NYSE abandons plan to delist Chinese telecom firms in response to Trump executive order News
AhmadArdity / Pixabay
NYSE abandons plan to delist Chinese telecom firms in response to Trump executive order

The New York Stock Exchange (NYSE) backed off a plan to delist three Chinese telecommunications companies on Monday, a move that was incited by an executive order from US President Donald Trump.

Trump’s November 12 order claimed that the Chinese companies were “exploit[ing] United States investors to finance the development and modernization of its military.” Finding this to be a national emergency, he banned the trading of securities that directly or indirectly financed the Chinese military-industrial complex.

In response to the order, the NYSE announced that they would delist three Chinese telecommunication companies—China Mobile, China Telecommunications and China Unicom Hong Kong.

The Chinese Ministry of Commerce vowed to take “necessary measures” to protect the interest of their enterprises. Officials also criticized the US government for using the guise of national security interests to reduce competition.

The NYSE cited “further consultation with relevant regulatory authorities” as their reason for halting the plan. Market analysts have called NYSE’s reversal bizarre and surprising. It comes less than a week before trading for the companies was to be suspended.

The NYSE did say they would “continue to evaluate the applicability of Executive Order 13959 to these Issuers and their continued listing status.”

THIS DAY @ LAW

38 Santee Sioux hanged by US for rebellion

On December 26, 1862, 38 Santee Sioux men were hanged in a mass execution for their roles in a rebellion against US authorities in Minnesota which left hundreds dead and made refugees of some 40,000 white settlers. Government annuities promised under a treaty with the Sioux had failed to arrive on schedule and credit for purchases was not advanced in the meantime, threatening the tribe with starvation. The Santee Sioux Tribe's members were deported first to South Dakota and ultimately to Nebraska, where they remain today. Learn more about the 1862 Minnesota Sioux Rebellion.

Louis XVI put on trial during French Revolution

On December 26, 1792, Romain de Sèze, a defense attorney for deposed King Louis XVI, presented a defense of his client. The former King was on trial before a French Revolutionary court on thirty-three charges, including treason and other crimes against the state. He was convicted on January 15, 1793 executed by guillotine on the following January 21.