>> in the next few minutes we'll assess the impact of the global economy. there will, you're watching al jazeera live from london. also coming up live on the program. a cease-fire on the verge of collapse. the saudi-led coalition accusing yemen houthi fighters of multiple truce violations. growing concerns of oil fields in line i can't as it's estimated that isil makes

$40 million a month from selling stolen oil. and returning home, the japanese families trying to bring a town swamped by nuclear fall out back to life. the u.s. federal reserve is expected to raise interest rates for the first time in almost a decade. stock markets around the world have been preparing for the announcement, and there has been concern about the basketted decision it could have on the recovery from the global financial crash. we're waiting for that announcement from the fed. in the meantime let's go to andy gallagher who joins us live now from miami. everyone is expecting this raise in from interest rates, which

and we're just getting news right now that it has gone up by .25%. so it's gone up, it had been coming off from near zero. we just found out the fed has raised the interest rates by .25%. so basically bringing that to a quarter of a percentage point. so the first interest rate rise in ten years it was kept stable from june in 2006. back then the unemployment with 4.4%, and the situation with the economy was not in better continue that it is now. let's go to andy gallagher, who joins us live now in miami. as expected this rise in interest rates. good news for savers, perhaps not such great news for first-time house buyers. and florida, where you are, had

seen some of the highest rates of foreclosure in the country. how do you think that will be received there? >> for a long time they have been giving things have changed a lot since then. but it's worth looking back at how things were then and how first time buyers are managing to get their first foot in the market. the so-called recession was aid to end in 2009. but in florida it's effects was seismic and it's recovery has been a long and difficult road. streets across the state were lined with foreclosed

properties. but in the year since florida has bounced back fueled in part by foreign investment, limited housing supply and low interest rate mortgages. >> a good investment one year could be an awful investment a year or two later. >> but jack, who predicted the last recession, said many have found it difficult for loans. >> if you can't qualify for a mortgage, it doesn't do you any good. here we'll see some effect, but i think it will be the second interest rate increase where people understand that this is going to be a steady escalation that will have an affect here no one south florida. >> it has not been hugely dependent on interest rates. it's worth remembering that qualifying for a mortgage is no

easy thing. for first time buyers it can be an incredibly. >> many of these houses don't appraise for what they're trying to sell them for, so they're appealing mostly to cash buyers. if you qualify for financing, you know, maybe one in ten properties is something that you'll be able to look at. >> nevertheless, prices have been climbing in florida, but it's those games that have them worried. they're finding themselves unable to find a new home and, this is nice a surprise. what you kind of reaction are we

going to see in the u.s. and potentially beyond the u.s.? the analysts i've spoken to are in some ways worried about the south american economies. many south american buyers come to places like this and park their money, put it some plac some place where they think it's going to be safe. but some have come in and bought everything up. they're watching to see where those investors start to sell off. at the moment the effects are unknown. obviously a rise in interest rate could put some first-time buyers off, but the wider picture that takes in the economies of south american and european economies, it looks at people who have invested in places like miami will do 7 if they think that it's the right time to sell, if they start to

sell off that could have a knock-on effect. and if first-time players can't even qualify for them, i believe people will be watching the market very closely as they pretty much always do. >> andy gallagher with the latest from miami. we're joined in the studio with a financial market analyst. thank you for being here with us here on al jazeera. we've seen the ike of .25%, as expected, and it's not a massive hike. >> i think the tone of the press conference is going to be very important. what surprises me more about anything than the decision is it was unanimous. we've been briefed by certain policymakers that they were concern about premature rate hike. some of the days that we've seen in the manufacturing sector does seem to suggest that part of the u.s. economy is in recession. not a surprise, but some of

these forecasts here do seem to suggest that the fed is going to be on the path and we could still see two or three rate hikes next year. i'm not sure that that is something that the market will be comfortable with. >> the feds put the rate near zero in 2008. but this is not just about the u.s. economy. what sort of impact is it likely to have across the rest of the world? what kind of countries and why? >> emerging markets have been nervous about this. there have been significant emerging outflows over the last few months. we saw the fed wobble because of those concerns. they've had an opportunity now to get used to the idea, and-- >> and basically now choosing to invest in u.s. dollars rather-- >> yes, because the yield now--the rate path is now on an upward path, and that's good for

