Politicians step in amid fears of poor advice for British Steel members

first_imgThe FCA’s notice to Active Wealth, restricting its permission to give pension-related adviceSource: FCA Register In his personal submission to the select committee, Tapper said: “We have found evidence of a breakdown in orderly advice in Port Talbot; we have anecdotal evidence that matters are little better in other towns where BSPS members [live].”Tapper added: “I hope that in future cases where members are asked to take choices as tough as those in [BSPS], lessons are learned and members are not abandoned to the market.”The FCA has visited advisers in Port Talbot and the surrounding area to “remind them of their requirements”. After a deal was agreed to allow BSPS to be separated from its sponsor, BSPS’ members – of which there are some 150,000 – have the option of joining the Pension Protection Fund or a new British Steel scheme.They can, however, also transfer their benefits out of the fund, an option that is available independent of the restructuring of the fund.Members had until 11 December, two days before the committee meeting, to make a decision. It today extended to 22 December the deadline for members to send their completed option form to the scheme.The scheme has also reportedly extended to 26 January the deadline for pension transfer quotes for current quotes near expiry. The committee’s special evidence session is part of its inquiry into the operation of ‘pension freedoms’.British Steel Pension Scheme was shortlisted for IPE’s 2017 Corporate Pension Fund award. IPE understands individuals claiming to be pension advisers have been approaching employees of Tata Steel – BSPS’ sponsoring employer – outside the company’s factory in Port Talbot.The politicians will also hear from representatives of steelworkers and their union, the BSPS trustees, the Financial Conduct Authority (FCA), and financial advice firms Celtic Wealth and Active Wealth. The latter is reported to be engaged in poor advice practices, luring members to transfer out, and FCA has told it to stop accepting any new clients on pension business. UK parliamentarians are to hold a special meeting about evidence of dubious advice being given to members of the £15bn (€13.2bn) British Steel Pension Scheme (BSPS).In a statement the committee said it had “received evidence of questionable approaches and unsuitable advice being given to members of the BSPS, which the chair has described as a ‘honeypot for scammers’, and there are fears of BSPS members nearing retirement losing huge amounts of their life savings”.The special evidence session will inform a report that will propose regulatory and other measures to prevent similar situations.The pensions select committee of the House of Commons is to hear evidence from Henry Tapper, a director at First Actuarial, and independent financial adviser Alastair Rush. The pair have visited Port Talbot in Wales, where Tata Steel UK’s operations are based, and have reported poor advice practices and confusion about what options are available.last_img read more

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Aberdeen Standard, Jupiter firm up Brexit plans

first_imgAberdeen Standard Investments (ASI) has announced plans for a Dublin office from which to manage money for its European clients, ahead of the UK’s exit from the EU.The group has appointed Victoria Brown as managing director of the Irish entity, to work alongside Jennifer Richards, head of distribution for Ireland.Brown has worked for Aberdeen Asset Management since 2000, and is currently head of regional management for Europe, the Middle East and Africa (EMEA). She previously led Aberdeen’s operations in Luxembourg prior to its merger with Standard Life last year.In a statement, ASI said the Dublin office would “complement” its existing Luxembourg base, which manages more than 100 funds. Dublin, Ireland“The Irish hub, which will contract directly with European clients and oversee our European branches, complements our Luxembourg hub which manages funds across Europe,” Marshall said. “These two businesses, working together and with our German business based in Frankfurt, will ensure that we continue to meet the needs of our customers and clients across Europe, after the UK leaves the European Union.“It is a combination that will give clear and distinct focus to the needs and aspirations of our clients in the EU27 countries.”Ireland’s minister for business, enterprise and innovation Heather Humphreys said Aberdeen’s decision was “a great win” for the country’s efforts to grow its financial services sector. The UK is expected to exit the European Union on 31 March 2019. European regulators have emphasised that financial services companies must have a presence inside the EU in order to do business.Meanwhile, Jupiter Asset Management plans to expand its Luxembourg office ahead of Brexit. LuxembourgChief executive Maarten Slendebroek was quoted as saying this week that Jupiter aimed to hire a number of staff in Luxembourg. The company already has distribution offices in several European countries, while its Luxembourg SICAV offers more than 20 funds for European investors. In its annual results statement, published earlier this week, the listed asset manager said it had made “substantive plans” to establish a management company for its SICAV fund range, to be based in Europe.“Throughout the current period of uncertainty, we continue to maintain close dialogue and communication lines with both UK and European regulators to ensure we remain aware of and responsive to the latest industry guidance with the support of specialist experts,” the company said.center_img ASI runs more than €70bn on behalf of clients in Europe, excluding the UK. According to data compiled for IPE’s Top 400 Asset Managers report last year, as of the end of 2016 the two pre-merger entities of Standard Life and Aberdeen ran a combined €394bn in institutional assets, including UK clients.Gary Marshall, head of EMEA at Aberdeen Standard Investments, said the Irish base – which is still subject to regulatory approval – was part of the company’s plan to expand its presence in areas outside the UK.last_img read more

