THE NEWS WRAP: Colorado Group collapses with $440 million debt

Retail company Colorado Group has collapsed under the weight of its $440 million debt, with a syndicate of 12 lenders rejecting a last-ditch attempt to restructure the company yesterday.

Administrators from accounting firm Deloitte have been appointed to the group, which owns iconic Australian brands Jag, Mathers, Diana Ferrari, Williams the Shoeman and Colorado.

Google agrees to privacy measures

Google has agreed to put a comprehensive privacy policy in place and undergo 20 years of independent audits after being charged with deceptive conduct when launching its Buzz social network last year.

In a deal cut with the US Federal Trade Commission, Google will provide a “clear and prominent notice and obtain express affirmative consent” prior to sharing users’ information with third parties.

James Murdoch named deputy COO

James Murdoch has been named deputy chief operating officer of media giant News Corporation, in a move seen by analysts as a precursor to his eventual succession of his father, Rupert.

The promotion will give Murdoch control of News Corp’s international operations. He was previously chief executive of British broadcaster BSkyB from 2003 to 2007.

Overnight

The Dow Jones industrial rose 71.60 points to 12350.61. The dollar was stable at 103.28 US cents.