Earlier today we reported Apple was introducing alower cost iPod touch and that news was sure to spark the rumors of a newer lower-priced iPhone.

Samsung(SSNLF) may have beaten them to the punch as it unveiled a lower cost version of its flagship galaxy S4  Smartphone, with an ambition of trying to grab a bigger share of the mid tier market.

The Galaxy S4 mini, which follows the debut of the S4 just a month ago, will have a 4.3-inch screen ,still bigger than Apple Inc’s 4-inch iPhone 5 – and a 8-mega pixel rear-facing camera.

As Apple seemingly lags behind in new product development Samsung scheduled eight new products for lunch between April and June,  But this marks the first time that Samsung has retooled one of its products so soon after the initial launch.

Rumors persist on it updated S4. Samsung (SSNLF) did not announce a price for the phone or give a launch date, but the market estimates the smaller type will be priced at around $350.