eCommerce Report - Australian eCommerce news, ecommerce information, ecommerce reports, ecommerce statistics, ecommerce views, ecommerce resources and analysis, email update 23rd July 2008

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Bankers move on to the board at Hyro

Listed Australian digital services company, Hyro Ltd, is soon to be 38% owned by the giant US investment bank, Lehman Bros. And it will have to pay $3million in cash to the bank, which has been amongst the hardest hit by the US sub-prime mortgage related credit-crisis.

However the deal is good news for the Australian company, because at the moment it owes Lehman Brothers some $20 million.
The debt is secured by a convertible note over Hyro shares and due to be paid out in full in early 2010.
But under the deal the debt will be slashed and a $5million convertible note replace the existing note.
Hyro recently reported a loss of more than $20million for 2007, on revenues of just over $61million.
This was significantly more than the sum the company initially reported to the ASX in January.
The revised figures were released after a tumultuous few months that saw the company caught up in the Opes Prime margin-lending scandal, and the previous CEO resign.
Hyro’s new CEO, Bill Votsaris, told eCommerce Report that the deal with Lehman Bros shouldn’t be seen as any reflection of the US banker’s desperate need for cash.
(Lehman’s reported losses of $US2.8billion in the last quarter).
Votsaris told the ASX the deal would see annual interest savings of more than $1.65million.
And he told eCommerce Report said that the $3million cash component of the deal was entirely Hyro’s initiative.
Hyro claims to be one of the biggest Australian web design, e-commerce and related services compay's with 500+ employees and a range of blue chip clients such as Rabobank,the RACV, QBE, Network Ten etc.
For more information go to www.hyro.com

eBay abandons PayPal monopoly plan, withdraws ACCC application
eBay has abandoned its attempts to enforce a PayPal monopoly within its Australian online market-place.
An announcement on eBay's web-site posted yesterday said that "eBay will continue to allow all existing payment methods on eBay.com.au."
It said that eBay had withdrawn its notification to the Australian Competition and Consumer Commission, "to stop any further confusion and disruption in the eBay community."
However the company said it will continue with the new policy implemented in mid-May making it compulsory for all sellers to offer PayPal.
[Posted July 4th]

ACCC rejects eBay’s plan for PayPal monopoly
eBay’s plans for www.ebay.com.au to become a PayPal-only zone had a setback at the hands of the Australian Competition and Consumer Commission (ACCC) last week.
In a detailed, 39 page notification, the ACCC said it had concluded that eBay’s plan had “substantial anti-competitive detriments” and that these “outweigh any public benefit.”
more?

ACCC action underlines reality that PayPal is eBay’s future
eBay’s application to the ACCC for official endorsement of its plan to make its Australian online marketplace a PayPal only zone would appear to have backfired in a big way.
more?

Questions mounting over new government EFTPOS welfare card
There are previous few details available about the government’s new Centrelink EFTPOS debit card for welfare recipients, and certainly many questions about it still unanswered. more?

Marketers get access to electoral roll?
Changes to Electoral Act regulations last year have given marketers direct and online access to voters’ details on the Australian Electoral Roll. more?

Au domain aftermarket slowly emerging
Au domain aftermarket slowly emerging Instant riches for au domain name owners have so far failed to materialize in the wake of the new rules that came into effect on June 1st allowing au domain names to be traded. But a number of new web-sites have sprung up hoping to cash-in on the change in rules. more?

Sensis adds auctions to Trading Post online
After years of decline and neglect, Telstra subsidiary - Sensis, has finally added online auctions to its Trading Post classifieds service. more?

OZtion sold in $2million deal
Local online auction site OZtion has attracted a large number of new users recently, many of them disgruntled with eBay.com.au And now it has also attracted a new owner - listed company, Jumbuck Entertainment. more?

New statistics show Australian card fraud is at very low levels
Credit and charge card fraud (that is, signature permitted and card-not-present) increased from 36.9 cents to 44.5 cents in every $1,000. more?

NSW pricing regulator backs Cabcharge concerns
A 10% surcharge levied by Cabcharge on fares collected through its payment system have been flagged as a competition concern by the NSW pricing regulator, the Independent Pricing and Review Tribunal (IPART). more?

In-Brief: Shane Warne online poker, Pay TV gambling strikes parliamentary opposition
Shane Warne is the front-man for a new online poker service from listed British company - 888.
Pay TV gambling operator Two Way Interactive has run into opposition in the Australian parliament. more?

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