Thursday newspaper round-up: Housing crisis, broadcasters, LSE, energy users
Theresa May will signal that tackling the housing crisis will be a key theme of next week’s budget as pressure mounts on the chancellor, Philip Hammond, to release fresh resources to invest in building new homes. MPs and ministers have been urging the chancellor to spend more on housebuilding, since the general election campaign underscored younger voters’ concerns about the difficulties of getting on the property ladder. – Guardian
Technology firm Dyson is to sue its former chief executive for allegedly leaking its closely guarded secrets, in a claim his lawyers say is a “naked attempt” to distract from a wrongful dismissal suit against the company. The extraordinary row emerged after the company, founded by inventor Sir James Dyson, filed a high court claim against Max Conze, who led the company from 2011 to 2017. – Guardian
Commercial broadcasters have renewed their attacks on YouTube and Facebook with a new study highlighting the power of television advertising compared with the tech giants. Research commissioned by Thinkbox, an industry group backed by ITV, Channel 4, Sky and others, found that television advertising generates £4.20 in profit for every £1 spent. – Telegraph
Tensions between Asatsu-DK and its biggest shareholder WPP escalated on Tuesday night, after the UK-listed advertising giant said it is prepared to increase its shareholding in ASK instead of selling down its stake. It comes after Boston-based Bain Capital last month launched a $1.3bn (£990m) tender offer for ADK, prompting criticism from WPP, which holds a 24.7pc stake in the Japanese agency and has been a long-term partner of the group. It said the offer "significantly undervalues ADK, its assets and future opportunities". – Telegraph
The activist investor besieging the London Stock Exchange wants board members to be personally liable for any payoff handed to the chief executive Xavier Rolet — unless it is disclosed and approved by shareholders. The unusual move is the latest attack on the board by TCI Fund Management, one of largest shareholders in the exchange, which has accused Donald Brydon, the exchange’s chairman, of forcing Mr Rolet out of his job. The hedge fund wants Mr Brydon to be sacked at a forthcoming shareholders meeting and Mr Rolet, who is due to step down next year, reinstated. – The Times
Britain’s biggest energy users are calling on the government to address gas security after the closure of the country’s biggest storage facility. In a letter to Greg Clark, the energy secretary, a group of trade associations, unions and energy storage companies ask the government to look at the risk of a supply crunch leading to a severe price rise because of Britain’s dependence on imported gas and lack of storage capacity. – The Times