TOKYO — Nintendo is slashing the price of its popular Wii game console in the U.S. and Japan by 20 percent, part of a global strategy by game companies to spur sales ahead of the crucial year-end shopping season. Sony also announced a price cut.
In the U.S., Nintendo said today, the console’s price will be lowered by $50 on Sunday to $200.
In Japan, the Wii’s price will be cut to 20,000 yen ($220) from 25,000 yen starting Oct. 1. Prices in Europe were also expected to be lowered by about the same amount.
Hours after Nintendo’s announcement, Sony Corp. announced a price cut in Japan for its PlayStation Portable model called PSP-3000 by 15 percent to 16,800 yen ($190) from 19,800 yen ($220), starting Oct. 1. The price already had been cut in the U.S. to $169.
The latest reductions follows similar moves by Sony for its home console PlayStation 3, as well as by Microsoft Corp., which makes the Xbox 360.
Idaho searching for McDonald’s stud spud
From the fields of Idaho to tasting rooms in suburban Chicago, potato farmers, researchers and industry representatives are in the midst of an elusive hunt: finding a new spud for McDonald’s french fries. Seven years have passed since the fast-food giant last added a new U.S. potato variety to three previously approved for its golden fries, something that both irks and motivates potato researchers who hope their progeny will be next. Because McDonald’s buys more than 3 billion pounds of potatoes annually across the globe, it has the power to dictate whether a variety sprouts or winds up in the less-lucrative supermarket freezer’s crinklecut bin.
AutoZone profits fall in fourth quarter
Auto parts retailer AutoZone Inc. said Wednesday its fiscal fourth-quarter profit fell 3.1 percent, citing tough comparisons to a prior-year period that included an extra week of sales. Bill Rhodes, AutoZone’s chairman, president and chief executive, said consumers remained focused on trying to save money by keeping their cars on the road longer and spending more on basic maintenance. Rhodes added that he expects the trend to continue. For the quarter ended Aug. 29, the company earned $236.1 million, or $4.43 per share, down from $243.7 million, or $3.88 per share, a year ago.
Banks back off harsher overdraft fees
Banks are backing off harsh overdraft fees and policies. That’s the good news. The bad news is they’ll probably look to make up that lost profit elsewhere. It’s a worrisome prospect for the vast majority of customers who never overdraw their funds and have grown accustomed to perks like free checking accounts. “Banks are going to have to get creative. Rather than generic free checking accounts, you’re going to see lots of different flavors of products,” said Bob Meara, a senior analyst with Celent, a Boston-based consulting firm for the banking industry. That might mean the return of monthly fees or minimum balances for checking accounts, or the bundling of accounts with other services for a fee. Customers could also be steered toward lower-cost services like online banking, Meara said.
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