11 billion online retail market, which the U.S. auction giant has long dominated.

Yahoo, the world's largest Internet media company, said in a statement on Wednesday it had agreed to buy the stake from U.S. venture capital firm Oak Investment Partners, the second-largest shareholder in Gmarket with 29 percent.

The announcement came after Gmarket applied for a Nasdaq initial public offering worth up to $100 million early on Wednesday, betting on a revival of consumer spending in South Korea.

"Gmarket is fast catching up with eBay, and it seems to be on track to rise to the top position as early as this year," said Lee Sang-koo, an analyst at Hyundai Securities.

"EBay may see competition from a growing number of rivals hurt its market share, while Gmarket will be able to take advantage of Yahoo's media platform as well as advance its efforts to expand overseas."

Gmarket could not confirm the value of the deal, while Oak and Yahoo were not immediately available for comment.

South Korean Internet portal operator Interpark Corp. owns the biggest shareholding with a 33.74 percent stake in Gmarket, while Interpark chairman Lee Ki-hyung holds 10.27 percent. Interpark is also the third-biggest player in the online retail market.

"We look forward to working with Gmarket to leverage their e-commerce expertise to further expand Yahoo's leading position in commerce in Asia," Yahoo chief operating officer Dan Rosensweig said in a statement.

SOUTH KOREA MARKET CRUCIAL

Despite the recent U.S. advertising and e-commerce alliance between Yahoo and eBay to battle Google Inc., the two U.S. rivals are still locked in a fierce competition in Asia, where sheer population numbers, growing spending power and rising broadband penetration rates promise higher growth.

The alliance announced last week makes Yahoo the sole provider of online banners and other graphic advertising on eBay, in return for promoting eBay's online payment system.

South Korea, which boasts of the world's highest broadband penetration rate, is a crucial market for global players; eBay's South Korea business, Internet Auction, is the firm's fourth-largest market in the world and yields over three-quarters of its Asian revenue.

Deustche Bank forecast in a May report the country's e-commerce market would expand to $20 billion in 2010, growing over 20 percent every year and therefore attracting greater competition in the next few years.

Gmarket, which sells products from computers to T-shirts through its Web site, posted a net profit of 4.3 billion won ($4.56 million) in 2005 on sales of 71.3 billion won after overseeing 1 trillion won worth of trading.

Interpark, the biggest shareholder, estimates Gmarket's net profit will rise to 15 billion won this year.

Apple Share Could Depend On Pirates' Slice Of Pie
A lawyer specializing in international intellectual property issue believes Apple will prevail against efforts to open its music content to devices other than the iPod.
Microsoft sees future in robots
Software giant Microsoft Corp. sees the future and it is robots.
MySpace bolsters defenses, faces sex predator suit
MySpace.com, the top online teen hangout, said on Tuesday it will bolster protection for minors amid a flurry of complaints about sexual predators prowling the site and a lawsuit filed on Monday by a teenage girl charging it with negligent security practices.
Blogs test political limits of Internet in China
A New York Times columnist has created Chinese-language blogs on two of China's most popular Web portals to test the limits of the Internet in China -- but one of them could not be accessed on Wednesday.
IBM develops speedier transistor
IBM has built a transistor that runs about 100 times faster than current chips, a development that could pave the way for ultra-fast computers and wireless networks, the computing giant said on Monday.
Yahoo introduces enhanced online instant messaging
Yahoo fired back at rival Microsoft by unveiling a test version of an enhanced, customizable online instant messaging (IM) service.
AT&T revises privacy policy
AT&T Inc. said on Wednesday it was revising its privacy policy, explaining to customers that it owns their phone records and can hand them over to law enforcers if necessary.
Motorola leads Bluetooth headset market: survey
Global sales of wireless Bluetooth headsets for mobile phones rose 153 percent to 33 million units in 2005, representing a wholesale value of $1 billion, and are expected to grow 70 percent in 2006, according to a survey released on Thursday.
Adobe to be Google's latest Web search distributor
Adobe Systems Inc. said on Wednesday Google Inc. had agreed to pay the multimedia software maker a "significant" amount to distribute the Web search leader's software.
Toshiba says to launch HD DVD recorder in July
Japanese electronics maker Toshiba Corp. said on Thursday it would launch the next-generation, high-definition optical disk recorder based on the HD DVD format on July 14 in Japan.


   
» Web Hosting Interviews
Web Hosting interviews, news and reviews. Compare the Best web hosting providers.
» Daw - Web Hosting Blog
Views and Comments about Hosting Industry. News, Trends, Products and Sevices.
» Your WebSite Here
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371


» Submit your site to Web Design Directory

About Us | Advertising | Privacy | Terms Of Use | Contact Us

© DesignDIR.net 2003 - 2017, part of of Business Address Network. All Rights Reserved!