Workaholics in the City are likely to celebrate news that their favourite gadget, the BlackBerry, is set to become slicker, faster and more powerful.

Research in Motion (RIM), the creator of the BlackBerry, yesterday announced the launch of an updated version - the BlackBerry Bold - in an apparent attempt to compete with Apple, which is tipped to launch a third generation (3G) version of its iPhone next month.

RIM promises that added processing power will "make short work of downloading email attachments, streaming video or rendering web pages."

In what appears a direct move on Apple's potential customer base, RIM said music is now more easily downloaded and a new application provides "a simple way to sync iTunes digital music collections with the smartphone".

The BlackBerry Bold will allow users to talk on the phone while sending emails and accessing the internet. The device also features a 2-megapixel camera with video recording capability, a gigabyte of memory, and a media player for watching movies and managing music collections.

Sir Martin Sorrell, the chief executive of advertising giant WPP is one executive rarely seen without his Blackberry, nicknamed a CrackBerry in the City. Easy Group founder Stelios Haji-Ioannou is rumoured to use his BlackBerry to check his emails before he gets out of bed.

However, some analysts have expressed concern in recent months that corporate users could cut back on spending on such items in the current challenging market environment.

There are also industry concerns that Apple will beat RIM to the market in June with its hotly anticipated 3G iPhone as the Bold is not expected to come to the market until late August.

The BlackBerry Bold rolls out globally this summer and is expected to cost between $300 and $400 (£153 to £206). While corporate users are its main target, it is expected that the new device will be picked up by a wider market.

RIM has been aggressively working at diversifying its client base in pursuit of non-business users and has placed a greater emphasis on appearance in the creation of the new device. The Bold has a sleek silver rim, a large glass display area and its removable back is covered in black leatherette. Users are able to personalise their BlackBerry by buying replacement backs in a variety of colours.

BlackBerry has seen its subscriber base nearly double each year for the past three years and the device has 14 million users in 135 countries. More than a third of its customers are now classified as non-government and non-corporate users.

RIM separately announced yesterday that it would join forces with Thomson Reuters, the international media company and several private Canadian investors, to form a $150 million venture capital fund that will invest in the best emerging mobile applications and services. The move is similar to a $100 million venture capital effort announced in March to develop software for Apple’s iPhone.

Earlier this month, RIM announced quarterly results which beat analysts' expectations and bucked the downturn. RIM's net profit for the quarter stood at $412.5 million (£206.9 million), up from $187.4 million a year earlier. The Canadian firm saw revenue soar 102 per cent to $1.88 billion (£950 million) in the same period compared with $930.4 million last year.

Money Central: 50 reason not to buy an iPhone

Times Recommends

• C&G axed - 1,660 jobs to be lost
• UK house prices rise 1.1% as buyers return
• Mixed reaction to US banks repaying bailouts