Unfortunately, there's more gloomy news this week, with poor financial results, staff cut-backs and reports of record low sales in some regions. As we've said before, much of this reporting is historic and refers to previous quarters, so it's no reflection of current conditions. And indeed, if the major stock markets are any indication, it looks like many regions have bottomed out and are starting to recover. Of course, there are questions about whether conditions will ever return to the credit-fueled highs of the recent past. But no doubt everyone has learned from some of the previous excesses and we'll be seeing a far more considered approach to business in future.