Apple announces faster, cheaper iPhone

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CEO Steve Jobs unveils the much-anticipated 3G iPhone; cuts the iPhone price to $200; takes aim at the BlackBerry.

By Scott Moritz, writer

NEW YORK (Fortune) -- Apple announced on Monday a much faster iPhone that's half the price of the current model.

The news is expected to address one of the biggest complaints about the hugely popular iPhone: That its network is too slow. CEO Steve Jobs said the new iPhone, which is based on 3G technology, is 36% faster than top rival Nokia's N95 smartphone.

As first reported, the new 8-gigabyte iPhone will cost $199 and a 16-gigabyte version will cost $299. Jobs says the new iPhone will be available worldwide starting July 11. It will allow up to six hours of Web browsing and five hours of talk time.

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