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TOURISM MINISTER DEFENDS GOVERNMENT’S INVESTMENT IN THE TOURISM SECTOR

first_img 55 Views   no discussions Share LocalNews TOURISM MINISTER DEFENDS GOVERNMENT’S INVESTMENT IN THE TOURISM SECTOR by: – February 17, 2011 Sharing is caring! Sharecenter_img Tweet Share GIS News by Emmanuel JosephHon. Minister for Tourism and Legal Affairs, Ian DouglasHon. Minster for Tourism, Ian Douglas, has sought to silence critics who seek to speak ill of recent investments by government in the tourism sector. The minister, while addressing a Labour Party Delegates Conference in Grand Fond over the weekend of February 13th,that recent investments in tourism is reaping tremendous benefits for Dominica.“The investment in tourism is, therefore, a worthwhile investment. Tourism, more than industry, earns its keep. So while there is talk in certain quarters questioning the rationale for the investing in this sector, let it be said that tourism provides us with the best competitive advantage in a global environment that is brutal and fierce since we have the assets, the talent and the tenacity to develop and build a world-class industry right there in Dominica.” According to the Tourism Minister, Dominica generates more than one hundred and eighty million dollars (XCD$180 000 000) per year from tourism, and more than two thousand five hundred (2 500) to three thousand (3000) people are employed either directly or indirectly in tourism-related jobs on the island.The Minister challenged citizens to find more creative ways to market Dominica as the nature island and intensify efforts to increase the country’s’ capacity in service excellence.“Many other industries here do not allow us the possibilities that tourism holds for a world class industry. However, if we are to take tourism to the next level, we will need to fashion a mind change in many of our people to set is as a service and to dedicate ourselves to quality and excellence. We will need also to increase and build linkages with other sectors especially the agricultural sector in other to increase efforts at job creation, entrepreneurship and avoid greater levels of leakage. The work is still on-going. We have to increase our capacity in service excellence, raise standards of the product and find more creative and innovative ways to market the Dominica brand, the Nature Island brand. We need also to redouble our efforts to increase airlift into the destination at a time when this is becoming more expensive and illusive, but this is an imperative that this government, as we move forward, will bring more visitors to our shores.”last_img read more

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Altidore set for Black Cats medical

first_img Press Association Sport understands the 23-year-old striker is due to fly in to undergo a medical having agreed personal terms. The Black Cats agreed a deal with Dutch club AZ Alkmaar for the United States international over the weekend and are keen to push the transfer through as quickly as possible. Press Association Jozy Altidore will arrive on Wearside on Monday to complete his move to Sunderland.center_img Altidore will become the latest man to join new manager Paolo Di Canio’s revolution as he overhauls the squad he inherited from predecessor Martin O’Neill. The Black Cats unveiled Bosman free signings Valentin Roberge, Cabral and Modibo Diakite last week having also added youngsters Duncan Watmore and David Moberg Karlsson to the mix, and the Italian has a series of other targets in his sights. However, the striking department is a priority with Scotland international Steven Fletcher having to carry much of the burden last season before injury struck, and Di Canio will hope the American is the man to provide the support. January signing Danny Graham has unable to date been unable to contribute on the goals front, while Connor Wickham and Ji Dong-won have struggled to make an impression and Stephane Sessegnon’s future remains uncertain. last_img read more

