05/02/2016 World Business Report

Those are the latest headlines from BBC World News.

Now for the latest financial news with

Too broke to party: Towns and cities across Brazil cancel their Carnival

parades as they face the worst recession in more than a century.

We go inside India's multi-billion dollar gambling black market

and ask whether legalising it would be a better bet.

Also coming up: Markets await the latest US jobs figures,

I have nine minutes. You give me nine minutes and I will give you a

fascinating and exciting snapshot of all the news in the world of

business and money. We are also in Brazil,

where final preparations are taking place in Rio de Janeiro for what's

become known as the world's biggest party, the annual Carnival,

which officially opens later. Rio's parades will take place

as normal, but across the country the party mood is in short supply,

and in many places Carnival has The outbreak

of the Zika virus is just the latest blow to Brazil, it's not yet clear

how badly it will hit tourism But even before Zika the economic

situation was pretty desperate. Brazil's in the grip

of the worst recession since 1901. The economy shrank an estimated 3.7%

last year, with a drop almost 1.5 million jobs were wiped out

in 2015 and inflation soared to almost 11%, piling the pressure

on ordinary Brazilians. Add to this a massive corruption

scandal paralysing the government, and further scaring away foreign

investors. The budget deficit last year,

that's the shortfall between what the government rakes

in in income and what it spends, To put that in perspective,

Greece had a deficit of 15% in 2009 That has meant massive austerity,

and for many Brazilians this year, The BBC's Daniel Gallas reports

from Cabo Frio, one of the towns A graveyard for carnival costumes.

This town was supposed to be bustling with people working on this

year's summer parade. But with the Zika crisis and economic crisis,

carnival has been cancelled. Many towns and cities have cancelled

their carnival. This year, public coffers are running dry, and the

floats are staying in the grudge. This man showed me some sketches he

had made full last year's parade. Last year, he won top position in

the competition. He says it is unlikely to see celebrations like

these again. I accept it is hard for the city to pay for the Carnival. Of

course we think about public servants who haven't received their

wages, but we also have to think about our own businesses. This man

is a civil servant who works for one of the city's schools. Local

government has not paid him a salary for the past two months. He is

falling behind on debt payments and has had to find another job selling

ice creams on the beach. This was supposed to be his holiday, but he

is doing 10-hour shifts under the scorching sun. Civil servants have

gone on strike and are camped out calling for payments. We used to get

about $15 million in tax receipts per month. We are down to half of

that now. But we are still running hospitals and schools as if we have

the old budget, nothing is shut down. There is an upside to the

crisis, with Brazilians taking their holidays at home, instead of

travelling abroad. But that revenue will only last until the end of

summer. Once the Carnival period is over, it would be a long year ahead

for everyone. Let's go to Asia now where markets

await the Year of the Monkey. Sharanjit Leyl is in Singapore

for us. I found out this morning, I took a

look at what I was in the zodiac, and I am a buy at sheep -- fire.

What are you? I am apparently a wood ox. The whole world knows world we

are now. Most of the markets are open today, this is the last day

many of them will be open before they shut down for Chinese New

Year, starting on Monday. But we are seeing a fairly mixed market as a

result. The Nikkei is down almost 2%, with the strength of the yen

really impacting it. We will see Toyota coming out with a result. A

lot of automakers have been sold off, but we are seeing some games in

the light of the Chinese market. In Hong Kong, the Hang Seng was higher.

Flat results in China, and there is a lot of caution ahead of the key

jobs report that is due. A lot of reports staying on the sidelines

ahead of the Chinese New Year. We are also in India to take

a look inside the shadowy world It's estimated that tens of billions

of dollars a year are gambled A string of match fixing scandals

have damaged the reputation of Indian sport, and pressure is

growing to legalise sports betting But it's

a hugely controversial subject It is merely race time, and as these

jockeys lead their horses to the track, at 30 in the hall this

picking up as well. Gambling is a big part of the day for many

race-goers. Horse racing is the only sport where betting in India is

legal. You will find licensed bookmakers at racecourses like this,

accepting bets from punters, and this has been held up of an example

of how gambling can be legalised across sport. For now, with most

gambling outlawed, the underground sports betting market is thriving.

Tens of billions of dollars are thought to be steak every year, the

bulk of that money on cricket. Bookmakers tend to take bets only

from gamblers who they know, to reduce the risk of being caught. But

many punters who call the bookies to make their bets say they would

rather be able to gamble out of the shadows. We are all scared of the

police and that is why I have to be very careful when placing my bet. I

call only known bookie. I think the government should legalise betting,

as so many people do it. It might still be India's favourite sport,

but the credibility of Indian cricket took a massive hit when a

betting scandal came to light. As well as making gambling more

transparent, it is said this will also bring in taxes and reduce the

spread of black money. Gambling online is booming and law is

ambiguous about its legality here. At the moment there are more betting

sites allowing people to play for fun without risking any money. That

taxation is realistic and they can pay that taxation to the government,

then global, legitimate operators can come in and say they will

deliver a strong, safe product to the market, and that will compete

strongly with the blackmarket. As Indian sports leagues like football

and others get more popular, interesting betting on them is also

picking up. But for that to be done legally, we need Parliament to

agree, and that could be a difficult law to pass through.

I will be back with Chris to have a look at some of the papers from

around the world. Eight and half thousand patients

a day are in hospital when they