Apple Unveils Next Generation of iPhones
Apple's latest iPhones will come in a bevy of colors and two distinct designs, one made of plastic and the other that aims to be "the gold standard of smartphones" and reads your fingerprint.
Apple unveiled the latest iPhone models, available on Sept. 20, during an event at its Cupertino, Calif., headquarters. The move comes as rival phones from Samsung and other manufacturers are challenging Apple's hold on the smartphone market.
The lower-cost iPhone 5C will be available in five colors — green, blue, yellow, pink and white. CEO Tim Cook calls it "more fun and colorful" than any other iPhone. The 5C has a 4-inch Retina display and is powered by Apple's A6 chip. It also has an 8 megapixel camera, live photo filters and a rear cover that lights up.
The iPhone 5C will cost $99 for a 16 gigabyte model and $199 for a 32 gigabyte model with a two-year wireless contract. The phone is expected to help Apple boost sales in China and other areas where people don't have as much money to spend on new gadgets as they do in the U.S. and Europe.
The second phone, the 5S, is "the most forward-looking phone we have ever created," said Phil Schiller, senior vice president of worldwide marketing at Apple. It will come in silver, gold and "space gray" and run a new chip, the A7 that is up to twice as fast as the A6.
Schiller said the new phone can run more health and fitness applications. These apps have become increasingly popular as more people use them to track exercise routines, calorie intake and even sleep patterns.
The camera in the 5S received some major upgrades, including several automatic features designed to produce better photos. It has larger pixels, which helps capture more light. The phone also has a two-tone flash feature that is designed not to clash with the colors in the room or a person's skin color — something Schiller said has not been done on a phone before.
The camera, called iSight, has "auto image stabilization," which helps avoid blurry pictures, and a slow-motion camera for video.
The 5S also includes "Touch ID," which reads fingerprints at a "detailed level," Schiller said. He said it is "fun and easy" to teach the 5S about your fingerprint and once you do, you can just touch the home button to unlock the phone. The company said fingerprints will not be stored on its servers.
Tying the fingerprint scanner to payments could also open new revenue channels for Apple.
Both models will be on sale on Sept. 20 in the U.S., Australia, China, Canada, France, Germany, Japan, Singapore and U.K. Apple said this is the first time that a new phone has been available right away in China — a sign of the growing importance of that market to the company. People will be able to order the 5C in advance on Sept. 13.
For buyers entering a two-year contract with a wireless carrier, the phone will cost $199 for 16 gigabytes of memory, $299 for 32 and $399 for 64.
Apple also said its next mobile operating system, iOS 7, will be available as a free download on Sept. 18.
Craig Federighi, head of software at Apple Inc., said at an event at the company's Cupertino, Calif., headquarters that "downloading iOS 7 is like getting an all new device."
The new system can be downloaded on the iPhone 4 and later models, as well as on the tablets beginning with the iPad 2.
Apple also says it expects to ship its 700 millionth iOS device next month. Apple CEO Tim Cook predicts that iOS 7 will become the most popular mobile operating system in the world.
Investors seemed unimpressed. Apple's stock price fell $3.17 to $503.10 during the event, which also featured Elvis Costello. The singer performed a new song from a record coming out next week.
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Last Update on July 06, 2015 07:34 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) --There are no government economic reports scheduled for release today but the Institute for Supply Management will put out its June service sector index.
Tomorrow, the Commerce Department will report international trade data for May and the Labor Department will release its job openings and labor turnover survey for May.
Also on Tuesday, the Federal Reserve will release consumer credit data for May.
ATHENS (AP) -- Greece's finance minister has resigned following Sunday's referendum in which the majority of voters said "no" to more austerity measures in exchange for another financial bailout.
Finance Minister Yanis Varoufakis says he was told shortly after the Greek referendum result that the some eurozone finance ministers and Greece's other creditors would prefer he not attend the ministers' meetings.
Varoufakis has visibly annoyed many of the eurozone's finance ministers during Greece's debt negotiations.
CHINESE STOCK MARKET RESCUE
NEW YORK (AP) -- China has reportedly decided to bar new public offerings of stock and will create a fund to stabilize its stock market, which has been roiled by a wave of selloffs..
Twenty one Chinese securities companies, in a statement released Saturday, said they would pledge no less than 120 billion yuan ($19.33 billion) to invest in Chinese stocks. The securities companies also said they would continue to invest in the market as long the Shanghai Composite index remains below 4,500. It closed at 3,686 on Friday.
Chinese regulators have also decided to suspend new Chinese initial public offerings, according to The Wall Street Journal.
The Chinese market has been in free-fall for three weeks, losing 28 percent of its value. Despite the plunge, the market is up 79 percent in the last year.
BERLIN (AP) -- German factory orders dipped in May as orders from other countries in the eurozone slipped back following a large gain the previous month.
The Economy Ministry says orders in Europe's biggest economy were down 0.2 percent compared with the previous month. In April, orders rose 2.2 percent -- a figure that was revised up sharply from the initial reading of 1.4 percent because of late reporting.
The ministry says bulk orders were below average in May. The overall fall was led by a 1.5 percent drop in orders from other countries in the 19-nation eurozone, which had surged 7 percent in April.
Demand from inside Germany was off 0.6 percent while orders from outside the eurozone climbed 1.2 percent.
STELLA & CHEWY'S-RECALL
Pet food maker Stella & Chewy's recalls some products
NEW YORK (AP) -- Pet food maker Stella & Chewy's is recalling some of its products because a routine test found Listeria in a sample of its chicken freeze-dried dinner patties for dogs.
Listeria can cause serious illness and even death in children, the frail and the elderly. Healthy people may suffer flu-like symptoms, such as high fever, headache, nausea and diarrhea.
The Milwaukee-based company said there have been no reported pet or human illnesses.
A complete list of recalled products can be found at: http://www.stellaandchewys.com/stella-chewys-recall-notice/
Consumers can look at the lot numbers and UPC codes on their pet food to determine if their pet food is part of the recall. If they do have pet food that is part of the recall they can return it to the place of purchase for a full refund or should dispose of it.
GOODBYE TRADING PITS
No more `roar' as famed trading pits come to an end
In those pits, traders yelled and shoved and flashed hand signals, just as they did in the movie "Trading Places."
But faster, cheaper and not nearly as noisy computers have taken over.
NEW YORK (AP) -- "Magic Mike XXL" and "Terminator Genisys" both fizzled over the July 4th weekend, leaving the popular holdovers "Jurassic World" and "Inside Out" to top the holiday box office.
Despite the release of the anticipated sequels, the rule of "Jurassic World" continued with an estimated $30.9 million in its fourth week of release. Pixar's "Inside Out," though, virtually tied it with $30.1 million in its third week. Final figures will be released Monday.
"Terminator Genisys," the fifth entry in the sci-fi series, opened in third with $28.7 million over the weekend and $44.2 million since opening Wednesday.
The male-stripper sequel "Magic Mike XXL," starring Channing Tatum, came in fourth with just $12 million on the weekend. Over five days of release, it made $27.1 million.
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