{"id":543918,"date":"2022-02-24T03:55:24","date_gmt":"2022-02-24T03:55:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/this-morning-did-war-just-break-out-in-ukraine\/"},"modified":"2022-02-24T03:55:24","modified_gmt":"2022-02-24T03:55:24","slug":"this-morning-did-war-just-break-out-in-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/this-morning-did-war-just-break-out-in-ukraine\/","title":{"rendered":"THIS MORNING: Did war just break out in Ukraine?"},"content":{"rendered":"

Good morning, friends, and welcome to THURSDAY. <\/strong>It\u2019s a nail-biter of a finish to the week on a morning that we\u2019d otherwise consider a \u201cslow news day\u201d \u2014 were it not for the incessant beat of war drums in the air.<\/p>\n

<\/a> With the US now claiming that Russia will invade Ukraine \u201cbefore dawn,\u201d <\/strong>Egypt\u2019s cabinet <\/strong>is drawing up a Plan B for wheat + tourism.<\/strong> Ministers are working to develop alternate inbound tourism markets to cushion the impact on our resurgent tourism industry should tensions escalate further, Cabinet said<\/a> at a meeting held to chew over the economic impact on Egypt of the crisis. We\u2019re also going to be looking at ways to further diversify our wheat imports. The cabinet readout further nodded at the fact that escalating tensions could help drive up energy prices in an already-inflationary world environment.<\/p>\n

Why we\u2019re worried: <\/strong>Ukraine and Russia are our friends \u2014 they\u2019re our two largest suppliers of wheat and two of our biggest tourism markets. Against a backdrop of rising tensions, state grain buyer GASC has already pivoted slightly away from Ukraine, locking in its latest shipment of wheat<\/a> from Romania despite Ukrainian suppliers offering a better price.<\/p>\n

No longer waiting for Godot? <\/strong>Just minutes before we press \u201csend\u201d on this morning\u2019s issue, the international press<\/a> is picking up reports from Russian media that President Vladimir Putin has just authorized a \u201cspecial military operation\u201d in Ukraine\u2019s eastern Donbass region. Putin is quoted as saying he couldn\u2019t tolerate Ukrainian \u201cthreats\u201d and warning against third countries getting involved.<\/p>\n

The Kremlin had sparked fears tanks could roll at any time <\/strong>when it said yesterday that pro-Russian separatists in two breakaway regions of eastern Ukraine had called on Russia for military backing. Explosions were heard in the separatist stronghold of Donetsk hours after the Kremlin\u2019s announcement, while Russian tanks were seen rolling eastwards toward the city, a witness told Reuters<\/a>. Kyiv, meanwhile, has pivoted to a war footing, declaring a state of emergency. Putin earlier this week gained legislative approval for a military deployment abroad and formally recognised the separatist blocs as \u201cpeople\u2019s republics.\u201d<\/p>\n

Overnight, the US said it believes Russia would invade Ukraine within hours.<\/strong> US Secretary of State Anthony J. Blinken has said he expects a Russian attack on Ukraine before dawn<\/strong>. The Pentagon\u2019s top official said Russian troops were in combat position and \u201cready to go.\u201d<\/p>\n

As of dispatch time, tanks were not rolling<\/strong>, but we\u2019d suggest you head over to your international news outlet of choice throughout the day to see what\u2019s up. Pundits in our socials (including some folks who are genuine experts on Russia, not rebadged covid experts) believe Putin will stop short of ordering troops to move past the Donbas \u2014 for now.<\/p>\n

The Associated Press<\/a>, Reuters<\/a>, Financial Times<\/a>, Bloomberg<\/a>, New York<\/a>Times<\/a>, and the Wall Street Journal<\/a> all have the latest on the rapidly developing situation.<\/p>\n

The UN Security Council called an emergency overnight meeting at Ukraine\u2019s request <\/strong>to work on a draft resolution condemning Russia\u2019s actions \u2014 but it will almost certainly be voted down, Reuters<\/a> reports: As one of the five permanent members of the council, Russia has veto power.<\/p>\n

MARKET REAX-<\/strong><\/p>\n

US equities <\/strong>extended their fall yesterday as the US and other countries expanded <\/strong>sanctions <\/strong>on Russia,<\/strong> Bloomberg<\/a> reports. The EGX30 was flat yesterday <\/strong>in exceptionally light trading.<\/p>\n

Brent crude has broken the USD 98 barrier<\/strong>, gaining 1.4% after a day in which it had settled flat (just below USD 97<\/a>) on news the US would not likely seek to sanction Russian energy suppliers.<\/p>\n

Major Asia-Pacific benchmarks are all in the red this morning<\/strong>, with selling hitting the Kospi and Australian Securities Exchange particularly hard.<\/p>\n

Future suggest the selloff will extend to all major European markets and to Wall Street <\/strong>at the opening bell later today.<\/p>\n

Wheat continued its turbo-charged rally:<\/strong> Chicago wheat futures climbed as much as 4.2% during trading to hit adecade-high<\/a>, and backwardation \u2014 when spot prices exceed futures prices, signaling scarcity \u2014 was at its most pronounced<\/a> in at least 15 years.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

PSA- Our favourite weather app suggests we\u2019re in for a cooler weekend <\/strong>after the mercury hit 26\u00b0C in the capital city yesterday. Look for a high of 18\u00b0C today with a chance of a brief shower in the afternoon. The mercury looks set to hit 18\u00b0C tomorrow and 19\u00b0C on Saturday.<\/p>\n

LOOKING AHEAD- <\/strong><\/p>\n

We\u2019re inching closer to local EV production: <\/strong>The government is set to sign two MoUs with two partners, one from China and the second from Germany, to locally produce electric cars in El Nasr Auto\u2019s factory \u201cwithin the coming days,\u201d Public Enterprises Minister Hisham Tawfik told Al Borsa<\/a>. This comes after negotiations with Chinese auto firm Dongfeng to locally assemble its E70 cars collapsed in November<\/a>.<\/p>\n

Coming soon: More funding from the EU?<\/strong> The EU is lining up to provide Egypt another EUR 1 bn in grants and loans from entities including the European Investment Bank and the European Bank for Reconstruction and Development, Al Borsa<\/a> quotes EU ambassador to Egypt Christian Berger as saying yesterday, without providing further information. We\u2019ll be keeping an eye out for more details.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

ARE YOU BUILDING A FINTECH STARTUP?<\/strong> You might want to apply for Visa\u2019s global startup competition, the Visa Everywhere Initiative<\/a>, the payments firm said in a statement (pdf)<\/a> yesterday. In collaboration with the Central Bank of Egypt\u2019s new Fintech Egypt project, the local contest will see Egyptian fintech players go head-to-head for a monetary award and the chance to advance to the regional and global finals. On offer: EGP 500k for the first-place finisher and a place in the Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals in June.<\/p>\n

What you need to know:<\/strong> A full breakdown on the entry criteria, the application process, and the schedule is available online here<\/a>. The deadline for applications in Egypt is 20 March<\/strong>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends, and welcome to THURSDAY. It\u2019s a nail-biter of a finish to the week on a morning that we\u2019d otherwise consider a \u201cslow news day\u201d \u2014 were it not for the incessant beat of war drums in the air. With the US now claiming that Russia will invade Ukraine \u201cbefore dawn,\u201d Egypt\u2019s cabinet […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,7192,356,183,246,270,123,238,304,666,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543918","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-eu","tag-evs","tag-fintech","tag-green-economy","tag-russia","tag-startups","tag-tourism","tag-ukraine","tag-visa","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"2a9acf68-5e94-4b5e-9863-8b8591b32d22","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[543916],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Did war just break out in Ukraine? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/24\/this-morning-did-war-just-break-out-in-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Did war just break out in Ukraine?\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and welcome to THURSDAY. 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After months of saber rattling, Russian President Vladimir Putin last night ordered troops into Ukraine\u2019s two separatist\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544759,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/20\/the-russia-ukraine-conflict-is-still-dominating-the-conversation-in-the-foreign-press\/","url_meta":{"origin":543918,"position":1},"title":"The Russia-Ukraine conflict is still dominating the conversation in the foreign press","author":"enterpriseam admin","date":"20 March 2022","format":false,"excerpt":"The impact of the Russia-Ukraine war on Egypt is still dominating coverage in the foreign press. Reuters has a feature looking at everyday Egyptians affected by rising bread prices, and The Conversation delves into the policy options available for Egypt to mitigate the crisis. Meanwhile the Wall Street Journal quotes\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/","url_meta":{"origin":543918,"position":2},"title":"Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"State grain buyer issues fresh wheat tender as war in Ukraine threatens supply: State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website.The bid comes days after GASC called off a wheat tender due to a lack of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/368.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544819,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/central-banks-rate-hike-devaluation-and-the-impact-of-war-on-our-wheat-supply-are-all-preoccupying-the-international-press-this-morning\/","url_meta":{"origin":543918,"position":3},"title":"Central bank\u2019s rate hike, devaluation and the impact of war on our wheat supply are all preoccupying the international press this morning","author":"enterpriseam admin","date":"22 March 2022","format":false,"excerpt":"Leading the conversation on Egypt in the foreign press: The Central Bank of Egypt\u2019s decision to raise interest rates by 100 bps. The bold move is broadly being welcomed by investors and is seen by analysts as part of the fiscal and monetary response required to address the repercussions of\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544556,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/jpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate\/","url_meta":{"origin":543918,"position":4},"title":"JPMorgan thinks there is a \u201creasonable probability\u201d that we could start talks with the IMF on another assistance program \u2014 if global conditions continue to deteriorate","author":"enterpriseam admin","date":"9 March 2022","format":false,"excerpt":"Will the Madbouly government open talks with the International Monetary Fund on an assistance package to help us get through the fallout from Russia\u2019s war in Ukraine? Analysts at JPMorgan think that there is a \u201creasonable probability\u201d in the event that \u201cmarket conditions continue to deteriorate, according to a note\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544793,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/food-prices-still-topic-du-jour-in-the-foreign-press\/","url_meta":{"origin":543918,"position":5},"title":"Food prices still topic du jour in the foreign press","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"The war in Ukraine and its effect on our wheat supply is continuing to get ink in the foreign press this morning: The Madbouly government\u2019s move to ban exports of key staples including wheat, flour and lentils for three months comes as more Arab nations veer towards food protectionism amid\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543918"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543918\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543916"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543918"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543918"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}