Morning Money Memo…
Sony says it sold more than 1 million of its PlayStation 4 video game consoles during their first 24 hours on the market, and that’s a record. The PS4 is the first new video game system released by Sony in seven years.”Sales remain very strong in North America,” says Andrew House, head of Sony’s videogame division. But the PlayStation 4 faces stiff competition not only from Microsoft’s new Xbox One but also from games on tablets and smartphones.
“Booming PS4 sales are little console-ation for Sony,” says today’s headline in the Financial Times. “As it accelerates production of the device, the Japanese electronics group is selling each $399 console at a loss,” reports the FT. Sony hopes to make a profit when sales volume picks up and more games are released in the next few years. The strong launch gives the company fresh hope that its big bet on the PlayStation will pay off over the long term .
A really positive showing for Boeing at the Dubai Air Show. The company’s CEO Boeing CEO James McNerney says airlines in Qatar, Dubai and other Gulf states have placed orders for at least 225 of its new long-haul 777X planes. McNerney calls this the “largest commercial launch in aviation history”. The 777X is a bigger and more fuel-efficient upgrade of its current line. For Boeing and its European rival Airbus, the Dubai event has become a key battleground for new aircraft and big-ticket orders that can shape the companies’ outlooks for years.
Wal-Mart says more than 15 percent of 75 Bangladesh clothing factories failed safety checks in audits it commissioned. The retailer hired the firm Bureau Veritas to look at more than 200 factories it uses in Bangladesh after more than 1,100 people were killed in an April building collapse. Walmart says it will release the results of more audits after the safety inspections are done. It said factories that failed audits have since made improvements.
The first ever Congressional hearing on virtual currencies will be held today. The Senate Homeland Security and Governmental Affairs Committee will be looking at Bitcoins and whether they should be regulated. The price of Bitcoins has soared recently, reaching $500 each Sunday for the first time.
The stock market is still on a roll with the S&P 500 at 1798 and the Dow Jones index just shy of 16,000. The averages hit fresh record highs for sixth week in a row. Futures rose again this morning and most overseas markets are higher.
Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesnow