Happy Thursday, wonderful people. We hope the howling winds and thoroughly brown view from our windows aren’t putting too much of a damper on this final day of the workweek.

THE BIG STORIES TODAY

Annual urban inflation rose in February to 8.8% — its highest since mid-2019 — from 7.3% in January, according to figures released today by statistics agency Capmas. The acceleration was driven primarily by surging food prices. On a monthly basis, inflation was up 1.6%. The inflation uptick came before the impact of the Russia-Ukraine war hit commodity prices.

As food inflation bites, the Trade Ministry is banning exports of key food commodities: The Trade Ministry introduced a three-month export ban on six key commodities, according to a copy of the decision carried by Ahram Gate, as the ongoing war in Ukraine continues to roil global commodity markets. The ban, which comes into effect today, covers exports of wheat, lentils, flour, pasta, and whole and crushed fava beans.

We’ll have more on these and other stories in Sunday’s EnterpriseAM.

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

• The government will try to absorb the shock of spiraling commodity prices “as much as possible,” Prime Minister Moustafa Madbouly said yesterday.
• Banks now have until 14 September to comply with the new capital requirements in the 2020 Banking Act after the central bank agreed to extend the deadline by a year.
• EFG Hermes Corp-Solutions has signed a EGP 600 mn sale and leaseback agreement with real estate developer LMD to finance its multi-purpose 3’Sixty project in New Cairo:

THE BIG STORY ABROAD-

Remember those hopes everyone had this morning for an imminent Russia-Ukraine ceasefire? They’ve been all but dashed, after the two countries’ foreign ministers failed to make any progress during talks today. Russian Foreign Minister Sergei Lavrov did not commit to setting up a humanitarian corridor for civilians to flee Ukraine’s Mariupol, Ukrainian Foreign Minister Dmytro Kuleba said after the two officials met in Turkey, according to Reuters.

Lavrov rejected Ukraine’s proposal of enshrining its neutrality in its constitution in exchange for a ceasefire and to maintain its territory, the Financial Times reports.

What Russia might be willing to entertain: A direct sit-down between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky, Lavrov told reporters following his meeting with Kuleba.

Meanwhile, UK sanctions have finally hit Russian b’naire and Chelsea FC owner Roman Abramovich, after the UK government introduced asset freezes, travel bans, and transport sanctions on Abramovich and six other Russian oligarchs, according to a statement.

ON THE HUMANITARIAN FRONT- The US is fast-tracking the disbursal of a USD 13.6 bn aid package to Ukraine, with the House of Representatives signing off on the bill last night and shipping it off to the Senate for approval before midnight tomorrow.

???? CIRCLE YOUR CALENDAR-

Contemporary art and culture center Darb1718 is hosting its 3031 Art Festival until this Saturday, 12 March on its premises in Fustat, Old Cairo.

Green energy forum: The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum on Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.

Interest rates: The Central Bank of Egypt will hold its next monetary policy meeting on Thursday, 24 March.

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

☀️ TOMORROW’S WEATHER- You’ll want to keep your bataneya close: Temperatures over the weekend will reach 18°C during the day before falling to 7-8°C at night, our favorite weather app tells us.