7 am News Wrapup July 12
By THE CAIRO POST

News:

Demonstrators burned the Israeli flag in protest in front of the Palestinian Embassy in Cairo Friday afternoon to condemn the Israeli bombing in Gaza, Youm7 reported.

Reaching a unity government is the only way for Iraq to sail out of the current crisis, said Egypt’s Foreign Minister Sameh Shoukry Friday in his visit to Iraq.

Prime Minister Ibrahim Mahlab has ordered the shutdown of 4,500 illegal train crossings in an attempt to decrease accidents, Al-Ahram reported Friday.

Politics:

Minister of Defense Sedky Sobhy ordered Friday 500 tons of supplies and medicine sent to Gaza, a ministry statement announced. Vans were seen near the border transporting Egyptian supplies toward Gaza, Youm7 reported Friday.

As the Muslim Brotherhood usually launches its protests on Fridays, today witnessed a number of gatherings in different areas in Cairo and a number of marches protesting against the fuel price hike and Israeli offensive in Gaza.

Business:

Total tax arrears amounted to 69 billion EGP ($9.6 billion) during the current year, compared to a total of 74 billion EGP during the last fiscal year that ended June 30, Head of the Income Tax Authority Moustafa Abdel Kader announced late Thursday.

The Egyptian Exchange (EGX) went up collectively this week and market capitalization gained around 5.6 billion EGP ($783.05 million) amid upbeat investor sentiment over Fitch Ratings’ positive remarks on Egypt’s economy and reform measures.

In-Depth:

Former Deputy Minister of Interior Farouk al-Megrahi accused human rights organizations of bribery and receiving “money under the table.” He demanded organizations have their money under financial control in an interview with 90 Minutes on Al-Mehwar channel Thursday.

Editors’ pick:

Egypt closed the Rafah border crossing late Thursday after12 hours of its opening, allowing 412 people, 392 of whom are Egyptian, into the Egyptian territory, reported Youm7.

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