Monday newspaper round-up: PM's speech, Lloyds, spectrum auction, insurers

Theresa May will try to repair her damaged relationship with business leaders when she promises today to match Donald Trump’s plans to slash corporation tax. The prime minister will insist that she supports free markets, values capitalism and backs business, as she makes a concerted effort to win back support lost after her maiden speech as leader to the Tory conference. - The Times

Theresa May has set out the terms of a new grand bargain with business, where the government invests to boost productivity and cuts corporation tax, in exchange for help tackling the worst excesses of capitalism. Setting out her business strategy, the UK prime minister proposes a pact with corporate Britain to work together to defend capitalism, free markets and free trade from populist attacks. - Financial Times

Theresa May is to commit the UK to a £2bn annual fund for scientific research and development and a review of tax incentives for innovative corporations in an effort to boost the technology industry. In her first speech to the CBI’s annual conference, the prime minister will outline “the first steps in a modern, ambitious industrial strategy” following increasing anger from bosses at her administration’s approach towards big business. - The Guardian

China will not "shut the door" on globalisation, despite Donald Trump's threats to abandon free trade deals and slap tariffs on the world's second largest economy, president Xi Jinping has vowed. Mr Xi described Mr Trump's surprise victory in the US presidential election as a "hinge moment" in US-China relations but insisted the country would play an even bigger role in the process of economic integration and pledged to open up the country to foreign investment. - Telegraph

One of the biggest auctions of mobile-phone spectrum could be launched this week in a deal that could rake in at least £1 billion for the Treasury and is likely to attract intense interest. BT, O2, Vodafone and Three are among likely bidders in the auction for 190 MHz of capacity being put up for sale by Ofcom, the telecoms regulator. - The Times

Oil prices were the big movers in Asian trade on Monday and closing in on first back-to-back gains in a month amid hopes major oil producing countries would agree to output cuts and help rein in oversupply. In the wake of the Asia-Pacific Economic Cooperation summit in Peru, Russian president Vladimir Putin told reporters he saw few hurdles to Opec reaching an agreement on supply cuts at its Vienna meeting slated for later this month. - Financial Times

The Treasury has dismissed claims it used its access to the City watchdog to obtain price sensitive information before selling shares in Royal Bank of Scotland. The Commons Treasury Select Committee (TSC) released correspondence from Tom Scholar, the permanent secretary to the Treasury, in which he said it was “entirely untrue and without foundation” that the Government sought information from the Financial Conduct Authority (FCA) to gain an advantage when it offloaded RBS stock in August last year. - Telegraph

Insurers have called on the government to help them crack foreign markets as part of efforts to foster global trade following the EU referendum. The Association of British Insurers (ABI) said China and India should be priority places to open up links for the industry, which represents 60pc of the UK’s services exports. - Telegraph

Lloyds Banking Group has emerged as a potential frontrunner to acquire the UK credit card business of Bank of America, worth an estimated £7 billion. It is keen to acquire the business in a deal that would mark its first acquisition since being bailed out by taxpayers at the height of the financial crisis. - The Times

The budget coffee shop chain backed by easyJet tycoon Sir Stelios Haji-Ioannou is eyeing expansion in London and beyond after receiving approaches from about 200 potential franchisees interested in opening sites. Sir Stelios, the entrepreneur who made his name with the budget airline he founded 21 years ago, started easyCoffee earlier this year and the business has since expanded to two sites in London and one in Southend-on-Sea. It aims to undercut giants such as Starbucks and Costa by selling cups of coffee for £1.

Exhausted delivery drivers could pose a road safety risk over the next few weeks as thousands of staff are urged to work up to 20 days in a row to cope with the rush of online orders around Black Friday. Government safety inspectors have been called on to investigate the possible danger from delivery drivers who work six days a week and have been asked if they are also willing to work Sundays. - Guardian

Investigators are probing claims that traders manipulated complex derivatives prices on the energy market. Industry watchdog Ofgem is said to have launched a secret operation, called Project Damson, to examine allegations that dealers sought to push up the price of so-called spark spread contracts to make more money. - Mail

Facebook will today pledge to create 500 more jobs in the UK in another vote of confidence from America’s technology giants in post-Brexit Britain. Google last week reaffirmed its commitment to the country with plans to expand its workforce from 4,000 to 7,000 by 2020. - The Times

A company looking to reopen a zinc mine in Montenegro is planning the first full stock-market float of a miner in London since 2013. Balkan Zinc intends to join London’s junior Aim market before Christmas with a view to raising £10m. It expects to have a free float of around 60pc and a market cap of £25m. - Telegraph

A company which advised the UK government over the Hinkley Point nuclear power project has been accused of a potential conflict of interest after it emerged the same company was also working for EDF, The Times has learnt. Leigh Fisher, a management consultancy, worked as an adviser to the Department of Energy and Climate Change on a 2013 deal to pay EDF double the current wholesale price of electricity for the power produced by Hinkley for 35 years. - The Times

Smiggle, the children’s stationery chain backed by one of Australia’s richest men, is pushing ahead with plans to open 200 stores across the UK in the next two years, despite concerns that Brexit could slow consumer spending. The rapid expansion of the chain, which sells brightly coloured pencil cases and lunchboxes, helped push billionaire Solomon Lew’s Premier Investment’s sales through the AUS$1bn (£590m) mark in September. - Telegraph

Londoners are being unfairly hit by stamp duty levels compared to home buyers in the rest of the country, according to new research. Estate agency Haart found that while the average salary in London is 24.6pc higher than the rest of the UK, homebuyers in the capital must pay stamp duty which is 750pc more than in the country as a whole. - Telegraph

The mayor of London has written to Volkswagen imploring the car manufacturer to “fully compensate” the capital’s residents affected by the emissions scandal. Sadiq Khan called on VW to reimburse Transport for London (TFL) some £2.5m in lost congestion charge revenue from vehicles that were not known to be contributing to the capital’s pollution levels.

Samsung and Panasonic, two of the world’s leading electronics brands, are facing allegations that workers in their supply chains are being duped, exploited and underpaid in Malaysia. The two companies have launched investigations into allegations of abuse made by Nepalese workers after a Guardian investigation raised multiple concerns about their treatment.

A consortium of investors from Russia is understood to be in exclusive talks about buying Silverstone, the Northamptonshire track which is home to Formula One’s British Grand Prix. Silverstone is owned by the British Racing Drivers’ Club (BRDC), a group of 850 racing personalities including champions Jackie Stewart and Damon Hill. - Telegraph