Apple launches new iPhone for the budget-minded

Apple on Wednesday unveiled a new entry-level iPhone in a launch without fanfare, aiming to appeal to consumers facing a suddenly bleaker economic backdrop.

The updated iPhone SE will start at $399, or less than half the price of its flagship devices, and be available for order as of Friday in more than 40 markets. Apple made the announcement in a statement, forgoing the normal splashy product launch events of the past few years.

The screen is on the small side for smartphones, measuring 4.7 inches diagonally - bigger than the first-generation iPhone SE but smaller than the newest phones - yet boasts high-definition graphics for rich visuals.

Apple trimmed coasts by leaving out some of high-end features such as facial recognition, giving iPhone SE a fingerprint sensor and a home-screen button which fans will remember from previous generations.