Britain rebukes Huawei over security failings, discloses more flaws

Officials in the United States and elsewhere have been increasingly public in voicing their concerns that Huawei’s equipment. (Reuters)
Updated 28 March 2019

Britain rebukes Huawei over security failings, discloses more flaws

  • Officials in the US and elsewhere have been increasingly public in voicing their concerns that Huawei’s equipment

LONDON: Britain publicly chastised China’s Huawei Technologies for failing to fix long-standing security flaws in its mobile network equipment and revealed new “significant technical issues,” increasing pressure on the company as it battles Western allegations that Beijing could use its gear for spying.
In a report published on Thursday, the government-led board that oversees vetting of Huawei gear in Britain said continued problems with the company’s software development had brought “significantly increased risk to UK operators.”
The board – which includes officials from Britain’s GCHQ communications intelligence agency – said in the report that the company had made “no material progress” addressing security flaws and it didn’t have confidence in Huawei’s capacity to deliver on proposed measures to address “underlying defects.”
The unusually direct criticism is a fresh blow to the world’s largest maker of mobile network equipment, which has been under intense scrutiny in recent months.
Officials in the United States and elsewhere have been increasingly public in voicing their concerns that Huawei’s equipment could be used by Beijing for spying or sabotage, particularly as operators move to the next generation of mobile networks, known as 5G.
Shenzhen-based Huawei said in a statement said it takes the oversight board’s concerns “very seriously” and that the issues identified in the report “provide vital input for the ongoing transformation of our software engineering capabilities.”


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.