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Samsung plans iWatch rival: report

South Korean firm said to be developing wristwatch device with smartphone functions

Samsung plans iWatch rival: report
A watch-like device would mark the kind of innovation analysts fear is missing from the mobility market.

Samsung Electronic is said to be working on a similar wristwatch-like device to Apple's rumoured iWatch, according to a Reuters report.

The news agency cited a single source as claiming the Samsung device would have many of the same features as a smartphone. The source declined to elaborate.

Samsung shares dropped nearly 5%, shedding $10bn in market capitalisation in just two trading sessions after investors finally got a look at the South Korean handset maker's latest smartphone, the Galaxy S 4. Investors' concerns reflect those of industry analysts who frequently point out a lack of turning-point innovation in recent smartphone releases. The need for a radically new mobility product has seen Google experiment with spectacles and Apple with the iWatch.

Samsung's foray into wearable computing complements its recently announced development of a Tizen-based smartphone, in a departure from its current Android-powered models.

Neither the alleged August release of the Tizen phone nor the development of the watch has been confirmed by Samsung.

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