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US retail giant Sears files for bankruptcy

US retail giant Sears files for bankruptcy

Business
US retail giant Sears has filed for bankruptcy after succumbing to huge debts and losses. The company, which is more than 100 years old, was once America's largest retailer but has been battered by fierce competition and the rise of internet shopping.Sears, which still has 886 stores across the US, was left fighting for its life ahead of a key $ 134m (£102m) debt repayment due at the start of this week.Court papers showed it had now filed for Chapter 11 bankruptcy, a process that allows indebted companies to restructure its debts.Sears began life as a mail order catalogue in the 1880s - a pioneering business that has been described as the Amazon of its day.It came to dominate US malls and at its peak sales were equivalent to 1% of US gross national product. It was over...
Microsoft pauses Windows 10 update after files disappear

Microsoft pauses Windows 10 update after files disappear

Technology
Microsoft has paused the October update of its Windows 10 operating system after reports that some users found their documents disappeared once it was installed.On its support page, the firm asks affected customers to use their device as little as possible and to phone their local helpline.It is also asking people who have downloaded the update manually not to install it.The firm said the cases were isolated."Microsoft has paused the roll-out of the update while we continue to investigate reports from some customers," the firm said in a statement.Trust issue"Last night I updated to 1809, and it all went smoothly, but then I find that all my files in Documents are deleted. Gone. Poof. This included many crucial documents and financial info," wrote Stuart D...
Myanmar jails journalists over secret Rohingya files

Myanmar jails journalists over secret Rohingya files

World
Two Reuters journalists have been jailed for seven years after being found guilty of breaking state secrets laws while investigating the massacre of Rohingya Muslims in Myanmar. Wa Lone, 32, and Kyaw Soe Oo, 28, were arrested last December while carrying official documents given to them by police.The pair had been gathering evidence about the execution of 10 men in the village of Inn Din in Myanmar's northern Rakhine State.The deaths happened during a widespread campaign of violence which started last August and saw more than 700,000 Rohingya flee to neighbouring Bangladesh.The military crackdown followed attacks on police posts by Rohingya insurgents.Reuters editor-in-chief Stephen J. Alder said: "Today is a sad day for Myanmar, Reuters journalists Wa Lone and Kyaw Soe Oo,...
Apple files stored by teen in 'hacky hack hack' folder

Apple files stored by teen in 'hacky hack hack' folder

Technology
A teenage boy from Australia has pleaded guilty to hacking into Apple's network and downloading internal files, according to reports.The 16-year-old accessed 90 gigabytes worth of files, breaking into the system many times over the course of a year from his suburban home in Melbourne, reports The Age newspaper.It says he stored the documents in a folder called 'hacky hack hack'.Apple insists that no customer data was compromised.But The Age reports that the boy had accessed customer accounts.In a statement to the BBC, Apple said: "We vigilantly protect our networks and have dedicated teams of information security professionals that work to detect and respond to threats. "In this case, our teams discovered the unauthorised access,...
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...