LG has lost the race and is content with the number three handset manufacturer in the world. But not anymore. It plans to launch the Windows Phone 7 powered smartphone and thus will be the first to use the Microsoft’s next generation platform with this upcoming LG handset. The company is racing ahead in time to launch the set before its arch rivals Samsung and HTC, will launch their own version though it will be poles apart since they will be using the Optimus-line – which will lack a physical QWERTY.

As the struggle of LG continues in the mobile business, LG Electronics said that it lost money for the first time in four years. The company is now depending on the Google’s Android software to save its sales by launching phones running on the new software through 120 carriers worldwide. LG has struggled since a year following its troubles with Smartphone development. LG which is the world’s third largest phone maker posted a profit of $721 million for April-June quarter which is down from same last year which was $1.1 billion.

The house of LG has unveiled its new application store for feature phone and smart phones. Both games and applications are offered on the LG application stores. Initially it will open in 23 markets followed by expansion to 33 countries which will feature 4,000 applications.

LG has been known to make products with better and sleek designs. This has been reaffirmed by the LG dLite for T-Mobile USA. The LG dLite for T-Mobile USA is a sleek looking gadget with better designs and some really unique features which will be happily lapped up by an increasingly loyal and widening customer band.