GameStop returns, Myanmar banks, Texas power politics
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 25 February 2021
⏱️ 10 minutes
🧾️ Download transcript
Summary
GameStop’s share price doubled in the final 90 minutes of trading on Wednesday, partners at the consultancy McKinsey have voted to remove Kevin Sneader from his post as global managing partner, and Myanmar’s banking system has ground almost to a halt as employees joined protests against the military coup. Plus, climatologist Michael Mann explains why wind power is not to blame for power failures in Texas during the recent cold snap.
GameStop shares double in final 90 minutes of trading day
https://www.ft.com/content/50eaa1b5-d244-4b3e-b460-736828c049cd
Myanmar protesters join general strike in defiance of threats of violence
https://www.ft.com/content/5f61da58-e618-42a8-b13c-300567248ff1
Blaming Texas electricity failure on wind
https://www.ft.com/content/adc21f2b-ccf7-4b8b-8604-53cae556a7dd
Sports gear maker Under Armour halves sponsorship commitments
https://www.ft.com/content/f97405a1-4187-4186-833c-c8c4f07bfcbf
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.6 | Today is Thursday, February 25th, and this is your FT News Briefing. |
| 0:08.6 | Shares in GameStop rallied hard just before the bell yesterday. |
| 0:12.6 | Kevin Sneeter is out as the head of McKinsey and a Myanmar bank workers walk off the job |
| 0:17.6 | to protest the military coup. Plus, Texas is still recovering from the electricity crisis during |
| 0:23.6 | last week's cold snap. Conservatives have pointed fingers at renewable energy, but we'll hear |
| 0:28.6 | from climateologist Michael Mann, who says they're off-target. |
| 0:32.5 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:40.7 | GameStop shares made a return to the spotlight yesterday. Stock in the struggling video game |
| 0:45.6 | retailer doubled in heavy volume in the final hour and a half of trading on Wednesday, |
| 0:49.9 | closing at nearly $92. GameStop is probably the best known of the mean stocks that are popular |
| 0:56.4 | among amateurs or individual traders who congregate on the social media site Reddit. |
| 1:01.3 | Another meme stock that did well yesterday, movie, theater, chain, AMC. It was up more than 20% |
| 1:07.2 | after the bell. The sharp jumps echo what we saw in January when retail trader short squeezed |
| 1:12.5 | GameStop shares in burned hedge funds that had been betting against the company. |
| 1:17.3 | All this capped a day where US equities made gains after reassuring comments from Federal |
| 1:22.0 | Reserve Chairman Jay Powell, which had helped stop a slide in tech stocks with the NASDAQ |
| 1:26.8 | composite closing up 1%, the S&P 500 closed up about the same. |
| 1:36.0 | In an unexpected move, partners at the world's leading management consultancy, McKinsey |
| 1:41.2 | voted to replace their boss, Kevin Sneeter. The firm has been weathering a lot of crises lately, |
| 1:46.9 | most recently, McKinsey paid out nearly $600 million for its role in fueling the opioid crisis |
| 1:52.6 | with it not admitting wrongdoing or liability as part of the settlement. |
... |
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