Business week in pictures

Sir Martin Sorrell suffered a humiliating defeat at the hands of WPP shareholders, when nearly 60% rejected his £6.8m annual pay packet at the advertising agency's annual general meeting in Dublin
Photograph: Chris Ratcliffe/Bloomberg via Getty Images

The government will not block BAA from submitting proposals for a third Heathrow runway in a forthcoming revamp of policy on aviation hubs, in a move that heads off the threat of legal action by the airport owner Photograph: Simon Dawson/Bloomberg via Getty Images

The boss of International Airlines Group has launched a scathing attack on David Cameron and the coalition government at the Iata summit in Beijing, saying they were 'completely out of touch'. IAG chief executive Willie Walsh accused the government of 'doing everything it can to suppress and damage' the aviation industry Photograph: Ng Han Guan/AP

JP Morgan boss Jamie Dimon blamed the bank's $2bn-plus trading losses on 'poorly conceived' strategies of senior executives who failed to keep him informed, as he escaped largely unscathed from a Senate banking committee hearing set up to investigate the affair Photograph: Larry Downing/Reuters

An activist in Madrid dressed as prime minister Mariano Rajoy. A bailout of up to €100bn for Spain's ailing banks failed to calm nerves about the future of the euro amid confusion over the plan's details and worries that Greek voters might choose to abandon the single currency Photograph: Dani Pozo/AFP/Getty Images

Homeless people beg next to a poster promoting the pro-bailout Democratic Left party in Athens. Few large eurozone banks would be left standing and the banking sector could face a €370bn (£298bn) loss if the euro crisis results in the single currency breaking up, according to one indepth analysis Photograph: Oli Scarff/Getty Images

Christine Lagarde, the head of the International Monetary Fund, warned that the world risks a triple crisis of declining incomes, environmental damage and social unrest unless countries adopt a more sustainable approach to economic growth Photograph: Yuri Gripas/Reuters

Tesco reported another quarter of falling sales in the UK after money-off coupons and a blitz on customer service failed to win back disgruntled shoppers Photograph: Geoffrey Robinson/Rex Features

Sainsbury's entered the ebook and social network market with the purchase of HMV Group's shareholding in Anobii for a nominal £1 Photograph: -

Sainsbury's also benefited from an extra 2m visits from shoppers in the week of the Queen's diamond jubilee amid strong demand for party food and bunting Photograph: Chris Ison/PA

Women work at the Zara factory in Arteixo, Spain. Zara owner Inditex reported a 30% jump in profits as shoppers around the world flock to its stores for high street versions of the latest catwalk trends Photograph: Miguel Vidal/Reuters

Sir Stelios Haji-Ioannou, the founder of EasyJet, is set to launch a low-cost airline in Africa this year after taking a 5% stake in a new venture. Fastjet will operate from Kenya, Tanzania, Ghana and Angola Photograph: Fastjet.com

BMW workers in Birmingham will build the hi-tech engines for the company's i8 hybrid sports car after beating competition from sister factories in Germany and Austria Photograph: Feng Li/Getty Images

Saab is to be reborn as an electric car manufacturer focused on China under rescue plans drawn up by a Chinese-born entrepreneur, Kai Johan Jiang. Saab has been making cars since 1947 but went bust at the end of 2011 Photograph: Erik Abel/Bloomberg via Getty Images

A year ago, the UK hosted a vaccines summit in London where donor countries were asked to pledge money for mass immunisation programmes - not a single donor has reneged Photograph: Arshad Arbab/EPA