February 24, biz in 60

Business in 60 Seconds

Top executives resign from Texas power grid operator Top executives of Texas's power grid operator have stepped down after millions of homes lost electricity during a deadly winter storm last week. The chairperson of the Electric Reliability Council of Texas and four other board directors have resigned with immediate effect. State lawmakers are scheduled to hold hearings on the crisis on Thursday. GameStop CFO quits after stock trading frenzy GameStop's chief financial officer Jim Bell has resigned after a Reddit-fuelled stock trading frenzy saw the struggling US video game retailer skyrocket in value. The company says Bell will step down in March, but hasn't given any reason. GameStop shares soared as much as 1,900 percent earlier this month, as retail investors looked to counter a short squeeze on the stock. Singapore developer CapitaLand reports $1.2B loss Singapore's largest developer, CapitaLand, has reported its first full-year loss in almost two decades. That's after the pandemic forced the company to write down the value of some of its properties. Net loss came in at 1-point-2 billion dollars for 2020, compared with a net profit of nearly 1-billion dollars in the prior year.