savers. i hasten it's good for savers if banks pass it on, but certainly in the context of concerns about emerging market outflows, i think the tone that janet yellen takes, i think in the press conference with respect to the pace certainly about the strength of the dollar. more importantly, i think where stock markets go next. >> is there going to be pressure to raise interest rates? i think what it will do is pressure pressure to outline some of the rate increase path because he has been hedging his

bets really on the back of fed indecision for the past three to six months now. he said that the feds moved. >> thank you for being with us. let's go to the federal reserve and speak with tom ackerman. again, no surprises and no surprises about the fact that it is a little hike relatively speaking but very symbolic. >> yes, in and of itself is not a worldshaker, but in the language of the statement that accompanied the announcement we get a little bit of a hint of what might be coming down the pike. just to quote the words of the statement by the committee, that's the federal reserve

committee, they expect the committee to evolve in gradual increases in the rates that banks charge each other that trickle down to the consumer rates of interest. it is likely to remain below levels that are expected to prevail in the longer run. however, the path of the rates. it's telling people that it is taking it slow, and it is perfectly willing to accelerate or reverse course depending on what the outlook looks to be in the economy, in the u.s. economy and in the world economy at large. >> so we are waiting for more detail, janet yellen expected to

give a news conference 20 minutes from now. what was interesting, the skepticism prior to this announcement, in the event the economy decision was unanimous. there were no naysayers today. >> tom, thank you. let's go to well-now where in a gesture of good will during u.n. backed peace talks. sources have told al jazeera that 375 houthi prisoners are swapped for 250 government pro fighters. it happened during a seven-day

trugs. many are accidenta skeptical that there will be a long-term cease-fire saying both sides have failed to honor the cease-fire. the yemen cease-fire is on the verge of collapsing. according to the saudi-led coalition. there have been reports of fighting that has broken out in the city taiz. we have more now on the peace talks in the swiss city. >> undoubtedly a positive development, a prisoner swap that involves hundreds of prisoners. the warring side agreeing to this deal. it is described as a good-will gesture, and we have to point out this is not what the delegation at the attacks have been demanding. what they want is for a prisoner swap involving high-ranking officials including the defense

minister who remains in the custody of the houthi rebels. this is a positive development, but at the same time on the ground in yemen, that cease-fire is not holding. there have been reports of violence, incidents of violence ever since the cease-fire took evacuate on tuesday. at the everyone the of the day neither one of these warring sides have declared the cease-fire officially dead. that's a question, really, i put to the yemeni ambassador to the united nations. this is what he had to say. >> if we are also declaring all of these violations of the cease-fire, but we'll stick with the cease-fire. we think this is the only option for us to go down the path of peace and achieve peaceful resolution to the conflict in yemen. >> conciliatory mentions from the y'ally ambassador, but there is still mistrust between the

two sides. they're saying this will allow them to reconsolidate their forces on the ground and resupply their needs. we do know that the united nations is pressuring the two sides to reach some sort of an agreement. the international community is worried because this is the first time since the conflict began that the two sides are talking. >> the u.s. is said to be keeping a closer eye on vulnerable assets in libya and elsewhere. washington and it's allies want

to make sure that more oil field dos not fall into isil fans. it's estimated that the armed group makes $40 million a month from selling oil one of its main sources of revenue. thcaroline malone reports. >> this has been used to transport illegal oil for isil. the armed group had been able to sneak its trucks in among legitimate oil-exporting tankers. >> tangers carrying isil oil would sneak in. they also used side roads. we cut all the roads off by digging a ditch around the whole area. isil is now forced to send their oil to mosul.

>> crude i'll is major source of money for the armed group. in the past they would sell its oil internationally. the pro convention government formed a committee to investigate. the government forms an investigation committee and 15 people were arrested. later we found out that influential figures were involved, and the government did not see outcomes to the public. >> i would woul the international coalition and iraqi troops fighting isil for control of the area have made it harder. which means not only is it harder for isil to get oil revenue but it's more difficult for the armed group to transport weapons and fighters, too.

>> the qatari foreign ministry confirmed that the group had an official permit from the iraqi government and they're working for their release. there has been no claim of responsibility. you're watching al jazeera still to come on the program. why thousands of people in south africa are calling for president zuma to stand down. plus a growing international appetite for india's fledgling art. art.

