Yahoo, the internet company unveils a new bookmarking tool for mobile phones that allow people to keep track of their favorite Web content like news feeds, search results, and Web sites from one place on their handheld.

This technology is known as Yahoo OnePlace which will be available in the second quarter of 2008. The tool builds on other new mobile applications from Yahoo which includes OneConnect, a tool to update social-networking messaging on the phone and OneSearch, which combines news, weather, financial data, photos, and Web links based on search queries.

Through OnePlace the users will enable to create and access social bookmarks on their mobile phones.

Yahoo is facing stiff competition from Google as Google earlier demonstrated Google Gears, an open-source browser extension for mobile phones that allows developers create Web applications that can run offline.

Another setback came for Yahoo when Opera switched out Yahoo and made Google the default search engine for its Opera Mobile and Opera Mini Web browsers designed for handheld devices.

However Yahoo still wants to become the default access point for mobile-phone users accessing the Web. Marco Boerries, Yahoo’s executive vice president of “connected life” said “Yahoo OnePlace is where users will be able to find what matters to them the most, no matter where their interests, passions and information come from”.