:00:00. > :00:00.latest headlines from BBC World News. Now for the latest financial
:00:00. > :00:25.news with World Business Report. The world 's second`biggest economy
:00:26. > :00:31.slows again. China grows 7.4% at the of the year. Airlines go back to the
:00:32. > :00:38.future with a new jet fuel made from rubbish.
:00:39. > :00:45.A very warm welcome to you. This is World Business Report. In just a
:00:46. > :00:52.minute will look at the Valley of education around the world. First,
:00:53. > :01:02.the world second biggest economy continues to slow. China grew just
:01:03. > :01:06.some 74% in the first three months of the year. Its slowest rate for
:01:07. > :01:09.five years. The slowdown is part of government policy to generate wealth
:01:10. > :01:11.in a more sustainable way. The changes have hit China's bloated
:01:12. > :01:13.steel industry hardest. Our correspondent Martin Patience
:01:14. > :01:25.reports from the steel mills of Tangshan in Hebei province.
:01:26. > :01:29.If the industry that has seen China's searing growth. Still has
:01:30. > :01:32.transformed its cities and laid the foundation of the world 's
:01:33. > :01:39.second`largest economy. But now the industry is a symbol of China's
:01:40. > :01:44.economic weakness. Nowhere is that clearer than in Hebei province. It
:01:45. > :01:51.produces more steel in a year than the US. But oversupply, as well as
:01:52. > :01:55.concerns about pollution, these unprofitable steel mills are being
:01:56. > :02:00.forced to close. We visited one of the dozens of plants that have
:02:01. > :02:05.stopped production. It is incredibly eerie here but when we talk about
:02:06. > :02:12.economic restructure in time, this is what it looks like. All the
:02:13. > :02:16.industries will be left to rust while investment goes elsewhere. It
:02:17. > :02:21.is a painful process as the workers at this plant have already found
:02:22. > :02:26.out. It means that tens of thousands of people will lose their jobs.
:02:27. > :02:35.Outside the gate, labourers can work for a whole day and get no work.
:02:36. > :02:40.This man said a couple of years ago he was making $700 a month. Now he
:02:41. > :02:44.is lucky if he makes half that. If the mill do not produce, we do not
:02:45. > :02:50.get hired. There are hundreds of people like me. China's leaders say
:02:51. > :02:55.major economic reforms are required to create new, better paying jobs.
:02:56. > :03:10.But many in the country 's industrial heartlands fear they will
:03:11. > :03:13.be thrown on the scrap heap. They're often blamed for being the biggest
:03:14. > :03:16.polluters of the corporate world but now airlines trying to flex their
:03:17. > :03:19.green credentials. British Airways is pioneering a new jet fuel made
:03:20. > :03:22.from rubbish. BA is building a plant which will extract hydrogen and
:03:23. > :03:25.carbon from ordinary household waste to produce kerosene. The BBC's
:03:26. > :03:33.Jeremy how asked the head of BA's parent company Willie Walsh what was
:03:34. > :03:36.behind the ecofuel initiative. We are up for addressing our
:03:37. > :03:41.environmental performance and this is one way of ensuring that going
:03:42. > :03:46.forward, we have a sustainable industry. British Airways is putting
:03:47. > :03:53.its money where its mouth is. How much work you have to do to get the
:03:54. > :03:58.infrastructure necessary to make your new fuel? Using the old
:03:59. > :04:03.facility has its advantages because there is infrastructure in place. We
:04:04. > :04:06.expect to take the next 12 months going through the planning process
:04:07. > :04:11.before we start construction. It is expected to be finished in 2017 and
:04:12. > :04:16.then we will start producing. How much will it cost to produce this
:04:17. > :04:20.jet fuel compare to what you would pay on the open market? With believe
:04:21. > :04:25.we can create the fuel at a price that is competitive with the spot
:04:26. > :04:32.price of oil today. We have to demonstrate that it has commercial
:04:33. > :04:35.reality as well as the sustainability, environment and
:04:36. > :04:39.sustainability. This contributes to financial sustainability and
:04:40. > :04:43.environmental sustainability. Of the total demand that British Airways
:04:44. > :04:52.has for fuel, how much of that will be filled by the jet fuel coming
:04:53. > :04:58.from you? It will produce about 2% of requirements. Equivalent to about
:04:59. > :05:10.3/2 thousand flights on a 787 from Heathrow to New York every year. We
:05:11. > :05:16.believe this project are scalable. What would you say to environmental
:05:17. > :05:22.campaigners, scientists who say this is just another example of corporate
:05:23. > :05:26.brainwashing? This is a reality. This is turning waste that would
:05:27. > :05:32.have been put in a hole in the ground, waste that would have
:05:33. > :05:35.created methane. Waste that can be used efficiently to create a fuel
:05:36. > :05:39.that is sustainable and has a significantly lower in pact on
:05:40. > :05:43.environs. In other news. Internet search
:05:44. > :05:47.engine Yahoo reported a fall in earnings in the first three months
:05:48. > :05:56.of the year. It made 312 million dollars, down from the same period
:05:57. > :05:59.in 2013. Ad sales account for 40% of its revenue. They rose just 2%. The
:06:00. > :06:02.results were slightly disappointing for chief executive Marissa Mayer
:06:03. > :06:06.who has given herself two years to turn round the company's fortunes.
