Week in pictures: January 18

Fears of financial meltdown in the banking industry were soothed in July by a smaller-than-anticipated loss at Citigroup, which revealed a sharp drop in liabilities arising from the global credit crunch. The biggest bank in the world by assets said its losses halved to $2.5bn in the three months to June, from $5.1bn in the preceding quarter. Read the article Photograph: Justin Lane/EPA

Fresh from hiring former prime minister Tony Blair, JP Morgan blamed the credit crunch and the sub-prime crisis for a drop in profits in the fourth quarter. The US investment bank wrote down the value of its sub-prime assets by $1.3bn (£660m), the first time it has precise figure on its losses. Read the article Photograph: Adrian Dennis/Getty

A Guardian investigation revealed Tesco has created an elaborate corporate structure involving offshore tax havens which enables it to avoid paying what could be up to £1bn of tax on profits from the sale of its UK properties. Read the article Photograph: Newscast

Debenhams turned in a better Christmas sales performance than expected by many City retail watchers but the department store chain warned it was expecting a bumpy 2008 as consumers rein back spending. Read the article Photograph: PR

Rebel shareholders in Northern Rock won one of the four resolutions they tabled at an extraordinary general meeting but sent a clear message to the management about their concerns for the future of the stricken lender. Read the article Photograph: Graeme Wearden/guardian.co.uk

Gold surged above $910 to another historic high as the continuing slide in the US dollar and expectations of sharp interest rate cuts by the US Federal Reserve prompted investors to snap up the metal. Analysts at Citigroup predicted that prices will break through $1,000 an ounce this year. Read the article Photograph: Newscast

Motorists in America have never seen anything quite so small. The tiny Smart car has arrived in a land weaned on a diet of enormous automobiles, prompting bemusement and enthusiasm in equal measures. Read the article Photograph: CharlieCortez/EPA

Guy Hands, the owner of EMI, has hit out at the company's 260 artists and repertoire (A&R) experts, who find and nurture talent, saying he wants to take away their power and give it to 'the suits' in the record company. Read the article Photograph: Martin Argles/Guardian

The owner of HMV music stores and Waterstone's book shops bucked the trend of gloom on Britain's high street and predicted that full year pre-tax profits would be near the top end of the City's expectations. (Read the article) Photograph: Thibout Chapotot/Newscast

Budget clothing chain Primark returned to growth in the last three months, the latest sign that the lower-cost retailers are benefiting from the credit crunch and rising prices as shoppers increasingly look for bargains Photograph: David Devins/Newscast

Investment bank Merrill Lynch announced that it recorded a net loss of $8.6bn on its continuing operations in the last financial year. (Read the article) Photograph: Mark Lennihan/AP

Scottish & Newcastle has opened talks with Carlsberg and Heineken, the rival companies which are seeking to divide up Britain's largest brewer between themselves if they are successful in their takeover bid. (Read the article). Photograph: Leon Neal/AFP