Ten Things You Need to Know Today: Thursday 18 Dec 2014

1. ROYAL MAIL SALE £180M UNDERVALUED

The Myners report, commissioned by the government, has concluded that Royal Mail was undervalued by some £180m when it was privatised, not the £1bn some commentators had speculated about. Myners says the taxpayer got “significant value” but says future privatisations should be less opaque.

Royal Mail shares rebound after strong Christmas

2. UK OIL INDUSTRY IN ‘CRISIS’ AS PRICES FALL

The UK oil industry is “close to collapse” and facing a “huge crisis” after the price per barrel dropped under $60, according to senior industry figure Robin Allan. Allan told the BBC that almost no new projects in the North Sea are profitable under these conditions. He warned staff would have to go.

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3. PUTIN EASES FEARS OVER ROUBLE

Vladimir Putin has blamed "outside forces" for the collapse of the rouble and accused the US and EU of conspiring to weaken Russia. However, he insisted that the currency would stabilise. He admitted that Russia's central bank, which this week raised interest rates to 17%, could have acted faster and accepted that the country relied too much on oil and gas exports.

4. SONY CANCELS NORTH KOREA FILM RELEASE

Sony Pictures has cancelled the planned 25 December release of The Interview, comedy about North Korea, after threats were made by a group which had previously hacked the firm’s computers. The threats, invoking 9/11 and warning audiences faced a “bitter fate”, caused cinema chains to pull out.

The Interview: was Sony wrong to cancel the release?

5. 1.8% SPENDING CUT FOR ENGLISH COUNCILS

Councils in England will face an average cut of 1.8% in their overall spending power after details of the new funding grants settlement was announced.The coalition warned last year of spending cuts in 2015-2016 as part of George Osborne’s ongoing austerity drive. The Local Government Association says services will “buckle”.

6. MURDERS NOW PART OF VIP ABUSE PROBE

Police investigating an alleged VIP paedophile ring with links to Westminster are also investigating the murder of three boys. Officers have appealed for information relating to the Dolphin Square estate in central London, where many of the allegations are centred. Detectives are also investigating claims of abuse at military establishments.

7. FIFA ETHICS INVESTIGATOR QUITS

Fifa ethics investigator Richard Garcia has quit the organisation citing a lack of leadership and questioning its desire for reform. The US attorney spent 18-months investigating allegations of coprruption over the 2018 and 2022 World Cup votes only for his findings to be misrepreseted. Fifa then rejected his appeal against the official report.

Blatter's Fifa party wrecked as ethics investigator Garcia quits

8. LONDON SHAKING UP DOMINANCE OF OXBRIDGE

London universities are challenging the dominance of Oxford and Cambridge as the centres of excellence for research, official figures show. The LSE has the highest proportion of “world-leading” research of any UK university, the figures show. One analyst says that “London looks unstoppable” now.

9. COUPLES TANGO FOR POPE FRANCIS BIRTHDAY

Hundreds of couples danced a mass tango in St Peter’s Square, Rome, yesterday in honour of Pope Francis’s 78th birthday. The pontiff, born in Beunos Aires, is known to be a big fan of the dance. Almost 13,000 people attended the Pope’s weekly public address, with some bringing birthday cards and cakes.

10. HOT TICKET: VEGAS MERCHANT OF VENICE

An updated version of Shakespeare's The Merchant of Venice set in modern Las Vegas has opened at the Almeida theatre, London. A young man seeks a loan to help him win a wealthy heiress, but the money lender demands a high price. "Utterly compelling," says The Times. Until 14 February.

Merchant of Venice in Vegas - reviews of 'compelling' update