This is al jazeera. Ah hello, im sammy say die. This is the news out live from dell ha, coming up in the next 60 minutes. Turkey, i says its studying Vladimir Putin proposal to establish a regional hub to transport russian gas to europe. The u. K. Braces for the possibility of even more turmoil will report from london is the bank of england ends its bond buying scheme. Israeli forces kill a palestinian after a storm, the jeanine refugee camp in the occupied west bank and more than a 1000000 people this place, nigeria says communities remain unreachable after its was flooding in a decade. And its full. Manchester united lee, it late in the euroleague, a stoppage time winner against them. I mean, if you see, they still have a chance of talking decor. Ah, always thought this news, our inter kia, where present the project. I bought it. The one has ordered his officials to study a proposal by russia to set up a regional gas hub in the country. The russian leader says it offers the best route to re direct gas to the e. U. After the north stream pipeline was recently damaged. The leaders have been meeting in Catholic Stan this week. Russian Gas Pipelines will reach torque here and possibly to italy. Out of the on says both countries will start work immediately. Now the bank of england has ended its emergency bombed buying scheme. That means the bank will stop buying Government Bonds from today. On thursday, the International Monetary font sharply criticized the British Government after its financial plans, calls havoc on the markets. The british chancellor is defending his plan though there was some turbulence. I am frank christopher. Okay. Though, after the really book where im sitting here talking about the global challenges, everybody is focused on inflation. Everybodys affected by a potential Interest Rate rises, everybodys affected by the energy price spikes, which have been exacerbated by putins illegal war in ukraine. So everybody across the Global Financial community is really focusing on the same problems on these blanca joins us now live from london need. Lets start with the obvious budget elephant in the room. Any sign the government will do another, you turn on its fiscal plans. Go look sammy, were waiting for real a day of political flit of political and economic turbulence. I think its fair to say this off the back of the suggestion that the government may well be poised to initiate a you turn on some may not many of the items within his controversial mini budget announced by quasi quad saying the chancellor and he a few weeks ago, this comes off the back of news that he has come to his meeting in washington dc at the i m f. Short by a day boarding a flight to return to the u. K for consults with his boss, liz, trust. Im the suggestion is that he may well be presented with a list of some of the items in his many budget already cra, crossed out with a red ink that he may well have to agree to. Or he could well faced the possibility of losing his job altogether. All of that, of course, complete to speculation at the moment though, he is only 24 hours ago, was adamant that he was going to be steaming ahead with all of the aspects within his mini budget. But given the weights of pressure, given the impact that the budgets had on the value of the pound on Interest Rates and on the bond market, he may well be left with very little choice. An interesting point though, is that the, the markets appear to have already acted in anticipation of a u. Turn the pounds, strengthening the bond market strengthening as well for the 1st time in and quite a few days. The indication is that if quasi crossing a list, trust, do not you turn and say, i said surely hold the hands of the market and calm the market Going Forward. And who could well see a tremendous amount of time balance. This is a key window of opportunity in which the governments are forced to act. A knave how our markets reacting then so far to the fact that the b o a has ended its bond bind program so far . Lace well this is interesting one because this was an emergency measure brought to him by the bank of england. Because the ball markets suffer greatly directly as a result of being spooked by the many budget a few weeks ago. The governments governments around the world, of course, raise money in different ways through taxation of the boring, boring on the bum markets, in this case, from the sale of so from bombs. Io use essentially where Pension Funds and other organizations buy these bonds, lending money to the government in turn, and in return for the all of that, they get a, a certain degree of interest back and thats how they make their, their profits. The problem is that the marcus was spooked so much that it led to a file sale of these bombs rapidly lead to great fears about the impact on the pension parts. For many, many people Going Forward to the bank of england, essentially stepped in creating a safety net lasting only 2 weeks to hold the market in place to buy an unlimited number of bonds for a limited period of time. Now that, that 2 week period is up, the expectation was that they would be turbulent on the bond market. But as i mentioned before, there is this anticipation that the government is poised to make a u turn. Meaning that those markets appear to have stabled. So its really down to the government now to decide to seize this moment in time, to rethink something that up until now theyve been pretty adamant they going to push ahead with. And the clock is ticking. Leave isnt there, well leave it there for now. Sure, well be talking more about this in the days. Had they fog from london . Lets take a closer look at the emergency bon buying scheme than the central bank. As neve was explaining as in buying bonds, to stabilize their price. After that many budget announcements sent markets spiraling down bonds are sold by