Apple Event: Big Announcements Expected Today on New iPhone Versions, iOS 7 and more

(PHOTO: REUTERS / Aly Song)A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in downtown Shanghai September 10, 2013.

Apple Inc. are notorious for keeping information on upcoming product releases under lock and seal, usually releasing only a hint or two prior to uncovering. At an event today at Apple's corporate campus in Cupertino, Calif., the company is expected to go out big with announcements on new iPhone versions as well as iOS 7 and more.

At least two new devices are expected to be announced at the event, a cheaper version of the iPhone dubbed the iPhone 5C, as well as an upgraded version of its current flagship phone called the iPhone 5S.

The idea behind the cheaper iPhone 5C is to put the powerful device into the hands of the masses in poorer emerging markets such as India and China, to name a few. With Apple's shares having dropped 29 percent, from a record high of $702.10 the previous year, the company is eager to recuperate those losses by attracting a wider user base.

Concerns about the cheaper device have been voiced by both investors and consumers. They warn it could potentially tarnish the reputation of a brand which, since its 2007 beginnings, has come to represent a premium segment in the smartphone industry. They are concerned the new device could possibly cannibalize sales of flagship devices if released in established markets such as Europe or the United States.

In addition to the new device launches, Apple has also announced that it will hold a first media briefing in Beijing only nine hours after its event in Cupertino, Calif., fueling speculations that the company will announce a distribution agreement with one or several major Chinese carriers.

For live coverage of the event, your best bet is to watch the event live on Apple's website. In case they decide not to broadcast, as the company has done on occasion, liveblogs with minute-by-minute coverage are usually available at tech news websites The Verge, Engadget and Gizmodo.

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