Happy Monday, wonderful people. We’re having one of those Goldilocks news days: It’s not like drinking out of a fire hose, but it’s not achingly slow, either. It’s just right, with enough big stories to keep us on our toes.

THE BIG STORY TODAY

#1- Mass transportation startup Swvl expects to receive final approvals on its IPO from the US’ Securities and Exchange Commission (SEC) today, with trading expected to begin before the month’s end, CFO Youssef Salem told Enterprise, confirming a report from Al Mal. Trading will follow a general assembly meeting on 30 March of US SPAC Queen’s Gambit Growth Capital, with which Swvl expects to merge in the IPO.

#2- Remittances from Egyptians abroad rose 6.4% y-o-y in 2021 to reach USD 31.50 bn, the Central Bank of Egypt announced in a statement (pdf). Remittances also rose during the last month of the year, growing 3.4% y-o-y to USD 2.64 bn.

#3- The Supply Ministry is upping its local wheat purchase target to over 6 mn tons this harvest season, more than 500k tons above its previously announced target, Supply Minister Ali El Moselhy said in a sit-down with Prime Minister Moustafa Madbouly, according to a cabinet statement. The government will be introducing various mechanisms and incentives, including controls on wheat trading, to achieve the target, El Moselhy added. The government has already upped its local wheat purchase target once before, from 4 mn tons to 5.5 mn.

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

• We’re getting a temporary reprieve from Black Sea wheat blackout: Several cargoes totaling 189k tonnes of Ukrainian, Russian and Romanian wheat are on their way to Egypt even as the war in Ukraine continues to disrupt commercial shipping in the Black Sea.
• Misr Ins. appoints legal advisor for planned IPO: Misr Ins. Holding has tapped Zaki Hashem & Partners as legal advisors for the process of offering its subsidiary, Misr Life Ins., on the EGX, Chairman Basel El Hiny said in a press conference yesterday.
• Scatec to build green ammonia plant in Egypt + Lekela eyes green hydro, desal projects: Norwegian renewable energy giant Scatec plans to build a green ammonium plant in Egypt with an annual production capacity of 1 mn tons per year, potentially expandable to 3 mn tons. Meanwhile, renewables player Lekela Power is “actively exploring” potential green hydrogen and renewables-powered water desalination investment prospects with the government and the private sector.

THE BIG STORY ABROAD

The fourth round of Russia-Ukraine negotiations are currently underway, with the two sides focusing on achieving a ceasefire, immediate troop withdrawal and security assurances for Ukraine, Ukrainian negotiators Mykhailo Podolyak said, according to Reuters. Previous rounds of talks have collapsed in the past weeks as conditions in besieged cities continued to worsen.

Towns near Kyiv are continuing to evacuate their civilians for a fifth consecutive day through 10 humanitarian corridors as a ceasefire in the region continues to hold, regional governor Oleksiy Kuleba said, according to Sky News.

MARKETS- The talks have given Europe’s gas market a breather as European natural gas prices extended last week’s fall over the possibility of an imminent agreement, Bloomberg reported. Oil also cooled off, with WTI futures for April falling 4.2% to USD 104.74 per barrel, while Brent crude futures for May delivery also fell 3.5% to USD 108.69 per barrel.

Big Brother is watching you: Russia has reportedly warned Western companies in the country against criticizing the government, threatening to arrest company leaders or seize assets from corporations that exit the country, Wall Street Journal reports, citing people they say are familiar with the matter. Coca-Cola, McDonald’s, Procter & Gamble, IBM, and KFC owner Yum Brands have all reportedly been on the receiving end of Moscow’s threats.

But please don’t use Facebook to egg on an assassination of Putin: Facebook owner Meta clarified that its relaxed content policy, only in Ukraine, does not allow “calls for the death of a head of state,” likely a reference to Russian President Vladimir Putin, Bloomberg reported, citing an internal note by head of META’s Global Affairs Nick Clegg.

Australia joins in Western punishment of Russia’s key businessmen, imposing fresh sanctions on 33 Russian oligarchs and businessmen, according to a statement from its Foreign Affairs Minister. The sanctions mainly target Chelsea FC owner Roman Abramovich and Gazprom CEO Alexey Miller, who are among those who “amassed vast personal wealth and are of economic and strategic significance to Russia, including as a result of their connections to Russian President Vladimir Putin.”

FOR TOMORROW-

It’s Fed week: The Federal Reserve will meet to review interest rates tomorrow and Wednesday and is expected to kick off its long-signposted tightening cycle with a 25-bps hike. The market previously anticipated the central bank to go bigger and raise interest rates by 50 bps, but now expects the uncertainties triggered by the conflict in Ukraine to have changed its calculations.

???? CIRCLE YOUR CALENDAR-

Green energy forum: The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum next 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.

ITIDA’s Technology Innovation and Entrepreneurship Center is organizing the first Metaverse Hackathon, according to a press release (pdf). The hackathon will see young Egyptians across different governorates creating innovative solutions, by employing and developing Metaverse applications in a series of competitions. The hackathon began on 15 February and will run until 15 June.

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- Definitely windy, cold, and possibly rainy: Expect a windy 17°C during the day tomorrow before the mercury falls to 6°C at night, according to our favorite weather app. There’s also a chance of rain, so grab your coats and your umbrella, just in case.