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Apple has reportedly entered into an agreement with chip manufacturer GlobalFoundries to produce chips for the company's new iPad and iPhone products at a factory in Malta, New York.

Apple is holding an event today at its Cupertino, California, headquarters, where it is expected to unveil new updates to its iPhone product line.

The Consumer Electronics Show (CES) is an annual convention where savvy entrepreneurs and major tech manufacturers alike can display their wares, hoping to capture the attention of the public.