Latest Apple iPhone set to debut

The wait is almost over for iPhone fans.

At an Apple media event in San Francisco on Wednesday it is due to unveil its latest smartphone offering – the iPhone 5 – along with other new products.

The launch is hugely important for Apple – which is facing strong competition from Samsung and other rivals – as the iPhone contributes half of its revenue and the majority of its profit.

The latest version of the game-changing handset is widely expected to offer 4G wireless technology for the first time, and a 4-inch display, up from the current 3.5 inches.

But it remains to be seen if Chief Executive Tim Cook has any surprises up his sleeve, and if he will show off any technological breakthroughs that can put the iPhone 5 head and shoulders above the competition.

Apple shares typically rally ahead of, and sell off after, a major product launch. They have gained 15 percent in the past six weeks to touch an all-time high on Monday.

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