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latest headlines from BBC World News. Now for the latest financial | :00:00. | :00:00. | |
news with World Business Report. The world 's second`biggest economy | :00:00. | :00:25. | |
slows again. China grows 7.4% at the of the year. Airlines go back to the | :00:26. | :00:31. | |
future with a new jet fuel made from rubbish. | :00:32. | :00:38. | |
A very warm welcome to you. This is World Business Report. In just a | :00:39. | :00:45. | |
minute will look at the Valley of education around the world. First, | :00:46. | :00:52. | |
the world second biggest economy continues to slow. China grew just | :00:53. | :01:02. | |
some 74% in the first three months of the year. Its slowest rate for | :01:03. | :01:06. | |
five years. The slowdown is part of government policy to generate wealth | :01:07. | :01:09. | |
in a more sustainable way. The changes have hit China's bloated | :01:10. | :01:11. | |
steel industry hardest. Our correspondent Martin Patience | :01:12. | :01:13. | |
reports from the steel mills of Tangshan in Hebei province. | :01:14. | :01:25. | |
If the industry that has seen China's searing growth. Still has | :01:26. | :01:29. | |
transformed its cities and laid the foundation of the world 's | :01:30. | :01:32. | |
second`largest economy. But now the industry is a symbol of China's | :01:33. | :01:39. | |
economic weakness. Nowhere is that clearer than in Hebei province. It | :01:40. | :01:44. | |
produces more steel in a year than the US. But oversupply, as well as | :01:45. | :01:51. | |
concerns about pollution, these unprofitable steel mills are being | :01:52. | :01:55. | |
forced to close. We visited one of the dozens of plants that have | :01:56. | :02:00. | |
stopped production. It is incredibly eerie here but when we talk about | :02:01. | :02:05. | |
economic restructure in time, this is what it looks like. All the | :02:06. | :02:12. | |
industries will be left to rust while investment goes elsewhere. It | :02:13. | :02:16. | |
is a painful process as the workers at this plant have already found | :02:17. | :02:21. | |
out. It means that tens of thousands of people will lose their jobs. | :02:22. | :02:26. | |
Outside the gate, labourers can work for a whole day and get no work. | :02:27. | :02:35. | |
This man said a couple of years ago he was making $700 a month. Now he | :02:36. | :02:40. | |
is lucky if he makes half that. If the mill do not produce, we do not | :02:41. | :02:44. | |
get hired. There are hundreds of people like me. China's leaders say | :02:45. | :02:50. | |
major economic reforms are required to create new, better paying jobs. | :02:51. | :02:55. | |
But many in the country 's industrial heartlands fear they will | :02:56. | :03:10. | |
be thrown on the scrap heap. They're often blamed for being the biggest | :03:11. | :03:13. | |
polluters of the corporate world but now airlines trying to flex their | :03:14. | :03:16. | |
green credentials. British Airways is pioneering a new jet fuel made | :03:17. | :03:19. | |
from rubbish. BA is building a plant which will extract hydrogen and | :03:20. | :03:22. | |
carbon from ordinary household waste to produce kerosene. The BBC's | :03:23. | :03:25. | |
Jeremy how asked the head of BA's parent company Willie Walsh what was | :03:26. | :03:33. | |
behind the ecofuel initiative. We are up for addressing our | :03:34. | :03:36. | |
environmental performance and this is one way of ensuring that going | :03:37. | :03:41. | |
forward, we have a sustainable industry. British Airways is putting | :03:42. | :03:46. | |
its money where its mouth is. How much work you have to do to get the | :03:47. | :03:53. | |
infrastructure necessary to make your new fuel? Using the old | :03:54. | :03:58. | |
facility has its advantages because there is infrastructure in place. We | :03:59. | :04:03. | |
expect to take the next 12 months going through the planning process | :04:04. | :04:06. | |
before we start construction. It is expected to be finished in 2017 and | :04:07. | :04:11. | |
then we will start producing. How much will it cost to produce this | :04:12. | :04:16. | |
jet fuel compare to what you would pay on the open market? With believe | :04:17. | :04:20. | |
we can create the fuel at a price that is competitive with the spot | :04:21. | :04:25. | |
price of oil today. We have to demonstrate that it has commercial | :04:26. | :04:32. | |
reality as well as the sustainability, environment and | :04:33. | :04:35. | |
sustainability. This contributes to financial sustainability and | :04:36. | :04:39. | |
environmental sustainability. Of the total demand that British Airways | :04:40. | :04:43. | |
has for fuel, how much of that will be filled by the jet fuel coming | :04:44. | :04:52. | |
from you? It will produce about 2% of requirements. Equivalent to about | :04:53. | :04:58. | |
3/2 thousand flights on a 787 from Heathrow to New York every year. We | :04:59. | :05:10. | |
believe this project are scalable. What would you say to environmental | :05:11. | :05:16. | |
campaigners, scientists who say this is just another example of corporate | :05:17. | :05:22. | |
