Mumbai The Indian rupee closed modestly higher on Wednesday, caught between the negative bias from higher crude oil prices and dollar sales by the Reserve Bank of India that helped counter the pressure.The currency closed at 95.33, 10 paise stronger from its previous close of 95.43. Dollar sales by state run banks, likely on behalf of the RBI, kept the rupee in a narrow range of95.25-95.44 , traders said. The rupee is expected to trade on a stronger footing on Thursday, between 95.00 and 95.50 as a cease fire deal was extended to August 17, which cooled Brent futures to around $85 per barrel.

NEW YORK — Shares of GameStop Corp. fell 1.86% to $18.47 in morning trading on Wednesday as investors digested reports that Chief Executive Ryan Cohen is considering withdrawing the company’s $56 billion takeover proposal for eBay Inc. in favor of a partnership or joint venture.

The stock traded lower after opening near recent levels, reflecting continued caution following a sharp drop earlier this month tied to a major debt-for-equity swap and ongoing uncertainty around the retailer’s ambitious acquisition strategy. GameStop, the specialty retailer of video games, collectibles and electronics, has seen its shares decline roughly 28% since it first floated the eBay bid in May.

According to people familiar with the matter reported by Bloomberg, Cohen is exploring an alternative structure that would let eBay use GameStop’s roughly 1,600 U.S. retail locations to expand its physical presence in high-margin categories such as trading cards and collectibles. GameStop, already one of eBay’s largest shareholders with a stake that has grown to about 9.75%, would seek board representation as part of any such arrangement. No final decision has been made, and other options remain under consideration.

The original non-binding proposal, valued at $125 per share in a mix of cash and GameStop stock, was rejected by eBay’s board, which described the offer as “neither credible nor attractive.” GameStop has continued to build its position in eBay through share purchases and options, making it the second-largest holder behind Vanguard Group funds.

The potential shift comes after GameStop announced on August 3 that it had agreed to privately exchange approximately $1.4 billion aggregate principal amount of its outstanding 0.00% convertible senior notes due 2030 and 2032 for shares of its Class A common stock. The exchange, expected to close around September 23 subject to customary conditions, retires the debt without using cash and is expected to leave roughly $1.1 billion of the 2030 notes and $1.7 billion of the 2032 notes outstanding. Shares fell more than 12% on the day of the announcement amid dilution concerns and volume that exceeded 41 million shares.

GameStop has reported improving operational results even as the eBay pursuit has dominated headlines. In its first quarter of fiscal 2026, ended May 2, the company posted net sales of $835.3 million, up 14% from $732.4 million a year earlier. Collectibles revenue jumped 65% to $348.9 million and accounted for nearly 42% of total sales, offsetting declines in software and hardware. Net income reached a company-record $389.6 million, compared with $44.8 million in the year-ago period, aided by operating improvements, lower selling, general and administrative expenses, and significant non-operating gains including unrealized gains on eBay-related options and interest income. Adjusted net income was $179.3 million.

Management has guided for adjusted EBITDA in excess of $600 million for the full fiscal year, nearly double the $345.4 million reported in fiscal 2025. The board also authorized a new $2 billion share repurchase program running through June 2029. GameStop ended the quarter with a substantial liquidity position that included billions in cash, marketable securities and related assets.

At its July annual meeting, stockholders approved an amendment increasing the number of authorized Class A common shares to 2.5 billion, providing additional flexibility for potential transactions or equity issuances. The company has also expanded its delivery options through a partnership with Uber Eats, allowing customers to receive video games, collectibles and electronics on demand.

Cohen, who has steered GameStop through aggressive cost-cutting and a pivot toward higher-margin collectibles since taking a larger leadership role, withdrew a proposed long-term performance award earlier this summer. The package, which could have been worth more than $35 billion upon hitting ambitious market-capitalization and profitability targets, was removed at his request so leadership could focus fully on operating performance and the eBay initiative. GameStop said at the time that Cohen wanted attention centered on those priorities.

