THE NEWS WRAP: Apple reportedly launching large-screen iPhone models on September 9

Apple is expected to hold an event to introduce its new iPhones on September 9, a source told The Wall Street Journal.

It’s widely expected to launch two large-screen iPhones, one with a 4.7 inch display and another with a 5.5 inch display.

The company declined to comment.

Fox withdraws proposal to buy Time Warner

Fox has announced it has withdrawn its $80 billion bid for the TV and movie conglomerate Time Warner.

Fox chief executive officer Rupert Murdoch says his Time Warner counterpart Jeff Bewkes wouldn’t sit down and negotiate a deal, and Fox wasn’t going to negotiate with themselves.

Time Warner shares fell after Fox announced it had withdrawn the proposal.

Apple App Store breaking records

Apple’s App Store saw record-setting revenue numbers in July, the company told CNBC.

In addition to those numbers, the company also said its app store saw a record number of customers making transactions.

Overnight

The Dow Jones Industrial Average is down 139.81 to 16,429.47. The Australian dollar is currently trading at US93 cents.