Day: July 22, 2024

CrowdStrike: More machines fixed as customers, regulators await details on what caused meltdown 

AUSTIN, Tex. — Cybersecurity firm CrowdStrike says a “significant number” of the millions of computers that crashed on Friday, causing global disruptions, are back in operation as its customers and regulators await a more detailed explanation of what went wrong. 

A defective software update sent by CrowdStrike to its customers disrupted airlines, banks, hospitals and other critical services Friday, affecting about 8.5 million machines running Microsoft’s Windows operating system. The painstaking work of fixing it has often required a company’s IT crew to manually delete files on affected machines. 

CrowdStrike said late Sunday in a blog post that it was starting to implement a new technique to accelerate remediation of the problem. 

Shares of the Texas-based cybersecurity company have dropped nearly 30% since the meltdown, knocking off billions of dollars in market value. 

The scope of the disruptions has also caught the attention of government regulators, including antitrust enforcers, though it remains to be seen if they take action against the company. 

“All too often these days, a single glitch results in a system-wide outage, affecting industries from healthcare and airlines to banks and auto-dealers,” said Lina Khan, chair of the U.S. Federal Trade Commission, in a Sunday post on the social media platform X. “Millions of people and businesses pay the price. These incidents reveal how concentration can create fragile systems.” 

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Ukraine’s largest music festival returns with break from inescapable reality of war

Kyiv, Ukraine — This year, Ukraine’s largest music festival struck a different chord. Gone were the international headliners, the massive performance halls and the hundreds of thousands of visitors.

Instead, beloved local artists graced the stage this past weekend at the Atlas Festival — the first since Russia’s full-scale invasion in February 2022 — for a smaller but still ebullient crowd. The stage was erected in a shopping mall parking lot, the only option with a shelter large enough to contain the 25,000 people expected in the event of an air raid.

Carefree youth danced, romanced and sang along, rubbing shoulders with hardened military commanders as famous singers who crooned lyrics imbued with national pride. Music was the main goal, but so was shattering the illusion that the capital is invulnerable to the bloody battles hundreds of miles away.

“Such kind of festivals can’t be separated from the life of the country. The country is at war. The core issues here should relate to the war,” said Vsevolod Kozhemyako, a businessman and one of the founders of the 13th “Khartia” Brigade, now a part of Ukraine’s National Guard and defending the front line in Kharkiv.

“People who are still young and who don’t join (the fight) should understand that they cannot live in a bubble,” he said.

And yet, a bubble is precisely how it feels to be in Kyiv, as the war approaches its third year. While Ukrainian soldiers are killed and wounded every day along the 1,000-kilometer (620-mile) front line in the east, the capital is a contrast with its busy bars and clubs.

Every so often, Kyiv comes face to face with the war. Two weeks ago, a barrage of Russian missiles destroyed a children’s hospital and a private clinic, in one of the deadliest attacks since the full-scale invasion. Residents have grappled with power cuts caused by Moscow’s targeted destruction of Ukrainian energy generation at the height of a summer heat wave.

In every corner of the music festival, visitors were confronted with the inescapable reality that theirs is a country trapped in a bloody war of attrition. Festival organizers hoped to raise $2.2 million (2 million euros) to help soldiers purchase supplies for the front line.

In the mall’s basement parking lot, various military units, from Khartia to the 3rd Assault, offered interactive games to lure donations and possible recruits. A first-person shooter game offered visitors a chance to improve target practice by gunning down shadowy virtual infantrymen. In another corner, medics brandished severed plastic limbs and offered emergency medical training.

The festival concluded Sunday with a much-anticipated performance from Serhii Zhadan and his band Zhadan and the Dogs. Zhadan, a celebrated artist dubbed the poet of the Donbas, recently joined Khartia.

“It’s just a small break, an opportunity to take a breath,” said Zhadan, minutes before he took to the stage for a roaring crowd. “The most important things, they are happening over there, at the front line.”

On stage, Zhadan started with one of his most beloved songs “Malvi” or “Mallow.” The crowd sang along, word for word. “But what can you do with my hot blood,” they chanted. “Who will come at us.”

18-year old Viktoriia Khalis was excited to see his performance. She had been to the Atlas festival once before in 2021. The difference is stark, she said.

“The main thing that has changed, unfortunately, now the festival is connected with donations,” she said. But she also felt more connected to her homeland. “I feel this entire crowd is related to me. I feel unity.”

