7am News Wrapup July 1
By: THE CAIRO POST

News:

A number of bombs exploded near the presidential palace of Ithadeya, as security forces were trying to clear the area from threats. Two police officers died while attempting to diffuse the bombs, and nearly ten people were injured

Egyptian billionaire businessman Nassef Onsi Sawiris was handed a primary judicial ruling to a three-year sentence and a fine of 50 million EGP (US $6.99 million) for refraining from paying checks to the Egyptian Tax Authority.

President Abdel Fatah al-Sisi gave a national address Monday evening to mark the first anniversary of June 30

General Prosecutor at the city of Chemnitz, east of Germany submitted a request to the city’s court to issue a criminal decree to fine two nationals over charges of robbing and vandalizing the Great Pyramid of Giza.

Politics:

Residents of Duweiqa slums in Cairo have been moved to areas far from the hills and cliffs of Moqattam to save them from potential rockslides.

Tamarod or “Rebel”, the movement that led to the ouster of the former President Mohamed Morsi, announced it will unveil its new political party’s program; the party will be called “The Arabic Popular Movement”.

Business:

Minister of Finance Hani Qadry announced during a press conference Monday while presenting the budget of the new fiscal year, that indicators show high inflation rates ranging between 10 to 11 percent. Economic growth rates declined to 2%, which led to a rise in unemployment to a record between 13 percent and 14 percent, with a record 25 percent among young people ages 16 to 25 years-old

Talks are now being held between the Supply and Trade Ministry, the Arab League affiliated Economic Unity Council and multinational companies to develop silos to be used for wheat storage in order to reduce wasted wheat and the cost of storing wheat by 30 percent for each ton.

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