Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.

 

Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.

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ADB to improve quality of vocational education in Vietnam

Knowledge

The Asian Development Bank (ADB) has approved a $78 million financing package to help Viet Nam’s labor force meet market demands by improving the quality of National Technical and Vocational Education and Training (TVET) institutions

The Skills and Knowledge for Inclusive Economic Growth Project, supported by a $75mn loan from ADB, will provide advanced training equipment to 16 national TVET institutes.

Collaborating with the business community, these upgrades will enhance the quality of training programs for advanced skills in key growth areas like: electronics, mechanics, biotechnology, automation and automotives.

In addition, a $3mn grant financed by the Government of Japan will complement these activities by strengthening the quality of the so-called soft skills—such as the ability to communicate, teamwork, and problem-solve—and developing demand-driven short-term skills programs for women and youth in disadvantaged communities.

“With more than 60% of the population under age 35, Viet Nam has the potential to help deliver high and sustainable economic growth,” stated ADB Senior Social Sector Specialist Ms. Sakiko Tanaka.

“To help realize this potential, this project aims to help ensure Viet Nam’s labor force has the skills and knowledge necessary to increase their competitiveness and productivity for the global market.” She added.

Vietnam has enjoyed sustained economic growth in recent years, and has become one of the fastest growing economies in Southeast Asia. However, the country is currently facing a shortage of skilled labor, and its productivity is lower than its neighbours in Southeast Asia—7.5% of Singapore and 17% of Malaysia in 2015.

A survey by Vietnam’s Chamber of Commerce and Industry said TVET graduates lack industry-specific skills and other soft skills.

The project is expected to benefit about 75,000 students by improved teaching and learning environment. At least 2,500 adults and out-of-school youths are expected to take part in short-term skills training courses to help them find better-paying jobs or start their own businesses.

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