Microsoft phones on the way

Microsoft is set to announce its long-awaited "Project Pink" phones early next week, sources familiar with the matter said on Monday, as the world's largest software company attempts to gain traction in the growing market for young smartphone users.

The mobile phones, to be sold by top U.S. mobile operator Verizon Wireless which is partly owned by the UK’s Vodafone, are being targeted at heavy users of social network sites, according to sources. They will have a different name when the launch is announced. The new phones, which likely won't be on the market until summer, are to be made by Sidekick manufacturer Sharp Corp, sources said.