Week in pictures

Spanish fashion chain Zara has expanded so rapidly in recent months that it has overtaken its main US rival Gap to become the world's largest clothing retailer Photograph: Dan Chung/Guardian

A 235 metre-high skyscraper dubbed 'the Cheesegrater' became the latest victim of the economic downturn, raising new doubts about the future of such landmark projects Photograph: PR

UBS has underlined its status as one of the biggest losers in the credit crunch by announcing £5.1bn of fresh writedowns and its fourth quarterly loss in a row Photograph: Fabrice Coffrini/AFP

The cost of living in the UK jumped last month to a 11-year high of 4.4% on the back of rocketing food prices Photograph: Graham Turner/Guardian

The US faces the same problem of rising oil and food prices, with the cost of living there hitting a near 18-year high of 5.6% Photograph: Rex Features/Rex Features

Credit Suisse has received a record £5.6m fine from the Financial Services Authority following a scandal in which rogue traders in its investment banking division deliberately mispriced the asset-backed securities they held Photograph: Martin Ruetschi/EPA

Official figures showed that Japan's gross domestic product fell by 0.6% in the three months to the end of June, compared with the first quarter of the year when it had grown by 0.8% Photograph: EVERETT KENNEDY BROWN/EPA

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 eurozone is halfway towards its first recession after data released showed that its economy shrank in the last quarter, with Germany and France leading the way down Photograph: Thierry Roge/Reuters

Europe's biggest travel company TUI Travel is to cut the number of planes and deals in response to the downturn, but reported that demand for holidays to destinations like Italy (pictured), Greece and Turkey are a strong as ever Photograph: Kirsten Riley/guardian.co.uk