7pm News Wrapup July 29
By THE CAIRO POST

State Security Prosecution referred two Israelis and an Egyptian civilian to a criminal court over charges of espionage.

News:

Ansar Bayt al-Maqdis claimed responsibility for the murder of four border guard soldiers, a Twitter account associated with the Sinai-based militant group said Sunday.

A press conference between the Beni Helal and Daboud tribes was held in Aswan and organized by Aswan Governor Mostafa Yousri. The two tribes will sign a reconciliation agreement that will be finalized Monday, Al-Masry Al-Youm reported Sunday.

Saudi Arabia’s Ministry of Culture and Information granted the Egyptian Radio and Television Union (ERTU) three advanced devices which purify sound, modify images and colors from old video tapes and convert them to digital format, according to a Sunday statement from the Saudi Embassy.

Politics:

A number of legal cases of public concern were considered Sunday before different courts on the first day of the holy month of Ramadan.

The Youth Movement to Save Qatar will try all democratic ways to fulfill the demands of Qatari people and reform the current regime, Youm7 quoted movement spokesperson Khaled al-Hail as saying. “We are a youth opposition movement that started its activity 10 years ago,” Hail said.

Business:

The Egyptian Exchange (EGX) indexes ended on a mixed note Sunday amid sideways trading with a downward tendency and weak liquidity ahead of the end of the current fiscal year, which coincided with the Cabinet’s plans to cut energy subsidies.

International consulting firms Strategy American Company, French Lazard Company and the Egyptian government were able to agree to the main points for the economic reform program that will be applied with the new fiscal year, Al-Mal reported Sunday.

Egypt’s largest e-commerce platform, Souq.Com, announced Saturday its plans to set a new crop of e-commerce startups within the next three months, according to a press release.

“The Ministry of Finance is drafting a definite tax on small and medium-size enterprises (SME) to increase Egypt’s tax revenues, solve the sectors problems as a whole, and to promote the sector to reach probable limit,” the head of the Egyptian Tax Authority Mustafa Abdel Kader said Saturday.

Editor’s Pick:

The Egyptian government defined three conditions to allow the import of natural gas to Israel: getting permission from the state, gas must provide added value to the Egyptian economy, and there must be solutions to deal with international arbitration cases issued against Egyptian companies, Minister of Petroleum Sherif Ismail told Al-Masry Al-Youm Saturday.

Noble Energy and Union Fenosa Gas announced execution of a letter of intent for the export of Tamar natural Gas to existing Liquefaction Natural Gas facilities (LNG) in Egypt on May 5. The Letter of Intent indicates that the contract will last for 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas, approximately 440 million cubic feet per day over the period, Noble Energy announced.

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