Russia strikes Kyiv as Trump heads to Ankara for Nato summit

Good afternoon, friends, and happy Monday — Egypt vs. Argentina is tomorrow, and we imagine that’s about all anyone can think about right now. Before then: a warning worth sharing with everyone you know — an Instapay scam has already cost multiple financially literate Cairenes upwards of EGP 80k each. We dive into that in today’s edition of After Hours. We also have a review of Prime Video’s Legally Blonde prequel, which is exactly as charming as you’d hope, and a full recap of last night’s World Cup action — including Brazil going home earlier than expected. Tonight: Portugal vs. Spain. Tomorrow: us vs. the world’s expectations.

First up, the news…

THE BIG STORY ABROAD-

🌐 It’s a relatively calm Monday on the news front, with no single story getting top billing. However, things have once again veered from calm on the Russia-Ukraine front, as Russia hit the Ukrainian capital with a fresh wave of missiles and drones overnight, killing at least 14 people and wounding around 60 — the second mass strike on the city in less than a week — just as Trump prepares to land in Ankara for a Nato summit that Kyiv is treating as a make-or-break moment for its air defenses.

None of the 23+ ballistic missiles Russia reportedly fired at Kyiv were intercepted, and Ukrainian President Zelensky says that’s down to a shortage of Patriot interceptors, not a failure of will. He’s using the timing — attacks landing the night before Trump’s Nato summit trip — to press allies for “strong decisions” on air defense when they meet in Turkey tomorrow.

^^Read more on: CNN, BBC, and Associated Press.

MEANWHILE- Mojtaba Khamenei is still missing from his father’s funeral in Iran, while former president Mahmoud Ahmadinejad has been seen attending the procession, according to local media. Thousands turned out in Tehran for Monday’s procession for Ayatollah Ali Khamenei, but his son and successor has yet to appear at any point during the three days of ceremonies, fueling questions.

^^Read more on: BBC, Reuters, CNN, and The Guardian.

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

• The Financial Regulatory Authority has put NBFI company Smart & Value on its list of violators. The FRA alleges that Smart & Value did not follow the proper procedures for governing companies authorized to collect funds for investment;
• The government is working to lift EgyptAlum’s valuation by 3-4x before deciding whether to sell a stake or move it to the sovereign fund. The decision is on hold until the state-owned aluminum giant advances new projects and approvals that officials believe will justify a higher valuation. The EGX-listed company currently carries a market cap of around EGP 118 bn (USD 2.4 bn);
• A consortium of New Construction Chemical and Escom for Real Estate Investment is moving to lift its stake in EGX-listed Alexandria Spinning and Weaving to just under the mandatory offer threshold, launching a voluntary tender offer for up to 48.41 mn shares — 13.42% of the company.

☀️ TOMORROW’S WEATHER- It’s going to be another warm day in the capital, with a high of 36°C and a low of 24°C. It’s a breezier story up north, with the mercury set to peak at just 30°C, with a low of 23°C, according to our favorite weather app.