Week in pictures: December 21

The banking industry could push the world economy further into recession if it refuses to release funds, the governor of the Bank of England, Mervyn King, warned. Read the article Photograph: Martin Rickett/PA

The government has finally agreed to offer a rescue package to 140,000 workers whose pension schemes went bust. (Read the article) Photograph: Martin Argles/Guardian

Conrad Black's longstanding business partner, David Radler, was sentenced to 29 months in prison after admitting he helped the former Telegraph owner embezzle millions of dollars from shareholders. (Read the article) Photograph: Tim Boyle/Getty

Marks & Spencer chief Sir Stuart Rose called on the government to do all it could to restore consumer confidence as the high street giant unveiled dire Christmas trading, the closure of 27 stores and confirmed more than 1,200 staff were to be axed in a bid to cut costs Photograph: Newscast

The US mortgage crisis has spiralled into 'the largest financial shock since the Great Depression' and there is a one-in-four chance that it will cause a full-blown global recession, the IMF warned. Read the article Photograph: Chip East/EPA

In March, Wall Street investment bank Bear Stearns was sold to JP Morgan Chase for an initial knockdown price of $2 a share, or a total of $236m. The news triggered turmoil on global stock markets and a sharp decline in the US dollar. Shareholder protests later forced JP Morgan to increase its offer to $10 a share. Read the article Photograph: Amy T. Zielinski/Newscast

The Wall Street investment bank Morgan Stanley suffered a 17% plunge in quarterly profits after taking hits of more than $1.3bn on the summer's bout of turmoil in the global credit markets. Photograph: Richard Drew/AP

House prices fell by 0.8% in November, the UK's biggest building society said today, the largest monthly fall it has reported in more than 12 years. Read the article Photograph: Graham Turner/Guardian

Orange has become the first British network to offer sports programming from pay-TV group Setanta, making its mobile TV service the only one available where football fans can watch all televised Barclays Premiership games. (Read the article) Photograph: AFP

The pound fell below $2 for the first time in three months in New York as financial markets anticipated swift and hefty cuts in British interest rates next year to cope with the deteriorating state of the economy. (Read the article). Photograph: Andy Rain/EPA

AstraZeneca is to go ahead with its controversial new drug distribution deal, choosing two wholesale partners - AAH Pharmaceuticals and UniChem, Alliance Boots' wholesale division - to distribute its products to pharmacies, dispensing doctors and hospitals. (Read the article) Photograph: Jason Alden/Newscast

Troubled retailer Sports Direct has blamed a massive slump in profits on the worst summer on record and a drop in consumer spending. However, Mike Ashley, the controversial billionaire founder of the discount sporting goods chain, said he had no plans to take the company private as he unveiled a 73% drop in pre-tax profits in the first half of the year. (Read the article) Photograph: Owen Humphrys/PA