Ten Things You Need to Know Today: Saturday 3 Nov 2012

1. POLITICIAN THREATENS TO SUE NEWSNIGHT

A senior political figure threatened to sue the BBC after reports that Newsnight was planning to name him as a paedophile. Yesterday morning, Iain Overton, editor of the Bureau of Investigation, announced: "We've got a Newsnight out tonight about a very senior political figure who is a paedophile". Last night's edition did not name the politician.

2. JOBS FIGURES HAND OBAMA LATE BOOST

Barack Obama received a late boost to his campaign when better than expected job figures were released yesterday. News of 171,000 new jobs in October dashed the Romney camp's hopes that they could land a knockout blow at the last moment. Three polls in the key state of Ohio put Obama ahead yesterday.

3. HUGHTON: BAN RACISTS FOR 10 MATCHES

Footballers found guilty of racial abuse should be banned for 10 matches, says Norwich City boss Chris Hughton. The Premier League's only black manager tells The Daily Telegraph: “It’s a big chunk of the season. It would make it clear.” Meanwhile, Alex Ferguson does not believe referee Mark Clattenburg made racist remarks. "I refuse to believe it," he said.

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4. SOLDIERS READY FOR PRISON COVER

Servicemen from the army, navy and air force are being trained to take over the duties of prison officers if they stage a walk-out over the privatisation of prisons. The Daily Telegraph reveals that hundreds of servicemen will patrol perimeter fences and monitor CCTV if an illegal strike goes ahead amid fears privatisation would lead to job losses.

5. PROMISING INSOLVENCY FIGURES RELEASED

The number of firms going bust in Britain has fallen to its lowest level in seven years, the Insolvency Service revealed yesterday. Some 548 firms fell into administration in England and Wales between July and September, almost 20 per cent fewer than the same period last year and the lowest number since the first three months of 2005.

6. NEW YORK MARATHON CANCELLED

New York mayor Michael Bloomberg has cancelled the city's marathon this Sunday following angry protests against the plan to press ahead with it despite the devastation caused by super storm Sandy. "We would not want a cloud to hang over the race or its participants, and so we have decided to cancel it," said Bloomberg.

7. CRITICS SLAM HEALTH AND SAFETY REFORMS

Ministers plan to amend health and safety laws to end "spurious" claims against employers but critics of the reforms claim they will reduce the rights of workers to those of Victoria times. Under the proposals, which Labour claims the government "sneaked into parliament", injured workers will have to prove their employee was directly negligent to get compensation.

8. ISRAEL TO UNVEIL CHURCHILL STATUE

A bronze bust in honour of Sir Winston Churchill will be unveiled in Jerusalem this weekend to commemorate his contribution to the foundation of the state of Israel. Churchill was a staunch supporter of the Balfour Declaration which paved the way for the Jewish state to be formed. The bust will be unveiled at the Moses Montefiore Garden.

9. DIMBLEBY CRITICISES ANTI-BBC 'WITCH HUNT'

Jonathan Dimbleby says it is "disgracefully and horribly out of proportion to hound everyone at the BBC" over the allegations of sexual abuse by Jimmy Savile. Speaking to The Times, he said attacks on the corporation are "very distressing", and said "the real focus should be on what Savile did wrong" rather than a wider "witch hunt".

10. PAY UP OR STAY BANGED UP, NADIR TOLD

Asil Nadir has been ordered to pay £5m compensation or serve an extra six years in prison. The 71-year-old was Britain's most famous fugitive until he was jailed this summer for stealing £28.8m from his Polly Peck empire in the 1980s. Justice Holroyde said it was an "affront to common sense" for Nadir to claim he did not make money during his 17 years on the run.