Week in business

The successful development of Canada's tar sands has triggered a rush by Shell and other oil companies to set up similar operations in Russia, Congo and Madagascar
Photograph: Orjan F Ellingvag/ Dagens Naringsliv/Corbis

Ocean scientists in the Gulf of Mexico have found giant plumes of oil coagulating at up to 1,300 metres below the surface, raising fears that the BP oil spill may be much larger than thought
Photograph: Gerald Herbert/EPA

The Detroit-based automotive empire General Motors has bounced back from the brink of financial oblivion to achieve its first profit for almost three years
Photograph: Bill Pugliano/Getty Images

Financial analysts at JP Morgan have crunched the numbers and predicted that England will win this year's World Cup in South Africa
Photograph: Michael Regan/Getty Images

America's largest drugs company Pfizer is to cut hundreds of jobs in Britain and Ireland following a $68bn (£47bn) merger with rival pharmaceuticals firm Wyeth
Photograph: AFP/Getty Images

Prudential's chief executive Tidjane Thiam has three weeks to persuade City investors to back the £14.5bn cash call needed to take over Asian rival AIA
Photograph: Paul Hackett/Reuters

Andy Hornby, the disgraced former HBOS chief and present CEO of Alliance Boots, reported that trading profits at the pharmacy giant had soared through £1bn
Photograph: Graeme Robertson

Toyota recalled 4,500 Lexus vehicles in Japan to fix a computerised steering problem, with another 7,000 vehicles overseas also likely to be affected
Photograph: Bloomberg/Getty

The billionaire investor Warren Buffet has cut his shareholding in the US food manufacturer Kraft after voicing criticism of the company's $19.5bn (£13.5bn) takeover of Britain's Cadbury
Photograph: Paul Sakuma/AP

Shell pushed ahead with plans to drill in the Arctic Sea this summer, defying calls for a moratorium on such offshore exploration following the Gulf oil disaster
Photograph: Steven J Kazlowski/Alamy

The Greek economy suffered another blow when figures showed a dramatic decline in hotel bookings and the country's deputy tourism minister resigned
Photograph: Uriel Sinai/Getty Images

John Condron, who has led Yell, owner of Yellow Pages classified business directories, for the past 16 years, shocked the City by announcing his retirement
Photograph: Ian Waldie/Getty Images

Germany's sudden crackdown on currency speculators led to sharp falls in shares and wild swings in the euro
Photograph: Thomas Lohnes/AFP/Getty Images

Leaders of the nuclear industry are concerned Chris Huhne will not provide the support needed for their £30bn investment in a new generation of reactors
Photograph: Oli Scarff/Getty Images

George Osborne will use next month's budget to announce a five-year plan to cut corporation tax
Photograph: Peter Macdiarmid/Getty Images

Building cranes have reappeared on the City skyline, stirring hope that the long-awaited commercial property revival is under way
Photograph: PR