LG Electronics Inc. has upgraded its flagship smartphone with a faster chip and a longer battery life to regain ground lost to more nimble rivals. The Korean company said Thursday that the Optimus LTE II smartphone will be released by all three mobile carriers in South Korea this week. The company is betting on the introduction of a faster mobile network called LTE to lure consumers who want rapid web surfing and data downloads. The faster network is available in South Korea, Japan and some markets in Europe and North America but LG did not say when the new model will become available abroad. LG has been struggling to stay relevant in the smartphone market. It lost its spot as world\'s third-largest handset maker to Apple Inc. last year.