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If we get more major news from Italy we will have a right here on BBC | :00:00. | :00:00. | |
World News. Now for the latest financial news | :00:07. | :00:07. | |
with Sally and World Business Flying high - record profits | :00:08. | :00:10. | |
for Australian airline Qantas. After a few lean years, | :00:11. | :00:18. | |
the flying kangaroo An echo from a bygone | :00:19. | :00:20. | |
era, cotton spinning - an industry where England | :00:21. | :00:29. | |
was once world-leading, but the last mill closed | :00:30. | :00:31. | |
some 30 years ago - Also in the programme: | :00:32. | :00:34. | |
They are in your toothpaste, Now UK politicians want a global | :00:35. | :00:51. | |
ban, to save ocean life. Australia's national | :00:52. | :00:55. | |
carrier, Qantas, just The airline recorded profits | :00:56. | :01:05. | |
of just over $US1 billion. That is nearly double last year's | :01:06. | :01:14. | |
profit, and for the first time in seven years the airline will pay | :01:15. | :01:17. | |
a dividend to shareholders. It is a huge turnaround | :01:18. | :01:24. | |
from just a few years ago, Rico Hizon is in our | :01:25. | :01:27. | |
Asia Business Hub in Singapore. Well, the flying kangaroo is now | :01:28. | :01:45. | |
soaring. How did they do it? Carrier laid off thousands of staff, taking | :01:46. | :01:49. | |
billions of dollars in write-downs, withholding dividends, cut flights | :01:50. | :01:55. | |
to keep ticket prices up and locked in fuel hedging contracts which let | :01:56. | :01:59. | |
it benefit from a slump in the price of oil. So these bold moves, Sally, | :02:00. | :02:05. | |
were part of the overall strategy of Qantas CEO Alan Joyce to get the | :02:06. | :02:09. | |
carrier back to the black. Analyst say the record result basically | :02:10. | :02:15. | |
vindicates Mr Joyce's initiatives as he faced sometimes this criticism | :02:16. | :02:20. | |
from shareholders, passengers and employees sent undertaking this | :02:21. | :02:26. | |
costly shakeup two years ago. And in a sign of how much the airline is | :02:27. | :02:30. | |
relying on cost-cutting to grow proper, sales grew 3% while fuel | :02:31. | :02:37. | |
cost shrank by 17%. Let's have a look at the divisions. Each of the | :02:38. | :02:41. | |
company's main operating divisions, its domestic, international and | :02:42. | :02:47. | |
discount units and frequent-flier programmes all boasting record | :02:48. | :02:52. | |
earnings. Alan Joyce expected to continue its strong financial | :02:53. | :02:55. | |
performance in the first half of the new financial year, 2017, and will | :02:56. | :03:01. | |
focus on producing higher operating margins. We will wait and see as | :03:02. | :03:05. | |
there are difficult times ahead worldwide. For now I am sure the | :03:06. | :03:10. | |
champagne is flowing in their headquarters. Absolutely. Good to | :03:11. | :03:13. | |
see you, thanks a lot. For the first time in over 30 years, | :03:14. | :03:16. | |
cotton is about to be produced English Fine Cottons will be | :03:17. | :03:19. | |
the sole spinner in the UK, a stark contrast from the industry's | :03:20. | :03:25. | |
peak in the 19th century, where Britain produced over 90% | :03:26. | :03:28. | |
of the world's output. A few short months ago, tower mill | :03:29. | :03:39. | |
in Dukinfield near Manchester was a relic of another era, derelict and | :03:40. | :03:47. | |
empty. How things change. You have been a bit busy. How difficult has | :03:48. | :03:52. | |
the job being? It has been easy for me but the group of guys who have | :03:53. | :03:55. | |
had to build this, they have had challenges. Over the last six to | :03:56. | :04:00. | |
eight weeks they have built all the space age technology you can see. | :04:01. | :04:04. | |
Nearly $8 billion has been invested to turn it according to the company | :04:05. | :04:09. | |
into one of the most effective spinning mills in the world. Our | :04:10. | :04:13. | |
machine operators will be manning the machine as opposed to working on | :04:14. | :04:18. | |
the machine, they will be studying machine as opposed to operating the | :04:19. | :04:23. | |
machine. The UK's cotton spinning industry was finally extinguished | :04:24. | :04:26. | |
after decades of lingering demise in the 1980s, a victim of cheap foreign | :04:27. | :04:31. | |
competition. The machinery of the new cotton spinning era is many | :04:32. | :04:34. | |
times more efficient, computerised, compacts. We had so many nuts and | :04:35. | :04:40. | |
bolts, you know, it is difficult to count and remember what is going to | :04:41. | :04:46. | |
go where. The future is I think very bright as after so many years the | :04:47. | :04:51. | |
industry is coming back home. Cotton spinning on a test scale is now | :04:52. | :04:56. | |
under way. The first time it has been spun in this buildings in the | :04:57. | :04:59. | |
1950s. Full test production starts later. If test reduction goes well | :05:00. | :05:04. | |
they will move almost immediately into full production and the key | :05:05. | :05:08. | |
then will be to ensure there is a market for the product. And they | :05:09. | :05:11. | |
have been working on that for months. The aim is to produce | :05:12. | :05:15. | |
top-quality cotton for the UK fashion industry. Anybody who really | :05:16. | :05:21. | |
