7pm News Wrapup July 7


President Sisi defended controversial austerity measures including a recent price hike of oil, saying the measures would prevent the country’s ballooning deficit from growing any further in a televised address Monday on the 41st anniversary of Yom Kippur War, the 10th day of Ramadan.

“The Egyptian Armed Forces will not only provide subsidized products but will run its public transport buses fleet starting July 7,” Armed Forces official spokesperson Mohamed Ghoneim said Sunday.

Hamas spokesperson Sami Abu Zuhri vowed the group would avenge the death of its Al-Qassam Brigade militant wing members killed by Israeli airstrikes Monday. A statement posted on Facebook attributed to Zuhri condemned Monday’s Israeli attacks, stating “the enemy has escalated the situation and will pay the price.”


 Ethiopian Prime Minister Hailemariam Dessalegn praised President Abdel Fatah al-Sisi’s initiative to visit Ethiopia and offer a “new page” to start cooperation between both counties, in a speech in front of the Ethiopian parliament Monday.

Muslim Brotherhood supporters called Tuesday for protests on the anniversary of Republican Guards clashes that took place July 8, 2013 that resulted in the death of over 50 civilians and four security forces, Youm7 reported.


The Egyptian Exchange (EGX) indexes ended Monday’s trading session on a collective decline amid selling pressures mainly from local retail investors as well as Arab institutions and individuals. The benchmark index EGX30 fell 0.12 percent to hit 8,311 points, down from 8,321 points Sunday. The small and mid-cap index EGX70 dropped 0.19 percent to hit 604 points and the broader index EGX 100 also decreased 0.12 percent to reach 1,060 points.

Maximum wages will be officially applied on July salaries, governor of the Central Bank of Egypt (CBE) Hisham Ramez announced Monday. Anyone who works for CBE, public banks, or governmental banks whose salaries exceed 42,000 EGP will be reduced to that value according to the new law, he told Youm7 Monday.

Inside Egypt:

The Ministry of Housing allocated 3 billion EGP ($420 millions) for the development of low-cost buildings and National Housing in new cities over the course of three years, Minister of Housing Mostafa Madboly said Sunday, Youm7 reported.

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