Phoenix posts profit jump in strong annual results

first_img“I remain convinced that the drivers for consolidation are inevitably increasing and will tip the balance toward more institutions seeking to divest their capital-heavy legacy businesses to leaders in the heritage space such as Phoenix,” he added. “We see significant potential for further value creation in the bulk purchase annuities market,” chairman Nicholas Lyons said. whatsapp Phoenix buys life and pensions books from companies looking to move them off their balance sheets. Share Full year dividend rose slightly to 46.8p per share from 46p per share last year. Operating profit rose to £810m in 2019 from £708m in the previous year. whatsapp Show Comments ▼ Also Read: Phoenix posts profit jump in strong annual results James Booth The company announced today that deputy finance director Rakesh Thakrar would succeed Jim McConville as finance director on 15 May. Monday 9 March 2020 12:27 pm The company’s new chief executive Andy Briggs is set to take over from Clive Bannister this month after joining from Aviva. Cash generation rose to £707m, up from £664m the previous year and exceeding the cash generation target of £600m – £700m for the year. Also Read: Phoenix posts profit jump in strong annual results Phoenix posts profit jump in strong annual results Insurance consolidator Phoenix said profit jumped 14 per cent last year and cash generation exceeded targets to hit £707m. Phoenix has set a cash generation target of £800m – £900m for 2020. Shares fell three per cent to 663p.last_img read more

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Leaked document trove reveals banking giants enabled money laundering

first_imgOnce filed, these notices absolve banks of responsibility to ensure the laundering does not continue. FinCEN passes the SARs onto law enforcement agencies, but does not require banks to shut down the activity. The documents consist of thousands of suspicious activity reports (SARs), which are filed by banks to regulators to alert them of potentially criminal activity happening in their clients’ accounts. What’s in the files? Why do these leaks matter? More than 3,000 UK companies are named in the FinCEN Files, more than any other country. It has been named a “higher risk jurisdiction” as a result, alongside countries such as Cyprus. Emily Nicolle InstitutionNumber of SARsAmount flaggedDeutsche Bank982$1.3 trillionBNY Mellon325$64bnStandard Chartered232$166bnJP Morgan107$514bnBarclays104$21bnHSBC73$4.4bnBank of China35$1.3bnBank of America35$384mWells Fargo21$57mCitibank18$251mData compiled by Buzzfeed News Show Comments ▼ Some of the world’s biggest banks have been caught enabling trillions of dollars in money laundering to flourish under their watch, thousands of leaked government documents have revealed. Leaked document trove reveals banking giants enabled money laundering The FinCEN Files, named after the US Treasury’s anti-fraud agency, have been shared by Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). The trove shared today encompasses more than 2,100 SARs sent to US authorities, spanning from 1999 to 2017. Documents analysed by Buzzfeed News allegedly show that even after criminals were prosecuted or fined for financial misconduct, banks such as JP Morgan, HSBC, Standard Chartered, Deutsche Bank, and BNY Mellon continued to move money for those involved. The banks involved have told reporters they cannot comment on on specific transactions mentioned in the files due to banking security laws, but that they met all the required legal and regulatory duties. City A.M. has not been able to reach all the banks implicated by the files for comment. You can read their statements as submitted to Buzzfeed News here.center_img The top 10 banks represented in the FinCEN Files include: Sunday 20 September 2020 6:44 pm Though FinCEN itself is a US network, it requires notification of concerns about any transaction made in US dollars — even if it took place outside the US. (Getty Images) whatsapp That means the documents in the FinCEN Files cover about $2 trillion of transactions over the 18-year period analysed. Even then, they only represent a fraction of the SARs submitted in that time. Meanwhile files checked by the BBC claim to show one of Russian President Vladimir Putin’s closest friends may have used Barclays in London to launder money and dodge sanctions. The FinCEN Files are different to previous leaks in the past that lifted the lid on corruption, such as the Panama Papers, because the documents come from the banks themselves rather than select companies. whatsapp Share Central banks have also been named in the reports, such as the United Arab Emirates’ central bank which is said to have failed to act on warnings about a local firm which was helping Iran evade sanctions. They claim to show how global financial corruption has continued to grow for years, unchecked by government agencies and enabled by banks such as Citibank, HSBC, Barclays, JP Morgan and Standard Chartered among others.last_img read more

