7pm News Wrapup May 29
By THE CAIRO POST

News:

The results of the presidential election will be announced June 4 despite a previous decision by the High Presidential Elections Committee (HPEC) to announce them June 5.

Abdel Fatah al-Sisi is the projected winner of the presidential election, which concluded the third and final day of voting Wednesday. He won an estimated 94 percent of the valid vote in the second presidential election following the January 25 Revolution.

Presidential candidate Hamdeen Sabbahi won 906 votes in his hometown of Balteem, while Sisi got 675 votes.

A ministerial meeting was held in Taba Tuesday to discuss ways to reconstruct areas of the Red Sea governorate and Sinai Peninsula that were damaged following a storm that hit the area earlier this month, Al-Wafd reported.

Politics:

Twitter users launched a hashtag for Sabbahi which translates into “#Hamdeen Won,” despite the fact initial reports showed Sisi is the projected winner of the presidential election with an estimated 94 percent of valid votes.

Business:

Following the Egyptian Mineral Resources Authority (EMRA) decision to resume operations at the El-Maghara coal mine in the Gabal El-Maghara region of southern Arish, the authority received many offers from Emirati and Egyptian investors to develop and operate the mine.

The Egyptian Exchange indexes (EGX) plummeted Thursday, hurt by an investor selling spree following a government decision to mull a 10 percent annual capital gains tax on stock market profits, cash dividends and bonus shares.

Egypt will impose a 10 percent annual tax on stock market profits, cash dividends and bonus shares, which has elicited widespread criticism on grounds that it could reduce cash flow into the Egyptian stock exchange (EGX).

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