Ten Things You Need to Know Today: Tuesday 16 Dec 2014

1. SYDNEY SIEGE DEAD PRAISED FOR HEROISM

The two hostages who died in yesterday’s siege in a Sydney cafe have been praised for their heroism. Archbishop Anthony Fisher said cafe manager Tori Johnson tried to grab a gun from Man Haron Monis, only for it to go off and kill him. Victim Katrina Dawson died shielding a pregnant friend. Australia's PM, Tony Abbott, has admitted that Monis was not on any terror watch list.

Sydney siege update: victims named as details of gunman emerge

2. RUSSIA INTEREST RATES RAISED TO 17%

Russia’s central bank has announced a huge hike in interest rates, up to 17% from 10.5%, in an effort to halt the slumping value of the rouble. But the move failed to halt the rouble's collapse and fresh losses mean it has now lost more than half its value against the dollar this year. The crisis is blamed on the fall in the price of oil and on EU sanctions over Ukraine.

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Rouble rebounds as Russia sells foreign exchange

3. HAGUE LAYS OUT ENGLISH VOTES PLAN

Commons leader William Hague has laid out proposals to introduce "English votes for English laws", in the aftermath of increased devolution for Scotland. The plans include barring Scottish MPs from English and Welsh bills, and only allowing legislation affecting just England to be passed "with the consent of the majority" of English MPs.

"with the consent of the majority" of English MPs.

English votes for English laws: how will the proposals work?

4. INFLATION FALLS TO 12-YEAR LOW OF 1%

UK inflation is at a 12-year low as a result of lower fuel prices, triggered by the sharp drop in oil prices. The Consumer Price Index measure of inflation was at just 1% in November, down from 1.3% in October. Analysts had expected the rate to fall to 1.2%. The Bank of England has warned the rate will drop to below 1%. The Retail Prices Index fell to a five-year low of 2%.

5. TALIBAN ATTACK KILLS 130 CHILDREN

At least 141 people, more than 130 of them children, have been killed in a Taliban attack on an army-run school in Peshawar, Pakistan. Scores more have been injured and rushed to nearby hospitals. Gunmen in military clothing stormed the school this morning, firing on teachers and children. All seven attackers were killed by security forces.

Pakistan school attack: at least 135 students and teachers dead

6. PENNSYLVANIA: SIX DEAD IN SHOOTING

Police in Pennsylvania are seeking a gunman believed to have shot dead six people and wounded at least one other in three locations. Bradley William Stone, 35, is believed to still be armed and dangerous. He is suspected of killing his ex-wife, her mother, her grandmother and other family members.

7. COSBY’S WIFE COMES TO HIS DEFENCE

Camille Cosby, wife of TV actor and comedian Bill Cosby, has come to his defence against allegations of sexual assault. She said her husband, who is 77, was the injured party, dismissing claims he drugged women to have sex with them. She accused the media of reporting the claims without vetting them

8. X FACTOR: WORST RATINGS IN A DECADE

The final of TV talent show X Factor on Sunday night was watched by the smallest audience the popular programme has had for a decade. The surprise win of Croydon van driver Ben Haenow, pipping favourite Fleur East at the post, was seen by only 9.1 million viewers, or 35% of the total TV audience.

9. FIFA DISMISSES CORRUPTION APPEAL

Fifa has dismissed a complaint from US lawyer Michael Garcia, after he challenged its interpretation of his investigation into corruption within football's governing body. Garcia said a report by a Fifa-appointed judge, Hans-Joachim Eckert, based on his two-year probe was "incomplete and erroneous". Fifa said his complaints were "not admissible".

10. HOT TICKET: RSC HENRY IV, BARBICAN

The Royal Shakespeare Company's double-bill of Henry IV Parts 1 and 2 has opened at the Barbican, London. Troubled king Henry IV must deal with unrest as his dissolute son Prince Hal runs wild with Antony Sher's Falstaff. "Triumphant," says The Times. Until 24 January.

Henry IV Parts I and 2 – reviews of RSC at Barbican