New iPhone expected to be unveiled today

Have you held off on buying a new phone so you could get the new iPhone 5 instead?

The Associated Press reports that after weeks of speculation, Apple is expected to announce a new smart phone today. {}Apple created quite a buzz after sending out an invitation via e-mail to reporters with a shadow in the shape of a "5.'' {}

The announcement will be held in San Francisco at a venue where Apple has held many product launches. The new model is expected to work on 4G, cellular networks. {}This will allow Apple to catch up with many other rivals like the Samsung's Galaxy S III and many others that already use the 4G network.

The new model will likely go on sale in a week or two. Apple also plans to update its phone software this fall. {}You won't find Google's mapping service or YouTube on the new operating system. {}The AP says the rivalry between the two companies has intensified. It is unknown if Apple will announce a smaller version of its iPad today.