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Rooney: The goals will come

first_img Press Association Van Gaal has decided against signing a striker in the transfer window so far because he believes Rooney can score at least 20 goals for the club. Despite letting Robin van Persie and Radamel Falcao leave over the summer, the United boss is determined to stick with Rooney, Javier Hernandez and James Wilson as his three main strikers. It’s just a case of getting the chances and taking them, which I’m hopefully going to do soon. “I’ve always enjoyed playing against Newcastle, so hopefully on Saturday I can open my scoring.” While Rooney failed to bag in his ninth successive match, Memphis Depay stole the show at Old Trafford on Tuesday, scoring two and setting up Marouane Fellaini for the third goal, which puts United within touching distance of the Champions League group stages. Rooney feels the presence of the powerful Dutchman will help him break his duck. “It’s important that we all chip in,” Rooney said. “Memphis managed to get off the mark this season. I’ve had one bad game this season and everyone’s all over it. “I know, I’ve had that throughout my career but hopefully at the weekend I can get off the mark.” Despite his disappointment in front of goal, Rooney still enjoyed being part of United’s first Champions League game in 16 months. The United captain has missed playing in Europe’s top club competition and does not want to see any slip-ups from the team in Wednesday’s second leg in Belgium. “The Champions League is what you want to play in,” said Rooney, who was part of the United team that lifted the trophy in 2008. “It’s a great feeling stood there before the game when the music comes on and that’s when you know how special a tournament it is. Still, there’s an important game for us next week to go and finish the job off but Tuesday was a good result for us in terms of starting well.” And despite the recent criticism of his performances, the United captain is sure he will not let his manager down this year. “I’m an honest guy. I know when I don’t play well and against Aston Villa I was below my standards,” Rooney said after United’s 3-1 win over Club Brugge on Tuesday night. “It’s not a game which I want to look back on but obviously that happens in football. You’ll have nights like that and you have to move on. “It’s early on in the season. We are just three games in. I’ve experienced this (criticism) before and the goals will come, I know that. “I understand I have to be the one who’s going to lead that line for us and try and find the goals for us.” Rooney spent part of last season in a deeper midfield role but returned to his favoured striker’s position on United’s pre-season tour, when he scored once in four matches. Rooney insists he still knows how to operate as a lone striker, despite having not occupied that position on a regular basis for three years. “My mind is clear. I know how to play the role,” said Rooney, who will start up front for United against Newcastle on Saturday. Wayne Rooney has told manager Louis van Gaal he can still rely on him to deliver the goals for Manchester United this season despite a poor start to the campaign. last_img read more

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Deficit Surpasses $1 Trillion

first_imgSurprise! The federal deficit now exceeds a trillion dollars.According to numbers released by the Congressional Budget Office, the deficit surpassed the trillion-dollar mark in the first eleven months of the current fiscal year.To put that in perspective, that’s about $181 billion more than last year’s number.The CBO estimates the actual deficit for the year will be around 960 billion once the U.S. Treasury collects quarterly tax payments for September.Right now this massive deficit is not sustainable according to economists.Congress headed back to Washington this week once again facing a government shutdown with little time to act.Lawmakers have only three weeks to stop federal funding from lapsing. Current appropriations run out at the end of September.Facing the risk of a shutdown that could upend federal workers’ lives and drag on the economy, the Democratic-held House will push to pass a short-term bill to keep the government running. The chamber will consider a so-called continuing resolution during the week of Sept. 16.last_img read more

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Tennis Center Plans Warm-up Sessions

first_img Hancock County Court News Nov. 3 thorugh Dec. 11 – January 22, 2015 admin The Ellsworth Tennis Center will be hosting two “warm-up” sessions for the upcoming high school tennis season. Experienced and beginning players are invited to participate in the Friday sesssions from 5:30 to 8 p.m. March 20 and April 3. The cost is $15 for one session or $25 with advanced registration for both sessions for those who are not ETC members. Players are encouraged to call 664-0400 to sign up or for more information since space may be limited. Latest posts by admin (see all) Bio Latest Posts State budget vs. job creation – January 22, 2015 House fire in Winter Harbor – October 27, 2014 This is placeholder textThis is placeholder textlast_img read more

