February 23, 2021 - Biz in 60

Business in 60 Seconds

UK unemployment hits highest level in almost five years Unemployment in the UK has reached its highest level in nearly five years after a coronavirus resurgence prompted tougher lockdown measures. The Office for National Statistics says the jobless rate rose to 5-point-1 percent in the final three months of 2020. The Bank of England expects the rate to peak at 7-point-8 percent in the third quarter of this year HSBC further shifts focus to Asia as annual profits plunge HSBC has unveiled a further strategic shift from developed markets to Asia's faster-growing economies. Europe's largest bank, which already generates the bulk of its revenues in Asia, has pledged to invest 6-billion dollars to expand in Hong Kong, China and Singapore. The plans come as the lender posted a 34-percent fall in annual profits due to the pandemic. Sudan devalues its currency to try to secure debt relief Sudan's central bank has sharply devalued its currency as it unified the official and black market exchange rates. The bank set the official rate at 375 Sudanese pounds to the dollar, from a previous rate of 55-pounds. The change was demanded by international lenders and is part of Sudan's efforts to secure debt relief and ease an economic crisis.