Yahoo spits out bookmarking tool for mobile Web

San Francisco (CA) - Yahoo has announced a new mobile feature called "OnePlace", which will allow users to take advantage of now-standard Internet services on their mobile devices.

OnePlace will be specially created for handhelds with small screens and limited user input controls. In addition to bookmarking websites, Yahoo says it will offer news feeds and search results that can be easily accessed later.

Earlier this year, Yahoo rejected an acquisition offer from Microsoft of $42 billion, an amount that some say was overly generous. Yahoo has been in an overall steady decline over the past several years as it faces stiff competition from Google.

In order to reposition itself, Yahoo decided to devote more resources to cell phone and PDA products and services, and has gained a foothold in the emerging market.

"We’re not reinventing forms of mobile content or getting into the content business," said Yahoo mobile chief Marco Boerries. Rather, the company is focusing on enhancing mobile functionality.

OnePlace is expected to launch in the second quarter of this year.