Hey times are tough here in the US- Nokia realizes that not everyone wants to break the proverbial bank just to enjoy the high-speed capabilities of the G3 network. As such he world's top handset maker has unveiled its 2720 Fold and 7020 series phones, including the 2730 Classic - the cheapest 3G phone to date.

The new 2730 Classic will go on sale from the third quarter of this year and is expected to retail for $110. The 2720 Fold and 7020 models, which will sell for $75 and $120, respectively.

The handset market saw its worst ever quarter leading Nokia to report its first ever quarterly pretax loss.

The Finnish company's wide offering has kept it ahead of its traditional competitors such as Samsung Electronics, but Nokia has lost market share at the top end of the market to rivals like Apple and Research in Motion.

The new 3G handsets, with Nokia's traditional block design, are targeted at entry-level prepaid users in both developing and established markets.