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Officers at Martin Shkreli’s company received huge raises, documents show

first_img ‘It’s not funny, Mr. Shkreli. People are dying.’ Related: Related: At a hearing on prescription drug prices, he pointed to newly released documents from a committee investigation that showed Turing approved raises for its officers at a board meeting and spent thousands of dollars on chartered yachts, celebrity performances, and a “fireworks package.”advertisement Nancy Retzlaff, Turing’s chief commercial officer, insisted the company spends 60 percent of its net revenues on research and development. Susan Walsh/AP PoliticsOfficers at Martin Shkreli’s company received huge raises, documents show Shkreli became synonymous with high drug prices after Turing bought a drug — which is used to treat AIDS patients — and raised the price from $13.50 a pill to $750 a pill, an increase of more than 5,000 percent.advertisement He played a video of Shkreli saying, in a local television interview: “We take all of our cash, all of our profits, and spend it on research for these patients.”Spending 60 percent of the revenues on research is “not all the cash,” Chaffetz told Retzlaff.“I’m a conservative guy. I want people to make profits … You know why I think you’re lying to us? You didn’t say ‘profit,’” Chaffetz told Retzlaff.“I think you’re purposely avoiding it. I don’t think you’re telling the full and complete truth,” he said. “I think you’re both being disingenuous and incomplete in your answers.”Retzlaff allowed that “of course we expect to make a profit” — but insisted that Turing provided enough financial assistance to vulnerable patients, especially the uninsured, that many only paid “pennies” for Daraprim.Chaffetz, however, said those costs will be shifted to insurers and government programs — and that other Americans will end up paying the costs.“Who’s paying the 750 bucks? Suckers! And you know who the suckers are? The American public,” Chaffetz said. “Your extravagance is something we all have to pay for.”center_img WASHINGTON — Martin Shkreli, the former pharmaceutical executive that much of Congress loves to hate, has repeatedly argued that his company spent most of its money on research to develop new and better drugs.On Thursday, Jason Chaffetz, the chairman of the House Oversight and Government Reform Committee, argued that Shkreli and his old firm, Turing Pharmaceuticals, were more interested in turning a profit — and weren’t being honest about it. By David Nather Feb. 4, 2016 Reprints At the hearing, Nancy Retzlaff, Turing’s chief commercial officer, insisted that “we invest 60 percent of our net revenues” in research and development, more than most drug companies spend.But Chaffetz, a Utah Republican, accused Turing of “lying” about what he suspected was its real motive: profit. ‘Pow!’ ‘It will be huge.’ Emails show Shkreli’s team exulting at drug price hike One employee — whose name was redacted — was given a raise of 400 percent, from $160,000 per year to $800,000, according to minutes from a 2015 meeting. Two others saw their salaries hiked to $600,000. One had previously made $275,000 and the other $250,000. Tags Congressdrug pricesMartin Shkrelipolicylast_img read more

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Gilead’s ‘trough year’ looking harder to dig out from after miserable first quarter

first_img Senior Writer, Biotech Adam is STAT’s national biotech columnist, reporting on the intersection of biotech and Wall Street. He’s also a co-host of “The Readout LOUD” podcast. What is it? By Adam Feuerstein May 2, 2018 Reprints Gilead’s ‘trough year’ looking harder to dig out from after miserable first quarter About the Author Reprints Log In | Learn More [email protected] @adamfeuerstein AP What’s included?center_img GET STARTED STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Adam’s Take Let’s list the good news that emerged Tuesday night from Gilead Sciences’ (GILD) first-quarter earnings report: Sales of the personalized cellular cancer therapy Yescarta totaled $40 million, nicely above the $18 million consensus forecast.And that’s it. Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. Adam Feuerstein Tags biotechnologySTAT+last_img read more

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CSA to provide guidance to proxy advisory firms

Facebook LinkedIn Twitter Related news James Langton Today it said that, after reviewing the comments it received on that consultation, that it has concluded that a response from the CSA is warranted, and that it believes a “policy-based approach” that would give firms guidance on best practices and disclosure is the right way to go. The CSA says that its guidance will improve transparency in the proxy advisory industry. “We are in the process of developing our proposed approach, which we intend to publish for comment in the first quarter of 2014,” it says. In its initial consultation paper the CSA indicated that its concerns about the proxy advisory business include: potential conflicts of interest, a perceived lack of transparency, potential inaccuracies and limited dialogue between proxy firms and issuers, corporate governance issues, and the unknown extent to which investors rely on proxy firms to guide their votes. Companies to get bigger say in proxy voting advice The Canadian Securities Administrators (CSA) say that they intend to provide regulatory guidance to proxy advisory firms early next year. The CSA published a notice that provides an update to a consultation it initiated last year, contemplating the possible regulation of the firms, which provide advice to institutional investors on various proxy issues, from corporate governance matters to proposed takeover deals. Keywords Proxy advisory firmsCompanies Canadian Securities Administrators ISS sues SEC over guidance on proxy advice Share this article and your comments with peers on social media SEC seeks to toughen proxy rules read more

