16/04/2014 World Business Report

latest headlines from BBC World News. Now for the latest financial

news with World Business Report. The world 's second`biggest economy

slows again. China grows 7.4% at the of the year. Airlines go back to the

future with a new jet fuel made from rubbish.

A very warm welcome to you. This is World Business Report. In just a

minute will look at the Valley of education around the world. First,

the world second biggest economy continues to slow. China grew just

some 74% in the first three months of the year. Its slowest rate for

five years. The slowdown is part of government policy to generate wealth

in a more sustainable way. The changes have hit China's bloated

steel industry hardest. Our correspondent Martin Patience

reports from the steel mills of Tangshan in Hebei province.

If the industry that has seen China's searing growth. Still has

transformed its cities and laid the foundation of the world 's

second`largest economy. But now the industry is a symbol of China's

economic weakness. Nowhere is that clearer than in Hebei province. It

produces more steel in a year than the US. But oversupply, as well as

concerns about pollution, these unprofitable steel mills are being

forced to close. We visited one of the dozens of plants that have

stopped production. It is incredibly eerie here but when we talk about

economic restructure in time, this is what it looks like. All the

industries will be left to rust while investment goes elsewhere. It

is a painful process as the workers at this plant have already found

out. It means that tens of thousands of people will lose their jobs.

Outside the gate, labourers can work for a whole day and get no work.

This man said a couple of years ago he was making $700 a month. Now he

is lucky if he makes half that. If the mill do not produce, we do not

get hired. There are hundreds of people like me. China's leaders say

major economic reforms are required to create new, better paying jobs.

But many in the country 's industrial heartlands fear they will

be thrown on the scrap heap. They're often blamed for being the biggest

polluters of the corporate world but now airlines trying to flex their

green credentials. British Airways is pioneering a new jet fuel made

from rubbish. BA is building a plant which will extract hydrogen and

carbon from ordinary household waste to produce kerosene. The BBC's

Jeremy how asked the head of BA's parent company Willie Walsh what was

behind the ecofuel initiative. We are up for addressing our

environmental performance and this is one way of ensuring that going

forward, we have a sustainable industry. British Airways is putting

its money where its mouth is. How much work you have to do to get the

infrastructure necessary to make your new fuel? Using the old

facility has its advantages because there is infrastructure in place. We

expect to take the next 12 months going through the planning process

before we start construction. It is expected to be finished in 2017 and

then we will start producing. How much will it cost to produce this

jet fuel compare to what you would pay on the open market? With believe

we can create the fuel at a price that is competitive with the spot

price of oil today. We have to demonstrate that it has commercial

reality as well as the sustainability, environment and

sustainability. This contributes to financial sustainability and

environmental sustainability. Of the total demand that British Airways

has for fuel, how much of that will be filled by the jet fuel coming

from you? It will produce about 2% of requirements. Equivalent to about

3/2 thousand flights on a 787 from Heathrow to New York every year. We

believe this project are scalable. What would you say to environmental

campaigners, scientists who say this is just another example of corporate

brainwashing? This is a reality. This is turning waste that would

have been put in a hole in the ground, waste that would have

created methane. Waste that can be used efficiently to create a fuel

that is sustainable and has a significantly lower in pact on

environs. In other news. Internet search

engine Yahoo reported a fall in earnings in the first three months

of the year. It made 312 million dollars, down from the same period

in 2013. Ad sales account for 40% of its revenue. They rose just 2%. The

results were slightly disappointing for chief executive Marissa Mayer

who has given herself two years to turn round the company's fortunes.

Another fall in profits for computer chip giant Intel. The company made

1.9 billion dollars in the first quarter compared with two billion

dollars at the start of 2013. The fall in personal computer sales

around the world is hurting chip makers. But, Intel's aggressive push

into tablet computers helped offset that trend, beating market

expectations. It's often said that the best

investment you can make it a good education. A survey has been looking

at attitudes around the world at international schooling. How do

people seek their own countries? 75% of Singaporeans leave their

education is better than anything they could get overseas. But 79% of

Brazilians believe they have to leave the country to get the best

education.. And, despite Taiwan also doing well in international leagues

more than half of Taiwanese people surveyed would also send their

children overseas to learn. Michael Schweitzer is Head of Wealth Sales

and Distribution at HSBC carried out the research. Many thanks for coming

in and talking to us. Education is at the forefront and everyone's

mind. The rising cost of education is making headlines across the

globe. Let's begin by talking about the countries which really rate

their own education systems. There is a wide spread there. Actually,

America is considered by 51% of respondents to be the best education

available, followed by the UK, Germany and Australia. But within

countries, you have a pretty widespread belief. You talked about

Singapore believing they have strong education. That has a lot to do with

the economic success that they have had within their market but for the

vast majority of countries that we survey, most look abroad for the

education with the ability... Particularly with countries where

English is not the first language. Which countries specifically tend to

send their youngsters abroad in order to study? Is the lot of

developing markets do that. Brazil, Taiwan, China. Indonesia, Malaysia.

Where you have developing markets where traditionally English is not

the first language, you will see more of that happening. What are the

most popular destinations for education? US is number one followed

by the UK. And then Germany is right behind with Australia coming in

behind that. Those are the top four countries that people look to. When

you look the other way, for English`speaking countries, fewer

people have moved internationally. It is about 30% who would consider

sending their kids abroad. This is a survey we conducted across 15

countries with 4500 families. It is statistically relevant. English

speaking countries, most will probably stay within their own

country. Fascinating research there. Many thanks.

A quick look to see how markets are getting on. Over in Asia, they have

been led higher by Japan's negate. That is how investors are shrugging

off news of China's economy. That's all. Do stay with me, I will be back

for a look ahead at the papers. Many thanks to Alice for that.

First, the Archbishop of Wales, is joining more than 30 bishops, and

400 other clergy from multiple churches to protest about the level

of hunger among Britons ` as new figures are released showing that

more than 900,000 people