Microsoft, Sony battling for game-console sales

Microsoft Corp. is hoping to draw a broader audience to its Xbox game console — and away from rival Sony’s PlayStation 2 — by cutting its price by $30.

The Redmond, Wash.-based company said Monday it would begin selling its Xbox for $149.99 in the United States. It is making a similar price reduction in Canada and dropping the Xbox price by about $45 in Mexico.

Microsoft also said it was dropping prices on several games and on its Xbox Music Mixer software, which turns an Xbox into a karaoke machine. The cuts take effect today.

A spokeswoman with Sony said the company didn’t have plans to cuts its price on PlayStation 2 units.

Telecommunications

Qwest trial continues

A federal judge refused Monday to acquit four former Qwest executives accused of artificially boosting company revenue by $34 million, saying there was enough evidence to let a jury decide the defendants’ fate.

Thomas Hall, Grant Graham, John Walker and Bryan Treadway are accused of conspiring to help the telecommunications company improperly book the money in June 2001 to meet financial targets, perhaps hoping to boost their own bonuses.

All have pleaded not guilty to conspiracy and fraud charges stemming from a $100 million deal to connect Arizona schools to the Internet.

Agriculture

SEC investigates Tyson

Tyson Foods Inc., the world’s largest meat producer, said Monday regulators were conducting a formal investigation of benefits received by some board members and company officers.

The Securities and Exchange Commission was “seeking information primarily with respect to the disclosure of perquisites provided to certain directors and officers of the company,” including former senior chairman Don Tyson and current chairman and chief executive John Tyson, Arkansas-based Tyson Foods said in a statement.

The company said it was fully cooperating with the SEC probe.

Tyson noted in its annual proxy statement that it regularly engages in transactions with company officials and board members.

Industrial

Lyondell, Millennium deal to create chemical giant

Lyondell Chemical will acquire Millennium Chemicals in a stock swap the companies valued at $1 billion, creating North America’s third-largest publicly traded chemical producer.

Lyondell also will take on $1.3 billion in Millennium debt, the companies said Monday.

Shareholders of Millennium will receive between 0.95 and 1.05 shares of Lyondell common stock for each share of Millennium common stock. Based on recent trading, the transaction is valued at $2.3 billion, including the $1.3 billion of Millennium net debt, the companies said.

The transaction, subject to approval by both companies’ shareholders, is expected to close in the third quarter of 2004, officials said.