Good morning! Here's what you need to know for Friday.
The 10 Most Important Things In The World Right Now | ||
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1. The Philippines is bracing for super typhoon Hagupit, which is expected to make landfall in the central Philippines on Saturday, bringing 3- to 4-metre high storm surges. 2. The German central bank downgraded the country's growth forecasts for 2014, 2015, and 2016 on Friday. 3. Pro-democracy demonstrators in Hong Kong are deciding whether to switch tactics, with one student leader suggesting to block government by refusing to pay taxes and delaying rent payments. 4. NASA will make its second attempt on Friday to launch its Orion space capsule, after wind gusts and rogue boat delayed Thursday's attempt. 5. US President Obama will announce on Friday his choice to replace Chuck Hagel as defence secretary. 6. Russian president Vladamir Putin warned Russians of hard times ahead in his annual national address on Thursday. 7. Australia said it will not contribute to a UN climate fund established to help vulnerable countries prepare for rising seas and other extreme weather events. 8. Malaysia Airlines, which is suffering from two plane disasters this year, said its shares will be suspended from the country's stock exchange on Dec. 15. 9. The shale revolution has boosted proven reserves of US oil to their highest point — 36 billion barrels — since 1975. 10. Thailand's king Bhumibol Adulyadej, whose health has deteriorated over recent month, cancelled a public appearance at an event to mark his 87th birthday. And finally ... Japan is facing a french fry shortage. Join the conversation about this story »  | ||
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Women's theatre sells porn to bypass Spanish tax hike | ||
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Madrid (AFP) - An all-women theatre group has found an ingenious way around a sales tax hike that is crippling Spanish theatres -- by selling pornography. The group registered as a distributor of pornographic magazines earlier this year after getting hold of around 300 back issues of a discontinued erotic magazine. Primas de Riesgo, or Risk Premium, now give a free ticket to their production of "The Prodigious Magician", a 17th-century drama by Pedro Calderon de la Barca, in Madrid, with every 16-euro ($20) porn magazine they sell. With the sales tax on porn less than a fifth of that on plays, it allows them not only to keep ticket prices down but take a serious swipe at crisis-hit Spain's cultural policy. Prime Minister Mariano Rajoy's conservative government raised sales tax on tickets to movies, plays and concerts from eight percent to 21 percent in September 2012 as part of its efforts to rein in the public deficit as unemployment rocketed. The sales tax on magazines remained at 4.0 percent. "We want people to ask what kind of a society makes this kind of decision. That they compare pornography and Calderon, who is Spain's Shakespeare, and reach their own conclusions," said the group's director, 34-year-old Karina Garantiva. "We don't want subsidies, we are a private initiative. The best subsidies are fiscal measures that don't prevent me from doing my work," added Garantiva, who moved to Spain from Colombia 12 years ago. - 'State of emergency' - Audiences at cultural events have slumped since the sales tax hike, according to a study by the National Federation of Theatre and Dance Business Associations (FAETEDA). Figures show that in the first 12 months after it took effect audiences fell from 13.1 million to 9.3 million, a 29 percent decline, according to the association. Takings from cultural events in Spain during the same period fell by more than a quarter and 1,800 jobs in the sector were lost. "It's a real state of emergency," said Jesus Cimarro, a Madrid theatre producer who heads the association. The group wants the government to reduce the sales tax on theatre tickets to 10 percent, the same rate as in Italy, which is also under pressure to reduce its public deficit. It points out that the sales tax on cultural services in neighbouring France is only 5.5 percent, while in Germany it is 7.0 percent. "Just with this measure (of reducing the tax), a medium or large theatre company could stage three or four more productions per year," said Cimarro. - 'Immoral' - The government argues the sales tax hike on theatre tickets is needed to balance the public accounts and has shown no sign that it is willing to lower it. The Primas De Riesgo theatre group vow to keep selling porn magazines until the government lowers the tax. "If the sales tax changes, we will suspend our campaign. If not, we will pursue this until the end," said Garantiva. "We are either part of the problem or part of the solution. We shouldn't complain, we should work to change it," she added. The initiative has been well received by the public who bought 180 porn magazines with their free entries to the opening night performance of "The Prodigious Magician" on November 25. "It seems like an original way to fight the economic massacre artists are facing and I totally support it," said Diana Irazabal, as she browsed her copy of the porn magazine during the performance at Madrid's New Alcala Theatre. The novel protest has its critics, however, including some who have questioned the morality of distributing pornography. But Garantiva hit back, "What is immoral is not that women distribute porn magazines, but that the government offers subsidies to these publications and not to its cultural heritage." Join the conversation about this story »  | ||
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10 Things You Need To Know In Markets Today | ||
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The ECB Is Gearing Up For QE. Despite falling short of promising a more serious asset-buying programme in their meeting on Thursday, two senior European central bankers told Bloomberg a parcel of purchases including government debt is being prepared for next month. JP Morgan Held The Top Spot As Best-Performing Investment Bank In 2014 So Far. According to analytics firm Coalition, JP Morgan comes top by revenue, followed by Goldman Sachs, Deutsche Bank, Citi and BAML in that order. Blackouts Are Hitting Venezuela Again. Parts of Caracas, the capital of Venezuela, are experiencing blackouts. Venezuela is particularly dependent on oil exports, revenues from which are crumbling as the international price falls. German Factory Orders Bounced In October. Orders rose 2.5% from September, beating expectations for a 0.5% increase, and calming concerns about Europe's biggest economy. Asian Markets Are Up. Japan's Nikkei rose 0.19%, Hong Kong's Hang Seng is currently up 1.09%, and the Shanghai composite index is currently up 1.32%. Cadillac Wants To Sell 500,000 Cars A Year By 2020. General Motors Co's Cadillac aims to increase its global annual sales to over 500,000 cars by 2020, a senior executive said at an event in Shanghai on Friday. Another Saudi Price Cut Sent Brent Back Below $70. Saudi Arabia cut monthly prices for crude it sells to the United States and Asia, while Iraq is set to export more oil, preventing Brent from staging a recovery after a near 13-percent plunge last week, and sending the price back to $69.28. Asset Managers Think China's Bad Loans Have Been Underestimated. According to Bloomberg, China Orient Asset Management thinks that China's share of bad loans could be around 1.5%, rather than the 1% that officials state. European GDP Is Coming. The second reading of eurozone GDP is out at 10 a.m. GMT, with no change from the 0.2% rise in the first reading expected. But the country-by-country and sector-by-sector detail of the economy in the third quarter will also be revealed. Shanghai's Stock Exchange Saw Volatility At A Four Year High. Stocks on China's biggest exchange plunged from a 2.7% increase, to a 3% drop today, the most volatile swings since 2010, according to Bloomberg. Join the conversation about this story »  | ||
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Good morning! Here are the major stories you need to hear about before markets open in London and Paris Friday morning.