Business week in pictures

Oil prices rose sharply after an Opec meeting collapsed in disarray on Wednesday without the expected agreement to increase crude output, dashing hopes that the oil cartel would bring relief from soaring energy prices. Above: Security clear journalists from the boardroom during the opening of the 159th meeting of Opec
Photograph: Joe Klamar/AFP/Getty Images

The UN trade and development body, UNCTAD, is seeking regulation to curb speculators pushing up food prices, adding that governments may need to intervene to burst the huge bubble in the price of commodities such as food staples and oil. Prices have rocketed in response to dysfunctional commodities markets, according to the report, which disputes the view of many economists and central bankers that commodity prices have jumped as a result of a surge in demand Photograph: Said Khatib/AFP/Getty Images

The Italian fashion brand Prada drew gasps when it hung a near-£9bn price tag around its neck as it looked to sell shares to Asian investors. The company has operated out of Milan for nearly a century but it has decamped to Hong Kong, where it hopes to raise £1.6bn from selling just a 16.5% stake in the company Photograph: Bobby Yip/Reuters

The theft of copper cables from Britain's railways is reaching epidemic proportions, costing the operator, Network Rail, millions of pounds as it takes on extra staff to catch the criminals and pays out compensation to train companies for delays on the system. Copper theft jumped by 67% to 3,116 incidents in the year to April
Photograph: Christopher Thomond for the Guardian

BMW will build the next generation of Minis at its Cowley factory, near Oxford, as part of a £500m investment in UK car production over three years. The move will help keep more than 5,000 jobs there. Meanwhile, Nissan is to build the latest version of the Qashqai at its Sunderland production plant, which would safeguard 6,000 jobs there
Photograph: Stefan Rousseau/PA

China warned that a damaging trade war could erupt with the European Union if Brussels includes foreign airlines in its emissions trading scheme. The boss of British Airways' parent company, International Airlines Group, said passengers could be caught up in a tit-for-tat commercial conflict Photograph: Ed Jones/AFP/Getty Images

Up to 3,000 Southern Cross staff are losing their jobs as the stricken care homes company battles to avert financial ruin. The company plans to cut its workforce from 44,000 to 41,000 by October Photograph: Dan Kitwood/Getty Images

Nintendo has become the latest victim in a wave of hacking attacks, the Japanese gaming company confirmed on Sunday. The group said its United States unit's website had been hacked but that no company or customer information had been compromised Photograph: Mario Anzuoni/Reuters

A slump in demand for TVs and video games triggered a sharp fall in sales at Argos. Shares in Home Retail, its parent company, tumbled by nearly 14% in early trading on Thursday after it released disappointing quarterly sales figures for Argos, which is Britain's largest TV seller by volume Photograph: Simon Dawson/Bloomberg via Getty Images

Sainsbury's boss, Justin King, took home substantially less pay last year after the supermarket group missed sales growth and other performance targets. Although King earned £3.2m, his pay was markedly lower than the previous year when he pocketed nearly £8m, helped by cashing in share options worth £4.5m
Photograph: Sarah Lee for the Guardian

The International Monetary Fund has come out in support of George Osborne's austerity measures, saying the stability of the UK financial system is a 'global public good' that requires close supervision. At the same time, John Lipsky, the acting managing director of the IMF, proposed 'temporary tax cuts' aimed at low-income households if weak economic growth and high unemployment persist
Photograph: Carl Court/AFP/Getty Images

Dominique Strauss-Kahn, the former head of the IMF, denied attempted rape and the sexual assault of a hotel maid. The one-time French presidential hopeful, who will face trial over the allegations that cost him his job and sent the IMF into crisis, will be back in court on 18 July. Pictured: Hotel workers from New York jeer at Strauss-Kahn as he arrives at the Manhattan Criminal Courts building Photograph: Craig Ruttle/AP

Beleaguered HMV has been thrown a £220m lifeline by its state-owned lenders. The retailer, which has issued four profits warnings this year, agreed a refinancing deal with its banks, Royal Bank of Scotland and Lloyds Banking Group, after months of talks in which they would take a 5% stake in the company. Pictured: Simon Fox, chief executive of HMV Photograph: Facundo Arrizabalaga/Rex Features

Underwear belonging to Bernard Madoff has been sold at an auction held by the US marshals service. The Miami Herald said 14 pairs of boxer shorts, confiscated from the former Wall Street swindler's mansion in Palm Beach, Florida, fetched $200 (£122). The items sold were mostly household goods but a Madoff shoe collection, antique golf clubs and some artwork were included. A picture of a naked bottom, Nude by Edward Weston, a Depression-era photographer, sold for $4,600 (£2,820). More than $400,000 raised will go toward compensating victims of Madoff's $65bn Ponzi scheme Photograph: Joe Raedle/Getty Images