:00:00. > :00:00.Now for the latest financial news with Sally and World Business
:00:00. > :00:20.Decision day - Brazil's suspended President Dilma
:00:21. > :00:23.Rousseff finds out if she'll be permanently removed from office.
:00:24. > :00:29.A victim of falling oil prices - the Nigerian economy is set
:00:30. > :00:31.to officially enter a recession for the first time in more
:00:32. > :00:59.Drivers strike in Mumbai. First of all, let's talk about the
:01:00. > :01:10.impeachment trial of Brazil's first female president, Dilma Rousseff.
:01:11. > :01:13.Ms Rousseff is accused of illegally manipulating government accounts
:01:14. > :01:14.to hide excessive spending by the state.
:01:15. > :01:17.Despite this, last year the government still ran a budget
:01:18. > :01:20.deficit - that's the difference between spending and tax revenue -
:01:21. > :01:22.worth more than 10% of the country's GDP.
:01:23. > :01:24.And the government's finances aren't the only the problem facing
:01:25. > :01:27.Inflation currently stands at 9%, double the target rate set
:01:28. > :01:32.This sustained rise in the cost of living has only made things worse
:01:33. > :01:36.for the 11 million people in Brazil without a job.
:01:37. > :01:39.With me is Jimena Blanco, Head of Americas at risk consultancy
:01:40. > :01:51.Nice to see you. We have talked about this many times during this
:01:52. > :01:56.impeachment process. We are forecasting that she will be
:01:57. > :02:03.impeached. They should get the 54 votes they need to definitely remove
:02:04. > :02:09.Dilma Rousseff today. The Vice President, Michel Temer will become
:02:10. > :02:15.president for the next two years and then the country returns to its
:02:16. > :02:19.normal general election process. There are so many politicians in
:02:20. > :02:25.government and opposition who are also being investigated? The major
:02:26. > :02:32.corruption allegations and the scandal in the country that has led
:02:33. > :02:37.or played a role in a Dilma Rousseff impeachment... Clearly public
:02:38. > :02:41.sentiment decreased during the corruption scandal... These
:02:42. > :02:46.politicians will continue to be investigated or stop different
:02:47. > :02:51.sources of political tensions will continue in the coming years. In
:02:52. > :02:57.terms of the economy, it has turned a corner? We are starting to see
:02:58. > :03:02.indications of investor confidence, industrial confidence. Consumer
:03:03. > :03:10.confidence is starting to pick up but it is really just the beginning
:03:11. > :03:16.of a recovery which we expect in 2017, 2018. But investors are
:03:17. > :03:22.looking at Brazil. It has been strong because resilient assets are
:03:23. > :03:27.very cheap. Prior to the Olympics, it was all about the economy in
:03:28. > :03:33.recession and the slump in economy prices, and the Zika virus, the
:03:34. > :03:37.political crisis and now we feel things could be moving on and
:03:38. > :03:43.getting better in Brazil? In the next 2-5 years, yes, things will
:03:44. > :03:50.start getting better but we are talking about 9% inflation and 11
:03:51. > :03:57.million unemployed. We expect that unemployment will continue to rise
:03:58. > :04:03.for the coming months. We are seeing trade Unions starting to pick up,
:04:04. > :04:08.Labour action, strike action and with the Michel Temer government
:04:09. > :04:14.looking for legislation that tension will continue to rise. To what
:04:15. > :04:19.extent is the economy at the mercy of commodity and oil prices were
:04:20. > :04:24.smack it definitely affects the outlook in terms of the speed of the
:04:25. > :04:30.recovery for Brazil. Another issue is how indebted households are in
:04:31. > :04:38.Brazil. We have seen a record Vigurs in the last month, households they
:04:39. > :04:50.cannot pay their debt. -- record figures. This is going to start to
:04:51. > :04:54.continue worsening for peeping on the ground regardless of what the
:04:55. > :04:58.commodity prices and do. Always good to talk to you. Needless to say,
:04:59. > :05:02.when we get that vote in the Senate in Brazil we will update you here on
:05:03. > :05:03.BBC News. Thousands of Indian auto-rickshaw
:05:04. > :05:06.drivers have gone on strike in Mumbai over the lack
:05:07. > :05:08.of regulation covering ride Let's go to Rico Hizon
:05:09. > :05:12.in our Asia Business So Rico, is this a clash between
:05:13. > :05:28.modern technology and tradition? It is all about comfort and
:05:29. > :05:33.efficiency versus cramped vehicles and the rickshaw drivers are
:05:34. > :05:44.protesting over the lack of regulations covering services such
:05:45. > :05:50.as Uber. And their main competition. Over 80,000 members will make an
:05:51. > :06:00.impact and have their voices heard today. To put these at base camps.
