7.50am Business News

To business news now, and the number of job openings in the country has fallen according to a new report. Adam Maguire from our business desk has more on this. Adam, how much smaller has the jobs pool gotten?

Yeah, the number of job openings fell by four point eight percent in the three months to the end of September, according to this report from recruitment firm Morgan McKinley. That's compared to the same period of twenty twenty-five. More significantly, though, uh, perhaps, is the number of people looking for new jobs has risen quite sharply in the same period. Uh, the number of job seeker registrations up fourteen percent in just three months, more than fifty percent higher year on year. So that means you have slightly fewer jobs-

Mm.

-a lot more people competing for them, which you would assume would favor employers. Not necessarily the case, though, according to the report. It says there are still significant skill shortages in many areas. Regulation, for example, is a big area of demand, particularly in tech and finance, and there remains skill shortages in areas like cybersecurity, engineering, construction, and of course, AI as well.

And speaking of AI, OpenAI's revenue is considerably lower than had been previously signaled.

Yeah. [laughs]

Who could have thought that this might-

Watch out for that.

-something like this might happen?

[laughs] We-- No one could have predicted this. [laughs]

[laughs]

Yeah, the, the AI company's revenues on an annualized basis, that takes revenues from, uh, a period of time, multiplies it to give you kind of full year projection, uh, are fifty billion dollars. So we learned that through financial documents shared with investors in the company, which had been seen by a number of outlets, including the Financial Times and Reuters. It compares to what many had estimated to be revenues of seventy billion, so a twenty billion-

Wow.

-uh, gap. Now, the error comes in part because OpenAI is an unlisted company, it doesn't need to disclose revenue or profit figures regularly. It doesn't even need to follow standard kind of structures and how it calculates those figures. So it was calculating revenues diff-differently to its main rival, Anthropic, which was a problem for investors who want to be able to compare the two-

Mm.

-and see how they're, they're getting on. Uh, based on what they knew about the business, then investors calculated OpenAI's a-a-a-annualized revenues at forty billion dollars in July. The firm then said its revenues had risen by seventy percent, and that's how we got to that seventy billion figure. It now turns out the figures in July were thirty billion, put seventy percent on top of that, and that's how you get to fifty billion. So far less than had been assumed. It should be said, though, that still is significant revenue growth in a short period of time.

Okay, finally then, trust in banking has slipped. This according to a survey by the Irish Banking Culture Board.

Yeah, this, uh, an organization established in the wake of the financial crisis and the tracker mortgage scandal, an attempt to kind of tackle the culture that had developed within banks, which had contributed to those two events. Its latest,