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The dual-screen Wing was one of LG's latest efforts to win back business in phones. Photo: LG

After years of trying to turn its fortunes around, Korea's LG said it would exit the mobile phone business globally.

Between the lines: The phone business is a hard one to make profitable for all but the largest players. LG was once one of those, but hasn't been for many years, and had no clear path to change that.

  • "LG’s strategic decision to exit the incredibly competitive mobile phone sector will enable the company to focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services," the company said in a statement.
  • LG had said several months ago that it was reviewing its options, including a potential exit from the business.

Of note: LG said it will take until July to wind down its business and sell current inventory.

  • LG said it will continue to service and support phones for a period of time.

Go deeper

Exclusive: Sen. Coons sees new era of bipartisanship on China

Sen. Chris Coons. Photo: Kent Nishimura / Los Angeles Times via Getty Images

The Jan. 6 insurrection was a "shock to the system," propelling members of Congress toward the goal of shoring up America's ability to compete with China, Sen. Chris Coons (D-Del.) told Axios during an interview Thursday.

Why it matters: Competition between China's authoritarian model and the West's liberal democratic one is likely to define the 21st century. A bipartisan response would help the U.S. present a united front.

By the numbers: States weighing voting changes

Data: Brennan Center for Justice at NYU Law; Cartogram: Michelle McGhee/Axios

Georgia is not alone in passing a law adding voting restrictions, but other states are seeing a surge in provisions and proposals that would expand access to the polls, according to data from the Brennan Center for Justice.

Driving the news: Just Wednesday, the New York State Assembly passed a bill to restore voting rights to convicted felons who have been released from prison.

GOP senators open to corporate tax increase

Sens. Lindsey Graham (left) and Mike Braun. Photo: Alex Wong/Getty Images

Some key Republican senators won't rule out raising additional revenue from corporations, and told Axios they may be willing to close loopholes that allow big businesses to eliminate their overall tax bill.

Why it matters: While President Biden’s proposal to raise the corporate tax rate from 21% to 28% to pay for his infrastructure plan has been met with near-uniform GOP opposition, there’s some appetite to ensure corporations pay more.