:06:07. > :06:11.Another fall in profits for computer chip giant Intel. The company made
:06:12. > :06:15.1.9 billion dollars in the first quarter compared with two billion
:06:16. > :06:18.dollars at the start of 2013. The fall in personal computer sales
:06:19. > :06:21.around the world is hurting chip makers. But, Intel's aggressive push
:06:22. > :06:22.into tablet computers helped offset that trend, beating market
:06:23. > :06:38.expectations. It's often said that the best
:06:39. > :06:42.investment you can make it a good education. A survey has been looking
:06:43. > :06:47.at attitudes around the world at international schooling. How do
:06:48. > :06:50.people seek their own countries? 75% of Singaporeans leave their
:06:51. > :06:56.education is better than anything they could get overseas. But 79% of
:06:57. > :06:59.Brazilians believe they have to leave the country to get the best
:07:00. > :07:02.education.. And, despite Taiwan also doing well in international leagues
:07:03. > :07:10.more than half of Taiwanese people surveyed would also send their
:07:11. > :07:13.children overseas to learn. Michael Schweitzer is Head of Wealth Sales
:07:14. > :07:22.and Distribution at HSBC carried out the research. Many thanks for coming
:07:23. > :07:28.in and talking to us. Education is at the forefront and everyone's
:07:29. > :07:32.mind. The rising cost of education is making headlines across the
:07:33. > :07:38.globe. Let's begin by talking about the countries which really rate
:07:39. > :07:43.their own education systems. There is a wide spread there. Actually,
:07:44. > :07:46.America is considered by 51% of respondents to be the best education
:07:47. > :07:52.available, followed by the UK, Germany and Australia. But within
:07:53. > :07:57.countries, you have a pretty widespread belief. You talked about
:07:58. > :08:01.Singapore believing they have strong education. That has a lot to do with
:08:02. > :08:05.the economic success that they have had within their market but for the
:08:06. > :08:09.vast majority of countries that we survey, most look abroad for the
:08:10. > :08:15.education with the ability... Particularly with countries where
:08:16. > :08:19.English is not the first language. Which countries specifically tend to
:08:20. > :08:25.send their youngsters abroad in order to study? Is the lot of
:08:26. > :08:30.developing markets do that. Brazil, Taiwan, China. Indonesia, Malaysia.
:08:31. > :08:33.Where you have developing markets where traditionally English is not
:08:34. > :08:37.the first language, you will see more of that happening. What are the
:08:38. > :08:44.most popular destinations for education? US is number one followed
:08:45. > :08:48.by the UK. And then Germany is right behind with Australia coming in
:08:49. > :08:53.behind that. Those are the top four countries that people look to. When
:08:54. > :08:58.you look the other way, for English`speaking countries, fewer
:08:59. > :09:03.people have moved internationally. It is about 30% who would consider
:09:04. > :09:09.sending their kids abroad. This is a survey we conducted across 15
:09:10. > :09:13.countries with 4500 families. It is statistically relevant. English
:09:14. > :09:19.speaking countries, most will probably stay within their own
:09:20. > :09:25.country. Fascinating research there. Many thanks.
:09:26. > :09:32.A quick look to see how markets are getting on. Over in Asia, they have
:09:33. > :09:39.been led higher by Japan's negate. That is how investors are shrugging
:09:40. > :09:45.off news of China's economy. That's all. Do stay with me, I will be back
:09:46. > :10:02.for a look ahead at the papers. Many thanks to Alice for that.
:10:03. > :10:05.First, the Archbishop of Wales, is joining more than 30 bishops, and
:10:06. > :10:08.400 other clergy from multiple churches to protest about the level
:10:09. > :10:10.of hunger among Britons ` as new figures are released showing that
:10:11. > :10:12.more than 900,000 people