Business week in pictures

Germany's decision to phase out nuclear power after the Fukushima catastrophe in Japan could lead to some of the country's major companies relocating elsewhere in search of cheaper energy. Marijn Dekkers, head of Bayer, the pharmaceuticals group, said: 'It is important that we remain competitive compared with other countries. Otherwise, a global company like Bayer will have to consider relocating its production to countries with lower energy costs.'
Photograph: Jens Schlueter/AFP

It may have been developing for 23 years but the Canary Wharf story appears to be entering its final phase. Songbird Estates, the property group behind Canary Wharf, revealed plans for a new 128-metre high tower at 25 Churchill Place. It will be the last building to be 'realised' in the space. The European Medicines Agency will take half the space in a pre-let agreement. Work is to begin later this year and is due to be completed in the summer of 2014 Photograph: Jason Hawkes/Corbis

Acting against the advice of the German Bundesbank, the European Central Bank (ECB) was drawn into a role in the markets that had been intended for the eurozone governments' bailout fund, the European Financial Stability Facility (EFSF). Also, according to the Italian daily Corriere della Sera, the bank's president, Jean-Claude Trichet, and his successor-designate, the governor of the Bank of Italy, Mario Draghi, recently sent a letter to the Italian prime minister, Silvio Berlusconi, dictating the terms on which the ECB was prepared to buy Italy's debt Photograph: Kai Pfaffenbach/Reuters

With markets in flux on Wall Street, Apple surpassed the oil group Exxon to become the world's most valuable company by market capitalisation. The technology company renowned for its iPad, iPhone and Mac computers achieved a market value of $337bn Photograph: Kimihiro Hoshino/AFP/Getty Images

The fall in oil prices became a source of good news for many motorists. As Brent crude fell below $100 a barrel for the first time in six months, Asda, Tesco and Morrisons began cutting petrol prices. This strangely positive news story got even better with analysts forecasting that wholesale gas prices would follow Photograph: Graham Turner/Guardian

After 180 years involvement in the brewing trade, specifically the cask ale sold in its pubs, the brewing group Young's has cut its ties with the brewing industry. Young's sold its 40% holding in a Bedfordshire-based brewing joint venture to its partner Charles Wells for £15m and will now focus its business strategy on its pubs Photograph: Luke Macgregor/Reuters

The cost of insuring Royal Bank of Scotland debt against default rose higher than in the days before Lehman Brothers collapsed in September 2008, according to data from Markit. Quotes to insure Lloyds Banking Group debt against default were also higher Photograph: Suzanne Plunkett/Reuters

Share prices in Europe and North America hit the skids, again, as rumours circulated that France would soon follow the US in being stripped of its AAA credit rating. French president Nicolas Sarkozy subsequently said that plans to reduce the country's budget deficit would be announced in the coming week
Photograph: Eric Piermont/AFP

Rupert Murdoch announced strong results for News Corp and pledged to do 'whatever is necessary' to prevent a repeat of the phone hacking scandal that led to the closure of the News of the World. News Corp enjoyed a full-year operating income of $4.98bn (£3.08bn), compared with $4.46bn reported a year ago – a 12% increase
Photograph: Timothy A. Clary/AFP

The Bank of England reduced its growth forecast for the UK with governor Sir Mervyn King commenting that the headwinds facing Britain's fragile economic recovery were becoming 'stronger by the day'. For 2012, the Bank is now projecting growth of about 2%, against the Office for Budget Responsibility's 2.5%. It expects consumers, hit by tax rises and rapid increases in the cost of living, to continue tightening their belts Photograph: Chris Radcliffe/PA