Business week in pictures

Vodafone was on the receiving end of a back-taxes bill from Indian authorities of 112bn rupees (£1.6bn). The case centres around its acquisition of a stake in an Indian mobile phone operator from Hong Kong conglomerate Hutchison Whampoa, a deal that took place in 2007. Foreign companies are monitoring the legal case amid fears it may set a precedent that sees them liable for retroactive charges. Photograph: Harish Tyagi/Corbis

The owner of outdoor clothing and equipment chains Blacks and Millets was caught up in takeover speculation, with private equity groups apparently circling the group after it suffered poor trading in the spring and early summer, with underlying sales falling by 7.5%. Photograph: David Sillitoe

LVMH, the champagne, perfume and luxury goods group, secured a 17% stake in Hermès International, the 173-year-old Parisian-based purveyor of handbags and silk scarves. Hermès has enjoyed a 20% increase in sales during the first half of 2010 and has had particular success in the Asian market. LVMH's stake is worth €1.45bn (£1.29bn). Photograph: Linda Nylind

The first major shopping centre in the City of London, One New Change, opened its doors to bankers, city residents and tourists. The shopping and entertainment hub has been built at a cost of £540m and its sleek design has earned it the nickname 'the stealth building'.
Photograph: Graeme Robertson

Commuters may face fare increases of up to 11% on some routes under changes to be made to the rail ticketing system. Transport secretary Philip Hammond is to reinstate a provision allowing rail companies to average out fare increases across a basket of tickets rather than apply uniform price rises. As a result, some unregulated fares on commuter routes may rise by as much as 10.8% in January. Photograph: Andy Rain/EPA

Royal Mail was facing up to the prospect of further industrial unrest after the Unite union said it was to ballot managers on strike action. Unite, which represents about 15,000 Royal Mail managers, said the ballot was over plans to make 1,500 job cuts in London. News of the ballot came at the start of a week when the government was to debate the controversial Postal Services Bill in the Commons for the first time. Photograph: David Levene

The Bank of England governor Mervyn King warned that reform of the banking system could take 'decades'. King's comments were made to an audience in New York and came as he set out a wide-ranging critique of the industry in which he suggested banks should be forced to set aside billions more in capital. Photograph: Toby Melville/AP

London's skyline will be transformed by 2014 as property developers, including British Land, confirmed work on two towers nicknamed the 'Cheesegrater' and the 'Walkie Talkie' will go ahead. The buildings are set to be among the tallest and most striking in the capital since Swiss Re's 'Gherkin' (far right) opened in 2004. Photograph: Alamy

Renowned investor Warren Buffett, pictured, appears to have found a candidate to succeed him as the chief investment officer at Berkshire Hathaway. After a three-year search, Buffett has selected hitherto unknown hedge fund manager Todd Combs. Combs, who runs Castle Point Capital Management in Greenwich, Connecticut, will take control of a significant portion of Berkshire's $100bn portfolio. Photograph: Thomas Lohnes/AFP/Getty Images

Advocates for renewable energy were dealt a blow with news that Vestas, the Danish wind turbine manufacturer, is to close five production plants across Scandinavia with the loss of 3,000 jobs. The group said the hoped-for increase in demand for wind power in Europe had not materialised. Photograph: Graeme Robertson

A corporate whistleblower who exposed contamination problems at one of GlaxoSmithKline's pharmaceutical manufacturing operations in Puerto Rico has been awarded $96m. Cheryl Eckard's payment is believed to be the biggest ever handed to a US whistleblower, and comes at the end of an eight-year legal fight between Glaxo and the US authorities. Photograph: Roger Bamber/Alamy