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Feds could erase debt by 2060: PBO

first_imgAndy Blatchford Provincial bonds get record attention from foreign investors: StatsCan The federal government’s bottom line is on a sustainable path that could see Ottawa eliminate the national debt entirely in about 40 years, a new report from the parliamentary budget officer (PBO) said Thursday. However, the analysis highlighted far bleaker fiscal outlooks for many of the provinces, with particular long-term budgetary challenges in Alberta and Newfoundland and Labrador. Related news Keywords Provinces,  Ottawa Provinces to feel the pandemic pinch in 2021: Moody’scenter_img Share this article and your comments with peers on social media While Ottawa is on track to pay off its debt by 2060, the document projects the combined debts of provincial and territorial governments to rise to over 100% of gross domestic product (GDP) from 28% of GDP within the next 75 years under existing fiscal policies. The office notes that these fiscal projections are not forecasts and it stresses they only show the possible consequences if governments were to maintain their current fiscal structures over the long term. Mostafa Askari, the assistant parliamentary budget officer, said the document is intended to provide governments with a sense of what lies ahead — and enough time for them to make any adjustments well before their situation gets worse. “The idea is that if you wait too long, the challenge becomes much bigger and more painful for people,” Askari said. “This provides a framework for debate on these policy issues.” At the federal level, the PBO estimates the government could maintain fiscal sustainability even if it were to introduce permanent tax cuts or spending increases worth 1.2% of gross domestic product — or $24.5 billion. It said Ottawa is on a trajectory that, without any changes, could see it eliminate its annual deficits by around 2040. Among the provinces, the report did identify two bright spots that stand out from their peers: Quebec and Nova Scotia. They are the only provinces with fiscal trajectories that were considered sustainable over the long haul, leaving them room to introduce tax cuts or to increase government spending. The report found Quebec to be in the best fiscal position. It said Quebec could even maintain its fiscal sustainability after introducing permanent tax cuts or spending increases worth up to 3% of its GDP or $11.7 billion. At the other end of the spectrum, the analysis found that the remaining provinces and territories will likely be forced to raise taxes or reduce expenditures in order to avoid decades of deficits. The energy-producing provinces of Alberta and Newfoundland and Labrador face the biggest challenges, said the analysis overseen by parliamentary budget officer Jean-Denis Frechette. For Newfoundland, it estimated that permanent tax hikes or spending cuts of 6.5% of provincial GDP — or $2 billion — would be required to achieve fiscal sustainability. In Alberta, the government would need permanent tax increases or spending reductions of 4.6% of provincial GDP — or $14.1 billion — to return to a sustainable track. Askari noted that equalization transfers via the federal government to the provinces definitely have an impact on the PBO’s long-term calculations. He said the analysis found that Quebec, which currently receives about 61% of the total equalization envelope, would see its share grow to 75% in 75 years. Over the same period, however, Askari added that Newfoundland and Labrador isn’t expected to receive anything from equalization, largely because of its shrinking population. In 2017-18, Quebec was once again — by far — the biggest beneficiary of equalization payments as it received more than $11 billion from the $18-billion program. Based on a complex and long-contentious formula, the constitutionally guaranteed equalization program redistributes cash to poorer provinces to help fund public services. The PBO numbers look different from a Finance Department report released last December by the Trudeau government, which predicted that, barring any policy changes, the federal government could run annual shortfalls until at least 2050-51. Since then, the country’s outlook has changed after the economy easily beat expectations with a powerful performance in the first half of 2017. Facebook LinkedIn Twitter Provincial finance ministers divided on top priority for meeting with Morneaulast_img read more

