How Gaza’s tunnels could shape the wa r

Plus: How bond markets might affect you, and the laksa fever taking over an Australian city.

View this email online 1 November, 2023 Jules Darmanin Hello. You’ve probably heard of the secret Hamas tunnels Israel’s army says it’s targeting with aerial strikes. My colleague Gordon Corera gives us a glimpse inside that network, thanks to BBC footage from 2015. We also have updates on the war in Ukraine, Donald Trump’s fraud trial and the bond markets. And finally, the story of a south-east Asian dish taking over an Australian city. Get up to speed • Russia has bombarded 118 Ukrainian towns and villages in 24 hours, more than on any other day this year, says Ukrainian Interior Minister Ihor Klymenko. • Shares in the troubled office-sharing firm WeWork are plunging following reports it could file for bankruptcy as early as next week. • Follow our live coverage of Donald Trump Jr’s testimony in the civil fraud trial of his father in New York. And read why former US President Donald Trump’s children are taking the stand. Expert Insights Gaza's secret tunnel network The BBC was given access to film inside some of Gaza's tunnels in 2015. Credit: BBC Israel’s military says its air strikes are targeting a secret labyrinth of tunnels built underneath the Gaza Strip by Hamas. The network is thought to cover about 300 miles under the territory. Our security correspondent Gordon Corera analyses footage from inside tunnels and explains how they could shape the next phase of the war. Watch the video • The latest: More than 400 foreign nationals and injured Palestinians leave Gaza as its border with Egypt finally opens. Everything you need to know is on our live page. • Three generations killed: Khalil Khader lost his four children, his two sisters, his 70-year-old father, his brother and his sister-in-law, and their two daughters, killed by a single strike. Read his story. • A broken promise of safety: The BBC’s Lucy Williamson returned to the bullet-laced streets of Kibbutz Be’eri with resident Gilad Korngold, three weeks after Hamas kidnapped seven members of his family. Questions Answered How bond markets might affect you Credit: BBC Bond markets in the UK and the US are falling and have been for some time. It is a flashing warning sign about the state of the economies in both countries and may affect the costs of loans and mortgages. Daniel Thomas, business reporter What is a bond? Governments borrow money by selling financial products called bonds. A bond is a promise to pay money in the future. Most require the borrower to make regular interest payments over the bond's lifetime. UK and US government bonds are usually considered very safe. What's going on in the bond market? Over the last year or so, a sell-off of government bonds on global markets has been having wider ramifications. It comes as central banks warn that inflation - the rate at which prices rise - is likely to stay higher for longer than previously expected. Since 2021, central banks have repeatedly put up interest rates to try to tame inflation. When these rates rise, the yields on government bonds also tend to go up to attract buyers. How could this affect people? Government bond yields are used as a guide for setting the rates on everyday loans and mortgages, which have shot up over the last few years. Average US mortgage rates hit a two-decade high of 8% last month. In the UK, the rate on an average five-year fixed residential deal was 5.87% as on 31 October. Rising bond yields are also putting pressure on governments. That's because the higher yields go, the more governments have to pay back in debt interest, which may leave them with less to spend on other things. Read in full The big picture How laksa conquered Darwin Chok’s Place is a Darwin institution Credit: (A)manda Parkinson/BBC Laksa, the sour and spicy noodle broth born out of Malaysian, Indonesian and Singaporean cuisine, has won over the palates and stomachs of the Australian city of Darwin. Tiffanie Turnbull explores traditional executions of the dish, along with various more adventurous oddities - laksa ice-cream, laksa pies, laksa smoothies, even vegan laksa-gna and laksa crocodile dumplings. Find out more For your downtime What to watch From The Crown to Doctor Who, BBC Culture previews 12 of this month’s best new shows. Check it out And finally... in France A second-hand dealer has appeared in court, accused of deceiving a couple by paying €150 (£130) for an African mask which he resold for €4.2m. Take a look at the artefact, described as “rarer than a Leonardo da Vinci painting”, and one the Gabonese government would very much like to be returned to its country of origin. 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