EBay To Take Over Korean Affiliate
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EBay, the world&#39;s largest Internet auction house, is making a purchase of its own, increasing its stake in South Korean affiliate Internet Auction.
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EBay Inc., the world&#39;s largest online marketplace, said Thursday it was buying Marktplaats.nl, a Dutch classified advertising Web site, for about $290 million in cash.
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EBay Inc. on Tuesday confirmed it is forming a joint venture with Chinese partner Tom Online as the U.S. Web auction giant switches strategies for tapping the promising China market where it has so far struggled.
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eBay Inc. EBAY.O offered about $530  million to buy the remainder of South Korean affiliate Internet  Auction Co. Ltd. as it pushes deeper into Asia, saying key  shareholders had accepted a 79 percent increase to an earlier  offer.
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EBay announced that it will hand over control of its main website in China to Beijing-based TOM Online in the hope a local offering will prosper where the US firm floundered.
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EBay Inc. will close its primary China website and form a partnership with Beijing-based Tom Online Inc. to boost traffic in the world's second-biggest Internet market, a person familiar with the situation said yesterday.
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The owner of South Koreaâs largest builder and second-biggest airline bid for control of the Korea Express Company to add cargo delivery and warehousing services.
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EBay Inc. is expected to announce plans Tuesday to open a new Chinese Web site as part of a joint-venture with a Beijing-based Internet company, signaling a strategic shift in the online auction company's Chinese operations.
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(InfoWorld) - A massive computing grid helps eBayÂ make changes to its auction Web site on the fly while maintaining a 99.94 percent up time, said Paul Strong, a distinguished research scientist there. While eBay designed most of its grid infrastructure, the company also wants to participate in standards-setting communities to bring more improvements to computer grid technology, Strong said Tuesday during the GridWorld conference in Washington, D.C. EBay's core business is hosting Web-based auctions, not in creating new grid technologies, he said. "We don't see ourselves as an IT development shop for development tools," he said. By working together on grid standards, participants can help "transitions be less painful," he added. On Monday, the Open Grid Forum standards body officially opened for business, delivering on its commitment made in June to detail its goals during GridWorld. EBay has made great strides in its back-end technology since the late '90s, but the company still wants more improvements, including the ability to change the site's code nearly instantaneously, Strong said. Right now, the company, with more than 15,000 servers in its production environment, distributes new application code to its Web site every two weeks, he said. EBay developers write about 100,000 lines of code each week, and using a traditional grid made up of about 350 Windows, Linux and Solaris computers, the site takes about 20 minutes to update with the new features, Strong said. With 104 million items listed for auction on eBay every day, the company needs to keep the site running while those changes are happening, he added. "We can't afford to take the site down," he said. "It's like changing the engines on a jumbo jet mid-flight." About $1,608 worth of merchandise sells on eBay every second, and a vehicle sells every two minutes on average, Strong said. A trading card sells every six seconds, and a pound of the Korean food kimchi sells every minute. The site has seen huge growth since the late '90s, he noted. Ebay.com has gone from 54 million page views a day in June 1999 to 874 million in December 2005, Strong said. The site sent out 35 million e-mail messages a day in December, compared to 1 million a day in June '99. And the site's up time went from about 97 percent to 99.94 percent in that time period. Still, the company would like more grid functionality, Strong said. EBay would like to get closer to that mythical 99.999 percent up time, he said. "We break almost anything we use," he said. "We're pretty much at the extreme limit of what you can do with off-the-shelf technology." And eBay doesn't want to wait to update the site every two weeks, he added. "We want to be faster; we want to be more agile," he said. "If someone comes up with a cool change that's not that big, I'd like to be able to roll it tomorrow." Improvements in grid computing is where community standards can help, he said. "We believe everyone has something to contribute," he said to the GridWorld audience. "We'd like to share ... with the community." GridWorld is organized by IDG, the parent company of IDG News Service.
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It is eBayâs second attempt to break into the Chinese market after the collapse of the companyâs EachNet venture, and the first with a local partner.
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EBay Inc.  on Thursday said it will soon launch a tender offer to buy the remaining outstanding shares of South Korea's Internet Auction Co. Ltd. for about &#36;41.1 million in cash.
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Internet auctioneer eBay Inc. said on Tuesday it has agreed to buy $325 million worth of shares of South Korean online trading peer, Internet Auction Co.
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(InfoWorld) - EBay will close its China site and begin a relationship with Tom Online to create a replacement, news reports indicated Tuesday. After failing to gain significant market share in China's consumer auction market, eBay will join Tom.com in creating a Tom.com-operated site in its stead, The Wall Street Journal said. Attempts to reach both companies for comment were immediately unsuccesful. Rumors have been circulating for months that eBay was preparing to exit the China market, but were readily denied by the company. EBay bought Chinese auction site Eachnet in 2003 for $150 million. Eachnet was founded in Shanghai in the late 1990s by local entrepreneur Shao Yibo, and its Chinese name, "Yi Qu," still represents the site in China. Alibaba.com's TaoBao siteÂ leads the consumer auction market, with the company claiming 30 million registered users and as much as 70 percent market share.
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U.S. buyout fund Lone Star said on  Thursday it was ending an agreement to sell Korea Exchange Bank  (004940.KS) to Kookmin Bank (060000.KS) in a $7.3 billion deal,  which has been subject to a long-running prosecutor probe.
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EBay Inc. offered about &#36;530 million to buy the remainder of South Korean affiliate Internet Auction Co. Ltd. as it pushes deeper into Asia, saying key shareholders had accepted a 79 percent increase to an earlier offer.
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EBay Inc. said on Thursday  the head of its PayPal unit will leave the Web auctioneer in a  surprise shake-up that closely follows Google Inc.&#039;s   unveiling of a rival payment service.
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EBay Inc. (EBAY.O: Quote, Profile, Research) on Thursday said it will soon launch a tender offer to buy the remaining outstanding shares of South Korea&#39;s Internet Auction Co.