The code red ( WORM ) virus is first seen on the Internet. The worm is designed to attack web sites running on Microsoft's IIS web server. The virus is thought to have affected over 250,000 web sites between 13th July and July 20th before a patch provided by Microsoft fixed the vulnerability and became well known for displaying the words "Hacked By Chinese!" on sites it had taken control of ( hence the name ).

As Russia continues it's economic problems the International Monetary Fund's has agreed to give Russia a $22bn loan to help stabalise it's economy. The IMF when providing loans always place conditions with any loan and the proposed loan to Russia is no different. The conditions include. Russia is to stop issuing short-term government bonds. Tough new tax reforms and collection. Strict controls on public spending. The Duma Russias Parliament is due to vote later this week to approve the reform package which will ease market pressure to devalue the Rouble.