It was a busy week for tablet-makers. Microsoft started selling its new Surface tablet ahead of the release of Windows 8. Other manufacturers, such as Taiwan’s Asus, introduced snazzier versions of their devices, which will also work on the first new Windows operating system in three years. Not to be outshone, Apple launched the long-awaited mini-iPad, which is two-thirds the size of its bigger brother. Product reviews abounded, with some wondering if, with a starting price of $329, the smaller iPad is too pricey to compete against similar Android tablets and Amazon’s Kindle Fire. See article

Google’s share price struggled to rebound from a drubbing on October 18th, when a weak quarterly-earnings report was released by accident ahead of the close of market. Google blamed the firm that prints its statements, but the mishap startled investors, wiping $20 billion off its market value. The report detailed further losses at Google’s Motorola Mobility unit as well as a fall in rates that advertisers pay when someone clicks on an ad.

Facebook said its revenue from ads on mobile devices in the third quarter came in at a robust $150m, which dispelled some doubts about whether the social network could make money on smartphones and tablets. The news caused Facebook’s shrivelled share price to leap by 19%.

Rajat Gupta was sentenced to two years in prison for insider trading. Mr Gupta, an ex-boss of McKinsey, was found guilty of passing tips about Goldman Sachs when he sat on its board to Raj Rajaratnam, who in 2011 was sentenced to 11 years for profiting from such tips. See article

The US Department of Justice launched a $1 billion civil lawsuit against Bank of Americafor allegedly misrepresenting the risk on home loans it sold to government-backed mortgage companies.

Mega

Rosneft made public the terms of its offer to buy TNK-BP from BP and BP’s Russian partners in the venture. The $55 billion deal is the biggest in the oil industry since Exxon bought Mobil in 1999 and the largest-ever acquisition by a Russian firm. BP walks away with $12.3 billion in cash, a 19.75% stake in Rosneft (which entitles it to two seats on the board), and scope to explore for Russian energy in the Arctic region.

Canada rebuffed a bid by Petronas, Malaysia’s government-owned energy company, for Progress Energy, a Canadian firm. Petronas and Progress immediately started work on thrashing out a new deal, which would provide Petronas with shale-gas assets in the west of Canada. See article

The European Commission shelved a proposal that would have forced companies to ensure that at least 40% of their board members were women by 2020, or face a penalty. The policy provoked a rare fight within the commission. Companies will now be urged to work towards the goal, rather than be forced to meet a quota.

Britain’s economy officially emerged from recession, growing by 1% in the third quarter, the first quarterly increase for a year. The economy got a small boost from the Olympic games (the money reaped from tickets was accounted for in the quarter). Other data, such as new car registrations, also suggest that a modest recovery is under way.See article

HSBC’s closely watched index of manufacturing activity in China rose in October, another sign that the slowdown in the country’s economy may be bottoming out.

Hong Kong’s central bank intervened in currency markets four times in a week to curb the rise of the Hong Kong dollar against the greenback. There has been strong demand for the currency lately, as investors turn to Asian markets in search of better returns.

The French government stepped in to help PSA Peugeot Citroën, by providing the carmaker’s financing unit with €7 billion ($9.1 billion) in bond guarantees. In return Peugeot will add a workers’ representative and an independent director to its board and also suspend dividends and bonuses to executives. An aid package had been expected for some time, as Peugeot struggles with weak sales. See article

Meanwhile Ford decided to close its factory in Belgium and shift production to an existing plant in Spain. The company’s car sales in western Europe are at a 20-year low.

Losing a sense of direction

Manganese Bronze, which has been making London’s familiar black taxis since 1948, called in the administrators, after years of losses and a safety recall of its TX4 model left it unable to find financing. The recall was related to a defective steering box. The company, which is based in Coventry and 20% owned by Geely, a Chinese carmaker, saw sales in Britain fall by 9% in 2011 amid increased competition from rival models.