31/08/2016 World Business Report

Now for the latest financial news with Sally and World Business

Decision day - Brazil's suspended President Dilma

Rousseff finds out if she'll be permanently removed from office.

A victim of falling oil prices - the Nigerian economy is set

to officially enter a recession for the first time in more

Drivers strike in Mumbai. First of all, let's talk about the

impeachment trial of Brazil's first female president, Dilma Rousseff.

Ms Rousseff is accused of illegally manipulating government accounts

to hide excessive spending by the state.

Despite this, last year the government still ran a budget

deficit - that's the difference between spending and tax revenue -

worth more than 10% of the country's GDP.

And the government's finances aren't the only the problem facing

Inflation currently stands at 9%, double the target rate set

This sustained rise in the cost of living has only made things worse

for the 11 million people in Brazil without a job.

With me is Jimena Blanco, Head of Americas at risk consultancy

Nice to see you. We have talked about this many times during this

impeachment process. We are forecasting that she will be

impeached. They should get the 54 votes they need to definitely remove

Dilma Rousseff today. The Vice President, Michel Temer will become

president for the next two years and then the country returns to its

normal general election process. There are so many politicians in

government and opposition who are also being investigated? The major

corruption allegations and the scandal in the country that has led

or played a role in a Dilma Rousseff impeachment... Clearly public

sentiment decreased during the corruption scandal... These

politicians will continue to be investigated or stop different

sources of political tensions will continue in the coming years. In

terms of the economy, it has turned a corner? We are starting to see

indications of investor confidence, industrial confidence. Consumer

confidence is starting to pick up but it is really just the beginning

of a recovery which we expect in 2017, 2018. But investors are

looking at Brazil. It has been strong because resilient assets are

very cheap. Prior to the Olympics, it was all about the economy in

recession and the slump in economy prices, and the Zika virus, the

political crisis and now we feel things could be moving on and

getting better in Brazil? In the next 2-5 years, yes, things will

start getting better but we are talking about 9% inflation and 11

million unemployed. We expect that unemployment will continue to rise

for the coming months. We are seeing trade Unions starting to pick up,

Labour action, strike action and with the Michel Temer government

looking for legislation that tension will continue to rise. To what

extent is the economy at the mercy of commodity and oil prices were

smack it definitely affects the outlook in terms of the speed of the

recovery for Brazil. Another issue is how indebted households are in

Brazil. We have seen a record Vigurs in the last month, households they

cannot pay their debt. -- record figures. This is going to start to

continue worsening for peeping on the ground regardless of what the

commodity prices and do. Always good to talk to you. Needless to say,

when we get that vote in the Senate in Brazil we will update you here on

BBC News. Thousands of Indian auto-rickshaw

drivers have gone on strike in Mumbai over the lack

of regulation covering ride Let's go to Rico Hizon

in our Asia Business So Rico, is this a clash between

modern technology and tradition? It is all about comfort and

efficiency versus cramped vehicles and the rickshaw drivers are

protesting over the lack of regulations covering services such

as Uber. And their main competition. Over 80,000 members will make an

impact and have their voices heard today. To put these at base camps.

The rules formulated the government and if they are asked to drive

outside the financial district of Mumbai. The transport Minister is

trying to appease these rickshaw drivers. You will be meeting them

and has assured the unions of taking a positive decision on regulating

it. They should just have their app, just to compete. That eat. They need

to get an app. The rickshaw app. Africa's biggest economy

is suffering its worst economic Figures to be release today

are expected to show Nigeria is officially in recession

for the first time The slump in global oil prices

is a big reason why. We'll have a report from Lagos

in World Business Report The mega city of Lagos, the economic

muscle is reeling from the countries worst economic crisis in years.

Since I was born, I have never seen a worse economic like what we are

facing now. Things are so bad. Right now I have nothing doing. There is

no job, business so what are we doing in this country? Nothing. I do

not have a job any more. No money. Contractors did not give me job

because they do not have money to pay. Here in the countries biggest

port, plummeting oil prices are pushing up the price of imports.

These ships arrive full but leave empty and that is because Nigeria,

apart from oil, produces almost nothing. It imports tactically

everything from cars to washing machines to even food. When the

countries ports are suffer in, that means the economy is facing a big

shock. Nigeria's are grappling with high inflation and many are

struggling to keep their jobs. It is the worst I've seen in 34 years.

Over the last few months, we have assessed the workforce and we have

had to cut down close to 50% of our staff. So how do you kickstart

growth? The government wants to see more home-grown manufacturers like

this one, producing buses and cars. We are supporting our country. The

economy. Manufacturing is very, very important to Nigeria because our

major problem is unemployment. Manufacturing will solve the problem

of unemployment. By changing the economy will not be easy. The wheels

have come off and it is going nowhere fast..

In other news: South Korea's largest shipper has reportedly applied

for receivership after its creditors decided to stop pumping-in money.

Hanjin Shipping had piled up debts of $5 billion by the end

Like many in the shipping industry it's been hit hard by the slowing

global economy and lower freight rates.

So far there's been no comment from the company.

The Nigerian Football Federation says that it does not have the money

to pay the salary arrears of the coach of the national

Samson Siasia took Nigeria to the bronze medal in Rio,

the country's only medal of the games, but he is

Let's look at the financial markets and Japan had a better session

today. The yen is much weaker which is helping. In the US, interesting

to see that Apple shares are only down by 1% at the close yesterday at

you can see all the markets at a lower across the board. I will see

you soon. The Prime Minister Theresa May

will chair a meeting of the Cabinet today to discuss the next steps

in Britain's plan to leave The meeting will be held

at Chequers, the Prime Minister's