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Update on the latest sports

first_img Associated Press February 15, 2020 Kuchar followed Thursday’s 64 with a 2-under 69 that leaves him 9 under for the tournament. He’s two shots ahead of Harold Varner III, Rory McIlroy and Wyndham Clark.Varner and Clark stayed close by shooting 68s, while McIlroy fired a 67. They are one ahead of a host of players that includes Adam Scott, who shot a 64.Vaughn Taylor, Russell Henley and Sung Kang join Scott in a group at minus-6. That group doesn’t include Tiger Woods, Brooks Koepka (KEHP’-kuh) or Jordan Spieth (speeth), each of whom barely made the cut at even par.Phil Mickelson, Bubba Watson, Jason Day, Justin Thomas and Francesco Molinari are among those who missed the cut. Day imploded on Friday, carding a 76 that left him 2 over.LPGA-WOMEN’S AUSTRALIAN OPEN HORSE RACING-COUNTRY HOUSE RETIREDKentucky Derby winner Country House retired with foot injuryUNDATED (AP) — Kentucky Derby winner Country House has been retired because of a foot ailment.Blackwood Stables says the 4-year-old won’t race again after being treated for laminitis in his right front foot.Country House finished second in the 2019 Derby as a 65-1 shot and was placed first after Maximum Security was disqualified. That race at Churchill Downs was his last. Share This StoryFacebookTwitteremailPrintLinkedinRedditPGA-GENESIS INVITATIONALKuchar 2 upLOS ANGELES (AP) — Matt Kuchar (KOO’-chur) remains in the lead heading into the third round of the PGA’s Genesis Invitational at Riviera. Inbee Park takes 3-stroke lead at Women’s Australian OpenADELAIDE, Australia (AP) — Seven-time major champion Inbee Park hasn’t won an LPGA tournament in nearly two years, but she could soon be adding Australian to her 19 tour victories.Park took a three-stroke lead at the Women’s Australian Open on Saturday, shooting a 5-under 68 that included a 40-foot birdie putt on the 18th hole. She has a 54-hole total of 15-under 204.Nineteen-year-old Ayeon Cho will play in the final group with her fellow South Korean. Cho shot 69 on Saturday and was alone in second. American Marina Alex was third at 11-under after a 70, four strokes behind.WCUP-WOMEN’S GS New Zealand teenager Robinson wins GS in absence of ShiffrinKRANJSKA GORA, Slovenia (AP) — New Zealand teenager Alice Robinson crowned her breakthrough season in the World Cup with a second career victory on Saturday.Robinson, who turned 18 in December, overtook first-run leader Petra Vlhova to win a giant slalom, almost four months after edging out Mikaela Shiffrin in the season opener.The Olympic GS champion from the United States was missing this time. She is taking an indefinite break from racing following the death of her father Jeff almost two weeks ago.Slovenia’s Meta Hrovat and Switzerland’s Wendy Holdener shared third place as they both earned a second career podium result in giant slalom. Update on the latest sports An illness knocked him out of the Preakness, and he developed a condition in his left front leg in June that required re-admittance to a renowned equine hospital. Then he developed problems in his right front leg, and work was done to keep him alive and well.POLE VAULT-WORLD RECORDDuplantis breaks world pole vault record againGLASGOW (AP) — Armand Duplantis has broken the world pole vault record for the second time in eight days.The American-born Swede eclipsed his own mark by a centimeter when he vaulted 6.18 meters at the Glasgow Indoor Grand Prix on Saturday UNDATED (AP) — The coronavirus outbreak in China is raising concerns about a potential shortage of the hockey sticks used by the world’s top players.Two major manufacturers, Bauer and CCM, have factories in China that have closed. Officials with both companies say they are monitoring the situation. Warrior, the other major supplier of custom sticks for top hockey players, has not been affected because its production is based in Tijuana, Mexico.NHL equipment managers, players and their representatives are trying to navigate the situation the best they can. Detroit Red Wings equipment manager Paul Boyer said he has enough inventory for the next couple of weeks but isn’t sure what might happen after that given a two-week lag time for sticks to be delivered.Just how many sticks are used each season in the NHL isn’t known, but it’s a lot. Boyer figures Red Wings players go through 70 to 120 each year, which would translate to about 1,600 for a full team — and more than 50,000 across the 31-team league.Beer leagues can go on without worry. Bauer and CCM each independently said there has been no impact on the production of sticks for amateur players. He opened at 5.50 meters and then got over 5.75 on his second try. Two-time world champion Sam Kendricks led at that point, but exited the competition at 5.84.Duplantis sailed over with his first attempt at 5.84. With no one else left in the event, he also flew over at 6.00, a UK indoor all-comers record. The 20-year-old vaulter had the bar moved up to 6.18 and one attempt was all he needed as he flew well clear.Duplantis also broke the record in Torun, Poland last Saturday when an effort of 6.17 bettered the 6.16 set by Frenchman Renaud Lavillenie in Donetsk, Ukraine in February 2014.NHL-VIRUS-STICK SHORTAGE CONCERNSAmid virus outbreak, concerns about a hockey stick shortagelast_img read more

