Week in pictures

Aldi is bargain land. It's stack 'em high, sell 'em cheap. And yet, in the past year, Aldi and supermarket chains like them — Netto, Lidl and Iceland — have been booming. Restaurant critic Jay Rayner finds some hits and misses in his Aldi shopping bag. (Read the article) Photograph: David Levene/Guardian

The Canadian company behind the BlackBerry smartphone has struck back at Apple's iPhone by launching a new device with a high-resolution screen, fake leather casing and enhanced access to music and video. (Read the article) Photograph: AP

Ben Verwaayen will end his six-year tenure as BT chief executive next month on a relative high note after annual results showed his transformation of the business is now firmly established. (Read the article) Photograph: Gabrial Szabo/Newscast

Rising food prices sent the UK's annual inflation rate surging to 3% last month in the sharpest increase in the cost of living in almost six years, the government said. (Read the article) Photograph: Sarah Lee/Guardian

In Britain, HSBC axed 1,100 jobs worldwide, including 500 in the UK. Bradford & Bingley announced it is cutting 370 jobs, with the closure of its mortgage processing centre in Borehamwood Photograph: Gabriel Szabo/Newscast

Soaring food prices and mounting household bills may be denting Britons' hunger for high street shopping but the annual holiday is still safe, according to an update today from Europe's largest travel group TUI. (Read the article) Photograph: David Levene/Guardian

Alliance & Leicester, which last month agreed to a £1.26bn takeover by Spain's Santander, saw its first-half profits almost wiped out by the credit crunch. Profit before tax slumped to £2m, against £290m in the first half of last year. Photograph: David Sillitoe/Guardian

Mark Bullock, the managing director of Heathrow airport is stepping down in the wake of the Terminal 5 fiasco. (Read the article) Photograph: Graeme Robertson/Guardian

The housebuilder Barratt Developments and Britain's largest commercial property landlord, Land Securities, added to the gloom in the sector with bleak forecasts for the rest of the year. (Read the article) Photograph: David Devins/Newscast

Italy's aerospace and defence firm Finmeccanica has just pulled off another coup in its relentless pursuit of globalisation: the $5.2bn purchase of US defence electronics firm DRS. (Read the article) Photograph: Ho/AFP

Bradford & Bingley investors continued to desert the bank despite backing from some of the largest financial institutions in the City for a £400m rescue deal Photograph: David Sillitoe/Guardian