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(Pocket-lint) - The phone thought to replace the LG V60 is said to be on hold indefinitely.

The LG Rainbow - as it was rumoured to be called - was tipped for announcement this spring, but is now said to have been suspended or even scrapped.

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A source shared information with Android Community on the handset's fate. It might even have ramifications for the much-discussed LG rollable phone - although LG has previously stated that it is still in development and even teased a concept.

The Android site claims that "people familiar with the business" understand that, while the Rainbow was in prototype phase, neither LG nor mobile operator partners will be progressing with development.

This all comes after suggestion that LG could shut down, sell or license its mobile phone arm.

It's an allegation that LG refutes strongly, having told Pocket-lint that articles claiming the closure of the company's mobile business are "based on old, unfounded rumors and speculation that have no basis in fact".

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However, it is clear that its strategy is at least changing. March is traditionally a big month for LG phones - indeed, the entire mobile industry - but we are yet to hear of anything significant coming from the Korean firm.

To be fair though, we are still in the grips of a global pandemic and nothing is particularly normal at present.

Writing by Rik Henderson.