Introducing Apple's new iPhone 5C and 5S

The iPhone 5S will come in silver, gold and slate gray. (AP)

The five colors of the new iPhone 5C and the new cases for the phone are seen at Apple Inc's media event in Cupertino, California September 10, 2013. (Reuters)

The iPhone 5C is a lower-cost plastic model wrapped in one of five colors: lime green, white, yellow, red and bright blue. (AP)

Tim Cook began the day by discussing iOS 7, an update to the software that powers the iPhone and iPad. The new version does away with the 3D effect seen in earlier versions and introduces a simpler new visual style. The new software will be released Sept. 18 for the iPhone 4 and later, iPad 2 and later, iPad mini and 5th-generation iPod touch. (Reuters)

The iPhone 5C will cost $99 for a 16GB model, and $199 for 32GB with a two year contract. (AP)

A closer look at the new gold iPhone 5S. (AP)

Craig Federighi, Senior VP of Software Engineering at Apple Inc talks about phone battery life. The iPhone 5S has 10 hours of 3G talk time, 250 hours standby, 10 hours LTE browsing and 40 hours music playback. (Reuters)

The iPhone 5S is powered by a new chip called the A7 that Schiller called the first ever 64-bit smartphone chip. It packs in over a billion transistors, Schiller said, and is "over twice as fast" as earlier processors. Graphics are 56 times faster, he said. (Reuters)

The iPhone 5S includes a fingerprint sensor for security -- a new feature Apple calls the Touch ID sensor. The sensor is built into the home button on the bottom of the smartphone. (Reuters)

Craig Federighi, Senior VP of Software Engineering at Apple Inc talks about the camera in the new iPhone 5S during Apple Inc's media event in Cupertino, California September 10, 2013. REUTERS/Stephen Lam (UNITED STATES - Tags: BUSINESS SCIENCE TECHNOLOGY BUSINESS TELECOMS) - RTX13G53