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AAIB Report G-KDEY, Crashed near aerodrome boundary during local flight, Aston Down, Gloucestershire

first_imgAAIB Report G-KDEY, Crashed near aerodrome boundary during local flight, Aston Down, Gloucestershire The pilot of a Scheibe SF25E (G-KDEY), was flying a series of circuits and was heading towards the airfield when the aircraft struck the ground in a field west of the airfield boundary, 23 March 2020.The investigation found that carbon monoxide had been leaking from the exhaust and is likely to have impaired or rendered the pilot unconscious before the aircraft hit the ground.The report highlights the EASA and CAA guidance on maintenance of piston engine exhaust systems to reduce the risk of carbon monoxide poisoning and the options available in selecting carbon monoxide detectors for General Aviation aircraft. A CAA safety leaflet and EASA report also highlights the issues associated with the use of Mogas and the increased risk of carburettor icing due to the ethanol content.Read the report. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:aircraft, Aviation, carbon, engine, Government, investigation, pilot, poisoning, Safety, UK, UK Governmentlast_img read more

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Free Speech Under Increasing Threat: Malaysia

first_imgFree Speech Under Increasing Threat: Malaysia Human Rights Watch(Bangkok) - The Malaysian authorities are increasingly using criminal investigations to harass journalists, protest leaders, and various other critics of the government, Human Rights Watch said today. Many are facing potential prosecution and have been subject to police questioning about their work or speech.Malaysia’s Penal Code, Sedition Act, Peaceful Assembly Act, and Communications and Multimedia Act all contain overbroad and vaguely worded provisions that allow the police to investigate or arrest people for a wide range of activities or speech that the government dislikes. Recent cases have targeted people for organizing public protests, reporting on allegations of police abuse, drawing cartoons, and posting an ironic Spotify playlist.“In a rights-respecting democracy, the government does not view journalism as a crime and accepts criticism and satire as free speech,” said Linda Lakhdhir, Asia legal advisor. “The Malaysian government’s growing use of criminal laws to target critics demonstrates its rapidly declining regard for human rights standards.”In a recent case, the police have opened criminal investigations into two Malaysiakini journalists for their coverage of allegations that police brutality was the cause of a death in detention. The journalists are being investigated under a broadly worded provision of the penal code that criminalizes the “spread of rumors that can cause fear and alarm to the public, which could induce a person to commit an offense against the state or to public peace.”“Reporting on allegations of government misconduct is part of a journalist’s job,” Lakhdhir said. “Rather than investigating the reporters, the Malaysian authorities should be conducting a credible investigation into the allegations of police abuse.”On April 23, 2021, the police arrested graphic artist and activist Fahmi Reza in relation to a jealousy-themed Spotify playlist he had created as a satirical response to a controversial tweet by Malaysia’s queen. He is being investigated under Malaysia’s Sedition Act, which criminalizes any speech with a tendency to “excite disaffection” against or “bring into hatred or contempt” members of Malaysia’s royalty. If convicted, Fahmi faces up to seven years in prison.The authorities have also opened a criminal investigation of political cartoonist Zulfikar Anwar Ulhaque, known as Zunar, over a satirical drawing that mocked the Kedah chief minister for his decision to cancel a holiday marking a Hindu festival. He was questioned on May 7 as part of an investigation under section 505(c) of the Penal Code, another overly broad provision that criminalizes speech “which is likely to incite any class or community of persons to commit any offense against any other class or community of persons,” and section 233 of the Communications and Multimedia Act.Leaders of recent peaceful protests have also been the target of police investigations. The police have called in for questioning eight people who participated in a “breaking fast” event on April 30 in Kuala Lumpur to protest the continued suspension of Malaysia’s parliament. The eight, which include several opposition politicians, are being investigated under section 9(5) of the Peaceful Assembly Act for failure to give notice of the event.Earlier in May, the police questioned several people, including opposition member of parliament Fahmi Fadzil and Sevan Doraisamy, the executive director of the human rights group Suara Rakyat Malaysia, over their participation in a solidarity protest for Fahmi Reza held outside the Dang Wangi police station on April 24, the day of his remand hearing. Police also called in for questioning at least four people, including three opposition members of parliament, for participating in a peaceful protest against the election commission’s delay in implementing a reduction in the voting age to 18.International norms establish that no one should be held criminally liable for the mere act of organizing or participating in a peaceful assembly. The imposition of criminal penalties on individuals who fail to notify the government of their intent to peacefully assemble is disproportionate to any legitimate state interest that might be served.“The investigations are bad enough, but Malaysia has such vague and overbroad laws that the police can go after almost anyone for just about anything they do or say,” Lakhdhir said. “The government needs to stop treating criticism as a crime and amend or repeal the abusive laws being used against critical speech and peaceful protest.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Asia, Commission, communications, community, criminal penalties, Democracy, detention, Government, Human Rights, Human Rights Watch, investigation, Kuala Lumpur, Malaysia, parliament, prosecution, Spotifylast_img read more

