Well, friends, we made it through the first full workweek of Ramadan. We can’t say it was a breeze, but here’s to hoping our routine will help us push through the rest of the month.

Proof that we haven’t quite adjusted to our lack of caffeine in the morning: We incorrectly said in this morning’s EnterpriseAM that Eid Al Fitr will fall on 3-5 May. Depending on whether Ramadan is 29 or 30 days long this year, Eid will be either 1-3 or 2-4 May. H/t Davide C.

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

PSA: Your data might have been compromised through some Google Play Store apps: Google has removed dozens of apps from its Play store after researchers discovered they hold spyware that collects user data, the Wall Street Journal reports, citing findings from a Panama-based company with ties to US national security agencies, which wrote the code. The data harvesting software has been found in over a dozen apps, including Muslim prayer apps Al-Moazin Lite and Qibla Compass. It was downloaded on at least 60 mn mobile phones, according to researchers. A Google spokesman said the apps were removed for collecting data outside the rules of Google, adding that the apps could return to the app store if the software was removed.

THE BIG(ish) STORY TODAY

How slow of a news day is it? Slow enough that the biggest story on the homefront so far is the US delivering 1.5 mn Pfizer vaccines to Egypt, bringing Washington’s total vaccine shipments to Cairo to 25 mn doses, according to a statement from the US Embassy in Egypt. Over 32.5 mn people have been fully vaccinated in the country, and more than 2 mn have had their boosters, according to the most recent Health Ministry data.

THE BIG STORY ABROAD

The global press is focused today on the diplomacy side of the Russia-Ukraine war, as Ukraine continues to lobby the West to impose harsher sanctions and supply Kyiv with more weapons. Ukrainian Volodymyr Zelensky issued new pleas to the international community ahead of a NATO meeting in Brussels today, which Ukraine will attend. Meanwhile, US Treasury Secretary Janet Yellen urged expelling Russia from the G20, saying that Washington would skip the G20’s upcoming meeting of finance ministers and central bank governors on 20 April if Moscow officials attend, according to Reuters.

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

• A cooperation protocol signed yesterday could be a first step toward making it more attractive for VC firms to directly invest in Egypt: Three key regulators have agreed to work together to make it easier for both local and international VCs to invest in Egyptian startups. On board are the General Authority for Investment and Freezones, the Financial Regulatory Authority, and the Information Technology Industry Development Agency.
• Coffee with Shift EV: Electric mobility startup Shift EV has closed a total of USD 9 mn in funding, putting it on the road to transform the EV landscape not just in Egypt, but across emerging markets with home-grown battery technology. Cairo-based Shift’s series A round was joined by existing investors Union Square Ventures, Algebra Ventures, and Wamda as well as first-time investor Oman Technology Fund.
• GLT Express steps into Egypt with local acquisition: Saudi logistics company GLT Express has made Egypt its first expansion destination outside the Kingdom, acquiring Gallop Express for an undisclosed sum.

???? CIRCLE YOUR CALENDAR-

Last chance for brokerages to join the new securities federation: The Financial Regulatory Authority is again extending the deadline for brokerage firms, asset managers and financial advisors to sign up to the Egyptian Securities Federation to 18 September, ahead of the convening of its first general assembly, according to Al Borsa. The regulator said this would be the last time the deadline is extended. The federation has struggled to attract members since it was launched in 2019. Membership is mandatory only for new firms.

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 yet again, with a barrel of the stuff going for almost USD 103 at dispatch time this morning. 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.

Companies have just under two weeks to file their first quarterly ESG compliance report: Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) announced last week. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. Reach out to Moustafa Taalab at InkankIR, our parent company, if you need some help.

☀️ TOMORROW’S WEATHER- The temperature is going down to more tolerable levels this weekend: Expect daytime highs of 30-32°C over the weekend while nighttime lows will reach 14°C, our favorite weather app tells us.