Business week in pictures

Tesco signalled that a major overhaul of its brand and image could be on the cards by putting its multimillion-pound advertising account up for grabs. The troubled retailer said it was reviewing its brand communications – one of the most coveted accounts in advertising – a decision that could end its relationship with The Red Brick Road, the agency behind the longrunning "Tesco family" campaign, which features the actors Fay Ripley and Mark Addy Photograph: Luke MacGregor/Reuters

Europe's sovereign debt crisis exploded back into life on Tuesday, with markets across the continent rocked by a wave of panic selling amid renewed fears about the impact of savage austerity measures in Spain and Italy Photograph: Emilio Morenatti/AP

Lloyd's of London, the world's biggest insurance market, has become the first major business organisation to raise its voice about huge potential environmental damage from oil drilling in the Arctic. The City institution estimates that $100bn (£63bn) of new investment is heading for the far north over the next decade, but believes cleaning up any oil spill in the Arctic, particularly in ice-covered areas Photograph: Christopher Debicki/MCT via Getty Images

Britain's biggest airport has hit a new milestone with more than 70 million passengers filing through in the space of 12 months – although Heathrow's owner admits the increase in its record-breaking year is largely down to Easter Photograph: Peter Macdiarmid/Getty Images

Struggling retailer Mothercare has said it will close another 111 UK stores over the next three years in a move affecting 730 jobs. The mothers-to-be, babies and children's group revealed plans to cut the number of stores in the UK from 311 to 200 - 36 Mothercare sites and 75 Early Learning Centres - following months of weak trade Photograph: Chris Ratcliffe/Bloomberg via Getty Images

Kevin Systrom, 28, sold Instagram, a profitless photo sharing app that's less than two years old, for $1bn. He sold it to that other wunderkind, Mark Zuckerberg, 27, the Facebook founder whose social network is now worth an estimated $100bn Photograph: Karly Domb Sadof/AP

Despite charging its 15.7 million annual adult visitors – that's anyone over the age of 11 in Disney's world – a minimum of £51 per visit, the theme park lost €55.6m (£45m) last year, and its debts are a towering €1.9bn Photograph: Thomas Samson/AFP/Getty Images

A record high gold price above $2,000 an ounce next year could mark the peak of the precious metal's more-than-decade-long bull run as monetary policy in key economies starts to normalise, the chairman of metals consultancy GFMS said on Wednesday Photograph: David Gray/Reuters

Warm days in March gave British men the shopping bug, boosting high-street spending, according to the British Retail Consortium's monthly health check. While women seemed wary of parting with cash, shops selling clothes, footwear and outdoor leisurewear noted an increase in activity that contributed to a rise in sales of 3.6% compared with March 2011 Photograph: Peter Macdiarmid/Getty Images

A mainland Chinese visitor feeds his baby at a Louis Vuitton store in Hong Kong's Tsim Sha Tsui shopping district. The Asian Development Bank warns that this growing gap between rich and poor in China and India will eventually start to jeopardise growth, as disadvantaged groups demand political redress and poor workers are left on the sidelines of the economy Photograph: Bobby Yip/Reuters

Frustrated protesters claimed that oil giant BP's clean-up operation in the wake of the Gulf of Mexico disaster had been a 'complete fiasco'. Gulf Coast community representatives and environmentalists opposed to oil exploration in Canada's tar sands joined forces outside the group's annual meeting to get their voices heard Photograph: Gregory Bull/AP

New Sony CEO Kazuo Hirai sketched out a revival strategy built around mobile electronics - phones, games and cameras - and a medical business with annual sales of $1.2bn (£753m) Photograph: Yuriko Nakao/Reuters