Excitement Grows Over iPhone 5
Apple Inc. on Tuesday invited reporters to a news conference next week in San Francisco with a message that suggests that it will reveal the iPhone 5, as expected.
The email invitation shows a big "12," for Sept. 12, casting a shadow in the shape of a "5."
Various unconfirmed reports have pointed to Sept. 12 as being the day Apple Inc. shows off the new phone, which is expected to go on sale a week or two later.
The next iPhone is expected to have a taller screen and the ability to access the latest wireless data networks in the U.S. Analysts expect it to set sales records.
Other unconfirmed reports say Apple will reveal a smaller version of the iPad, taking on competitors like Amazon.com Inc.'s Kindle Fire, which have nibbled on the edges of the iPad's dominance in the tablet category.
On Wednesday, Nokia and Motorola are holding events of their own in New York, apparently to reveal their latest products ahead of the iPhone launch.
Apple shares rose $5.18 to $676.42 in afternoon trading. The shares are close to their all-time high of $680.87, hit a week ago.
Copyright The Associated PressExcitement Grows Over iPhone 5
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Last Update on December 25, 2014 19:01 GMT
MOSCOW (AP) -- Russian President Vladimir Putin has scrapped New Year's holidays for government ministers because of the unfolding economic crisis.
Putin told a televised government session on Thursday that Cabinet ministers "cannot afford" to go on holiday.
Russian company employees throughout the country are entitled to holiday from Jan. 1 to Jan. 12 when Russians celebrate the New Year, the main holiday in Russia, as well as Orthodox Christmas on Jan. 7.
Russia's economy, battered by low oil prices and Western sanctions, is set to enter recession next year for the first time in six years, while the ruble is now worth less than half of its value.
Putin told Cabinet ministers on Thursday he expects them to keep the situation in check even during the holiday lull.
RIYADH, Saudi Arabia (AP) -- Saudi Arabia's Cabinet has endorsed a budget for 2015 that projects a slight increase in spending and a significant drop in revenues due to sliding oil prices, resulting in a $39 billion deficit.
The kingdom says it will dig into its reserves to cover the difference between $229.3 billion in projected expenditures and $190.7 billion in revenues for the coming fiscal year.
The new budget approved Thursday reflects an expected drop in revenues of around $88 billion from $278.9 billion in 2014. It also shows an increase in spending of about 0.6 percent from the previous year.
Saudi-based investment firm Jadwa Investment says the deficit will be financed comfortably using the Saudi Arabian Monetary Agency's huge stock of net foreign assets, which totaled $736 billion at the end of November.
TOKYO (AP) -- Citigroup has agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp.
Citigroup said in a statement Thursday that the two sides have reached agreement on selling Citibank Japan's retail branches and ATMs to a trust bank subsidiary of SMBC. The deal includes 740,000 customer accounts and about 2.5 trillion yen (about $21 billion) worth of yen and foreign currency accounts.
It said about 1,600 Citibank Japan employees in Japan will also be transferred to SMBC, one of three Japanese mega-banks.
Citigroup did not give a total value for the deal, which will close in late 2015. The company also is considering selling its credit card business in Japan, separately, as it streamlines its global banking and focuses on corporate and investment banking, and other services.
LONDON (AP) -- Got a nifty little drone for Christmas? If so, fly it carefully. Especially if you are in Britain.
The country's civil aviation authority on Thursday issued a warning that people who fly their drones recklessly face prosecution and a hefty fine.
Officials say the popular Christmas gifts cannot be used over congested areas or close to people or buildings without official permission. Fines go up to 5,000 pounds ($8,000).
Spokesman Gerry Corbett says drone technology has improved as costs have come down, making the devices much more affordable, but that new users have to follow regulations.
The warning follows a number of incidents and near-misses involving drones, including one that came close to a commercial plane landing at London Heathrow Airport.
ATLANTIC CITY, N.J. (AP) -- The Florida developer in line to purchase the former Revel Casino Hotel in Atlantic City wants a discount.
Lawyers for Glenn Straub said in a court filing Wednesday that the property should be sold for $87 million, not the $95.4 million runner-up bid he put in at auction.
A Toronto-based firm won the auction for $110 million but backed out when it couldn't resolve a dispute over the $2.4 billion casino's costly power plant.
Straub says the auction was unfair and he wouldn't have bid more than his original $90 million "stalking horse" bid if he knew that. He wants a federal judge to deduct a $3 million breakup fee because Revel is keeping Brookfield Asset Management's $11 million deposit.
A judge is scheduled to consider the sale Jan. 5.
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