10 things you need to know this morning in Australia

Dear Police, please don’t throw Bar Rafaeli in jail. Picture: Getty Images

Good morning.

1. Big Pharma bad boy Martin Shkreli was arrested and nobody cares. Shkreli is the guy who buys life-saving drugs and jacks the prices up by 5000%. He was carted away in a hoodie and handcuffs overnight accused of defrauding investors in a hedge fund he worked for five years ago. US Attorney Robert Capers said Shkreli “essentially ran his companies like a Ponzi scheme”, released the pictures of Shkreli being arrested that everyone wanted to see, and threatened to take his exclusive Wu Tang Clan album off him.

2. Homer Simpson had a startup before you did. In the fourth season of his reality show “The Simpsons”, Homer founded a business ploughing driveways when a freak blizzard hit Springfield. But “Mr Plow” could have been so much bigger, according to Google. The search giant hired Lisa and Mr Plow to promote YouTube’s ad business on its Google and Your Business Blog. So here it is – the return of Mr Plow.

3. Worst class. Just when you thought economy couldn’t get any worse, major airlines are introducing a new seating group ranked below economy. They won’t call it “last class” officially, but it will exist, and this is what it means and why they feel the need to introduce it.

4. The Aussie dollar is finally behaving itself and getting crushed again. It dropped 1.58% to 0.7117 this morning as oil crashed and the US dollar surged. US stocks pulled back a little overnight following the Fed’s rate hike, so the March SPI200 contract has dropped 0.5%. Not enough to take the shine off yesterday’s 1.4% rally, but Greg McKenna reckons some hard selling might come after last night’s commodity action.

5. Kids these days. Here’s one punching the Spanish Prime Minister in the head:

PM Rajoy handled it brilliantly though, picking himself up and getting on with the show despite sporting a massive bruise. But he’s probably now thinking losing the December 20 election might not be an completely awful thing.

6. Something about your kids. A Pew Research Center survey this year found 61% of American parents were still helping their kids out financially. It doesn’t have to be that way, according to certified financial planner Katie Brewer, financial coach to Gen X and Gen Y with Your Richest Life. She’s now on the hate list of whiny 20-somethings everywhere now after helping us put together this list of five signs it might be time to stop giving money to your grown children.

7. More rich people behaving badly. Leonard DiCaprio’s ex-supermodel girlfriend Bar Rafaeli was also arrested, on charges of tax evasion. She’s been accused of lying about where she lived to avoid reporting millions of dollars in income and accepting loads of free stuff.

8. Here’s what happens when Bill Gates pulls your name in the Secret Santa. (Hint: He goes over the $15 limit.)

9. It’s been a slow year for tech IPOs. There’s only been 28 tech IPOs in 2015, totaling $9.4 billion in value — down from 62 deals in 2014 valued at $40.8 billion total. But analysts, bankers, and pundits predict that trend toward staying private is likely to reverse next year. And VC database CB Insights has even created an algorithm to predict which tech companies are most likely to go public next year. Here are the five biggest ones to watch out for.

10. Actually, does anybody pay tax? The ATO yesterday released the tax details of more than 1500 companies. Astonishingly, it seems a large number of them were able to turn over billions of dollars, yet seemed unable to turn over a profit. Of the 1500, 579 paid no tax in the 2013-14 and among them were some of the biggest names in corporate Australia. Names like developers Lend Lease and Mirvac, who turned over $7.6 billion and $1.7 billion respectively, yet came out with nothing to show for it.

BONUS ITEM: The “mean tweets” things is way past stale now. But this latest instalment has Harry Potter in it.

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