brainwashing? This is a reality. This is turning waste that would | :05:23. | :05:26. | |
have been put in a hole in the ground, waste that would have | :05:27. | :05:32. | |
created methane. Waste that can be used efficiently to create a fuel | :05:33. | :05:35. | |
that is sustainable and has a significantly lower in pact on | :05:36. | :05:39. | |
environs. In other news. Internet search | :05:40. | :05:43. | |
engine Yahoo reported a fall in earnings in the first three months | :05:44. | :05:47. | |
of the year. It made 312 million dollars, down from the same period | :05:48. | :05:56. | |
in 2013. Ad sales account for 40% of its revenue. They rose just 2%. The | :05:57. | :05:59. | |
results were slightly disappointing for chief executive Marissa Mayer | :06:00. | :06:02. | |
who has given herself two years to turn round the company's fortunes. | :06:03. | :06:06. | |
Another fall in profits for computer chip giant Intel. The company made | :06:07. | :06:11. | |
1.9 billion dollars in the first quarter compared with two billion | :06:12. | :06:15. | |
dollars at the start of 2013. The fall in personal computer sales | :06:16. | :06:18. | |
around the world is hurting chip makers. But, Intel's aggressive push | :06:19. | :06:21. | |
into tablet computers helped offset that trend, beating market | :06:22. | :06:22. | |
expectations. It's often said that the best | :06:23. | :06:38. | |
investment you can make it a good education. A survey has been looking | :06:39. | :06:42. | |
at attitudes around the world at international schooling. How do | :06:43. | :06:47. | |
people seek their own countries? 75% of Singaporeans leave their | :06:48. | :06:50. | |
education is better than anything they could get overseas. But 79% of | :06:51. | :06:56. | |
Brazilians believe they have to leave the country to get the best | :06:57. | :06:59. | |
education.. And, despite Taiwan also doing well in international leagues | :07:00. | :07:02. | |
more than half of Taiwanese people surveyed would also send their | :07:03. | :07:10. | |
children overseas to learn. Michael Schweitzer is Head of Wealth Sales | :07:11. | :07:13. | |
and Distribution at HSBC carried out the research. Many thanks for coming | :07:14. | :07:22. | |
in and talking to us. Education is at the forefront and everyone's | :07:23. | :07:28. | |
mind. The rising cost of education is making headlines across the | :07:29. | :07:32. | |
globe. Let's begin by talking about the countries which really rate | :07:33. | :07:38. | |
their own education systems. There is a wide spread there. Actually, | :07:39. | :07:43. | |
America is considered by 51% of respondents to be the best education | :07:44. | :07:46. | |
available, followed by the UK, Germany and Australia. But within | :07:47. | :07:52. | |
countries, you have a pretty widespread belief. You talked about | :07:53. | :07:57. | |
Singapore believing they have strong education. That has a lot to do with | :07:58. | :08:01. | |
the economic success that they have had within their market but for the | :08:02. | :08:05. | |
vast majority of countries that we survey, most look abroad for the | :08:06. | :08:09. | |
education with the ability... Particularly with countries where | :08:10. | :08:15. | |
English is not the first language. Which countries specifically tend to | :08:16. | :08:19. | |
send their youngsters abroad in order to study? Is the lot of | :08:20. | :08:25. | |
developing markets do that. Brazil, Taiwan, China. Indonesia, Malaysia. | :08:26. | :08:30. | |
Where you have developing markets where traditionally English is not | :08:31. | :08:33. | |
the first language, you will see more of that happening. What are the | :08:34. | :08:37. | |
most popular destinations for education? US is number one followed | :08:38. | :08:44. | |
by the UK. And then Germany is right behind with Australia coming in | :08:45. | :08:48. | |
behind that. Those are the top four countries that people look to. When | :08:49. | :08:53. | |
you look the other way, for English`speaking countries, fewer | :08:54. | :08:58. | |
people have moved internationally. It is about 30% who would consider | :08:59. | :09:03. | |
sending their kids abroad. This is a survey we conducted across 15 | :09:04. | :09:09. | |
countries with 4500 families. It is statistically relevant. English | :09:10. | :09:13. | |
speaking countries, most will probably stay within their own | :09:14. | :09:19. | |
country. Fascinating research there. Many thanks. | :09:20. | :09:25. | |
A quick look to see how markets are getting on. Over in Asia, they have | :09:26. | :09:32. | |
been led higher by Japan's negate. That is how investors are shrugging | :09:33. | :09:39. | |
off news of China's economy. That's all. Do stay with me, I will be back | :09:40. | :09:45. | |
for a look ahead at the papers. Many thanks to Alice for that. | :09:46. | :10:02. | |
First, the Archbishop of Wales, is joining more than 30 bishops, and | :10:03. | :10:05. | |
400 other clergy from multiple churches to protest about the level | :10:06. | :10:08. | |
of hunger among Britons ` as new figures are released showing that | :10:09. | :10:10. | |
more than 900,000 people | :10:11. | :10:12. |