An employee shows a visitor how to work Sony's PlayStation 3 at the Tokyo Game Show 2006 in Makuhari, east of Tokyo. Sony said Friday that it will slash the price of the console in Japan by 20 percent.

Koji Sasahara / the associated press

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Oil prices drop more than $1 a barrel

WASHINGTON — Oil prices fell by more than $1 a barrel Friday, and analysts said ample global supplies at a time of year when demand is weak could prompt more selling — at least until winter heating demand kicks in.

Concerns about slowing U.S. economic growth and receding fears about this year's Atlantic hurricane season also have helped to send oil prices into a downward spiral of 23 percent since the middle of July.

The price of oil fell 4 percent just this week.

Still, the possibility of a production cut by OPEC has prompted some buying in recent days among bargain hunters who believe oil is fairly priced at around $60 a barrel. But many traders say it is only a matter of time before crude futures fall below that key psychological threshold.

Light sweet crude for November delivery declined $1.04 to settle at $60.55 a barrel on the New York Mercantile Exchange. November Brent crude on London's ICE futures exchange declined 93 cents to settle at $60.41 a barrel.

PlayStation 3 price to be cut in Japan

TOKYO — Sony Corp. said Friday it will slash the price of its much-anticipated PlayStation 3 video game console in Japan by 20 percent, heating up the competition in next-generation gaming against rivals Microsoft and Nintendo.

The announcement comes just days after Microsoft Corp. announced that it would roll out an external high-definition DVD player for its Xbox 360 in an effort to match the PlayStation 3, due to be released in November with its own Blu-ray DVD technology.

Sony will cut the domestic price of its basic PlayStation 3 model to about $410, from an originally planned $515. That puts the PlayStation 3 in the same range as the combined basic Xbox 360 and HD DVD player in Japan, where the duo will sell for $427.

There are no plans to lower prices in the U.S. or other markets, Sony spokeswoman Nanako Kato said. In Japan, the game will hit stores on Nov. 11.

In the U.S., the version with a 20-gigabyte hard drive will go on sale Nov. 17 at $499, with the 60-gigabyte version at $599.

Tribune overhaul plan pleases Street

CHICAGO — Tribune Co.'s decision to overhaul itself by year's end pleased its largest shareholders and Wall Street Friday, helping send the media company's stock to its best two-day performance in four years.

Directors of the embattled newspaper and TV-station owner said they are reviewing options that include a sale, breakup or buyout.

That amounts to an acknowledgment by the parent of the Chicago Tribune, the Los Angeles Times and the Chicago Cubs that a stock-buyback strategy it implemented in May isn't paying off fast enough and more action is needed to satisfy frustrated shareholders after a three-year stock slide.

After refusing previously to consider breaking up the company or selling prize assets, Chairman and CEO Dennis FitzSimons said in the wake of Thursday's five-hour board meeting that all options are on the table.

Investors welcomed the turnabout, pushing Tribune's stock up sharply for the second straight day.

Shares rose $1.94, or 6.1 percent, to close at $33.99 on the New York Stock Exchange for a two-day gain of 10.9 percent — the largest gain since Oct. 10-11, 2002.

Wal-Mart planning to reduce packaging

Wal-Mart Stores Inc., the world's biggest retailer, said it plans to reduce its use of packaging 5 percent by 2013, saving the company as much as $3.4 billion.

Wal-Mart announced the plans at the Clinton Global Initiative, an event organized by former President Bill Clinton at which companies have pledged almost $7 billion this year to combat global warming.

Bentonville, Ark.-based Wal-Mart is aiming to limit trash in landfills and lower carbon dioxide.

The company said it will work with 60,000 suppliers to come up with ways to cut packaging. Last year Wal-Mart promised to reduce waste and energy use amid criticism from labor groups and politicians that its business practices contribute to congestion and pollution.

"Even small changes to packaging have a significant ripple effect," Chief Executive Officer H. Lee Scott said in a statement.

"Improved packaging means less waste, fewer materials used, and savings on transportation, manufacturing, shipping and storage."

On Nov. 1, the retailer will start gathering information from 2,000 manufacturers that make goods sold under Wal-Mart brands.

The company will approach the rest of its suppliers in February.