7pm News Wrapup July 1
By THE CAIRO POST

News:

Interior Ministry Deputy for Media and Public Relations Abdel Fatah Othman said that the Ithadeya explosions that took place Monday near Ithadeya presidential palace were not due to foundational deficiency or lack of technological equipment, but instead the problem was diffusing the bombs.

“Minister of Defense Sedki Sobhi approved the hiring of Mohamed Samir Abdel Aziz as the official military spokesman for the Egyptian military as a replacement for Col. Ahmed Mohamed Ali starting July 1.

The Cairo Criminal Court on Tuesday adjourned the trial of Muslim Brotherhood leaders Mohamed al-Beltagy and Safwat Hegazy over accusations of torturing two police officers in the Rabaa al-Adaweya sit-in to July 6, as the defense lawyer demanded that media representatives and family members of the defendants attend the sessions.

Meanwhile, the Administrative Judiciary Court adjourned the trial of Egyptian prisoners in Israel to October 21.

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

Politics:

Political parties are now preparing to make arrangements with each other to be able to compete in the upcoming parliamentary elections, while several political parties still seek amending laws on parliamentary elections.

Business:

The Egyptian Exchange (EGX) indexes surged during the first half of 2014 and capitalization gained more than 50.8 billion EGP amid upbeat investor sentiment over the progress in the roadmap announced by the military in the wake of June 30.

The Egyptian Exchange (EGX) is closed Tuesday on the occasion of a banking holiday, while a monthly report revealed that the benchmark index EGX30 dropped 0.98 percent during June, closing at 8,162 points on Monday.

In-depth:

Applying minimum wage without exception causes mixed reactions, as it threatens to push away skilled employees. On the other hand, the Judges Club denied having refused to apply the minimum wage in their institution to avoid public frustration.

Editor’s pick:

The second phase of the Giza Pyramids development and rehabilitation project will be completed by the end of July, Minister of Antiquities Mamdouh el-Damaty said Tuesday.

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