The retailer continues to operate a reduced but still substantial store base that management views as a core logistics and fulfillment asset rather than a pure retail liability. International operations have been streamlined, including the earlier exit from Canada, while domestic stores remain central to the strategy.

Market reaction has been mixed. Some investors point to the improved profitability, cash position and collectibles momentum as evidence of a more sustainable business. Others remain focused on valuation, the potential dilution from the note exchange, and the gap between GameStop’s market capitalization of roughly $8.4 billion and the scale of the eBay proposal. Shares have traded in a 52-week range of approximately $18.55 to $28.10.

GameStop’s next scheduled earnings report is expected in early September for the second quarter. Until then, attention is likely to remain on any further clarity regarding the eBay relationship and the impact of the convertible-note exchange once the share-issuance details are finalized based on a volume-weighted average price reference period that began in early August.

The company has not issued an immediate public comment on the latest partnership discussions. As of the latest available filings and statements, GameStop maintains that its priority remains strengthening its core operations while evaluating strategic opportunities that could leverage its retail footprint and customer base in the growing collectibles and entertainment categories.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

However, critics argue that at each of these businesses only a tiny proportion of staff are actually using the AI, and that those who do so are only using it to a very limited extent.

Prof Yasushi Ogasawara, an expert on Japan’s social system and technology at Meiji University, says there aren’t enough tech-savvy people in the workforce.

“Although the Japanese like playing with gadgets such as smartphones, digital literacy is low here,” he says.

This is highlighted by one report earlier this year which said Japan faced a shortfall , externalof almost 800,000 IT professionals by 2030.

Many companies are also said to struggle with out-of-date computer systems, with around 60% more than 20-years-old.

Moreover, Ogasawara adds that Japanese companies are under more pressure to avoid fuelling unemployment than they are to develop AI which could result in job losses.

“The government is talking about AI, re-skilling, digital skills, but in reality, it is difficult to adapt human resources to digital skills because the top priority is to maintain full employment,” he says.

But there is a shift in recruitment, with some companies now prioritising “AI literacy” in their new graduate hiring.

In the private sector, larger firms such as Kanematsu, a major general trading company, are hiring savvy graduates such as Uta Yamaguchi who joined in April.

“I use AI quite often at work,” she says. “Many of my colleagues use it a lot. For writing emails for my boss, summarising complicated documents, meeting recording and summarising.”

But, by contrast with the US, she says AI systems that can autonomously handle multi-step work are still virtually unheard of in Japan.

However, her employer, known for its forward thinking, now has them onboard.

Ogasawara says that “change in Japan is limited”. He adds: “Japanese society expects painless reform, so I think it can be said that drastic reform is difficult, to say the least.”

Disruption may be a dirty word in Japan, but without it the productivity gains the country needs could remain elusive.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Nortech Systems Incorporated Second Quarter 2026 Earnings Conference Call. With me on the line today are Jay Miller, President and Chief Executive Officer; and Andrew LaFrence, Chief Financial Officer and Senior Vice President of Finance. [Operator Instructions]

At this time, it is my pleasure to turn the call over to Andy LaFrence.

Andrew LaFrence
CFO & SVP of Finance

Thank you, Jenny, and welcome, everyone. Jay will begin today’s call with a review of our operations, recent developments and business outlook. I will then review Nortech’s second quarter financial results before turning the call back to Jay for closing comments. After that, we will open up the line for questions.

Before we continue, please note statements made during this call may be forward-looking statements regarding expected net sales, operating results, future plans, opportunities and other company expectations. These estimates, plans and other forward-looking statements involve unknown and known risks and uncertainties that may cause actual results to differ materially from those expressed or implied in this call. These risks, including those detailed in our most recent SEC filings, may be amended or supplemented. The statements made during this conference call are based upon information known by Nortech as of the date and time of this call, and we assume no obligation to update the information in today’s call. You can find Nortech’s complete safe harbor statements in our SEC filings.

And with that, I will turn it over to Jay for his opening comments. Jay?

Jay Miller
President, CEO & Director

Thank you, Andy, and good afternoon, everyone. We appreciate you joining