THE NEWS WRAP: Apple’s new wearable to be revealed in less than two weeks

Apple is planning to reveal its new wearable device alongside its new next-generation iPhones on September 9, Re/code reports.

The new device will feature Apple’s HealthKit health and fitness platform, as well as HomeKit, its new framework for controlling connected devices.

As TechCrunch points out the report counters previous claims that any new Apple wearable device wouldn’t be revealed until next year, and there’s still a chance Apple will reveal the hardware design and launch the device at a later date.

Square raising $200m, partly from Singapore Government

Mobile payments company Square is in the process of raising capital at a $6 billion valuation, sources told CNBC.

Square is aiming to raise about $200 million, with part of it coming from the Government of Singapore Investment Corporation.

Alibaba net income almost triples to $2 billion in the quarter

Less than a month before its initial public offering, e-commerce giant Alibaba revealed that its profit almost tripled in the quarter ended June 30 to $2 billion, the New York Times reports.

That’s an 80 per cent profit margin, given its $2.5 billion in revenue.

Alibaba is expected to announce the price range of its IPO as soon as Tuesday.

Overnight

The Dow Jones Industrial Average is up 15.31 to 17,122.01. The Australian Dollar is currently trading at US93 cents.