the government to raise money. It needs for spending Pension Funds, generally invest in bonds. They provide a low but generally reliable return. If bond prices fall, it sold before they lose too much value, which could cause some Pension Funds to collapse. Susanna street her is a financial analyst from hargreaves lansdowne. She joins us from bristol. Good. Have you ever so go try and, and break this down in as simple terms as possible as not everybody gets finance. Lets face it now. Whats been happening basically, you k bonds their, their loans, you make to the u. K. Government, when you buy one. Right. And their price has been going down because people have had doubts about the u. Kays latest budget leaving the u. K. In a good position to be taking loans from people. Right. Thats the gist of whats been happening in the bond market yet as being at a loss of competence in the governments handling the u. K. Governments handling of the economy following the many budget now already own prices were falling and yields the Interest Rates on those funds. Were rising because investors wanted more money to invest in u. K. Government debt. That those guilds bite dramatically after the many budget because they were real phase of actually many of these tax cuts there. So well being bro, shell, what unfunded. And of course, they came off to a huge mat, spending what just during the pandemic, but then again, for the freezing of energy bills and said there was real worries at just how this would be paid for. So you saw investors steering clear of buying u. K. Government debt and those who were buying it were demanding a much bigger return, which is why he saw those yields race up, which put Pension Funds, who had and been taking pos and Financial Engineering to ensure f as were fully coasted. Goodman of a difficult situation because then there were collateral cause. So they had to scramble to sell assets like bonds, which made the situation worse. And maybe we should break down that loss bid of what you mentioned, that why would it put Pension Funds, explain to peers . Why would put Pension Funds in a tough position if the price of bombs goes down . If they dont, as long as they dont have to sell the bonds, theyve already purchased at the higher price. Well, what was happening is they said, the pension comes, were investing in whats called liability driven investments. And this meant that essentially they were matching Certain Holdings with other holdings to protect themselves against the fluctuation and Interest Rates. But the problem was there was such a dramatic escalation. What was meant to protect them, actually led to them facing a very precarious situation. Because what had happened as part is liability driven investments, is that they do use derivatives, which is a form of financial instrument to borrow on assets that they have in their portfolio. To them buy more bones to try and death. Mariani shortfall which then freed up all the money to buy equities or higher growth assets to try and make sure that their Pension Funds were fully funded. But then when he saw his will spike in prices toys overnight, that then meant that those, those positions taking, it became extremely precarious. They both prices fell and then there were these coals actually them to stump up the cash to try and cover that shortfall. So, and its pretty complex situation that the Pension Funds by themselves in but the irony is there in this situation because then they were trying to protect themselves against these waves of Interest Rate, rises and falls. But in fact, this dramatic rise put him in a more difficult situation. I guess time will tell now whether this is going to be a real long term stabilization. Well find out thanks so much. Susanna street her has returned to our top story now and present roads of time to go on as ordered is officials to study a proposal by russia to set up a regional gas hub in the country. Rationally this says it offers the best route to re direct gas to the e. U after the nord stream pipeline was recently damaged. The leaders have been meeting in cassock. Stand this week, rush and Gas Pipelines will reach total ear and possibly to italy, or the one says both countries will start work immediately. Sim, cassandra joins us now live from a stumble. So cylinder explained to us how this proposed gas hub would work well for the last 3 days, everybody is talking above the russian president put into a proposal to turn to key or into an energy have a supplier. And yesterday when prism was returning from us, found out its, its very clear. He spoke to the reporters that were in his playing. And he said that it put in and himself gave the necessary orders for the to the Energy Ministries to do the necessary studies. And after the studies are finished, and they will be no waiting and the project will kick start. And today are they may, is here because of your foreign minister is here. And just an hour ago, turkish and concert for ministers were having a joint press conference. And this is what we asked them about. Because there are challenges ahead when we were talking about transferring russian guys to the European Countries and between europe and russia, there is the conflict and turkey sport. Mr said that these should be the as well. The most important thing is the customer demand, which are the southern European Countries, but to kia has a big luck to become a hub. And also he mentioned that as cuts are, is a very experienced country in terms of l. N, g and other energy transfers. They also this, the leaders also discuss together about this project. But of course, diverse cation of Energy Supply is the most important thing. But at the end of the day, this is the southern European Countries, the potential my could that would the side by russia, i guess, or not all. I cynical, so ill do that. Thanks so much. Now a palestinian man has been killed by Israeli Forces during a raid on the jeanine refugee camp in the occupied west bank. Confrontations broke out early on friday. Palestinian factions of colds for a day of rage. At least a 117. 