Good afternoon, friends. We have another news cycle filled to the brim with updates on the war in Ukraine and the ripple effect the conflict is having on different corners of the global market.

UKRAINE WATCH- Russian troops are closing in on their biggest target so far in Ukraine, claiming earlier today to have taken over the southern city of Kherson, Russia’s RIA news agency reported, quoting defense ministry spokesman Major General Igor Konashenko. The city, close to Russian-annexed Crimea, is now “completely surrounded” by Russian troops, its mayor Igor Kolykhayev said, downplaying Russia’s claim of full control, according to Sky News. Kherson would be the largest city Russia has successfully captured in Ukraine, as they continue to struggle to capture the capital, Kyiv.

He said, she said: Updated intelligence on the invasion from the UK’s defense ministry said that, “while Russian forces have reportedly moved into the center of Kherson in the south, overall gains across axes have been limited in the last 24 hours.”

Ukraine has reportedly thwarted an assassination attempt against President Volodymyr Zelensky, the chief of the country’s National Security and Defense Council Oleksiy Danilov said, according to a Telegram post by Ukraine’s state-run Centre for Strategic Communication. The plot was carried out by a unit of Chechen special forces, known as Kadyrovites, who have since been “eliminated,” he said.

Kharkiv’s casualties are rising, with at least four killed and nine injured in missile attacks that hit the center of the country’s second-largest city since the morning, the mayor of Kharkiv said, Sky News reported. This adds up to a previous death toll of at least 21 people killed and 112 injured due to the strikes in the past 24 hours, regional governor Oleg Synegubov said earlier today, according to Reuters. At least four people have been killed on Tuesday in a strike in Zhytomyr, west of the capital, with five killed after Russian forces struck a TV tower in Kyiv, while a missile attack was also launched on a police station in the capital, the Ukrainian defense ministry said.

The attack this morning came hours after Russian paratroopers stormed a military hospital in the city as they near the Ukrainian capital with a military convoy around 20 miles northwest of Kyiv. No Ukrainian forces were killed in the fighting overnight, according to the city’s regional police chief, Sky News reported.

Overall death toll: Over 2k Ukrainians have been killed since the beginning of the Russian aggression, with hundreds of transport facilities, residential buildings, hospitals and kindergartens destroyed, Ukraine’s emergency service said in a statement on Facebook.

Ukraine said that 5.8k Russian troops have been killed since the beginning of the invasion, according to Ukraine’s General Staff of Armed forces. Earlier, the Ukrainian president said in a video address that the number was close to 6k. Russia continues to remain tight-lipped on its casualties since the invasion.

As the invasion wears on, Zelensky wants the West to do more to help Ukraine, including supporting his country’s bid to join the EU and imposing harsher punitive measures on Russia.

There may, in fact, be more sanctions coming: UK Prime Minister Boris Johnson agreed with Zelensky in a call earlier today that more sanctions are needed, with Johnson saying that the UK will “rally UN General Assembly members … to ensure the strongest possible condemnation of Russia,” according to a press release by Downing Street.

But a second round of talks may be underway, despite the ongoing Russian aggression, with Kremlin spokesperson Dmitry Peskov telling reporters on Wednesday “in the second half of the day, closer to evening, our delegation will be in place to await Ukrainian negotiators,” the Associated Press reported. Ukrainian foreign minister Dmytro Kuleba said officials are ready for new talks, yet his country wouldn’t accept any Russian demands. The venue of the talks, which come days after the first round of talks held along the Belarusian border failed to reach a breakthrough, remains undetermined.

The UN General Assembly is meeting today to vote on a draft resolution rebuking Russia over the invasion, Reuters reported, as nearly half of the 193-member assembly signed as co-sponsors of the draft, which demands Russia fully withdraws military forces from Ukraine. Today’s draft resolution is similar to one that was vetoed by Moscow in the Security Council on Friday, but veto powers do not exist in the General Assembly.

Belarus is getting dragged into the sanctions corner, too: EU diplomats have approved fresh sanctions against Belarus over its support of the Russian invasion, the French Presidency of the EU Council announced. The sanctions include Belarusian officials and military involved in the aggression, and “certain sectors of the Belarusian economy.”

The corporate exodus from Russia shows no signs of abating, with yet more companies exiting the country or suspending operations, including Apple, Google, Ford, Harley-Davidson and Exxon Mobil over the invasion, Reuters reported, piling further economic misery for Moscow amid imposed sanctions by the West. Boeing and Airbus are also joining the chorus, bringing a halt to technical support for Russian planes, they said in emailed statements to the media. Japanese automobile maker Honda Motor is also planning a boycott, temporarily suspending exports of its cars and motorbikes to Russia due to the weight of economic sanctions against Moscow, broadcaster NHK reported.

Italian oil giant Eni is also joining in moves of peers for isolation of Russia, it told Reuters in emailed comments, saying it will exit the Blue Stream pipeline that connects Russia to Turkey by selling its 50% stake in the joint venture it co-owned with Russia’s Gazprom since 1999.

On the humanitarian front, the European Commission proposed granting temporary protection of up to three years to those fleeing Ukraine, Reuters reported. The protection provides a residence permit, jobs access, social welfare and medical treatment for 1-3 years in all EU states. It will be applicable as soon as the proposal is greenlit by EU interior ministers, which the commission hopes happens tomorrow.

THE BIG STORY AT HOME TODAY-

UAE-based asset management firm Gulf Capital plans to invest some USD 250 mn in Egypt over the next five years, Hapi Journal quoted CEO and co-founder Karim El Solh as saying at a presser today. The investment will come as part of its Gulf Capital Equity Partners Fund III, and will target companies in the tech, fintech, e-commerce and healthcare sectors.

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

• Local harvest will be a critical cushion as Russia-Ukraine war challenges global market: The Madbouly government plans to buy 5.5 mn tons of wheat from local farmers during the upcoming season, upping previous purchase plans by more than a third as Russia’s invasion of Ukraine has thrown the global grain market into disarray.
• CI Capital lands mandate to IPO (parts of) the new capital: State-owned New Administrative Capital Company for Urban Development is moving forward with plans to list its subsidiaries on the EGX and has hired CI Capital as its advisor.
• Saudi’s Sary acquires Egyptian marketplace Mowarrid: Saudi B2B wholesale marketplace Sary has acquired Egyptian e-commerce platform Mowarrid for an undisclosed amount, in the first step of Sary’s plan to expand into MENAP markets.

HAPPENING NOW-

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

HAPPENING TOMORROW- PMI: Purchasing managers’ index figures for February for Egypt, Saudi Arabia, the UAE, and Qatar will be released tomorrow at 6:15am CLT. Non-oil business activity in Egypt contracted for the fourteenth consecutive month in January on the back of weaker demand and inflationary pressure, recording the lowest reading since April 2021 and falling below the series average.

???? CIRCLE YOUR CALENDAR-

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

• 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- Expect a daytime high of 20°C tomorrow and a nighttime low of 10°C, our favorite weather app tells us.