Business week in pictures

In the eurozone, Spain announced tough curbs on the short-selling of shares on the Madrid stock exchange on Monday after fears of a second successive summer crisis for the eurozone triggered big falls on the world's financial markets. Panic selling saw bond yields pass 7.5% Photograph: Andrea Comas/Reuters

Even McDonald's, the fast food giant that managed to ride out much of the Great Recession, has been bitten by the global slowdown. The world's largest hamburger chain said Monday that its net income fell 4% in the second quarter as the dollar strengthened against global currencies. Same store sales have also begun to slow as austerity measures take their toll in Europe and China's economy slows. The results came as Coca-Cola Enterprises reported that its net income fell 17% in the second quarter and the company warned of more woes to come Photograph: Brendan Mcdermid/Reuters

In the wake of the scandal surrounding the tax affairs of Jimmy Carr, the Treasury will announce a crackdown on tax avoidance schemes. Promoters of aggressive tax avoidance schemes may be forced to disclose client lists to inspectors, according to David Gauke (pictured), the minister with responsibility for tax matters and 'named and shamed' Photograph: Paul Faith/PA

With the London Olympic Games fast approaching, G4S was mired in further controversy by claims that scores of trainees are being allowed to "cheat" their way through tests for the x-ray machines that detect homemade bombs and other weapons, with recruits given several chances to pass exams on bomb detection – but just 20 minutes training on machines Photograph: Emilio Morenatti/AP

After long delays, the government finally announced a deal for new intercity express trains, with the £4.5bn contract helping to create 900 new jobs. Under the deal, Agility Trains, a consortium led by Hitachi of Japan, will build 596 rail carriages at a new factory in Newton Aycliffe, County Durham Photograph: Manan Vatsyayana/AFP/Getty Images

Apple disappointed analysts despite reporting profits up 21% year-on-year to $8.8bn (£5.6bn) and revenues up 23% to $35bn, after missing targets that Wall Street had forecast. Consumers held off buying iPhones ahead of an expected new model later this year. Tim Cook, Apple's chief executive, insisted that the company was thrilled with the sales of iPads. He announced that Apple would release Mountain Lion, a new version of its desktop operating system Photograph: Ed Jones/AFP/Getty Images

The biggest shock of the week came with the release of ONS figures for UK GDP, showing a collapse of 0.7%. The City had been braced for bad news, but not this bad. Analysts had expected a 0.2% drop in output, and were taken aback by evidence that Britain's double-dip recession has not only extended into a third quarter but is deepening as well. Bad was not really the right word to describe the figures, catastrophic was more appropriate Photograph: Stefan Rousseau/PA

For those looking to escape what until this week was bad weather in the UK, budget airline offered its own good news as passenger numbers increased by 10.9% to 16 million in the three months to the end of June - with Spain and Portugal as popular destinations Photograph: Pierre-philippe Marcou/AFP/Getty Images

US stocks soared at the opening bell after Mario Draghi, president of the European Central Bank, said on Thursday the euro was "irreversible" and promised to do everything within his power to save it. Speaking at the UK government's Global Investment Conference in London, Draghi said: "Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough." Photograph: Richard Drew/AP

There was further anger and controversy over Barclays after the bank paid almost £9m to a its deputy Jerry del Missier, who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four with pay chair also quitting this week Photograph: Bloomberg/Bloomberg via Getty Images

There was positive news came for British Gas but not for its customers. Profits have risen by 23% to £345m as the return of the bleak British weather hiked household energy bills by £90 in the first half of the year Photograph: Andy Rain/EPA

António Horta-Osório, the boss of Lloyds Banking Group, has warned that the banking industry is mired in a "deep crisis of confidence" as the bailed-out bank took another £700m hit for mis-selling payment protection insurance and admitted it could get caught up in the Libor scandal Photograph: Jason Alden/Bloomberg via Getty Images

Having had seven multimillionaires as customers in his space tourism ventures, entrepreneur Eric Anderson is planning a 17-day trip for two around the moon at $125m (£81m) a seat with Space Adventures. Anderson announced plans for a $100bn global mining company to exploit resources from asteroids Photograph: Graham Turner for the Guardian