Nokia unveils new smartphone

Mobile phone giant Nokia on Tuesday said it was confident that it could reverse sagging fortunes and remain a market leader amid stiff competition from rivals such as Apple and Samsung. CEO Stephen Elop said at a regional telecoms fair in Singapore that the Finnish company was making good on promises to overhaul itself and unveiled a new high-end phone,the N9,to bolster his claim.

Nokia has seen its global market share dwindle after other companies came up with sleeker mobile phones offering a wide range of applications. Nokia phones accounted for at least eight out of every 10 phones sold in Asia at one point,but analysts said the company now faces an uphill task to stay in the lead.

Analysts predict that Nokias share of the entire mobile phone market will witness a steep decline,which will see Samsung upstaging the Finnish giant.