LG planning "Black Label" iPhone rival

Word from Korea suggests that LG is about to pull out the big guns in the fight for dominance of the consumer smartphone market.

In an interview with Yonhap News, LG's head of mobile Ahn Seung-kwon has revealed some exciting future plans.

It seems as a bid to take the global number two spot in the mobile phone market LG is planning, among other things, an ultimate iPhone competitor.

Due for release in the fourth quarter of 2009, LG is currently prepping a new "Black Label" handset that will go head-to-head with Apple's iPhone.

In addition, LG will churn out a Prada III, the - you guessed it - third iteration of the designer team up.

Finally LG is planning an "extreme premium brand", said to be along the lines of Nokia's Vertu range, and likened to Toyota's Lexus models in terms of quality.