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Cork Supply/Tonnellerie OI: CEO Promotions and Company Name Change Announcements

first_img TAGSCork SupplyHarv 81 GroupJosh TrowbridgepeoplePeter Hladun AdvertisementPeter Hladun Promoted to CEO, Cork Supply USA, Josh Trowbridge Promoted to CEO, Tonnellerie Ô, The Cork Supply Group becomes Harv 81 GroupPeter HladunApril 20, 2021 – Benicia, California – The Harv 81 Group is pleased to announce the promotion of Peter Hladun to Chief Executive Officer, Cork Supply USA, and Joshua Trowbridge to Chief Executive Officer, Tonnellerie Ô; the promotions become effective immediately.“Both Peter and Josh have been instrumental in building the company brands and strategically positioning our portfolio of superior top of the bottle and oak products at the forefront of the marketplace,” said Harv 81 Group founder Jochen Michalski. “Their leadership skills are exceptional and with their deep industry experience of the global wine closures, cooperage, and oak alternatives industries, I am confident Cork Supply USA and Tonnellerie Ô are well-positioned to continue their outstanding growth and development.” Hladun and Trowbridge will report directly to Michalski, President of Harv 81 Group. Joshua TrowbridgeMichalski also explained the recent transition of the group name Cork Supply Group to Harv 81 Group, saying, “Our mission is to proudly support the global wine and spirits community by providing consistent and reliable solutions and products. We wanted a name that represents our drive towards innovation and our expertise in closures, oak, and labels. We realized that it is time to honor our past while projecting our future – we are Harv 81 Group.”About Harv 81 GroupIn 1981 we founded Cork Supply, the first company of the Harv 81 Group in the US. In the decades that followed we opened Cork Supply operations in the leading wine markets of the world (Australia, South Africa, Portugal, Spain, France, Argentina, Italy, and China) with the same commitment to excellence. Today we produce premium natural and technical corks for wine and spirits producers, and we work hard to redefine quality through innovation, superior service, and expertise. During these decades of growth, we diversified into other areas of business that also support wine and spirits producers. In 2007, we entered the label market with the award-winning company Studio Labels in Australia. In 2008, we opened Tonnellerie Ô, a state-of-the-art cooperage to manufacture high quality barrels in the US. Today, with our long-lasting expertise and deep commitment to quality, we can proudly say that we support the wine and spirits producers by providing consistent, reliable, and premium solutions through these companies. We are experts in Closures, Oak and Labels. We are Harv 81 Group.Advertisement Pinterest Facebook ReddIt Home Industry News Releases Cork Supply/Tonnellerie OI: CEO Promotions and Company Name Change AnnouncementsIndustry News ReleasesWine BusinessCork Supply/Tonnellerie OI: CEO Promotions and Company Name Change AnnouncementsBy Press Release – April 20, 2021 163 0 Linkedin Share Email Previous articleVehrs Distributing Company, Inc., Appoints Blake Darrow Vice President of Strategic RetailNext articleWilson Daniels Welcomes Famille Joly to Loire Valley Portfolio Press Release Twitterlast_img read more

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Father of man shot in St Johnston says his son was shot for no…

first_img Today is the 30th anniversary of Eddie Fullerton’s murder RELATED ARTICLESMORE FROM AUTHOR Disruption to cancer service will increase mortality – Oncologist Facebook Pinterest Google+ Previous article‘No amount of bullets or bullies will solve drugs problems’ Foyle MLA EastwoodNext articleGardai call on motorists to be mindful of driving conditions this weekend News Highland News By News Highland – May 4, 2012 WhatsApp Twitter Twittercenter_img Father of man shot in St Johnston says his son was shot for no reason Google+ Donegal hoteliers enjoy morale boost as bookings increase Gardai investigate Castlefinn burglary Donegal retains 14 Blue Flags, Lisfannon is not restored WhatsApp Pinterest The father of a man who was shot in the arm and both legs on Tuesday night in St Johnston has said his son almost died as a result of losing so much blood.39-year-old James Curtis was shot four times in front of his partner, while his 8-month old child slept upstairs.Republican Action Against Drugs claimed responsibility for the shooting yesterday.James’ father, Maurice, said that they had no reason to shoot his son…..[podcast]http://www.highlandradio.com/wp-content/uploads/2012/05/maur1pm.mp3[/podcast] Hospitalisations rise as Donnelly suggests masks will stay ’til autumn Facebooklast_img read more

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