NEW YORK ( TheStreet) -- Sony ( SNE) Mobile has unveiled SmartWatch 2 SW2 at the Mobile Asia Expo in Shanghai. The third-generation smartwatch features a 1.6-inch, 220 x 176 pixel color LCD display, touch and swipe capabilities and three to four days of battery time. It also features NFC wireless and can be paired to an Android phone over Bluetooth 3.0. When the watch is paired with a smartphone, it can use many of the phone's functions, like taking calls or photos and playing music. The watch weighs less than an ounce and is about one-third of an inch in thickness. It's made of plastic and aluminum and is splash-proof. The SmartWatch 2 SW2 is expected to be available around the world in September. Sony Mobile has not announced pricing at this time. Companies including Apple ( AAPL), Microsoft ( MSFT) and Samsung are all rumored to be currently developing their own smartwatches. ANA Holdings and AirAsia are dissolving their joint venture after less than two years. The two airlines had embarked on a joint venture to create Japanese budget airline AirAsia Japan in August 2011. According to a statement by AirAsia, the dissolution of the partnership is due to the airlines' inability to agree on cost management and location issues. Canadian medical diagnostic services provider LifeLabs Medical Laboratory Services said it will acquire Ontario-based rival CML HealthCare for C$965 million ($917 million). The C$10.75-per-share offer represents a 49% premium to CML's Monday closing price. The deal is wroth C$1.22 billion when accounting for the assumption of C$255 million of debt, according to CML.