WHAT THE OTHER PAPERS SAY THIS MORNING

FINANCIAL TIMES

AstraZeneca faces calls for shake-up
Some of the biggest investors in AstraZeneca are calling for a radical shake-up of the board and executive team, as a new chairman prepares to join the underperforming Anglo-Swedish pharma group. With the company trading on the lowest price/earnings multiple in the sector, some shareholders have been lobbying to replace David Brennan as chief exec and push for a fresh business strategy.

Spectrum sale in UK fans 4G hopes
Everything Everywhere, the UK’s largest mobile operator by customer numbers, has appointed Morgan Stanley to sell spectrum that could be used to roll out 4G mobile broadband services in the UK.

Heathrow night flights proposed
Ministers are to study a contentious proposal to fly A380 superjumbos in and out of London’s Heathrow airport late at night.
Emirates Airline, the Gulf carrier, says it can cut noise levels by flying the big airliners into Heathrow on steeper-than-normal descents, and landing them part way down the hub airport’s runways, reducing the number of homes in west London affected by the din from jets.

THE TIMES

Investors hold back over Indian tax reforms
One of India’s most powerful bankers has hit out at government proposals to hit foreign companies with retrospective taxes on investments they have made in India, warning that the country’s rate of economic expansion is likely to suffer. Chanda Kochhar, chief executive of ICICI, India’s biggest private sector bank, told The Times that the new tax rules were forcing foreign investors to shelve plans to invest in Asia’s third biggest economy — a trend that is likely to dent GDP growth. The tax proposals would allow authorities potentially to tax transactions dating back to 1962.

The Daily Telegraph

Russia: we would build safe UK nuclear plants
Russia's state atomic energy agency has played down fears over its safety record as it confirmed its interest in building nuclear power stations in Britain. Rosatom is said to be eyeing a stake in Horizon, the joint venture put up for sale by RWE and E.ON.

Olympic-hit businesses in court move
Scores of small businesses are planning a class action lawsuit against the organisers of the Olympics over planned road closures and restrictions they claim will put jobs at risk.

THE WALL STREET JOURNAL
EUROPE

Indian firm seeks to book the Plaza
An Indian conglomerate has made an unsolicited $600m offer to acquire the Plaza Hotel in New York, but the deal would need approval of two owners: an Israeli-owned holding company and a Saudi Arabian prince.

Uniqlo plans store on US West Coast
Japanese clothing chain Uniqlo is opening its first West Coast location as parent Fast Retailing rolls out its plan to open hundreds of stores in the US, even as American retailers are retrenching.