Apple announced on Monday that a new version of its hot-selling iPhone would be launched later this month and that the price of an earlier model was dropping to 99 dollars.

Apple vice president of marketing Phil Schiller made the announcements at an annual Worldwide Developers Conference in San Francisco bereft of any sign of the firm`s renowned chief executive, Steve Jobs.

Schiller said the new iPhone, the iPhone 3GS, which can capture video for the first time, would be available on June 19.

“The `S` stands for speed, because this is the most powerful iPhone we`ve ever made,” Schiller said. “What is inside is entirely new.”

He said the 16-gigabyte iPhone 3GS would cost 199 dollars while the 32-gigabyte model would cost 299 dollars.

He said the price of an original eight-gigabyte iPhone 3G is dropped to 99 dollars as of Monday.

Schiller also said a next-generation iPhone 3.0 operating system will be released worldwide on June 17 as a free upgrade to owners of the smartphones.

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