Good afternoon, ladies and gentlemen, and welcome to the end of hump day. While it’s not what we would describe as a typical news dump day, there are interesting stories to keep your eyes on.

THE BIG STORY TODAY

Annual urban inflation accelerated to its highest level in nearly three years in April amid rising global food prices and the EGP devaluation. The headline rate recorded 13.1% in April, rising from 10.5% in March, according to figures released by statistics agency Capmas. April’s reading is above the Central Bank of Egypt’s 7% (±2%) target range and the quickest rate since May 2019, when the figure stood at 14.1%. Monthly inflation accelerated to 3.3%, its highest level since June 2019 when it recorded 3.48%.

THE BIG STORY ABROAD

The EU is backtracking on plans to ban imports of Russian oil after facing pressure from several European countries, most notably Greece, Malta and Hungary, which has also withheld its backing of the proposed EU embargo on oil from the country. The proposed ban was intended to add further strain on Russia by cutting off a major export market. The European countries that protested the ban argued that a number of EU economies would be hit hard if it had passed, and that the ban won’t be effective because it does not involve other countries such as the US and UK, where many shipping vessels are flagged. Bloomberg and the Financial Times have the story.

But other sanctions are on their way: The EU had also proposed a ban on European companies providing ins. to Russian oil shippers — a move that some analysts believe would “still amount to a backdoor ban on Russian oil worldwide.” It is also currently working on a strategy to more than double the pace at which solar panels are installed across the bloc as an alternative to Russian fossil fuels, Bloomberg reports.

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

• Occupancy rates rise in 1Q as travel restrictions ease: The easing of travel restrictions was good news for Egypt’s hotel industry during the first quarter of the year, which saw rising occupancy rates even as the conflict in Ukraine prevented tourists from two of Egypt’s key markets from visiting the country from February, according to figures in Colliers International’s quarterly MENA hotels report.
• Allianz + Sanlam merge African operations: Allianz and South Africa’s Sanlam are merging their operations in Africa to create “the largest pan-African non-banking financial services entity on the continent.”
• We’re getting EUR 138 mn in EU development grants: The EU and the International Cooperation Ministry yesterday signed development financing grants worth a total of EUR 138 mn that will fund healthcare projects, administrative reform, and environmental, rural, and community development initiatives.

???? CIRCLE YOUR CALENDAR-

A huge US “GreenTech business mission” is inbound next week. More than 40 US companies will be in Egypt during 15-17 May to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials.

The PSA world squash championships get underway in Cairo this Friday, 13 May. The men’s and women’s finals will be played on 22 May. There is USD 550k at stake for each of the men’s and women’s championships, making this the biggest purse on record for a squash tourney. The CIB-sponsored championships will play out at SODIC’s Club S Allegria and at the National Museum of Egyptian Civilization.

The Central Bank of Egypt will meet to review interest rates on Thursday, 19 May.

The last of this season’s earnings releases will drop by 31 May after the Financial Regulatory Authority granted listed companies a two-week deadline extension.

Early-stage foodtech startups have until June to apply to the second edition of the UAE Ministry of Climate Change and Environment and Tamkeen’s global FoodTech Challenge, with an earnings pool of USD 2 mn, according to a statement (pdf). The challenge is looking to find “the next wave of technology innovations on the cusp of transforming traditional agriculture practices, efficiently and sustainably” specifically geared towards innovation in food production and food loss and waste. Partners supporting the competition include Aspire, ADQ, Silal and Emirates Foundation.

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 a daytime high of 32°C tomorrow and a nighttime low of 17°C, our favorite weather app tells us.

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