Apple to issue fix for iPhones, Macs at risk from Spectre chip flaw

In a statement on its website, Apple said all Mac and iOS devices were affected by both Meltdown and Spectre. (Reuters)
Updated 05 January 2018
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Apple to issue fix for iPhones, Macs at risk from Spectre chip flaw

SAN FRANCISCO: Apple will release a patch for the Safari web browser on its iPhones, iPads and Macs within days, it said on Thursday, after major chipmakers disclosed flaws that leave nearly every modern computing device vulnerable to hackers.
Browser makers Google, Microsoft and Mozilla’s Firefox all confirmed to Reuters that the patches they currently have in place do not protect iOS users. With Safari and virtually all other popular browsers not patched, hundreds of millions of iPhone and iPad users may have no secure means of browsing the web until Apple issues its patch.
Apple stressed that there were no known instances of hackers taking advantage of the flaw to date.
On Wednesday, Alphabet’s Google and other security researchers disclosed two major chip flaws, one called Meltdown affecting only Intel chips and one called Spectre affecting nearly all computer chips made in the last decade. The news sparked a sell-off in Intel’s stock as investors tried to gauge the costs to the chipmaker.
In a statement on its website, Apple said all Mac and iOS devices were affected by both Meltdown and Spectre. But the most recent operating system updates for Mac computers, Apple TVs, iPhones and iPads protect users against the Meltdown attack and do not slow down the devices, it added, and Meltdown does not affect the Apple Watch.
Macs and iOS devices are vulnerable to Spectre attacks through code that can run in web browsers. Apple said it would issue a patch to its Safari web browser for those devices “in the coming days.”
Shortly after the researchers disclosed the chip flaws on Wednesday, Google and Microsoft released statements telling users which of their products were affected. Google said its users of Android phones — more than 80 percent of the global market — were protected if they had the latest security updates.
Apple remained silent for more than a day about the fate of the hundreds of millions of users of its iPhones and iPads. Ben Johnson, co-founder and chief strategist for cybersecurity firm Carbon Black, said the delay in updating customers about whether Apple’s devices are at risk could affect Apple’s drive to get more business customers to adopt its hardware.
“Something this severe gets the attention of all the employees and executives at a company, and when they go asking the IT and security people about it and security doesn’t have an answer for iPhones and iPads, it just doesn’t give a whole lot of confidence,” Johnson said.


Saudi Real Estate Refinance Co. plans up to $1.07bn sukuk sale this year

Updated 23 April 2019
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Saudi Real Estate Refinance Co. plans up to $1.07bn sukuk sale this year

  • The plan by SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios
  • SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year

RIYADH: Saudi Real Estate Refinance Co. (SRC), modelled on US mortgage finance firm Fannie Mae, aims to issue up to 4 billion riyals ($1.07 billion) of long-term sukuk this year, its chief executive said on Tuesday.

The plan by SRC, a subsidiary of Saudi Arabia’s sovereign Public Investment Fund, comes as it prepares to purchase more home loan portfolios from mortgage financing companies and banks to boost the Kingdom’s secondary mortgage market.

SRC, formed in 2017, is also keen to tap foreign institutional investors for its debt sale this year, Fabrice Susini told Reuters in an interview.

“Our strategy is clearly to tap the market twice this year,” he said. “We are really looking at probably issuing something between ... 2 and 4 billion riyal that we may be issuing in two tranches.

He said SRC was looking at sukuk in the 10 to 15-year range, to help minimize refinancing risks. “Generally speaking we are trying to issue as long as possible,” Susini said.

He said the company was assessing whether it could also issue bonds in currencies other than the local riyal.

In March, SRC completed a 750 million riyal sukuk issue with multiple tenors, under a program that allows it to issue up to 11 billion riyals of local currency denominated Islamic bonds.

“The rule of the game for us is, like many projects across the Kingdom, attract liquidity from foreign investors,” Susini said.

He said SRC had spent 1.2 billion riyals from its balance sheet buying mortgages from local mortgage financing companies and provided liquidity to these firms.

It has also signed initial accords with several commercial banks to acquire housing mortgage portfolios.

Saudi Arabia’s housing ministry is targeting the mortgage market to reach a total value of 502 billion riyals by 2020 from around 300 billion riyals now.

The government wants to increase activity in the real estate market as it moves to revitalize the economy and is taking steps to reform the sector as part of its 2030 reform plan.

It has been working with developers and local banks to counter a shortage of affordable housing — one of the country’s biggest social and economic problems. Saudi Arabia wants 60 percent of its nationals to own homes by 2020, up from 47 percent in 2016.

The size of real estate financing relative to its gross domestic product is 5 percent in Saudi Arabia compared to 69 percent in the United States, 74 percent in the United Kingdom and 43 pct in Canada, the housing ministry has said.

“The goal of SRC in this market was to make sure that we will be able to refinance at least around 10 percent of the market in 2020, and 20 percent of the market by 2028,” Susini told Reuters.