INVESTIGATION PENDING: “Alibaba Group said it was being investigated by the U.S. Securities and Exchange Commission over whether the Chinese e-commerce company’s accounting practices violated any federal laws,” Reuters reports. “The company has provided the SEC with information about its accounting for its logistics unit, Cainiao Network, as well as operating data from its Singles’ Day shopping festival, according to Alibaba’s annual report filed on Monday.” Read more here.
WAIT, SERIOUSLY? “The government is spending about three-fourths of its technology budget maintaining aging computer systems, including platforms more than 50 years old in vital areas from nuclear weapons to Social Security. One still uses floppy disks,” the Associated Press reports. “In a report to be released Wednesday, nonpartisan congressional investigators say the increasing cost of maintaining museum-ready equipment devours money better spent on modernization.” Read more here.