Apple iPhone 5 set to launch in San Francisco

Apple looks set to unveil the iPhone 5 later today in San Francisco, around 6pm UK time, in the most eagerly awaited product launch of the year.

The firm's chief executive Tim Cook is expected to take the stage at San Francisco's Yerba Buena Center for the Arts, the site of all major Apple iPhone and iPad launches, for the first iPhone unveiling since the death of Steve Jobs in October last year.

The launch is a key moment in Apple's trajectory as it comes under increasing pressure from arch rival Samsung with its flagship Galaxy range and the likes of Nokia with its Lumia range and HTC continue to try and lure rivals aware from the iPhone.

In response to these threats, Apple is expected to offer a slew of new upgrades with rumours hinting at a larger screen, possibly over 4in, a faster processor and support for 4G networks. It could even introduce near field communication technology (NFC), to ride the mobile payment bandwagon.

The possibility of 4G connectivity could prove a vital addition in light of Everything Everywhere announcing it will have 4G networks live across the UK by Christmas, as it could send droves of new customers to its network and entice wavering buyers to Apple's iPhone 5.

The new device will also feature the updated iOS operating system which is set to include a number of overhauls, most notably the removal of Google's Maps application as the native mapping tool in favour of a service based on TomTom's data.

There had been suggestions that Apple would ditch the numerical naming system for the iPhone, and choose a name like the New iPhone, as it has with the iPad, but the invitation for the event in San Francisco strongly suggests this will not be the case.

However, waiting in the wings to spoil the party is Samsung, which has already threatened the device with a lawsuit if it features LTE technology to support 4G services that it believes will infringe on its patents.

Despite this it is likely millions of eager buyers will again queue up for days to get their hands on the device once it is available, rumoured to be around 21 September, which will no doubt send the firm's already sky-high share price even higher.

Check back on V3 throughout the week for our round-up and reaction to the launch of the device.