Morning business news - January 15

Wednesday 15 January 2014 10.17
Morning business news with Brian Finn
Morning business news with Brian Finn

There was an increase in permanent hiring in 2013 with salary increases for some sectors, according to specialist recruitment consultants Morgan McKinley. The consultants release a monthly monitor looking at employment and recruitment patterns and pay demands.

Trayc Keevans, Director of Inward Investment for Morgan McKinley, said there was a drop in the number of professional job opportunities and jobseekers in December, but that this was down to seasonal factors. "This is a trend we'd see year on year as professional jobs seekers are a bit more risk averse about moving in December," she commented. "The same is true for employers who are completing year-end activities before committing to a hire and there are also budget restrictions as companies may have spent their allocated funds by year end," she added.

2013 was described as very positive overall on the professional recruitment front. "There was a notable return to SMEs hiring as well as job creation by Enterprise Ireland and the IDA," Ms Keevans pointed out. "In the financial services sector, there was strong demand for advisors which was driven by the new Central Bank minimum competency code. Digital marketing and social media showed strong demand, as well as IT and ICT where there was development in a number of new technical areas," she added.

People working in those sectors are expected to command better salaries and conditions in 2014. Pay rises could also be on offer in areas such as human resources, life sciences, aircraft leasing and data analytics, according to Morgan McKinley.

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MORNING BRIEFS - The World Bank has raised its forecast for global growth for the first time in three years, pencilling in growth of 3.4% for this year. That is up on the estimate of 3% issued last June and also tops GDP growth for 2013 of 2.4%. The Bank suggests that the global economy is finally beginning to see a sustainable recovery after the financial crisis. The recovery will be led by a resurgent US, it added. The Bank also cut its forecasts for emerging economies to just above 5% annual growth - they had been posting rates of 7.5% before the crisis hit.

***Tullow Oil has published a trading statement which says that the exploration company is expecting total revenue of $2.6 billion for 2013 and gross profit of $1.4 billion, both up on the previous year. Tullow also issued an operational update on its Kenyan operations where it announces discoveries at two oil wells in the north of the country. It has updated its estimate of discovered resources in this basin to over 600 million barrels of oil.

*** Japan Airlines has temporarily grounded one of its Boeing 787 Dreamliners after a smoking, leaking battery was spotted at Tokyo's Nartia airport. It is the latest incident to affect the airline which has been dogged by a succession of teething problems. Last year, an issue with the battery - which was found to have been extremely flammable - grounded the entire Dreamliner fleet.