Apple is expected to release the latest version of its popular iPhone at the worldwide developer’s conference in San Francisco later today. Sources have revealed that the new handset will have double the memory of its predecessor allowing storage of up to 7,000 songs or 40 hours of video, a faster processor, and an improved camera capable of recording video. The release of the new iPhone is a blow to Palm who recently released their own touchscreen handset, the Palm Pre. Although critics have praised Palm’s offering, it is yet to be seen if it can make serious inroads into the iPhone’s market share.

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