3 stories mentioning ADX:BOROUGE
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Borouge (ADX:BOROUGE) appointed Siegfried Wengler as its new chief financial officer to succeed Jan-Martin Nufer, effective July 1.The petrochemicals company also appointed Salem Al Busaeedi as its chief operating officer with immediate effect, according to a Wednesday release.
Emirati stocks closed Thursday's trading session in the red as investors dissect the US Fed decision, which, as a result, also saw the United Arab Emirates Central Bank keeping its base rate steady.At the close of trading, the FTSE ADX General Index shed 1.237%, while the DFM General Index lost 1.625%.The UAE Central Bank on Wednesday kept the base rate applicable to the overnight deposit facility at 3.65% and the interest rate applicable to borrowing short-term liquidity at 50 basis points above the base rate for all standing credit facilities.The move aligns with the US Federal Reserve's decision to keep the interest rate on reserve balances unchanged, as the Emirati dirham is pegged to the US dollar."In our opinion, the uncertain geopolitical environment may inject more uncertainty into the ultimate path of the federal funds rate. A deepening divide on the Committee shows that a growing number of members favor a more neutral bias supporting our outlook for no federal fund rate changes this year. Ultimately, the economic data will impact the timing of any Fed rate cuts. The Fed stated that the implications of developments in the Middle East for the U.S. economy are contributing to a high level of uncertainty about the economic outlook," the Wells Fargo Investment Institute said in a note.The corporate side of the region saw a fresh batch of first-quarter earnings reports including those from Borouge (ADX:BOROUGE) and NMDC Group (ADX:NMDC), with both companies reporting lower attributable profits. Their stocks closed flat and 3.52% in the red, respectively.Drake & Scull International (DFM:DSI) began the construction phase of the Majan Project in Dubai and aims to finalize it in the first quarter of 2028. Its shares closed the session 1.235% lower.On the geopolitical front, Bloomberg News reported Thursday, citing Axios, that US President Donald Trump will receive a briefing on new military action on Iran, sparking escalation concerns between the two countries.
Borouge (ADX:BOROUGE) and Wanhua Chemical Group's petrochemicals and polyolefins unit, Wanrong New Materials, signed a joint venture deal to develop a cracker and polyethylene complex in Fujian, China.The Abu Dhabi-listed petrochemicals company and its Chinese partner will equally own the joint venture, according to a Friday release. The deal is subject to regulatory approvals.