Monday newspaper round-up: Trade, wages, ads, Black Friday, RBS

Britain must “adapt to the moment and evolve its thinking” to become a global leader in free trade, Theresa May is to say. The prime minister will pledge to lead the charge in remaking globalisation, days after Donald Trump was elected US president on the promise of protecting American industry and ending a string of free trade agreements. - Guardian

Nissan and other big Japanese manufacturers can only work in the UK if they are free to import parts from the EU, the country’s ambassador said, warning the government not to slap taxes on the trade post-Brexit. Factories can only work efficiently if there are not arduous border checks holding up trade, Koji Tsuruoka said, adding that companies working in Britain want as little change to this setup as possible. - Telegraph

Real wages are likely to fall next year and employment growth to slow as companies grapple with rising inflation, research shows. Employers are predicting median rises in basic pay of only 1.1 per cent for the 12 months ahead, according to the latest quarterly survey from the Chartered Institute of Personnel and Development (CIPD) and the recruitment agency Adecco. - The Times

Sir Martin Sorrell’s advertising group, WPP, has called an end to the Brexit shock that has hammered the ad market since the EU referendum vote in June and upgraded its forecast for the industry. The world’s largest marketing services company, which manages more than $100bn (£79bn) a year in advertising spend through its Group M media arm, said it was surprised to be upping its forecasts for ad spending in 2016 and 2017, describing the short-term impact of the Brexit vote as negligible. - Guardian

Bargain hunters may love “Black Friday” but most UK retailers now believe that the American-style shopping bonanza is unprofitable and unsustainable. Research shows that almost two thirds of leading retailers feel that the event — which takes place on the 25th of this month — puts increasing strain on their business with little profitable return. - The Times

British businesses are bullish about the economic outlook over the next year, despite uncertainty surrounding the vote to leave the European Union, a survey shows. Hays, the white-collar recruitment company, said 93pc expected higher or stable activity in the next 12 months, down only slightly from 94pc before June's referendum. - Telegraph

Average asking prices for UK properties put on the market in November fell 1.1 per cent, the third monthly fall since the Brexit vote in June, according to the latest survey from website Rightmove. The average asking price in November was £305,670 compared to £309,122 in October. - Financial Times

The former high court judge who will oversee RBS’s compensation scheme for thousands of companies mistreated by its restructuring unit was misled by the bank in a court case over a business dispute. RBS was criticised by the Court of Appeal in 2011 for providing “false” information to Sir William Blackburne, who was appointed last week to provide independent oversight of an RBS compensation scheme for small and medium-sized companies who suffered at the hands of the bank’s Global Restructuring Group (GRG). - The Times

Mr Kipling maker Premier Foods will face fresh scrutiny from its activist investors this week as it is expected to say that its turnaround will face further pressure from sterling’s slump. The St Albans-based company, which has manufacturing sites in Worksop and Barnsley, will be heavily hit from rising sugar, wheat and dairy prices after the EU referendum vote. - Telegraph

National Grid is in talks about a voluntary deal aimed at staving off a forcible break-up. John Pettigrew, the chief executive, said that the company was in advanced discussions with Ofgem and the Department for Business, Energy and Industrial Strategy about a deal that will see formal separation of its role operating the flow of power that ensures the lights stay on from the rest of the company. - The Times

With Donald Trump in the White House, the pharmaceutical sector could be set for a new era of mega-mergers, analysts have said. The president-elect has pledged to cut corporation tax for American companies and suggested that he could allow businesses to repatriate money earned overseas back into the US without having to pay hefty fines. - Telegraph

Losses at miner BHP Billiton dragged UK company revenues lower in the third quarter of the year. The latest Profit Watch report from The Share Centre shows revenues at UK plc dropped 0.8 per cent in the three months to September 30, equivalent to £7.4billion. - Mail

A quarter of Britain’s trade with the EU, worth more than £90bn a year in imports and exports, depends on the Channel tunnel, according to a report into the economic benefits of the transport link. With Brexit negotiations expected to begin once article 50 is triggered next year, businesses are calling on the government to ensure that any new border controls – for customs or security – do not slow travel times and put jobs at risk. - Guardian

Increasing inability to get on the housing ladder is changing the way the nation shops, a report claims. As more people rent for longer, typically in smaller homes, retailers have had to adapt by selling smaller, cheaper furniture and devising space-saving solutions. - The Times

Hedge fund numbers are set to drop this year as investors plough cash into cheaper and more predictable alternatives. A study by Singapore firm Eurekahedge revealed that fund closures around the world were on track to outpace openings for the first time in more than 16 years. - Mail

GlaxoSmithKline has come top of a league table that monitors the availability of medicine in developing countries, with fellow UK drugmaker AstraZeneca making it into the top 10. The non-profit Access to Medicine foundation, which compiles the biennial index of drug companies, warned that while the availability of medicines is improving, the industry needs to do more on affordable pricing and the fight against corruption. - Guardian

Moldova has elected as president a pro-Russian politician who has threatened to derail co-operation with the EU, in another setback for Brussels in eastern Europe. Igor Dodon, whose campaign called for closer ties with Moscow, had won 55.4 per cent of the vote with over 96 per cent of ballots counted, according to Moldova’s election commission. - Financial Times