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Mubarak's Son Won't Seek Presidency

Updated from 6:22 a.m.

NEW YORK ( TheStreet) -- Egyptian President Hosni Mubarak's son, Gamal, won't seek the presidency, Egypt state TV reports , following on from the president's announcement Tuesday that he wouldn't run for re-election in the fall.

Mubarak supporters clash with protesters in Cairo's Tahrir Square on Wednesday.

Many speculated that Mubarak was preparing his 46-year-old son to succeed him despite widespread opposition. Mubarak said he would complete his term to ensure a peaceful transition of power, but many protesters want him out sooner.

Mubarak supporters now are clashing with anti-Mubarak demonstrators who are calling for the president's immediate resignation.

At least six people were killed and hundreds injured after gunfire rang out in the Egyptian capital early Thursday.

Both groups, each made up of about 20,000 people, were lashing out in the square, throwing rocks and firebombs, and attacking each other with metal bars, according to reports.

Egypt Prime Minister Ahmed Shafiq appeared on public television on Thursday morning to apologize for the violent and armed attacks that have been made on anti-government protesters.

Shafiq said he has ordered an investigation into the clashes. He said while it is not known whether the attacks were organized, it is clear that the pro-Mubarak groups came into Tahrir Square "with the intention to create violence and riot."

"When investigations reveal who is behind this crime and who allowed it to happen, I promise they will be held accountable and will be punished for what they did," Shafiq said in his address.

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