Friday newspaper round-up: Brown at IMF, Food prices, Google

15th Apr 2011 06:23

Glencore's plans for a $60bn (£37bn) flotation have been clouded by controversy after shareholders raised fears about disclosure at the commodities giant and criticised its approach to corporate governance, reports The Telegraph. The idea that Gordon Brown should be the next managing director of the International Monetary Fund is, despite the predictable discomfort of assorted right-wingers, not so outlandish. This is a body that professes its mission to be "fostering global growth and economic stability", two objectives in which the former Prime Minister, whatever the arguments about his record, is undeniably steeped, according to The Independent.Robert Zoellick, World Bank president, said food prices are at "a tipping point", having risen 36pc in the last year to levels close to their 2008 peak. The rising cost of food has been much more dramatic in low-income countries, pushing 44m people into poverty since June last year. (...) Another 10pc rise in food prices would push 10m into extreme poverty, defined as an effective income of less than $1.25 a day. Already, the world's poor number 1.2bn, says The Telegraph.Stagecoach shares gained 11p to 228¾p in brisk trading on suggestions two overseas predators were circling. Rumours circulated of interest from Singapore as well as from Germany's Deutsche Bahn, which last year bought another UK transport group, Arriva, in a £1.5billion deal, The Daily Express reports.Google shares fell sharply as the internet search giant missed earnings estimates after spending heavily on hiring and marketing to defend itself against competitors Facebook and Twitter. The disappointing first quarter figures highlighted the challenges facing Larry Page, the co-founder, who moved into the chief executive role last week, replacing Eric Schmidt, writes The Times. The cost of insuring Greek debt has hit a record high on renewed fears the country will default on its borrowings. But support came from the head of the IMF, who insisted the embattled country would "make it". Dominique Strauss-Kahn said Greece would be able to meet its debt obligations and pay down its debt if it received more support from the EU, a veiled warning to Germany and France that they must show greater leniency towards the struggling Athens government. "I understand how painful it is for the Greek people but I think Greece will make it," he said. Data released by Markit showed the cost of insuring Greek debt for five years, using a credit default swap, had risen above 1,100 basis points for the first time, explains The Guardian. The books and stationery retailer WH Smith is seeing a "north south divide" at its travel shops, according to its chief executivem Kate Swann, as it delivered a small rise in half year profits to £64m. The travel division of the group, its stores in rail stations, airports and hospitals, grew operating profits ahead of its high street division over the 26 weeks to 28 February, and Ms Swann said its railway stations and airports in London were the best performers, says The Independent. ab