Business week in pictures

A pedestrian walks past a poster of a Chevrolet vehicle. America's biggest carmaker, General Motors, declared itself bankrupt – the biggest industrial insolvency in US history – after racking up losses of 1bn (£50bn) over four years. But it has struck a tentative deal to sell its gas-guzzling Hummer brand to Sichuan Tengzhong, a manufacturer of heavy industrial machinery based in the south-western Chinese city of Chengdu Photograph: Ivan Alvarado/Reuters

A couple walk through a heat haze across The Mall in London, England. The purchasing managers' index, an influential barometer of business activity, showed that the services sector – from banking to catering and tourism – has returned to growth for the first time in more than a year Photograph: Dan Kitwood/Getty Images

Thousands of Honda workers returned to the production line in Swindon, four months after the factory closed in response to the ailing car market. But the 3,400 workers will earn lower wages Photograph: Matt Cardy/Getty Images

LDV vans at the firm's plant in Washwood Heath, Birmingham. LDV, the British vanmaker controlled by Russian tycoon Oleg Deripaska, reapplied for administration, threatening almost 6,000 jobs, after Weststar, the Malaysian vehicle distributor leading the rescue plan, admitted it had not been able to find backers Photograph: David Jones/PA

Ryanair chief executive Michael O'Leary at the airline's financial results presentation. Europe's largest budget carrier, Ryanair, reported its first loss in 20 years, due largely to a writedown of its stake in struggling Aer Lingus and charges related to disposals from its rapidly growing fleet. And O'Leary confirmed plans to charge for toilets on the airline within two years Photograph: Rex Features

A woman relaxes at a barbecue. DIY chain Kingfisher reported a surprise 40% rise in profits, after better weather boosted sales of outdoor products such as charcoal barbecues and vegetable seeds at its B&Q outlets Photograph: Leon Neal/AFP/Getty Images

Cheap chic fashion chain New Look revealed a 10% leap in annual profits, claiming it was winning customers from larger rivals Marks & Spencer and Next Photograph: Geoff Moore/Rex Features

Morrisons reported sales growth of more than 7%, including particularly strong growth in London. The Bradford-based supermarket chain is expanding outside its core area in the north of England, raising its profile in the south and in Scotland Photograph: David Sillitoe for the Guardian

Dairy Farmers of Britain, the co-operative that supplies 10% of Britain's milk, filed for administration, putting 2,200 jobs at risk in the south west, the Midlands and the north east. The co-operative's brands include Somerset Brie, Somerset goats cheese Capricorn, Cadog (Welsh cheddar) and 1st Grade cheese Photograph: Justin Sullivan/Getty Images

A truck passes an oil pump and waste oil pit in the desert oil field of Sakhir, Bahrain. Oil prices soared 30% in May – the biggest monthly gain since 1999 – and hit their highest level of the year this week Photograph: Hasan Jamali/AP

The Halifax announced the biggest one-month jump in house prices in more than six years today as fresh evidence emerged of the impact of record low interest rates on the property market. Photograph: Christopher Furlong/Getty

Troubled mining giant Rio Tinto agreed an alliance with rival BHP Billiton and launched a plan to tap its shareholders for more than $15bn (£9.34bn) after walking away from its controversial tie-up with China's Chinalco Photograph: Daniel Munoz/Reuters

Protester Scarlett Gowan with horses Teddy and Little Jack outside the SECC in Glasgow ahead of the Lloyds Banking Group annual general meeting Photograph: Danny Lawson/PA