Week in pictures: February 8

The Bank of England's monetary policy committee cut interest rates by a quarter-point to 5% in an attempt to counteract the effects of the global credit crunch on mortgage markets. Read the article Photograph: Andy Rain/EPA

GlaxoSmithKline shocked the City with a profit warning, blaming safety concerns over its Avandia diabetes pill and increases in competition from generic drugs. Read the article Photograph: Justin Sullivan/Getty

Alan Cransberg from Alcoa of Australia and Xioa Yaqing, right, president of Chinalco. Chinalco and Alcoa said they would monitor developments closely in the light of BHP's raised offer for mining giant Rio, said they did not rule out challenging BHP. Read the article Photograph: John Pryke/AP

K is for Kerviel: The scandals began in January when Jérôme Kerviel, a trader for the Paris-based bank Société Générale, was arrested. Dubbed the "French Nick Leeson", Kerviel was accused of losing his company £3.7bn. News of the alleged fraud, which virtually wiped out 2007 profits at France's second-largest bank, sent shockwaves through European markets, already battered by the escalating credit crisis Photograph: Martin Bureau/Getty

Co-op survey finds that climate change ranks well below animal welfare in customers' ethical concerns. Read the article Photograph: Newscast

Reporting a 47% tumble in Ryanair's first-half profits to €215m (£170m), Michael O'Leary said more loss-making airlines would go bust over the coming months and predicted the industry in Europe would eventually be dominated by four main players, including Ryanair Photograph: Johan Nilsson/EPA

A simmering row over strategy between BP and the billionaire local shareholders in the company's Russian joint venture, TNK-BP, has burst into the open. Read the article Photograph: Gabriel Szabo/Newscast

French train-maker Alstom launched its new AGV, the successor to the now 25-year-old TGV. Already the holder of the world rail speed record of 575kph (360mph), it will run at up to 360kph. Read the article Photograph: AFP

Rolls-Royce and British Airways are teaming up to conduct an in-depth study of using alternative fuels in the aviation industry as it faces escalating fuel costs and growing pressure to curb emission levels Photograph: Newscast

An artist's impression of the A2 jet designed by British engineers and scientists - which aims to fly to Australia in 5 hours. Read the article Photograph: PA