More than 4,000 are injured. Hamas says itll kill hostages if air strikes are launched without warning. It refuses to negotiate their release. In all honesty, i try not to imagine, because its too difficult, and these are the times where i break. And i dont want to break right now, because i want to keep pushing for the release of my mum and brother. More on those developments in a few minutes. Time for a look at the Business News now with ben thompson. Lets start with the latest Market Reaction to the events unfolding in israel and gaza. Markets have been on edge as they absorb the many potential ramifications from the conflict. Israels central bank moved to calm markets and stabilise their currency by saying it would sell up to 30 billion of foreign currency. The price of oil has been in focus jumping up by 5 on monday at one point but has since stabilised. But the big mover has really been us bonds with treasury yields falling the most since march as the conflict pushed investors towards safer assets. 0ur north America Business correspondent Michelle Fleury joins me now from new york. Explain the link. Why do the us bonds feel the effects of what is happening in the middle east . The . Happening in the middle east . They are considered happening in the middle east . They are considered the happening in the middle east . Tie are considered the benchmark, at least in a lot of the financial system, it is what a lot of other instruments are, it is the baseline for many financial products, if you like, notjust in the us but more broadly around the globe. At a time of uncertainty, what people dont know when people do not know what is happening next, it can be seen as a safe haven, let the storm and then see where the dust settles, that is why you have seen that kind of rush into bonds which has pushed down years and that has a second order effect which is, in recent months, we have seen it yields on Us Government bonds actually climbing to levels where it was going to put up to levels where it was going to put up the cost of borrowing, notjust for the Us Government, but also for consumers and companies, and there was a debate going on about what this would mean for the Federal Reserve which has been raising Interest Rates to tame inflation and there was comment that because of there was comment that because of the increase in us bond yields, they might not need to take further action. ,. ,. ,. ,. , action. For now, thanks for oining us. Well, as we mentioned, israels central bank moved to prop up the currency the shekel yesterday. But the outbreak of war and recent internal political turmoil has cast doubt over israels thriving economy. Last year, it grew by 6. 5 much stronger than most western countries where the average growth among 0ecd nations wasjust 2. 8 . According to the world bank, in 2022 israel was the 27th biggest economy in the world with a gdp of 522 billion us. It ranks as 11th in the world on a per capita basis. I asked one former imf economist, david woo, about the impact this conflict will have on the economy. The good news here is that the starting point of the israeli economy is exceptional strength. I mean, the economy has been growing at a rapid pace, but more importantly is the external account, which has been very, very healthy. Israel runs a current account surplus, four Percentage Points of gdp. I mean, and a very big part of, of course, has been a discovery of gas. So, israel is energy independent. So from that point of view, ironically, over the last few years, the central bank has had to basically buy dollars every month in order to stop the currency from appreciating. So from that point of view, the central bank is sitting on a lot of reserves which they can basically release now to basically ease any basically a shortage of dollars in israel, which i dont think its going to happen, butjust in case it does. So from that point of view, i would argue, yeah, theres no doubt that the Tourism Sector probably is going to get hit very hard. I know people who just cancelled their trips to israel. The whole vc sector, you know, obviously, you know, a major industry in israel is tech and most Israeli Companies monetise by essentially getting their funding from global vcs, Venture Capital firms and so on and so forth. And that money is probably going to dry up, i imagine, at least in the basically immediate future. But nevertheless, i think the important thing is that there are a lot of Interest Rates are relatively high. So they can cut Interest Rates if they have to, you know, and then also, as you said before, in the past, if experience tells us anything at all, the israeli economy tends to be quite resilient to wars. Now, of course, this is a different kind of war. I mean, israel has not fought a war like this probably since 1973, because this is not going to be an in and out operation into gaza. This is going to be going in to destroy hamas. And theres no doubt that the israeli public, for the first time in 20 years is united, that this has to happen regardless of the cost and the sacrifice. And that is going to basically require door to door, street to street fighting, which means a much more prolonged conflict than weve ever seen in israel since 1973. And that is a pretty scary prospect. David is speaking to me earlier, a former imf economist. The Global Economy is limping along not sprinting. Those are the words of the International Monetary funds Chief Economist. Following the release of the imf� s Global Economic outlook today, Pierre Olivier gourinchas sat down with our economics editor faisal islam at the world bank and imf� s annual meeting in marra kech. Well, things are going in the right direction. What were seeing is, despite the large shocks that you describe, the World Economy is still standing. No global recession, no massive slowdown that would put us into, you know, huge unemployment rates. We havent seen that. Weve seen a surge in inflation, but inflation is sort of coming down now, both Headline Inflation and core inflation. So, thats the good news. Things are improving. The Global Economy has been resilient. At the same time, the Growth Numbers we have, around 3 for this year, 2. 