News Summary: Microsoft revamps Office

Associated Press
Microsoft CEO Steve Ballmer, Kirk Koenigbauer speaks at a Microsoft event in San Francisco,Monday, July 16, 2012. Microsoft unveiled a new version of its widely used, lucrative suite of word processing, spreadsheet and email programs Monday, one designed specifically with tablet computers and Internet-based storage in mind. (AP Photo/Jeff Chiu)
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NEW FEATURES: The new version of Office — Microsoft's suite of word processing, spreadsheet and email programs — will sport touch-based controls and emphasize Internet storage.

SIGNIFICANCE: It reflects an industry-wide shift away from the company's strengths in desktop and laptop computers. The addition of touch-based controls will enable Office to extend its franchise into the rapidly growing tablet computer market.

AVAILABILITY: A preview version of the new Office suite is being made available online. Microsoft Corp. isn't saying when the software will go on sale or what the price will be.

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