The market is picking up after the economic darkness of the past two years, but there are still risks
President flies to South Africa to pressure Wenger into agreeing transfer 'in days'
Barcelona president Sandro Rosell has revealed the extent of the financial worries at Barcelona, admitting the players' wages for last month have not been paid.
“Zombie banks” first emerged as a term in the late 1980s and came to be associated with the crisis that affected Japan in the 1990s, turning a once-thriving economy that was the envy of the world into a byword for stagnation. Now, Mark Thomas of the management consultants PA Consulting claims that the financial crisis that started in the autumn of 2008 has left behind a “zombie economy”. In his recently-published book of the same name, he states: “Even though many countries are emerging from a technical recession, the crisis has created a new class of groups and institutions which, although not completely ceasing to exist, have lost the ability to function normally.” As he explains, this means that, while these organisations do not cease to exist, they have become unable to perform the functions “that we expect of them in supporting growth of the economy.” Accordingly, zombie banks cannot lend as we need, zombie consumers cannot consume as we need and so on.
An intimate little affair after Beijing but the Royal Albert Hall could not have been fuller. The Lang Lang Olympics were about to commence. A little Sunday-afternoon Mozart – Piano Sonata in B-flat major – eased us into the first lap, articulated with such deftness that the idea of the piano as a percussive instrument seemed almost absurd. The slow movement took on a mystical quality, the dynamics so refined as to lend a whole new meaning to the term "Chinese whispers".
Cabinet ministers will give Gordon Brown "one last chance" to save his premiership but will try to oust him by November if he fails to improve Labour's prospects.