Have you tried this in a different browser to see if you get the same result?
As a test you can try adding in some code in the update part of the page to see if it is getting in there. To run this test open up the Admin > admin_settings.php page. In here just after line 11 put in a die statement with a message like this:
11:if (isset($_POST["updateGlobals_x"])) {
12:die("got here");
When you make this change save and upload the page then test it. You should see a blank page with the "got here" message on it. If you get this it indicates that the update is triggering properly but perhaps it is not able to make the update for some reason. If you do not get this then it would indicate that the update is not being triggered. Please post back with your result so that we can determine how to proceed.