9 for next year. This is way below historical average. So, the Global Economy is limping along. Its not sprinting, but its been resilient. And do you, from this point see, there are areas where youve been disappointed that chinas growth, for example, has been a disappointment this year . So the other story, which is really important is divergence. What were saying is, you know, the number hasnt changed very much, actually from our previous round of forecast back injuly or even relative to april. I mean, we were around 3 for 2023 injuly as well. But theres been quite a bit of reshuffling. And the reshuffling we see, some countries doing better than expected. The us is among those. Japan has been doing better than expected among advanced economies. Among emerging market economies, a number of them have been doing better than expected india, brazil, russia. And then there are a bunch of countries that have been doing worse. And among the countries that have been doing worse, you know, you have the euro area. Its been revised down about 0. 2 percentage point. And china, 0. 2 percentage point. So we have this sort of reconfiguration. Countries are in a different space. Just picking something up, you said that russia was performing better than expected. Thats obviously quite interesting because the assumption had been under the yoke of so much sanctions, it would do disastrously as sanctions not affecting russia as much as youd expect . Well, sanctions have been affecting russia and russia has been doing relatively poorly in 2023, 2022, but not as bad as was initially expected. Now, some of it is coming in large part from the fact that its running really a war economy at this point with a lot of fiscal spending. So there is a lot of support, theres a lot of transfers, there is a lot of income that is being distributed around to support the war effort and that is helping to prop up the Growth Numbers. But in the case of russia, again, if you take the medium term perspective and you look at their medium term growth prospects, they are coming down dramatically. Were now projecting their medium term growth might be around 0. 9 a year. It used to be around 1. 8 a year. So almost half as what it used to be. That was the Chief Economist of the imf. In other news. The fraud trial of sam bankman fried is due to resume on tuesday with testimony from his former colleagues at the now bankrupt ftx cryptocurrency exchange. Most anticipated is the testimony of his one time girlfriend caroline ellison. She was the former Co Chief Executive Officer of Bankman FriedsAlameda Research hedge fund. Her testimony is likely to delve in to both alamedas Business Practices and her personal relationship with the 31 year old former billionaire. The uk faces another five years of high Interest Rates to stem rising prices, according to an International Monetary fund report. It expects the uk to have the highest inflation and slowest growth next year of any g7 economy including the us, france, germany, canada, italy and japan. However, the uk treasury said recent revisions to uk growth had not been factored in to the report. Chinese Company Country garden said it might not be able to meet all of its offshore payment obligations, as the countrys largest private Property Developer grapples with debt restructuring. Companies accounting for 40 of chinese home sales mostly private Property Developers have defaulted on Debt Obligations since a Liquidity Crisis hit the sector in 2021, leaving many homes unfinished. Those are the latest business headlines. Around the world and across the uk, this is bbc news. We are in a skills lab where we learn how to take blood. As you can see, we have a couple of mannequins, and i will quickly demonstrate some cpr. 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Youre live with bbc news. Lets return to our top story today. Un agencies have condemned the mass killings by hamas and called on them to release the hostages theyve taken. Earlier we spoke to Ayalet Svatitzky her brother was killed and her mother and another brother kidnapped by hamas. Have a listen. I woke up on saturday morning, and i live up north, and it was very unusual to hear my husband on the phone so early in the morning. He told me something bad was happening down south so i grabbed my phone and saw my phone burning with messages and i realised that there was a hamas Terrorist Attack by missiles and also on the ground and there are terrorists inside the area where my family live. I frantically called my mother to tell her to go into the safe room which is designed to shield Herfrom Rockets but not from any sort of invasion. I called herfrantically and told her to lock herself in the room and not to open the door, No Matter What. As i was speaking to her, she told me her house was not locked and she heard the door open and i heard people talking to her in english with an arabic accent so i realised the Hamas Terrorists got to her. I hung up the phone and called my brother who lives next door to her, just ten metres away, to tell him i do not know what is happening and to not open his door, and he picked up the phone and i was telling him to lock himself in and not open No Matter What and i heard them enter his house as i was speaking to him. They also spoke to him in english with an arabic accent. I let people inside the Community Know that the terrorists were at my mother and my brothers. I got the word through but they could not get to them. A few minutes later, i got a couple of pictures sent to my phone from my mothers phone with pictures showing my mother and brother both sitting in my mothers living room, pictures taken by one of the terrorists. Underneath, it said in english, hamas. That was the last communication i had with both of them. So hamas sent you a picture of the moment that they were kidnapped, of both your mother and your brother . Yes. And later they posted a third pitcure to my mothers facebook story, a picture of my mother and brother sitting in The Living Room with an armed figure in the background. They posted that to her facebook story, this is not something she would know how to do. That is incredibly distressing. We have on our screens the images you have just described. It is also terrifying and i assume even more terrifying given the threats to execute hostages made over the last 24 hours by hamas . Troubling does not even begin to describe it. We are in utter shock. I later learned my neighbours saw terrorists take my mother and my brother. My Eldest Brother who is 54, he was not found that evening so we did not know if he was taken, too. His body was found the next day. He was found shot dead behind his house. My mother and my other brother, my mum is 79, an elderly woman, she is diabetic and she uses insulin daily.