Company News: Apple, Toyota, Bank of America

Apple will likely launch a smaller, cheaper version of the iPhone later this year. The move is part of a push to gain customers in developing nations, though Apple has spoken to at least one U.S. carrier, according to a person familiar with the plans who asked not to be named because the talks are private. Apple has been working on the phone since at least February 2011. The company is weighing retail prices of $99 to $149 for a device that would debut in late 2013, at the earliest. A more affordable iPhone would help Apple play catch-up with smartphone makers such as Samsung Electronics who use Google’s free Android mobile software.

Toyota Motor is developing technology to create a virtual “co-pilot” in vehicles to help drivers avoid accidents. The Japanese carmaker is testing a modified Lexus LS sedan with sensors and automated systems to help motorists improve driving skills. The move is an extension of safety features already available on some models, such as cruise control that keeps a car a safe distance from other vehicles, sensors to warn a driver who’s swerving out of a lane, and automated braking.