:06:01. > :06:04.The rules formulated the government and if they are asked to drive
:06:05. > :06:13.outside the financial district of Mumbai. The transport Minister is
:06:14. > :06:17.trying to appease these rickshaw drivers. You will be meeting them
:06:18. > :06:25.and has assured the unions of taking a positive decision on regulating
:06:26. > :06:29.it. They should just have their app, just to compete. That eat. They need
:06:30. > :06:36.to get an app. The rickshaw app. Africa's biggest economy
:06:37. > :06:38.is suffering its worst economic Figures to be release today
:06:39. > :06:41.are expected to show Nigeria is officially in recession
:06:42. > :06:43.for the first time The slump in global oil prices
:06:44. > :06:47.is a big reason why. We'll have a report from Lagos
:06:48. > :07:02.in World Business Report The mega city of Lagos, the economic
:07:03. > :07:08.muscle is reeling from the countries worst economic crisis in years.
:07:09. > :07:14.Since I was born, I have never seen a worse economic like what we are
:07:15. > :07:21.facing now. Things are so bad. Right now I have nothing doing. There is
:07:22. > :07:32.no job, business so what are we doing in this country? Nothing. I do
:07:33. > :07:35.not have a job any more. No money. Contractors did not give me job
:07:36. > :07:43.because they do not have money to pay. Here in the countries biggest
:07:44. > :07:49.port, plummeting oil prices are pushing up the price of imports.
:07:50. > :07:54.These ships arrive full but leave empty and that is because Nigeria,
:07:55. > :07:59.apart from oil, produces almost nothing. It imports tactically
:08:00. > :08:05.everything from cars to washing machines to even food. When the
:08:06. > :08:10.countries ports are suffer in, that means the economy is facing a big
:08:11. > :08:17.shock. Nigeria's are grappling with high inflation and many are
:08:18. > :08:22.struggling to keep their jobs. It is the worst I've seen in 34 years.
:08:23. > :08:27.Over the last few months, we have assessed the workforce and we have
:08:28. > :08:32.had to cut down close to 50% of our staff. So how do you kickstart
:08:33. > :08:40.growth? The government wants to see more home-grown manufacturers like
:08:41. > :08:46.this one, producing buses and cars. We are supporting our country. The
:08:47. > :08:53.economy. Manufacturing is very, very important to Nigeria because our
:08:54. > :08:56.major problem is unemployment. Manufacturing will solve the problem
:08:57. > :09:01.of unemployment. By changing the economy will not be easy. The wheels
:09:02. > :09:07.have come off and it is going nowhere fast..
:09:08. > :09:10.In other news: South Korea's largest shipper has reportedly applied
:09:11. > :09:12.for receivership after its creditors decided to stop pumping-in money.
:09:13. > :09:15.Hanjin Shipping had piled up debts of $5 billion by the end
:09:16. > :09:22.Like many in the shipping industry it's been hit hard by the slowing
:09:23. > :09:23.global economy and lower freight rates.
:09:24. > :09:26.So far there's been no comment from the company.
:09:27. > :09:29.The Nigerian Football Federation says that it does not have the money
:09:30. > :09:31.to pay the salary arrears of the coach of the national
:09:32. > :09:37.Samson Siasia took Nigeria to the bronze medal in Rio,
:09:38. > :09:39.the country's only medal of the games, but he is
:09:40. > :09:57.Let's look at the financial markets and Japan had a better session
:09:58. > :10:04.today. The yen is much weaker which is helping. In the US, interesting
:10:05. > :10:08.to see that Apple shares are only down by 1% at the close yesterday at
:10:09. > :10:11.you can see all the markets at a lower across the board. I will see
:10:12. > :10:17.you soon. The Prime Minister Theresa May
:10:18. > :10:20.will chair a meeting of the Cabinet today to discuss the next steps
:10:21. > :10:22.in Britain's plan to leave The meeting will be held
:10:23. > :10:27.at Chequers, the Prime Minister's