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The Korea Economic Daily reported in its early Friday edition that the layoffs mainly involved mobile marketing and purchasing resources and the closure of some unprofitable outlets. The report also said the company had similar plans for its domestic mobile business. LG said the report was groundless. "We are always looking at opportunities to improve the performance of our mobile business but no decision has been made as to any job reductions," a LG spokesman said. LG, the world's No.3 handset maker, has recorded five consecutive quarterly losses from mobile phone sales, with cutthroat competition pressuring the firm to overhaul its business. Shares in LG fell 2.9 percent as of 0210 GMT, compared to the wider market's 0.4 percent drop. 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