Bigger, pricier iPhone expected at Apple event Wednesday

Most of the buzz is swirling around a rumored iPhone that is supposed to boast a 6.5-inch screen, up from 5.8 inches on the existing iPhone X. (AFP)
Updated 12 September 2018
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Bigger, pricier iPhone expected at Apple event Wednesday

  • Apple is expected to release an iPhone with minor updates to last year’s $1,000 model and another version made of cheaper materials
  • Most of the buzz is swirling around a rumored iPhone that is supposed to boast a 6.5-inch screen, up from 5.8 inches on the existing iPhone X

SAN FRANCISCO: Apple is expected to showcase three new iPhones on Wednesday, including its biggest and most expensive model yet, as the company seeks to widen the product’s appeal amid slowing sales growth.
Most of the buzz is swirling around a rumored iPhone that is supposed to boast a 6.5-inch screen, up from 5.8 inches on the existing iPhone X.
If the speculation pans out, the even-bigger iPhone would represent Apple’s attempt to feed consumers’ appetite for increasingly bigger screens as they rely on smartphones to watch and record video, as well as take photos wherever they are.
Apple also is expected to release an iPhone with minor updates to last year’s $1,000 model and another version made of cheaper materials.
Wednesday’s event is being held at Apple’s Cupertino, California, headquarters.


India set to pay for Iranian oil using rupees

Updated 35 min 20 sec ago
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India set to pay for Iranian oil using rupees

  • Sources said India has selected UCO Bank and IDBI Bank for facilitating payment to Iran
  • India, Iran's top oil client after China, is still seeking some exemptions to the sanctions from the US

NEW DELHI: India will settle payments for Iranian oil using rupees through local banks starting in November as US sanctions will make it difficult to settle trades through European banks, two industry sources said on Thursday.

In May, US President Donald Trump withdrew from a 2015 nuclear accord with Iran and ordered the renewal of US sanctions. Some sanctions took effect from Aug. 6 while those affecting the oil and banking sectors will start from Nov. 4.

"We are bracing up for any eventuality we have to make a payment and we don't want to default on making payments," one of the sources said.

The sources said India has selected UCO Bank and IDBI Bank for facilitating payment to Iran.

Indian refiners are currently using State Bank of India and Germany-based Europaeisch-Iranische Handelsbank AG to buy Iranian oil in euros. SBI has told refiners it would stop handling Iran payments from November.

The second source said after the United States announced it would re-impose sanctions in May, Iran has already received payments for some cargoes in rupees.

Reuters in June reported that India is looking to revive the its earlier rupee payment mechanism with Iran. During the previous sanctions regime, India adopted a barter-like scheme to buy oil from Iran while the Middle Eastern country used rupees to import goods from India.

"Previously we settled 45 percent of our trade in rupees this time it could be 100 percent. We have to mutually decide the number," said the first source.

India, Iran's top oil client after China, is still seeking some exemptions to the sanctions from the US though some refiners have already curtailed purchases because of insurance issues tied to the sanctions.

IDBI did not respond to requests for a comment while UCO Bank's Managing Director R. K. Takkar did not respond to phone calls seeking comment.