It’s another relatively calm Ramadan afternoon, ladies and gentlemen. While we have yet to see any massive pieces of news emerging on the homefront or abroad today so far, we’re not exactly complaining about the breather.

SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:17pm CLT this evening in the capital city, and fajr prayers are at 4:08am.

THE BIG STORY TODAY

A special freezone for the Egyptian Group for Multi-Purpose Terminals (EGMPT) could be coming soon, after the Madbouly Cabinet approved its establishment earlier today. The USD 500 mn project will be fully funded by Egyptian companies and entities, including the Alexandria Port Authority, the Suez Canal Authority, the Holding Company for Maritime and Land Transport, and EGX-listed Alexandria Container and Cargo Handling. The project entails establishing a multi-purpose terminal at the Alexandria Port that will equip the port to handle more containers and general cargo, in line with international standards, the cabinet said.

THE BIG STORY ABROAD

It’s another day of finger-pointing on violence between Russia and Ukraine, with reports of Russian forces continuing their bombardment of major Ukrainian cities as Western countries prepare to impose more wide-ranging sanctions on Moscow, according to Reuters. Russia has also reported a scuffle on its border with Ukraine in the Kursk region, saying that Ukraine “tried to fire mortars” at Russian border guards, who “returned fire,” the newswire reports.

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

• We imported 24% more wheat from Russia in March than we did the same time last year, buying some 479k tons of Russian wheat last month despite the ongoing war in Ukraine and its impact on the global grain market.
• Expedition gets green light to do DD on Domty as part of acquisition bid: Domty’s board of directors has given Expedition Investments the all-clear to start due diligence in connection with Expedition’s bid for control of the company.
• Rated Egyptian banks have little direct exposure to Russian and Ukrainian assets, according to an S&P Global Ratings report looking at the impact of the war on the banking sector in eight Middle East and African markets. “We do not expect the conflict will have significant direct effects on bank asset quality indicators,” the report read.

???? 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. If it does so, it would be 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 in the next few days;
• 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 hit 39°C tomorrow during the day and drop to 20°C at night, our favorite weather app tells us.