By Business & Finance 
Business & Finance brings you the day’s Irish business news in brief.
Takeda to invest €40m in a new production in Dublin An investment by Takeda will expand its Grange Castle site’s existing footprint, with the construction of a new standalone containment production facility dedicated to manufacturing its oncology product Ninlaro for global markets. The largest pharmaceutical company in Japan, Takeda first set up operations in Ireland in 1997 manufacturing products for global markets. In 2002 Takeda chose Dublin as the location for its first active pharmaceutical ingredient (API) facility outside of Japan. Read more here. Economy set to grow by 3% up to 2025 according to ESRI The ESRI’s latest Economic Outlook for Ireland has forecast that the economy should grow by 3% every year until 2025. This growth is said to be supported by the fact that more female workers in the labour force as well as a return to net immigration. The ESRI’s latest outlook also predicts that strong labour demand is expected to reduce the unemployment rate to over 6% over the medium term. The agency also stated that 30,000 new houses needed to be built over the medium term.
Winners announced at Business Journalist Awards 2016
Eight of Ireland’s leading business journalists from The Irish Times, Sunday Business Post, UTV Ireland, RTÉ News, Fora.ie/TheJournal.ie and Irish Independent were honoured today by the UCD Michael Smurfit Graduate Business School Business Journalist Awards 2016.
In addition to the seven listed categories, an Outstanding Achievement Award was presented to Charlie Weston of Irish Independent for his contribution to business journalism over a career spanning 30 years for his work in print media and as a regular broadcast contributor.
UCD Michael Smurfit Graduate Business School also received some positive news today after it was ranked 29th in the prestigious Financial Times European Business Schools 2016 rankings.
The School has jumped seven places from last year’s 36th place.
Irish SMEs wait the longest to be paid, according to new global study
Ireland’s SMEs are waiting the longest for payment from customers, according to the inaugural Global Business Monitor report from international business funder, Bibby Financial Services (BFS).
The global study surveyed business owners in the USA, Germany, UK, Poland, Hong Kong and Ireland and found that Irish SMEs wait an average of 38 days for payment.
Almost half (45%) of SMEs in Ireland are paid after 30 days, and over one in ten (17%) are waiting twice as long – up to 61 days and over – for payment.
Two fifths (39%) of Irish SMEs said that cashflow was an issue – equal highest in the study with US businesses – and 41% of respondents had suffered bad debt, where customers fail to pay in the past 12 months, with an average of €23,000 being written off.
Markets close out week on cautious note as Italian referendum loomed
The polls correctly predicted the ‘No’ result, which has dealt a fatal blow to the government of prime minister Matteo Renzi, who promptly resigned.
The week’s economic news finished with Friday’s non-farm payrolls from the US, which was broadly in line with market expectations.
The jobless rate fell to 4.6%, which represents a nine year low. Hourly earnings fell slightly but the market now views an interest rate hike at the Fed’s December meeting as a near certainty.
Oil rallied strongly over the course of the week as OPEC announced it will implement the ‘Algiers Accord’, which details an oil output cut of approximately 1.2 million barrels/day.
Agreement looked to be out of reach before an 11th hour call between Saudi and Russian diplomats salvaged a deal. The support of Russia, the largest non-OPEC oil producer, was integral and helped push oil above $51/barrel.
Read more here.
Enterprise Ireland and Northwell Health announce partnership agreement
A partnership agreement between Enterprise Ireland and Northwell Health, a leading US healthcare provider, was signed in the presence of An Taoiseach Enda Kenny in New York during his visit to the US.
The Northwell partnership is a market-led initiative steered by Enterprise Ireland to allow Irish companies immediate access at an early stage to key market leaders in the US.
As a result, companies will have access to clinicians and key decision makers in a major health network, which will provide valuable insights in the products and services that are required in the market in the future.
The partnership will give Enterprise Ireland clients the opportunity to work with Northwell Health to build capability in their business and learn how hospital procurement processes work in the US.
In turn, Northwell will work with Enterprise Ireland and their clients to develop and commercialise new medical technologies, secure joint ventures and provide platforms to integrate with US healthcare companies.
Read more here.
