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WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

SHIRE SEES SALES BOOST FROM RARE DISEASE DRUG
Shire is bracing itself for a significant boost in sales after European regulators authorised teh use of teh company’s experimental drug to treat an extremely rare disease. In a decision set to be ratified by the European Commission in the coming weeks, the European Medicines Agency has approved the Irish-domiciled pharmaceutical group’s drug velaglucerase alfa, known by the brand name Vpriv, an enzyme replacement therapy for Gaucher’s disease.


AGBANK FORCED TO CUT IPO PRICE
Agricultural Bank of China, which hopes to raise as much as $23bn in the world’s biggest initial public offering, has been forced by the weak mainland stock market to offer its shares at a lower price range in Shanghai than in Hong Kong.

NOBLE AGREES TO BUY DRILLER FOR $2.2BN
Noble, a Swiss oil drilling company, has agreed to purchase FDR Holdings, an independent driller, for $2.16bn, marking the second major deal in the industry since the Gulf of Mexico oil spill in April. The deal comes amid uncertainty over the future of offshore drilling in the US, as the government has sought a moratorium after the oil spill from a rig contracted by BP.


AIRCRAFT FINANCING STALWART RETURNS WITH NEW VENTURE
Steven Udvar-Hazy, one of the biggest names in aircraft financing, has raised almost $3bn as he returns to the aviation financing industry after his departure from AIG’s aircraft leasing division that he founded and ran until earlier this year. Udvar-Hazy’s new vehicle, Air Lease Corporation, has secured about $1.2bn in equity through a private offering, which is expected to complete this week.

THE TIMES

BUSINESS CHIEFS BACK DEEP CUTS
Leaders of some of Britain’s biggest businesses last night gave their emphatic endorsement of the coalition Government’s decision to cut spending immediately in order to pay down the deficit. Senior business executives voiced their support for the approach at a summit organised by The Times and attended by the Prime Minister, the Chancellor and the Business Secretary.


RUTHLESS CUTS TOP CEOS’ WISHLIST
Changing the electoral system for the House of Commons and sticking to targets to cut the deficit were amongst the key policy priorities put forward by The Times CEO Summit.
The Summit was asked to vote on which the policy proposals put forward by seven taskforces during the day should become national priorities.

The Daily Telegraph

ASTRAZENECA AND BAE ARE TAKEOVER TARGETS FOR CASH-RICH US PREDATORS, SAYS S&P
Drugs maker AstraZeneca, defence company BAE Systems and infrastructure group Balfour Beatty have been named by Standard & Poor’s as potential takeover targets for cash-rich US companies. Analysts at the credit rating agency listed the three UK-listed companies among nine in Europe that most closely matched the characteristics of groups acquired by US corporates in the past 12 months.


SPY SYSTEM FOR AIRLINES TO TACKLE TERRORISM
Airline passengers could have their conversations and movements monitored under a EU project aimed at tackling terrorism. A combination of cameras, microphones, explosive sniffers and a computer system would give a pilot early warning of danger.

WALL STREET JOURNAL

SOTHEBY’S UNEVEN SALE TOTALS $62M
Hindu’s elephant god of wealth, Ganesh, once inspired contemporary-art star Bharti Kher to create a huge, fibreglass elephant lying slumped on the floor, possibly dying or napping.

The artwork sends mixed signals, and the same could be said of Sotheby’s evening sale yesterday of contemporary art in London which included Ms. Kher’s £993,250 piece. Overall, Sotheby’s £41.m ($62m) total bested its £25.5m auction a year ago.



STUDIES CITE GLAXO DRUG HEART RISK
Two new studies released say the diabetes drug Avandia is unsafe, heating up a controversy about a drug linked in a number of studies to an increased risk of heart attack and heart failure. The reports were presented in the Journal of the American Medical Association.