"Sony Corp threw down the gauntlet to handheld video game leader Nintendo Co Ltd on Tuesday, unveiling its new PlayStation Portable (PSP) with far-reaching multimedia capabilities. Not to be outdone, Nintendo took the wraps off its own new portable game machine, the dual-screened DS that promises to intensify a budding war in the handheld game market," reports Reuters.
"The PSP is the most significant hardware release in four years for Sony's game business, which accounts for two-thirds of the conglomerate's profit and has helped offset heavy losses from its mainstay electronics business. And the challenge from Microsoft Corp's Xbox and other game consoles has not gone unnoticed. The company said it would cut the price of its premier PlayStation 2 console by up to 25% in the United States to match the Xbox."
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