>> a reminder of the top stories for al jazeera. the u.s. federal reserve has raised from rates by a quarter of a person. it's the first time it has been raised since the global economic crisis in 2008. yemen's cease-fire is on the verge of collapse according to the saudi-led coalition kristen, not much of a surprise even the rise of .25% has been rumored. but in light of that, has there been any kind of reaction on the market?

traders pausing to see what the news was. this was what was widely anticipated, and many traders tell me that they had already factors this increase into their calculations. so no big surprise here on wall street, and no big reaction. of course, a rate increase, the conventional wisdom has been that's bad for markets, but different things, that anticipation factor, and increase rate does mean stronger dollar. that's good for americans who may be traveling abroad. not so good for american exports. the cost of products will be higher but the u.s. economy is no longer so heavily reliant on exports. it's a service-driven economy. the service sector is doing well with low oil prices and long labor market. thosnow for emerging markets

it's bit of a different story. here's what one analyst had to say. >> we've been anticipating this for some time. we've seen a huge weakening in huge market currencies. >> it was anticipated there would be a rise in interest rates after such a long, long time at zero. >> the question here on wall street is how high will the fed go and how quickly, and so the next thing that traders here are watching for is what janet yellen will say in terms of how quickly things could rise.

>> kristen saloomey thank you. thousands march in south africa calling for president jacob zuma to leave office. we have more now from johannesburg. >> the chants to the beat saying that the president must step down or be sacked by the governing africa national congress. >> he's too associated with corruption, corruption individuals, the actions he took last week in sacking the respective finance minister are considered to be very reckless. they've done great damage to the economy. >> president zuma shocked the nations and the markets when he fired his finance minister last

week replacing him with an unknown mp, who held office for only several days, and then he was moved to another ministry in favor of another financial minister. causing its currency to down grade. >> this march is for what the country needs. >> the matter of nelson mandela is a political powerhouse, but it feels it has lost it's way. >> peopl it stands for people. it stands for the youth development. it stands for a peter society. >> and in the face of unprecedented protests against

the president, the anc leadership has voiced its support for zuma, but many say he has been weakened by the fiasco of changing finance ministers as one described as if they were underwear. as the protesters cross the nelson mandela bridge, the economy weighs on this man's mind. he didn't march because he doesn't think that it will work. but the university student is worried he won't get a job. >> ever since he has stepped up to president, the economy has fallen. a lot of houses that were promised to a lot of people have not been built. >> it's reconciliation in south africa. it's supposed to foster national unity. while these marchers want the president out, he has the support of others and more significantly he has the support of his part's leadership. >> people are slowly moving back to a town close to the fukushima

nuclear power station. it was one of the first cities to be evacuated after a dramatic earthquake and tsunami caused a nuclear meltdown at the plant in 2011. >> for more than four years nature has been reclaiming the town it's residents were prevented from returning while decontamination work was done. but in september that was lifted. >> i came back here as soon as possible because i want to help the reconstruction effort. >> seeing his wife and two children only on weekends.

>> the village is quiet, and so is my home. it feels busy during the day. but what we really need are the smiles and laughter of children. >> his day job is in the local government's education department helping build a new school with the capacity up to 900 students. but even he is not sure whether this is the right place to bring up his own children. there is a huge amount of energy and money being poured in to the process. >> it's a message not helped by the 600,000 bags of decontamination waste stored on the outside skirts of town. the main problem is the passage of time. >> it's been four years and

eight months. the people who have evaluatinged have built the foundation of their lives. they need to reorganize their lives before returning. >> thee years ago we met a champion local fisherman desperate that the disaster should not kill off his way of life. now a project is underway to expand the salmon fishery diverting river water to a brand new hatchery where for the first time since the 2011 earthquake they've been able to harvest the eggs and returning fish. >> i'm so happy this coming spring we're able to release the hatchlings. >> the work has been replicated around the town. serving a constant stream of workers. this is a big gamble, a long-term bet coaxing an abandoned town back to life. harry fawcett, al jazeera,

japan. >> an oil painting by an indian artist has sold for $4.4 million at christie's auction house in mumbai. it hawe'll bring you that report later. let's take you bk to the u.s. federal reserve, the chair woman janet yellen. let's listen in. >> the central open market committee decided to raise the target range. this action marks the end of a seven-year period in which the interest rate was held near zero to support the recovery of the economy from the first recession since the great depression. it recognizes the considerable progress that has