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Abraaj, a private-equity firm, files for provisional liquidation

Abraaj, a private-equity firm, files for provisional liquidation

Finance
UNTIL recently the Abraaj Group, a private-equity firm based in Dubai, was riding high. It was one of just a few such firms focused on emerging markets, and a darling of “impact investors”, who seek social or environmental returns, not just financial ones. Assets under management of $ 13.6bn made it the largest private-equity firm in the Middle East, and the 42nd-largest globally in 2017. Its Pakistani founder and boss, Arif Naqvi, a regular at Davos and a patron of the arts, had won awards for philanthropy. It is all the more surprising, then, that basic corporate-governance missteps led his firm to file for provisional liquidation on June 14th.The problems began in late 2017 when four investors in its $ 1bn health-care fund, including the Bill & Melinda Gates Foundation a...
Huddle's 'highly secure' work tool exposed KPMG and BBC files

Huddle's 'highly secure' work tool exposed KPMG and BBC files

Technology
The BBC has discovered a security flaw in the office collaboration tool Huddle that led to private documents being exposed to unauthorised parties.A BBC journalist was inadvertently signed in to a KPMG account, with full access to private financial documents.Huddle is an online tool that lets work colleagues share content and describes itself as "the global leader in secure content collaboration".The company said it had fixed the flaw.Its software is used by the Home Office, Cabinet Office, Revenue & Customs, and several branches of the NHS to share documents, diaries and messages."If somebody is putting themselves out there as a world-class service to look after information for you, it just shouldn't happen," said Prof Alan Woodward, from the University of Surrey. "Huddles contain som...
Toys R Us files for bankruptcy protection

Toys R Us files for bankruptcy protection

Business
Toys R Us has filed for bankruptcy protection in the US and Canada as the chain grapples huge debts, tough competition and pressure from suppliers.The company, which has 1,600 stores worldwide employing more than 60,000 staff, said its operations outside the US and Canada did not come under the so-called Chapter 11 filing in Virginia and its Canadian equivalent.The announcement suggested there was no prospect of an immediate knock-on effect for its 110 stores, 2,500 staff or website in the UK.The chain is trading as normal worldwide.The proceedings across the Atlantic are designed to give loss-making Toys R Us time to reorganise its finances by protecting it from creditor demands as it tackles a debt pile of $ 5bn (£3.6bn) with a $ 400m bill looming next year.The private equity-owned compa