FT News Briefing GameStop returns, Myanmar banks, Texas power politics
Feb 25, 2021
GameStop shares made headlines by doubling in their last trading hour, reigniting market excitement. The leadership landscape shifts at McKinsey as partners opt for a new managing partner amidst a backdrop of controversies. Turning to Myanmar, employees across the banking sector are striking against the military coup, escalating tensions. Meanwhile, climatologist Michael Mann debunks the myth that wind power caused Texas's electricity failures during extreme weather, shedding light on the state's power politics.
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GameStop's Stock Surge
- GameStop's share price doubled in the last 90 minutes of trading Wednesday, closing at nearly $92.
- This echoes the January short squeeze driven by retail traders on Reddit.
McKinsey Leadership Change
- McKinsey partners voted to remove Kevin Sneader, splitting between those who felt his reforms went too far and those who felt they didn't go far enough.
- This marks the first one-term managing partner since 1976.
Myanmar Banking Crisis
- Myanmar's banking system is near a standstill as employees protest the coup, putting banks in a difficult position.
- Staying open risks online targeting, while closing disrupts the economy and governance.