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A sophisticated bank scam that uses a combination of the Dyre malware, phishing tactics and fake bank representatives has been uncovered by IBM researchers. IBM's Security Group has released information about a new variant of Dyre malware, initially uncovered last year, dubbed as "Dyre Wolf" that targets large companies and organizations. It basically social engineers employees into handing over their personal banking data from which the scammers will arrange a large wire transfer. more

According to the news from The Economist, entitled “Economic Convergence: Economic Headwinds Return”, “Ten years ago, developing economies were catching up with developed ones remarkably quickly. It was an aberration.” Reviewing the decade-and-a-half journey of China from a lagging economy to one that has surpassed many nations in Europe in terms of average income generation, the article describes the dire realities that beset the once sleeping-giant-turned-global-power. Using Hong Kong as the standard by which to measure economic growth, average incomes dip to 50% in Shenzhen, to 25% in Guandong and to a mere 10% in Yunnan. That is an overall average of less than 30% that of Hong Kong, which is essentially a small dot of an island compared to the gigantic mainland China teeming with so many millions of people. more