The New York Stock Exchange announced on Wednesday that it is launching a new exchange in Texas, potentially positioning the state as a competitor to the US bellwether.
The NYSE said that one of its electronic exchanges, NYSE Chicago, will reincorporate in Texas and be renamed NYSE Texas.
“As the state with the largest number of NYSE listings, representing over $3.7 trillion in market value for our community, Texas is a market leader in fostering a pro-business atmosphere,” said NYSE Group president Lynn Martin.
NYSE is part of Intercontinental Exchange, which acquired NYSE Chicago in 2018.
Texas boasts one of the friendliest business environments in the US, with no corporate or personal income tax. The Lone Star state houses more than 50 Fortune 500 companies and was the top jobs creator in the US last year, according to the governor's office.
Among notable companies to have relocated to Texas in recent years include Tesla, Oracle, Chevron and Charles Schwab.
The state's economy grew by 4.2 per cent in the third quarter of last year, according to the US Bureau of Economic Analysis.
“With the launch of NYSE Texas, we will expand our financial might in the United States and cement our great state as an economic powerhouse on the global stage,” said Texas Governor Greg Abbott.
The launch of NYSE Texas comes as a potential competitor to the group arrives in the state.
The TXSE Group last month filed a Form 1 registration with the US Securities and Exchanges Commission to operate as a national securities exchange. The group, which received backing from BlackRock and Citadel Securities, had an initial cap raise of $161 million.
The exchange, which hopes to challenge the NYSE to attract global businesses, plans to launch trading in early 2026.
Mr Abbott has been outspoken against the environmental, social and governance (ESG) movement, which promotes sustainability. Mr Abbott said growing backlash against the ESG movement has provided a large opening for an exchange in Texas.
NYSE Texas and TXSE will both be headquartered in Dallas.
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Ukraine
Capital: Kiev
Population: 44.13 million
Armed conflict in Donbass
Russia-backed fighters control territory
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
RESULT
Bayer Leverkusen 2 Bayern Munich 4
Leverkusen: Alario (9'), Wirtz (89')
Bayern: Coman (27'), Goretzka (42'), Gnabry (45'), Lewandowski (66')
UAE currency: the story behind the money in your pockets
