Good afternoon, ladies and gentlemen. We’ve successfully made it through half of our first Ramadan workweek, so give yourself a pat on the back.

SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:16pm CLT this evening in the capital city, and fajr prayers are at 4:10am.

THE BIG STORY TODAY

Non-oil business activity saw its sharpest decline in 21 months in March as the effects of the Russia-Ukraine war began to take their toll on business confidence and demand, according to S&P Global’s purchasing managers’ index (PMI) survey (pdf). Cost burdens and suppressed demand pushed the gauge down to 46.5 in March from 48.1 in February, falling for the sixteenth consecutive month further below the 50.0 mark that separates expansion from contraction.

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

• Giza Systems board nods to STC takeover: A subsidiary of Saudi Telecom (STC) is on course to take an 89.5% stake in Giza Systems, after the board of the Egyptian systems integrator accepted its bid.
• Our strategic wheat reserves have taken a dip: Egypt currently has enough wheat to cover the next 2.6 months’ worth of consumption, down from the four-month figure announced by the government in early March.
• Arab League wants to mediate a ceasefire in Russia-Ukraine war: An Arab League delegation including Foreign Minister Shoukry has offered to mediate ceasefire talks between Russia and Ukraine and work out a number of confidence-building measures.

THE BIG STORY ABROAD

EU sanctions against Russia are about to hit coal, with the bloc expected to announce a “mandatory phaseout” of Russian coal imports in response to allegations that Moscow has committed war crimes in Ukraine, Bloomberg reports, citing people it says have knowledge of the matter. Germany, which has been resisting imposing sanctions on Russian energy as Europe grapples with energy shortages, is now “ready to consider the move,” the business information service reports.

The announcement (expectedly) pushed up coal prices, with futures hitting a three-week high, according to Bloomberg. Coal markets are already tight without eliminating supplies from Russia, which is the world’s third-largest thermal coal exporter.

???? CIRCLE YOUR CALENDAR-

Expect movement on fuel prices this week or the next: The government’s fuel pricing committee is due to have its quarterly meeting at the beginning of this month, when it will likely opt to hike prices in 2Q for the fifth time in less than a year. The committee increased prices of 80, 92 and 95-octane by EGP 0.25 when it last met in February in response to rising international prices, and since then, the war in Ukraine has sent Brent up another 15% past USD 107 a barrel. Prices at the pump have risen by up to 16% since April last year.

ALSO THIS WEEK AND NEXT-

• Foreign reserves: March’s foreign reserves figures will be announced some time this week;
• Inflation figures for March are expected on Sunday, 10 April.

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 the mercury to rise to 39°C during the day tomorrow before falling to 19°C at night, our favorite weather app tells us.