Cheaper multi-colored iPhone 5C unveiled by Apple Inc

The pricier "5S" also comes in three colors - gray,silver and gold.

Written by Reuters | Cupertino | Published:September 11, 2013 1:59 am

Apple Inc introduced two new iPhones on Tuesday,including an ‘iPhone 5C’ that comes in five colors and starts at $99,priced to bring one of the industry’s costliest smartphones within reach of the masses in poorer emerging markets,while the other one is top grade iPhone 5S.

The pricier “5S” also comes in three colors – gray,silver and gold – and sports expected improvements in processor speed and iOS7 software features along with a fingerprint-scanner that can unlock the phone with just a touch.

Shares of Apple,which had been in negative territory most of the morning,briefly went positive but were later down 2 percent at just below $500. The stock had gained more than 11 percent over the past month,in a rally that typically happens ahead of a big product launch.

The cheaper phone goes on sale online on Friday,while the pricier gadget can be pre-ordered on September 20. For the first time,it will go on sale in China at the same time as in the United States,a move expected to severely curtail the underground market for smuggled phones in the world’s No. 2 economy.

The broader color palette and lower price for Apple’s flagship product mark a departure from its reliance on a premium brand and familiar black and white gadgets. The world’s most valuable tech company is trying to beat back rivals Samsung Electronics Co Ltd and Huawei Technologies Co Ltd in markets like India and China,where it is quickly losing ground.

“As expected,iOS7 improvements a

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