Apple has unveiled its first foldable smartphone, the iPhone Duo, priced from $1,999. New CEO John Ternus presented the device, which folds out to a screen nearly as large as an iPad Mini, claiming it will "redefine the experience of using a foldable phone" after rivals like Samsung and Huawei launched their own versions years earlier.

The iPhone 18 Pro and Pro Max will cost $100 more than last year's models, starting at $1,199 and $1,299 respectively. The base iPhone 18 is slated for a spring launch, marking a staggered release strategy. Price hikes stem from component shortages, particularly memory chips, driven by data center construction.

Despite the increases, Apple's $100 bump on Pro models is more modest than analysts feared. The launch event at Apple Park in Cupertino is pivotal for the world's second-most-valuable company, as iPhone sales generate about half of its revenue—$209.6 billion in fiscal 2025.

In other news, US Treasury Secretary Scott Bessent warned traders against betting on the yen after his intervention to support the currency. A jet-powered drone nearly collided with Ukrainian President Volodymyr Zelenskyy's plane. CIA Director John Ratcliffe is taking a larger role in US negotiations with Russia and Ukraine.