Good afternoon, friends, and welcome to a relatively quiet Monday, with no major news story dominating the local news cycle so far.

THE BIG(ish) STORY TODAY SO FAR-

Trucking startup Naqla has raised USD 10.5 mn in a pre-series A round led by El Sewedy Capital Holding, Hassan Allam Holding, and the Sallam family, according to a press release.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Rising wheat and oil prices will hit budget in Egypt, ministers say: Rising global wheat prices could cost the government an additional EGP 15 bn this fiscal year, Finance Minister Mohamed Maait said. Meanwhile, Egypt is being “negatively affected” by spiraling oil prices, as Brent crude is now nearly double the price forecast in the state budget, Oil Minister Tarek El Molla said.
• Real estate brokers face new prospect of regulation: Real estate brokers could soon face regulatory scrutiny after the House of Representatives approved in principle amendments to the law regulating commercial and real estate brokerage.
• Misr Italia Properties is looking to issue securitized bonds worth EGP 700 mn during 4Q2022.

HAPPENING NOW- The House of Representatives is currently holding several committee-level discussions of bills, including:

• The Unified Ins. Act, which would make the Financial Regulatory Authority the primary regulator for the ins. sector and mandate economic courts with mediating disputes relating to the law (House Constitutional and Legislative + Planning and Budgeting + Economic + SMEs committees);
• The Industrial Development Authority’s FY2020-2021 closing balance, as part of the customary end-of-year reports on the closing balances of individual government institutions (House Planning and Budgeting Committee).

THE BIG STORY ABROAD- Ceasefire talks, take three: Russian and Ukrainian negotiators are currently in Belarus, near its border with Poland, for a fresh round of talks to find an end to the ongoing conflict, according to Sputnik Belarus. The last round of negotiations last week failed to achieve a ceasefire and agreements to set up humanitarian corridors to allow for civilian evacuation all but disintegrated.

Russia opened new corridors for civilians to flee Ukraine… into Russia and Belarus, which is siding with Russia, Reuters reports. The corridors, which Russia’s Defense Ministry announced were opening this morning, will allow civilians in Kyiv to Belarus, while those in Ukraine’s second-largest city, Kharkiv, can flee to Russia.

Moscow isn’t entertaining a case Ukraine filed with the International Court of Justice (ICJ) against Russia, in which Ukraine is accusing Russia of using false claims of “acts of genocide” as a basis for its invasion. The first hearing held today, dedicated to Ukraine’s request that the ICJ impose provisional measures to stop Russia’s invasion, went on without representation from Moscow, according to Reuters.

ON THE DIPLO FRONT- More sanctions against Russia from France and the EU “are on the table,” French Finance Minister Bruno Le Maire said today, without providing further details.

China is still trying to toe the middle line, with its Foreign Minister Wang Yi saying today that Beijing has a “rock solid” friendship with Russia and “is willing to continue to play a constructive role in pushing for peace and promoting talks,” Reuters reports. China’s Red Cross is also sending humanitarian aid to Ukraine, Wang said.

That friendship is affecting corporate decisions in China: Ride-hailing app DiDi reversed its decision to exit Russia, saying that it will continue operations there despite announcing previously that it would shut down operations in Russia and Kazakhstan due to losses, according to the Financial Times.

MARKETS- Some traders are wagering that oil could surpass USD 200 per barrel before the end of March, as prices soar in response to blocked Russian supply, Bloomberg reports. International benchmark Brent crude surged to highs not seen since 2008 amid major supplier Russia’s war with Ukraine, rising as high as USD 139 per barrel during yesterday’s trading.

Apparently not too worried about soaring oil: The Biden administration, which is mulling a unilateral move to ban imports of Russian crude without its European partners (who are heavily dependent on Russian supply), Bloomberg reported this morning, citing sources with knowledge of the matter.

US allies including South Korea and Japan would likely follow Biden’s lead if he does move to bar Russian imports, “even though it will leave them vulnerable,” one strategist said. On Russia’s end, meanwhile, supply through Ukraine has so far continued unaffected, Reuters cited Russia’s Prime news agency as reporting.

???? CIRCLE YOUR CALENDAR-

US Deputy Secretary of State Wendy Sherman will be in town this Thursday and Friday, the State Department said in a statement on Thursday. Sherman will meet with Foreign Minister Sameh Shoukry and “other senior officials,” including National Council for Human Rights chief Moushira Khattab.

Contemporary art and culture center Darb1718 is hosting its 3031 Art Festival until next Saturday, 12 March on its premises in Fustat, Old Cairo. Unique collections of multidisciplinary art will be on display along with live music, dance, theater performances, and interactive workshops. Guest speakers Adsum Art Consultancy will be on hand to discuss investing in art. Catch a full day of activities from 1pm–9:30pm on weekends and weekdays from 4pm–1pm.

Other news triggers to keep your eye on over the next few weeks:

• Inflation: Inflation figures for February will be released on Thursday, 10 March.
• Interest rates: The Central Bank of Egypt (CBE) will hold its next monetary policy meeting on Thursday, 24 March.

The Ahlan Ramadan supermarket expo will take place from 24 March to 1 April at the Cairo International Convention Center.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect temperatures to reach 26°C during the day before dropping to 13°C at night, our favorite weather app tells us.