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Christine Lagarde, the head of the International Monetary Fund, has warned that the world risks a triple crisis of declining incomes, environmental damage and social unrest unless countries adopt a more sustainable approach to economic growth.

Ahead of the Rio+20 Earth summit later this month, she said the rich should restrain their demands for higher incomes while there are still 200 million people worldwide looking for a job and poverty is on the rise.

More room for African Low Cost Airlines

EasyJet founder Sir Stelios Haji-Ioannou is set to launch a low-cost airline in Africa this year after taking a 5% stake in a new venture.

The easyGroup tycoon, embroiled in a long-running boardroom battle with easyJet, is backing a carrier that will operate under his FastJet brand and will be run by former easyJet executives. FastJet will operate from four countries – Kenya, Tanzania, Ghana and Angola – and harbours ambitions to carry more than 12 million passengers a year from 500,000 currently by cashing in on demand for intercontinental travel from a burgeoning middle class in those states.

Haji-Ioannou said the move would help bring low-cost air travel to more Africans. "This is another small but significant step in bringing the dream of low cost air travel to millions of people in Africa – the aviation industry's last frontier. Past experience shows by halving fares, a successful low-cost carrier can encourage those people, who have never previously travelled by air, to fly." He added: "For Africa, with its densely populated cities separated by great distances – this means a potential new market of millions."