Week in pictures

House of Fraser is rolling out new designer brands including Anya Hindmarch and Lauren and pushing ahead with an extensive makeover of its stores, despite "difficult" trading conditions Photograph: PR

Movie stars will need to find alternative transport to the Oscars next year after a decision by cash-strapped General Motors to end its 19-year sponsorship of Hollywood's glitzy annual awards Photograph: Stan Honda/Getty

The long-awaited breakup of airport owner BAA moved closer this week after the Competition Commission proposed that the company should be made to sell three of its seven UK airports - the biggest shakeup of the industry in decades Photograph: Edmond Terakopian/AFP

Shares in Freddie Mac and Fannie Mae, the firms that finance more than half the mortgages in the United States, slumped amid renewed fears that Washington could be preparing an emergency bailout Photograph: Joe Raedle/Getty

Bob Dylan's "apocalyptic opening lines" to All Along the Watchtower tell the story of today's "uncertain" commercial property market, according to the chief executive of developer Brixton who has accused the industry of underestimating the impact of the credit crunch Photograph: Bettmann/Corbis

C is for Credit crunch and co-ordinated action Credit crunch became a part of everyday language this year as people felt the impact of restricted lending. All areas of the economy from the housing market to the high street suffered. The prospect of a collapse of the banking system was the final straw and October saw unprecedented co-ordinated action from central banks and governments as they slashed interest rates and launched rescue packages Photograph: Dominic Lipinski/PA

The oil price rebounded after Opec announced a surprise cut in production in an attempt to halt the recent decline in the cost of a barrel of crude. Having fallen by almost 30% in the last two months to the fringes of the symbolic $100 mark, US crude jumped back above that level Photograph: Linda Nylind/Guardian

Housebuilder Persimmon reported a slump in pre-tax profits of nearly two-thirds during the first half of the year, reflecting the sharp downturn in the housing market and the 'most challenging' trading conditions in the firm's recent history Photograph: Graham Turner/Guardian

Sales on the high street jumped unexpectedly last month despite prices rising at their fastest rate in a decade, helped by furniture, electricals and clothing Photograph: PR

EBay will unveil sweeping changes to encourage more fixed-price sellers as part of a wider attempt to transform the business from global car boot sale to worldwide shopping mall Photograph: PR