Thursday newspaper round-up: Sainsbury, Greece, IMF on UK economy

LONDON (ShareCast) - According to The Telegraph, Sainsbury will convert food space into non-food space amid ongoing declines in grocery sales. The paper said the supermarket chain has identified 1.5m sq ft of food space, equal to nearly 40 stores, for conversion. German finance minister Wolfgang Schäuble has dashed hopes of an imminent Greek bailout deal , saying nobody expects a solution to talks next week that could release funds to Athens, writes the Financial Times.

The IMF has said that lower tax receipts and uncertainty surrounding the election could undermine UK growth estimates , meaning that the next government could face a tougher time than expected cutting the spending deficit, The Guardian reports.

Bank of New York Mellon was hit with a £126m fine by the Financial Conduct Authority after being judged to have mixed clients' money with its own accounts, The Times said.

Japan has overtaken China as the biggest foreign holder of US Treasurys for the first time since the financial crisis, writes The Wall Street Journal. Shares (Berlin: DI6.BE - news) in Netflix (Xetra: 552484 - news) surged on Wednesday night after the online streaming video service added a record 4.9m subscribers in the first quarter, lifting its customer base to over 60m, reports the Financial Times. Renault is to hold an emergency meeting on Thursday to talk about the French government's plan to increase its control over the auto group, according to sources cited by The Wall Street Journal.