It is 'sudo apt-get update' to update APTs knowledge about packages and 'sudo apt-get install whatever' there 'whatever' is the name of a package. You can't execute both commands at the same time and a package with the name 'update' doesn't exist as the error message tells you.
You should report that bug against your 'update manager' as i don't know what you are talking about then you say something about GUI (i would reassign it, but i don't know what you mean…) -- You received this bug notification because you are a member of Ubuntu Bugs, which is subscribed to Ubuntu. https://bugs.launchpad.net/bugs/752201 Title: apr 05/11 update renders updates inoperable -- ubuntu-bugs mailing list ubuntu-bugs@lists.ubuntu.com https://lists.ubuntu.com/mailman/listinfo/ubuntu-bugs