She was scared there would be another Russian air attack — a music festival with thousands of attendees would be a prime target — but said she couldn’t miss a chance to see her favorite artists.

For Nadiia Dorofeeva, one of Ukraine’s most famous singers, every concert feels different. “Before, when I entered a stage I was thinking only about if I looked good, sang well and if the people got what they came for. But now, I dream of having no air alarms, I am seeing how people cry at my concerts.”

One of Dorofeeva’s songs, “WhatsApp,” is about a girl waiting for her beloved to return from war. “She washed the phone with tears/Like rainy glass,” often moves listeners to tears.

Among the attendees was Lt. Gen. Serhii Naiev, an assistant deputy chief in Ukraine’s General Staff.

“There are well-known artists on stage, they are performing their concerts and there are a lot of Ukrainians around who are donating their money, much-needed money for the armed forces of Ukraine,” he said.

“We understand that our partners are supporting us, but we also understand that we could do a lot by ourselves, to be stronger,” he said.

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Hemingway fans celebrate the author’s 125th birthday

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India ed-tech firm Byju’s founder faces reckoning as startup implodes

NEW DELHI — Byju Raveendran, an Indian mathematics whiz who soared from teacher to startup billionaire before his education-technology company imploded this year, now faces his biggest test.

The future of Raveendran’s eponymous Byju’s online coaching firm rests with India’s courts after the country’s biggest startup, once loved by global investors who valued it at $22 billion, crashed below $2 billion in valuation.

The 44-year-old founder last week lost control of the company as a tribunal kick-started an insolvency process.

Accused of “financial mismanagement and compliance issues,” the son of a family of teachers from a small village in south India faces a reckoning that will test the ingenuity that made him a poster child for India’s startups.

His formerly high-flying company was eventually brought low when it could not pay $19 million in sponsorship dues to India’s cricket federation, prompting a tribunal to suspend Byju’s board and make Raveendran report to a court-appointed restructuring expert.

An appeals tribunal is expected to hold a hearing on Monday on whether Byju’s insolvency process should be quashed after the former billionaire argued in court his company is solvent and that insolvency could shut it down and cost the jobs of 27,000 staff, including teachers. Insolvency also would not bode well for Byju’s backers, such as Dutch technology investor Prosus.

Raveendran denies the allegations of mismanagement and wrongdoing at his firm, which has in recent months faced lawsuits over unpaid loans and boardroom battles with foreign investors that went public.

Potential insolvency is a dramatic turn of events for an entrepreneur described by one person who has worked with him as an extremely passionate and goal-oriented person who might adopt “an abrasive approach” in a crisis.

Raveendran presented a “suave, nice and polished” image, appearing to heed advice, but “eventually there was a trust deficit,” said another executive who quit last year as a Byju’s senior vice president.

“He said things are improving, don’t worry, we have the money,” the former executive said.

Raveendran and a Byju’s spokesperson did not respond to requests for comment.

Byju’s downfall: ‘Our fair share of mistakes’

An engineer by training, he started Byju’s in 2011 with physical classes after friends urged him to go into teaching.

Raveendran, who aced a premier Indian management exam “with a score of 100 percentile, not once but twice,” according to the company website, started what would become his empire with his wife Divya Gokulnath, 38, a former student of his.

In education-obsessed India, Raveendran hit gold by offering online teaching programs priced from $100 to $300. He got a mammoth boost when the COVID-19 pandemic sent students indoors. At the height of his fame in 2021, he and his wife had a net worth of $4 billion, Forbes reckoned.

Now all that is in tatters.

Behind the reversal of Byju’s meteoric success, say executives and advisers who worked with Raveendran, is that he overruled associates and expanded the business through expensive acquisitions, splurging on marketing and being slow to address problems such as sales agents adopting aggressive tactics to mis-sell courses that damaged the company’s reputation.

With the backing of investors like General Atlantic, Prosus and Facebook founder Mark Zuckerberg’s philanthropy venture, Raveendran spent millions on acquisitions, and the company says it has 150 million students in over 100 countries.

“While growing fast, as I’ve accepted multiple times, we’ve made our fair share of mistakes,” Raveendran told an interviewer last year at the World Economic Forum in Davos.

As he battled crises, the CEO also said decisions to lay off some of its then-50,000 employees and slash branding expenses would help strengthen loss-making Byju’s and turn its cashflow positive.

“Every country needs a Byju’s,” he said.

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