:00:00. > :00:00.Those are the latest headlines from BBC World News.
:00:00. > :00:00.Now for the latest financial news with
:00:00. > :00:22.Too broke to party: Towns and cities across Brazil cancel their Carnival
:00:23. > :00:26.parades as they face the worst recession in more than a century.
:00:27. > :00:31.We go inside India's multi-billion dollar gambling black market
:00:32. > :00:38.and ask whether legalising it would be a better bet.
:00:39. > :00:45.Also coming up: Markets await the latest US jobs figures,
:00:46. > :00:54.I have nine minutes. You give me nine minutes and I will give you a
:00:55. > :00:56.fascinating and exciting snapshot of all the news in the world of
:00:57. > :01:03.business and money. We are also in Brazil,
:01:04. > :01:05.where final preparations are taking place in Rio de Janeiro for what's
:01:06. > :01:08.become known as the world's biggest party, the annual Carnival,
:01:09. > :01:10.which officially opens later. Rio's parades will take place
:01:11. > :01:13.as normal, but across the country the party mood is in short supply,
:01:14. > :01:16.and in many places Carnival has The outbreak
:01:17. > :01:23.of the Zika virus is just the latest blow to Brazil, it's not yet clear
:01:24. > :01:26.how badly it will hit tourism But even before Zika the economic
:01:27. > :01:35.situation was pretty desperate. Brazil's in the grip
:01:36. > :01:45.of the worst recession since 1901. The economy shrank an estimated 3.7%
:01:46. > :01:47.last year, with a drop almost 1.5 million jobs were wiped out
:01:48. > :01:54.in 2015 and inflation soared to almost 11%, piling the pressure
:01:55. > :02:08.on ordinary Brazilians. Add to this a massive corruption
:02:09. > :02:10.scandal paralysing the government, and further scaring away foreign
:02:11. > :02:12.investors. The budget deficit last year,
:02:13. > :02:28.that's the shortfall between what the government rakes
:02:29. > :02:32.in in income and what it spends, To put that in perspective,
:02:33. > :02:45.Greece had a deficit of 15% in 2009 That has meant massive austerity,
:02:46. > :02:53.and for many Brazilians this year, The BBC's Daniel Gallas reports
:02:54. > :03:15.from Cabo Frio, one of the towns A graveyard for carnival costumes.
:03:16. > :03:22.This town was supposed to be bustling with people working on this
:03:23. > :03:30.year's summer parade. But with the Zika crisis and economic crisis,
:03:31. > :03:37.carnival has been cancelled. Many towns and cities have cancelled
:03:38. > :03:45.their carnival. This year, public coffers are running dry, and the
:03:46. > :03:48.floats are staying in the grudge. This man showed me some sketches he
:03:49. > :03:56.had made full last year's parade. Last year, he won top position in
:03:57. > :04:03.the competition. He says it is unlikely to see celebrations like
:04:04. > :04:12.these again. I accept it is hard for the city to pay for the Carnival. Of
:04:13. > :04:15.course we think about public servants who haven't received their
:04:16. > :04:20.wages, but we also have to think about our own businesses. This man
:04:21. > :04:24.is a civil servant who works for one of the city's schools. Local
:04:25. > :04:30.government has not paid him a salary for the past two months. He is
:04:31. > :04:36.falling behind on debt payments and has had to find another job selling
:04:37. > :04:39.ice creams on the beach. This was supposed to be his holiday, but he
:04:40. > :04:48.is doing 10-hour shifts under the scorching sun. Civil servants have
:04:49. > :05:00.gone on strike and are camped out calling for payments. We used to get
:05:01. > :05:06.about $15 million in tax receipts per month. We are down to half of
:05:07. > :05:09.that now. But we are still running hospitals and schools as if we have
:05:10. > :05:13.the old budget, nothing is shut down. There is an upside to the
:05:14. > :05:19.crisis, with Brazilians taking their holidays at home, instead of
:05:20. > :05:24.travelling abroad. But that revenue will only last until the end of
:05:25. > :05:26.summer. Once the Carnival period is over, it would be a long year ahead
:05:27. > :05:28.for everyone. Let's go to Asia now where markets
:05:29. > :05:32.await the Year of the Monkey. Sharanjit Leyl is in Singapore
:05:33. > :05:43.for us. I found out this morning, I took a
:05:44. > :06:03.look at what I was in the zodiac, and I am a buy at sheep -- fire.
