The business week in pictures

Five years on from what is considered the start of the credit crunch – dubbed "the day the world changed" by the former boss of Northern Rock – the public are more disillusioned with the banking sector than ever, a consumer group has claimed. Nearly three-quarters – 71% – of people surveyed by Which? do not think banks have learnt their lesson from the financial crisis, up from 61% in September last year Photograph: Peter Macdiarmid/Getty Images

Jaguar Land Rover has reported a 45% increase in second-quarter profits to well over £500m, driven by soaring demand from China for the new Range Rover Evoque. The British-based company, now under the control of Tata Motors of India, saw a 91% increase in overall sales from the luxury car-hungry Chinese market year-on-year. Photograph: Jason Lee/Reuters

As this week's money-laundering allegations against Standard Chartered bank show, Iran is feeling the pressure of heightened sanctions and is exploring all options to circumvent them. Though the claims relate to the period 2001-7, since the start of this year co-ordinated sanctions by the EU as well as the US have tightened the noose on Tehran by blocking access to the key financial and insurance markets of Europe. Iran is slowly being excluded from large parts of the global financial system, unable to sell its oil and fast running out of space to store it Photograph: Tim Chong /Reuters

FirstGroup is close to securing the prestigious west coast rail franchise, with an announcement pencilled in for next week that is likely to provoke angry reactions from the current operator, Virgin Rail, and trade unions. Photograph: Christopher Thomond for The Guardian

Taiwanese smartphone maker HTC, which briefly outsold Apple in the US only a year ago, has joined Nokia and BlackBerry on the mobile industry casualty list after a £750m crash in its stock market value. Photograph: Sam Yeh/AFP/Getty Images

McDonald's has reported its worst worldwide performance in more than nine years in a sign that a weakening global economy is hitting household spending. The burger chain said July sales at established restaurants were flat, the first time that has happened since April 2003. "We've grown used to seeing McDonald's weather bad economies, so this is a bit of a surprise," said RBC Capital analyst Larry Miller. Photograph: David Levene for The Guardian

Three weeks after the Co-op agreed to buy 632 branches from Lloyds Banking Group, chief executive Peter Marks has announced he won't be hanging around to see how the acquisition beds in. He will depart in May next year, six months before the so-called Verde business arrives. Photograph: Christopher Thomond for The Guardian

A consortium has made a £520m cash offer for Biffa, the debt-laden waste management group that has contracts with numerous local councils. The Guardian understands that the group's private equity owners have received a bid from a consortium of Chinook Urban Mining, the London-based recycling specialist, private equity investor Clearbrook Capital and US bank JP Morgan. Photograph: Andrew Drysdale/Rex Features

Tony Buckingham, who heads Heritage Oil, is considering cutting his 33% stake in the FTSE 250 oil explorer. The plan has emerged as the company launched a $370m (£238m) rights issue to help fund its move into Nigeria, meaning that Buckingham would have to find $122m to maintain his stake. Michael Kamber Photograph: Michael Kamber

The founder of Best Buy, the troubled big-box electronic retailer, has made a bid to take the company private The world's largest electronics store chain has seen off its major real world rivals including Circuit City but has struggled to compete with online retailers like Amazon. Richard Schulze, the company's former chairman, owns more than 20% of the chain and his offer values Best Buy at $8.84bn. Photograph: Larry W. Smith/EPA