00 palestinians have been killed by Israeli Forces in the occupied west bank since the beginning of the year. Brought him his live from ramallah for office in the occupied west bank. So in the last few days, when talking about troubles in short, shaw far refugee camp. What happened to get things kicked off in jeanine refugee camp . Whats happened is that these really forces have rated that you need refugee camp and its bounding in the air. The hours of the morning leading to confrontation, an armed confrontations between the armed men in the jeanie refugee camp. These really soldiers, these raids are not something new. They used to happen on a nightly basis. Now we see them happening even in the light leading to confrontation by palestinian men in the janine refugee camp, who believe that the Palestinian Authority in the International Community is not doing enough to help them get rid of the daily violations of these really occupations. So they take up arms that they want to fight these really forces. Weve seen a lot of people from jeanine itself, committing shooting attacks and attacks inside israel itself as well as in other places in the occupied west bank. This morning. 20 year old boy has been killed by is ready for his fire after he was taking up his weapon and fighting these really forces that the re did the camp. His funeral is under way in g need 6, other people were wounded. One of them is in a very critical condition, and 2 of those who were injured were medics who are trying to help them. And all in all, a 3rd of palestinians were killed since the beginning of the year in the occupied left bank by Israeli Forces are from jean and were killed in jeannine, including just the us shooting and walk. All right, thanks so much over him. On plenty more still had on the news hour, including the cranium forces, re take more territory in the southern the have san region. The russian install governor is asking civilians to leave the area patrols, running short and queues for fuel are getting longer in france as unions dig in on a strike action oil giant total energies and sport. Another star performance from this player in the Major League Baseball playoffs, and hell be here with that story. Ah, now people in the flood ravaged regions of nigeria are becoming increasingly desperate. More than 500 have died around 90 of them in just one boat accident in a number of states amended race has more. Oh, here in wiry conditions for the displeased are getting desperate with just to was to sunset for the served in this camp. The deficiency, you know, accommodate hundreds of people. Missed food. Yeah. Its not, theyre not, were not, were about 3000 people that is here. 1000 people in the back on this, this one and we bought it from delatory. Each other to was she says they havent received any relief supplies from government, business flights of ravaged at least 27 of nitrous 36 state destroyed lives, crops, and horns and ridges like a number. Officious yet tell us that hundreds of thousands of people in several communities are still out of reach. Nothing has been heard from some of them in nearly a week. And the passengers off a boat that capsized a week ago killing about 9 to people while fleeing the submerged communities in sight of help. Emergency agencies had warned, of destructive floods this year. But the level of government preparedness was poor. So to was peoples response to evacuation warnings that has left victims. Lanky jenny, wondering what the future holds . Alabama, my do my, all my kind image. Theres nothing to go back to. If my house is left standing, my animals crops, everything has gone, all my teaching up with our number is one of the worst affected states. Officials say the data science have been there yet, the federal government has failed to act. Cameroon wants about this. And so we know that every 2 or 3 years this happens, gemara would open up the damn. And then it comes. Yeah, i wipes off everything. I mean it gun. I get to a point where the, what i walk, im and enveloped the entire country. Nigerian Officials Say humanitarian supplies have been distributed nationwide, but that is little comfort for hundreds of thousands who are yet to receive any help from government at any level. Allow me to trace is life for us now from our cut, in the se med how hard are things where you are right now . Looks pretty. Thats pretty tough behind you. Exactly. I mean, its been raining all night yesterday, and this morning we walk up to showers and this could find a complicated effort to reach those communities cut off by the floods number listed and many possibly country. Were talking about tens of thousands or even hundreds of thousands of government Officials Saying, and now the biggest concern is the increasing amount of rain that were receiving. Ideally this is the, this is the end of the rainy season, and the intensity of the reins is supposed top dropped by now. However, what we saw in the past 3 or 4 weeks is such that the rates continue to just drop from the sky and not just complicating already a bad situation. What were hearing down south downstream towards the niger delta is the flooding is now increasing the intensity of flooding. Its increasing that as well. This is the rule, while the flood waters up north, in the central parts of niger here in the southeast, will drain into the delta and into the atlantic ocean. What we hearing now in states like rebates and by also state communities. Entire communities have been flooded by one of the major high was linked by you also state one of the Oil Producing states in nigeria to other parts of the state lik