iPhone 5 release: Apple holds event in San Francisco

Apple is holding an event in San Francisco during which it is expected to announce a new iPhone capable of faster data speeds. It may also come with a taller screen.

The iPhone 5 will likely go on sale in a week or two. It's expected to work with fourth-generation, or 4G, cellular networks, something Samsung's Galaxy S III and many other iPhone rivals already do.

In anticipation, several gadget makers refreshed their lineups last week, hoping to beat Apple on the buzz. Nokia Corp. and Google Inc.'s Motorola Mobility division announced five new smartphones between them, while Amazon.com Inc. updated its Kindle Fire tablet computer and announced new stand-alone e-reader models.

Sales of Apple's iPhones are still strong, though the company lost the lead in smartphones to Samsung this year.

That said, the iPhone has been trailing Android phones in sales. On Tuesday, Google executive Hugo Barra declared on his Google Plus social networking page that 1.3 million Android phones are added each day, with 500 million devices activated globally. As of June, Apple has sold 244 million iPhones since the first one came out in 2007.

Apple's event Wednesday is taking place at Yerba Buena Center for the Arts Theater, where Apple has held many product launches.