The fallout from the disappointing financial report from Nintendo continues as the company's president, Iwata, takes full blame for the situation and will be taking a 50% pay cut to go along with reduced bonuses regardless if Nintendo rebounds later in the year.
Also announced was Miyamoto along with other high executives will be taking a 20-30% pay cut while the former president of Nintendo has lost over $300 million in stock wealth due to the news.
Iwata announced the company's drastic cut in price for the 3DS was to prevent another "Gamecube'' situation where he felt the company waited too long to react to the initial decline with the Gamecube until it was too late.
Besides the price cut for the 3DS and the Ambassador Program for free games, the company also announced it is reworking the Virtual Console for the 3DS to allow LAN and potentially online multiplayer starting with the NES games on the service. This is a reverse of initial philosophy of having the games be played in their classic or original state with the Wii.
The price drop has upset some retailers in Japan who have announced they are refusing to sell their current stock or order any new stock until the price cut takes effect on August 11.
http://kotaku.com/5825872/nintendo-p...ercent-pay-cut
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Quick News Round-Up:
1) Level-5 is considering expanding the Professor Layton series beyond handhelds by potentially inlcuiding the Wii U with the main interest occurring due to the stylus on the Wii U controller. The studio didn't mention if the games will only be HD ports from the DS games or include new games in the series.
2) EA announces it has no interest in 3D technology for their games with the main concern of their audience is not concerned for 3D at the moment. This news contradicts earlier announcements of the company supporting the 3D on the 3DS as a new way to play.
3) In a report from Japan, the PS Vita will not be using a custom CPU chip made by Sony as initially expected but instead from Sony's main rival Samsung. The CPU is expected to be a 45 nm chip and is also expected to be used by Samsung in their cellphones as a way to give them an edge over the Vita and other cellphones.