Business week in pictures

British Airways' financial position is too weak to support a top-up to the company's pension plan, the chairman of the scheme's trustees told staff on Monday. "BA is not the strongest of companies to rely on," Paul Spencer told a meeting of 1,000 members of the scheme, who are angry that their pension pots have been hit by changes to the way increases are calculated. Photograph: Ben Stansall/AFP/Getty Images

Rich in China get richer only faster: From bikes to Bentleys in a generation: carmakers head east to sell luxury marques Photograph: David Gray/Reuters

African governments have only a few years to build up an industrial sector or risk failing growing numbers of young people unable to find a job, a UN agency warned this week. Governments must shift the emphasis from agriculture and mining to manufacturing and commercial enterprises that can absorb large numbers of young workers. Photograph: Nadine Hutton/Bloomberg via Getty Images

Deep price cuts and an early start to the summer sales lifted high-street spending last month as Britain's retailers sought to combat the impact of rising taxes and modest pay rises on consumer behaviour Photograph: Thierry Roge/Reuters

The Arab spring has hit holiday bookings at Thomas Cook far more than expected, forcing it to post its third profits warning in less than a year. The holiday firm, which runs the Going Places high street chain of travel agents, also blamed the weak UK economy and launched a review of its UK business. Photograph: Nasser Nasser/AP

Ireland's economic recovery damaged by downgrade, says government. Eurozone debt crisis sees Ireland 'caught up' in problems though its government insists it is on track to hit targets agreed with IMF. Pictured: Protesters against the cuts at Roscommon Hospital make themselves heard outside Leinster House, Dublin. Photograph: Julien Behal/PA

News Corp pulls out of BSkyB bid. BSkyB bid dropped by Rupert Murdoch's media group after pressure from the public and parliament. Pictured: A protester outside Murdoch's London home with Jeremy Hunt and David Cameron puppets Photograph: Oli Scarff/Getty Images

Phone-hacking scandal costs hedge funds millions. Hedge funds that hoped to make a killing on BSkyB takeover instead face huge losses now that bid has been withdrawn. Picture: BSkyB building, Osterley Photograph: Graeme Robertson for the Guardian

James Murdoch's role as BSkyB chairman raises investors' concerns. Unease over whether Murdoch's position is tenable while the News International phone hacking investigations take place Photograph: Andrew Cowie/AFP/Getty Images

Bombardier U-turn hopes fade. Transport secretary rebuffs unions urging him to reconsider award of train-building contract to Germany's Siemens instead of Bombardier in Derby, pictured Photograph: Christopher Furlong/Getty Images

Gold price hits record high. Fears over inflation and European debt drive price of gold to $1,587 an ounce. Picture: Buddhist goddess in China Photograph: China Daily/Reuters

Sainsbury's checkout staff stage 'decent wage' protest. Retailer's chief executive is targeted at annual meeting over £3.2m in pay and bonuses Photograph: Sean Dempsey/PA

Brazilian knickers provide support to embattled Marks & Spencer boss. Lingerie sales figures help Marc Bolland, pictured with shareholders, face down revolt over pay as elderly investors line up to criticise M&S Photograph: Adrian Brooks/Imagewise

Italy hopes privatisations will calm markets. Finance minister announces measures to open up competition and end run on the nation's shares Photograph: Paolo Bona /Reuters

BP to redevelop North Sea oil fields. Firm counters fears that windfall tax will stifle development by revealing £3bn project for fields west of Shetlands Photograph: Murdo Macleod