:06:04. > :06:09.What are you? I am apparently a wood ox. The whole world knows world we
:06:10. > :06:13.are now. Most of the markets are open today, this is the last day
:06:14. > :06:19.many of them will be open before they shut down for Chinese New
:06:20. > :06:24.Year, starting on Monday. But we are seeing a fairly mixed market as a
:06:25. > :06:29.result. The Nikkei is down almost 2%, with the strength of the yen
:06:30. > :06:33.really impacting it. We will see Toyota coming out with a result. A
:06:34. > :06:40.lot of automakers have been sold off, but we are seeing some games in
:06:41. > :06:45.the light of the Chinese market. In Hong Kong, the Hang Seng was higher.
:06:46. > :06:53.Flat results in China, and there is a lot of caution ahead of the key
:06:54. > :06:57.jobs report that is due. A lot of reports staying on the sidelines
:06:58. > :07:08.ahead of the Chinese New Year. We are also in India to take
:07:09. > :07:11.a look inside the shadowy world It's estimated that tens of billions
:07:12. > :07:17.of dollars a year are gambled A string of match fixing scandals
:07:18. > :07:21.have damaged the reputation of Indian sport, and pressure is
:07:22. > :07:23.growing to legalise sports betting But it's
:07:24. > :07:43.a hugely controversial subject It is merely race time, and as these
:07:44. > :07:48.jockeys lead their horses to the track, at 30 in the hall this
:07:49. > :07:53.picking up as well. Gambling is a big part of the day for many
:07:54. > :07:58.race-goers. Horse racing is the only sport where betting in India is
:07:59. > :08:03.legal. You will find licensed bookmakers at racecourses like this,
:08:04. > :08:08.accepting bets from punters, and this has been held up of an example
:08:09. > :08:15.of how gambling can be legalised across sport. For now, with most
:08:16. > :08:20.gambling outlawed, the underground sports betting market is thriving.
:08:21. > :08:24.Tens of billions of dollars are thought to be steak every year, the
:08:25. > :08:28.bulk of that money on cricket. Bookmakers tend to take bets only
:08:29. > :08:32.from gamblers who they know, to reduce the risk of being caught. But
:08:33. > :08:36.many punters who call the bookies to make their bets say they would
:08:37. > :08:43.rather be able to gamble out of the shadows. We are all scared of the
:08:44. > :08:49.police and that is why I have to be very careful when placing my bet. I
:08:50. > :08:56.call only known bookie. I think the government should legalise betting,
:08:57. > :09:01.as so many people do it. It might still be India's favourite sport,
:09:02. > :09:09.but the credibility of Indian cricket took a massive hit when a
:09:10. > :09:13.betting scandal came to light. As well as making gambling more
:09:14. > :09:21.transparent, it is said this will also bring in taxes and reduce the
:09:22. > :09:27.spread of black money. Gambling online is booming and law is
:09:28. > :09:32.ambiguous about its legality here. At the moment there are more betting
:09:33. > :09:40.sites allowing people to play for fun without risking any money. That
:09:41. > :09:44.taxation is realistic and they can pay that taxation to the government,
:09:45. > :09:47.then global, legitimate operators can come in and say they will
:09:48. > :09:53.deliver a strong, safe product to the market, and that will compete
:09:54. > :09:58.strongly with the blackmarket. As Indian sports leagues like football
:09:59. > :10:02.and others get more popular, interesting betting on them is also
:10:03. > :10:05.picking up. But for that to be done legally, we need Parliament to
:10:06. > :10:14.agree, and that could be a difficult law to pass through.
:10:15. > :10:17.I will be back with Chris to have a look at some of the papers from
:10:18. > :10:31.around the world. Eight and half thousand patients
:10:32. > :10:35.a day are in hospital when they