New iPhone 5 and rumored new features

BANGALORE, INDIA: Apple Inc is gearing up to give a fitting response to Samsung's new Galaxy S4 by bringing in more speed, better software and an even better camera on its next iPhone, say rumors.

Apple is rumored to be planning to unveil its new iPhone in June and cheap iPhone in September, 2013.

When Apple launched iPhone 5 in September, 2012, it was criticized as being "evolutionary" rather than "revolutionary". Analysts' view is that with feature-rich Galaxy S4 being already unveiled, Apple can't afford to release another iPhone without major software improvements.

CNET reports that the new iPhone is described as being "similar in size and shape" to Apple's current iPhone, but it will add speed and some nifty new software.

Other speculation is that the iPhone 5S, if it is called so, will only have incremental upgrades - faster processor, better software and better camera.

CBS reveals that KGI securities analyst Ming-Chi Kuo believes the new iPhone5 will have a new A7 chip, a better camera and LED technology called "Smart Flash."

Cheaper iPhone on the way

Apple has been long rumored to come up with low-cost iPhone for emerging markets.

Reports claim the low-cost iPhone will be announced in August or September and be priced substantially lower than what consumers are now paying for the iPhone 5, .

Piper Jaffray analyst Gene Munster predicts the unlocked price of a low-cost iPhone will start at about $250 in the US.