THINKING SKILLS SET TO REPLACE MANUAL SKILLS - Unemployment during 2008 will go over 5% and put a greater emphasis on people acquiring new skills for work. That is according to the Chartered Institute of Personnel and Development.
The Chartered Institute of Personnel and Development's Director Michael McDonnell says the key issue in the coming year is to concentrate on skill development. He says that Ireland today is clearly moving from a low wage economy and Irish workers need to be far more competitive in terms of quality of the work they do. He says that complex jobs are replacing repetitive jobs, thinking skills are going to replace manual skills. If this issue is not addressed, Mr McDonnell says there is great danger the country will end up with a two-tier workforce.
Mr McDonnell says that young people entering the workforce today recognise the need for life-long learning with very few expecting a company to give them a job for life. He says they know that they have to take personal ownership and responsibility for their skill development. But workers over the age of 40, who have grown up in a more compartmentalised world, will become much more vulnerable over the next five years because the type of skills they have may go out of existence.
***
OIL PRICES HEAD BACK UP ON SUPPLY CONCERNS - The price of oil rose above $96 a barrel today, amid expectations that US government data will show crude stocks falling for the seventh consecutive week, and as fresh violence in major oil exporter Nigeria increases supply concerns. US light crude for February delivery rose 47 cents to $96.45 a barrel. For the record, oil prices rose nearly 58% last year, the biggest annual gain this decade.
*** MORNING BRIEFS - Norwegian public companies have been frantically trying to meet this week's Government deadline to fill 40% of board seats with women. If they don't, they risk being shut down. Some of the 400-odd companies affected held extraordinary general meetings over the Christmas period to elect female directors. Others may go private to avoid the law.
*** On the currency markets, the euro is worth $1.4660 and 73.7 pence sterling.