values quality, heritage, Britishness, Providence, -- | :05:22. | :05:31. | |
provenance, social responsibility, they are looking to Tony Allen fine | :05:32. | :05:36. | |
fabric. It really is a step in history, bringing back what really | :05:37. | :05:42. | |
belongs to Manchester. If all goes to plan, English Fine Cottons will | :05:43. | :05:45. | |
produce 500 tons of cotton in its first year, with plans to increase | :05:46. | :05:47. | |
that in future years. MPs in the UK are calling | :05:48. | :05:50. | |
for a complete international ban on the use of microbeads | :05:51. | :05:53. | |
by cosmetics companies, because of the damage they are doing | :05:54. | :05:55. | |
to the world's oceans. Microbeads are small pieces | :05:56. | :05:58. | |
of plastic that are used in thousands of commonly | :05:59. | :06:00. | |
used exfoliating scrubs, toothpastes and shaving | :06:01. | :06:02. | |
gel products. The MPs' report says the tiny beads, | :06:03. | :06:03. | |
which are a type of microplastic, are accumulating in the world's | :06:04. | :06:06. | |
oceans and rivers, harming marine Many of the world's largest | :06:07. | :06:09. | |
cosmetics companies have already committed to phasing out | :06:10. | :06:26. | |
the use of microbeads, but the UK Environmental Audit | :06:27. | :06:28. | |
Committee has called Several US states have already | :06:29. | :06:31. | |
announced that they will ban the manufacture and sale of certain | :06:32. | :06:35. | |
types of products containing With me is Rosie Rogers, | :06:36. | :06:37. | |
senior political advisor Good morning, Rosie. I have read a | :06:38. | :06:55. | |
bit of this report, it is quite thick and lengthy but it talks about | :06:56. | :06:58. | |
the fact that actually the research is not all there yet, in terms of | :06:59. | :07:03. | |
the actual impact of these microbeads, and there is still work | :07:04. | :07:06. | |
to do. So how do they believe they could sort of progress to the point | :07:07. | :07:12. | |
where you get an international ban? Absolutely, there is a lot more | :07:13. | :07:16. | |
research needed and this report does call for more research, which we | :07:17. | :07:19. | |
definitely support but there is enough scientific evidence out there | :07:20. | :07:22. | |
to show that microbeads are having a very devastating affect on the | :07:23. | :07:25. | |
marine environment. In fact there are over 8 million tons of plastic | :07:26. | :07:30. | |
in our world's oceans pumped in there from our drains, and micro | :07:31. | :07:35. | |
plastics are a part of that problem. There is enough research showing | :07:36. | :07:37. | |
there are devastating effects on these tiny bits of plastic, and they | :07:38. | :07:42. | |
can be banned, which is one positive thing about them. A large proportion | :07:43. | :07:45. | |
of the cosmetics industry have committed to phasing out these | :07:46. | :07:50. | |
products by 2020. Is that voluntary action not enough? We really applaud | :07:51. | :07:54. | |
the companies who have said they will take this action, looking at | :07:55. | :08:00. | |
Marks Spencer 's, Waitrose brand boots, but Greenpeace did a report | :08:01. | :08:06. | |
auditing the top 30 cosmetic companies and we found there were | :08:07. | :08:09. | |
massive inconsistencies from different actual ways that companies | :08:10. | :08:13. | |
are labelling microbeads, from what they define as microbeads, the | :08:14. | :08:19. | |
different phase out times, so it is difficult for consumers to know what | :08:20. | :08:22. | |
is happening, when a band is going to happen and what products actually | :08:23. | :08:27. | |
have microbeads in them, so the best way to deal is have an international | :08:28. | :08:34. | |
ban as the report says -- when a ban is going to happen. The report does | :08:35. | :08:39. | |
admit that because of Brexit, bringing about a band in the | :08:40. | :08:45. | |
European Union is more difficult. Brexit has brought out a lot of | :08:46. | :08:50. | |
uncertainties and in terms of environmental issues we are | :08:51. | :08:52. | |
uncertain what will be the future but one thing is clear. Fish and the | :08:53. | :08:58. | |
sea, micro plankton, they don't care about Brexit. They care that these | :08:59. | :09:01. | |
pieces of plastic are coming into the area and going into their | :09:02. | :09:04. | |
bellies, and sometimes ending up on our plates as well. There is a big | :09:05. | :09:08. | |
human impact on this. So despite whatever is happening in terms of | :09:09. | :09:12. | |
Brexit and the EU, one thing that can be done is that this government | :09:13. | :09:20. | |
can do something today, nationally, for the UK consumers and UK wildlife | :09:21. | :09:22. | |
to ban microbeads and hopefully influence the EU in the long-term. | :09:23. | :09:27. | |
Thank you for your time this morning. Let's show you market is | :09:28. | :09:33. | |
really quickly. It is all about the Federal Reserve annual meeting on | :09:34. | :09:38. | |
Friday, markets are treading water and trying to guess what will Janet | :09:39. | :09:44. | |
Yellen say, ahead of the US Federal Reserve, when she does her speech | :09:45. | :09:48. | |
there at the end of the week? That is all from me for the time being. I | :09:49. | :09:51. | |
will see you soon. The Labour leadership candidate | :09:52. | :09:57. | |
Owen Smith has pledged | :09:58. | :10:00. |