UKRAINE WATCH- The war in Ukraine is growing deadlier as fighting enters its sixth day, as more than 70 Ukrainian soldiers were killed after a Russian artillery struck a military base overnight in the town of Okhtyrka, between Kharkiv and Kyiv, Reuters reports. At least 10 people were killed and 35 were injured in separate rocket strikes on the country’s largest second city, Kharkiv, Ukraine’s Interior Ministry said. The assault on Kharkiv came as earlier talks along the Berlarusian border between Russia and Ukraine failed to broker a ceasefire, with more talks set to be held in the coming days at an unspecified time.

Moscow still has its eyes on Kyiv, with an armored column bearing down on the Ukrainian capital after the deadly bombing on Kharkiv, Reuters reported. This comes hours after satellite images showed a mass military convoy north of the Ukrainian capital stretching for 65km (40 miles), US satellite company Maxar said.

Russia shows no signs of pulling back, stressing that the armed forces will continue their “military operation” in Ukraine until their goals are met, Interfax reported Defense Minister Sergei Shoigu as saying.

Russian forces have yet to successfully capture any major city in Ukraine, but can be expected to regroup and launch a better-planned offensive over the next 24-72 hours, the US-based Institute for the Study of War (ISW) said in its latest report on the conflict. “The Ukrainian military likely cannot prevent Russian forces from enveloping or encircling Kyiv if the Russians send enough combat power, but likely can make Russian efforts to gain control of the city itself extremely costly and possibly unsuccessful,” ISW says.

Death toll: Ukraine said that 5,710 Russian troops have been killed since the beginning of the invasion, according to Ukraine’s General Staff of the Armed Forces. Ukraine has reportedly also captured 200 Russian prisoners.

More casualties among civilians: An estimated 136 civilians have been killed in Ukraine since the war broke, including 13 children. Around 400 civilians have been injured, including 26 children, UN High Commissioner for Human Rights spokesperson Liz Throssell told a briefing.

On the diplomatic front, the International Criminal Court said it will launch its own investigation, as there is “reasonable basis” to believe that war crimes have been committed against Ukraine during the Russian invasion.

Here at home, G7 ambassadors in Cairo voiced their support for Ukraine, and condemned the invasion, the ambassadors said in a statement (pdf) today. The group is lobbying Egypt to side with Ukraine in the next emergency session by the UN General Assembly set for this week.

Meanwhile, Social media giants are blocking Russian media outlets in the EU: Facebook, Instagram, YouTube, and TikTok have all taken steps to remove content from Russian state media outlets such as RT and Sputnik from their platforms in the EU, according to Business Insider. This is the latest in a series of moves by large tech companies to limit Russia’s influence through their platforms, with both Meta and Google announcing last weekend that Russian media would not be able to place ads or monetize content on their sites. Meta’s president of global policy, Nick Clegg, said on Twitter that more governments have also requested a ban on Russian state media. Twitter itself, however, has not yet announced if it will follow suit.

Russia could retaliate with punitive measures on Meta and Google after the two companies failed to open local offices and take other measures required by a communications law, according to Reuters. Russian legislation forces foreign social media companies with more than 500k daily users to open local offices or face measures such as fines or an outright ban. State communications regulator Roskomnadzor listed 13 companies it wanted to adhere to this decision and said it would start imposing restrictions by the end of February. However, Apple and Spotify are the only two companies to comply with the deadline, while Google, Meta, Twitter, TikTok, and Zoom aren’t fully compliant, which Russia could use as grounds for a retaliatory measure.

THE BIG STORY AT HOME TODAY-

GB Auto is mulling selling down a portion of its stake in Netherlands-based MNT Investments, which is majority-owned by GB Auto’s subsidiary GB Capital, the company announced in a regulatory filing (pdf). The statement did not specify the number of shares GB Capital is selling from its stake, but said that the decision to look into the sale came after other MNT Investment shareholders expressed interest in selling a portion of their stakes. The company did not specify who the other shareholders are.

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

• State grain buyer GASC was forced to cancel its wheat tender yesterday on the back of high prices, as global grain markets face turmoil on the back of Russia’s invasion of Ukraine. The two countries together account for nearly a third of the world’s wheat supply, and some 60-80% of our grain imports at any given time.
• Brimore invests USD 5 mn in a pre-seed round for logistics arm Milezmore + Milango acquires rival Circle: Social commerce startup Brimore has invested USD 5 mn in a pre-seed round for its delivery and logistics services arm Milezmore, while Digital services provider Milango has acquired rival Circle for an undisclosed sum.
• Wheat, bread, and babies: Supply Minister Ali El Moselhy reviewed the scenarios the government is considering for raising the price of subsidized bread — including replacing support in banknote form for “those who really need it.” Meanwhile, Financial incentives for not popping out babies are on the table under a new national family planning initiative, Cairo University economics professor Amr Soliman said.

HAPPENING NOW- EBRD Vice President for Policy and Partnerships Mark Bowman is in town for a week-long visit, during which he is set to meet with government officials and the business community to discuss COP27, the bank’s new country strategy, and a strategy for recovery from the pandemic, according to a press release (pdf). Bowman and his delegation will meet with International Cooperation Minister Rania Al Mashat, Foreign Minister Sameh Shoukry, Finance Minister Mohamed Maait, Oil Minister Tarek El Molla, Environment Minister Yasmine Fouad, and Planning Minister Hala El Said.

FOR TOMORROW- Consoleya is holding its second Women Meet-up tomorrow to discuss topics including inclusivity in investment. The agenda includes a panel discussion on gender-lens funding here in Egypt.

???? CIRCLE YOUR CALENDAR-

It’s the start of a new month. The key news triggers to keep your eye on:

• PMI: Purchasing managers’ index figures for February for Egypt, Saudi Arabia, the UAE, and Qatar will be released this Thursday, 3 March.
• Foreign reserves: February’s foreign reserves figures will most likely be announced this week or next.
• 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.

Contemporary art and culture center Darb1718 is hosting its 3031 Art Festival from 4-12 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 1:00pm–9:30pm on weekends and weekdays from 4:00pm–10:00pm

The Diarna Handicrafts Fair kicked off last Thursday and runs through 7 March at Cairo Festival City from 10am until 10pm daily.

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

☀️ TOMORROW’S WEATHER- We’re experiencing a couple of days of hot weather in the capital city, with the mercury reaching 25°C today and 30°C tomorrow, according to our favorite weather app. Look for more seasonally appropriate temps in the 20-24°C range Thursday through the weekend before things get hot again the first few days of next week. There’s no real heat in store for Alexandria, where you can expect a daytime high of 21°C today and 24°C tomorrow.