Havana in recession to break record, alas? (10)

'havana in recession to break record alas?' is the definition.
I can't judge whether this defines the answer.

'havana in recession to break record' is the wordplay.
'havana' becomes 'cigar' (I've seen this in another clue).
'in recession' says the letters should be written in reverse (letters recede or go back).
'to break' means one lot of letters goes inside another (inserted letters break into the word).
'record' becomes 'tally' (tallying is a kind of recording).
'cigar' reversed gives 'ragic'.
'ragic' inserted inside 'tally' is 'TRAGICALLY'.

Can you help me to learn more?