Independent on Sunday, The: Markets: The week that was - Ryvita maker brings home the bread

What with one thing and another, it was a sombre week for the global business community. As the world remembered the victims lost in the US terrorist attacks two years ago, protesters sought to be heard at the World Trade Organisation, with one Korean farmer killing himself as the debate rumbled on over the growing rift between rich and poor countries over subsidies.

Back at home, it was a busy week, but here the news was generally good as companies showed how they intended to cash in on the strengthening global recovery.

A range of companies were in a positive frame of mind. Associated British Foods, the maker of Ryvita, said strong sales meant second- half profits might exceed forecasts. Bookmaker William Hill showed how it had moved into the black, bolstered by the popularity of machines that allow punters to gamble on games such as blackjack in its shops. Elsewhere, semiconductor manufacturer Wolfson Microelectronics announced details of a planned pounds 100m flotation on the London Stock Exchange next month, while pubs group Punch said it was overhauling its debt and planned to go on the acquisition trail.

And all that was just on Monday. Still, it wasn't all good news at the start of the week, particularly for music lovers in the US. Some of the world's biggest music companies filed 261 lawsuits against individuals accused of illegally downloading music over the internet. The action is part of an effort by the industry to crack down on piracy, which it claims is eating into profits and presenting a threat to the entire music sector. However, among the individuals named was a 12-year-old girl and a grandfather who claimed not to know how to use the computer.

Back home, it was a depressing week for British Airways. The national carrier was all set for a return to the FTSE 100 in the latest quarterly reshuffle. However, comments made by chief executive Rod Eddington to a transport conference at the start of the week, warning that recovery in the airline industry was still a way off, are believed to have dampened investor enthusiasm and the airline was left in the FTSE 250.

Going up into the FTSE 100 was directories business Yell, a recent entrant to the London market; passing it in the opposite direction was water group Kelda. Beleaguered telecoms group Marconi, once a stalwart blue chip itself, moved back into the FTSE 250.

Elsewhere, more details emerged about last month's power failure in London, when network operator National Grid Transco revealed it had been caused by human error. Regulator Ofgem is still carrying out its own investigations; National Grid could face a fine of up to 10 per cent of its UK turnover, equivalent to around pounds 400m.

There was similar gloomy news at services group Hays. It slumped into the red, the full-year figures hit by a radical overhaul of the business that will see it focus on its recruitment interests. Chief executive Colin Matthews announced his resignation, just a year into the job.

Former Six Continents business Inter-Continental Hotels reported a slump in interim profits. The group has been rocked as war in Iraq and the Sars outbreak earlier this year hindered travel. InterContinental warned that it did not see any immediate evidence of a recovery in the industry.

In continental Europe, the main focus was on the brewery sector. As expected, giants Interbrew and Heineken both posted meagre increases in first-half profits, despite the thirst-inspiring summer across the Continent. The strong euro was widely blamed, though neither company was particularly upbeat about its performance in the coming months.

Elsewhere, equity markets across Europe came off the boil slightly, hardly surprising after the recent strong gains and terror concerns surrounding the 11 September anniversary. Precious metals, however, had a happier time for at least part of the week. Leading the way was gold, which started the week pushing towards impressive seven-year highs of $381.05 per troy ounce in London. The metal is traditionally regarded as a safe- haven and the fears associated with the anniversary were largely behind the rise, although all precious metals have been performing well over recent weeks on the back of the global economic recovery. Yet to no one's great surprise, gold was unable to hold at such highs and corrected sharply as the week continued, meaning by Friday's close it was practically unchanged on its Monday starting mark.