Russia pounds Ukrainian energy infrastructure

Good afternoon, friends, and happy almost weekend. Today, we sit down with Heba El Kayal, the curator behind El Marsam — one of the first US gallery exhibitions devoted entirely to modern and contemporary Egyptian art, currently running in Washington through December. The works span almost a century, 29 artists, and a market El Kayal describes as undervalued. We also have a book on trade wars, tariffs, and what happens when the biggest economies stop playing by the same rules.

Without further ado, the headlines…

THE BIG STORY ABROAD-

🌐 The Russia-Ukraine conflict takes center stage again as Russian strikes killed three people in Kyiv and left at least 600k without electricity, following overnight missile and drone attacks on around 30 energy facilities in and around the Ukrainian capital.

Ukraine President Volodymyr Zelenskyy called the assault “ostentatious disrespect” toward US President Donald Trump, arguing that Moscow was disregarding Washington’s efforts to secure an energy ceasefire. Meanwhile, Russia’s Defense Ministry said its forces struck power plants in and around Kyiv and Kharkiv, claiming the attacks targeted energy and communications facilities used by Ukraine’s military.

Separately, Ukrainian presidential adviser Serhiy Beskrestnov said new speed restrictions on SpaceX’s Starlink terminals disrupted several military operations. Beskrestnov noted that Ukrainian troops were not notified of the changes, adding that Starlink plays a critical role in helping Ukrainian forces use interceptor drones against Russia’s jet-powered drones.

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

IN OTHER NEWS- The Vatican confirmed that Pope Leo XIV has been diagnosed with lung cancer following surgery last night to remove the lower lobe of his right lung, with the 71-year-old pontiff spending a peaceful night recovering at Rome’s Gemelli hospital. Tests confirmed a diagnosis of lung adenocarcinoma, and doctors are awaiting further test results before deciding on treatment. The Vatican stated that the affected lobe was removed, with the procedure completed successfully.

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

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

• Egypt’s balance of payments swung to a USD 2.8 bn surplus in FY 2025/26, compared to a USD 2.1 bn deficit the year before. Net inflows into the capital and financial account more than doubled to USD 23.2 bn from USD 10.2 bn. Net FDI and portfolio money together brought in USD 22.2 bn, within USD 300 mn of the current account gap;
• Foreign institutional investors have flocked to MNT-Halan’s USD 126.5 mn IPO on the Egyptian Exchange. The fintech giant’s private placement closed 11.2x oversubscribed yesterday. More than 300 investors across more than 10 countries — including multiple GCC countries, the UK, France, Switzerland, South Africa, and Egypt — put in orders for the 272 mn shares at the EGP 24.50 offer price;
• Hassan Allam Holding is the latest Egyptian developer to cross the Gulf into Oman. The group’s real estate arm Grova Developments signed two agreements yesterday with state-owned Oman Tourism Development Company (Omran Group) to launch the first residential phase at Madinat Al Irfan in Muscat. The agreements cover a USD 75 mn residential neighbourhood and a USD 40 mn branded residences project, roughly USD 115 mn combined;
• The EGX30 etched out a modest gain in 3Q, closing the quarter up 2.79% at roughly 51.9k points, against an 11.4% rally in 2Q. September slowed the overall gain, with the index shedding 5.4% over the month, dragged down by building materials stocks.

☀️ TOMORROW’S WEATHER- As The Neighborhood once sang, it’s sweater weather. Temperatures in Cairo tomorrow drop to a breezy high of just 29°C, with a cool overnight low of 20°C, according to our favorite weather app.