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Update on the latest sports

first_imgThe National Basketball Players Association is also part of the talks with Disney.Games would be held at the ESPN Wide World of Sports Complex, a massive campus on the Disney property near Orlando. NBA spokesman Mike Bass said the conversations were still “exploratory,” and that the site would be used for practices and housing as well.The ESPN Wide World of Sports Complex is a 255-acre campus with multiple arenas that could host games simultaneously and has been home to, among other things, the Jr. NBA World Championship in recent years. ESPN is primarily owned by Disney, one of the NBA’s broadcast partners.Space won’t be an issue, even if Major League Soccer — which is also in talks to resume its season at Disney — is there at the same time as the NBA. The entire Disney complex is roughly 40 square miles, with nearly 24,000 hotel rooms owned or operated by Disney within the campus.In other developments related to the coronavirus pandemic: May 23, 2020 Associated Press Update on the latest sportscenter_img — The NHL Players Association has accepted a proposal on a 24-team playoff format, but there are other items to discuss in the league’s bid to resume play. Those questions include potential game locations, when players can return to their respective teams and what non-playoff teams will be allowed to do during what could potentially become a 10-month break between games. Under the plan proposed by the NHL/NHLPA Return To Play committee, the top four teams in each conference would play each other in a mini-tournament for seeding. The remaining 16 teams face off in a best-of-five series play-in round to set the final 16 to compete for the Stanley Cup. The proposal will now go to the NHL board of governors. If approved, it would effectively end the season of the league’s bottom seven teams.— Georgetown basketball coach Patrick Ewing has tested positive for COVID-19 and is being treated at a hospital. The Hall of Fame player and former New York Knicks center says the virus is serious and should not be taken lightly, adding that he wanted to encourage everyone to stay safe and take care of themselves and their loved ones. Ewing also thanked the healthcare workers and everyone on the front lines. The school said the 57-year-old Ewing is the only member of its men’s program who has contracted the coronavirus.— Spanish Prime Minister Pedro Sánchez has announced that the soccer league in Spain will be allowed to resume June 8. It’s not clear when the first games will be held. The top tier, La Liga, has said it wants to resume play on June 12. There has been no play in the top tier due to the coronavirus crisis since March 12. Teams have recently returned to training at club facilities, but with players practicing individually. Barcelona is top of the league with a two-point lead over Real Madrid after 27 of 38 rounds.— Around 13,000 cardboard cutouts helped fill the stands at a key soccer match in Germany Saturday. Fans took pictures at home and paid for a cardboard cutout to be placed in the stands at the Bundesliga (BOON’-dehsh-lee-guh) game in Dusseldorf, which could help decide Champions League qualification. The effort didn’t help the home team much. Bayer Leverkusen beat host Borussia Mönchengladbach 3-1.— The World of Outlaws raced in front of live fans for the first time in months at a Sprint Car event in Missouri Friday night. Brad Sweet edged his brother-in-law Kyle Larson, who is back racing dirt cars after losing his Cup ride over a racial slur. In qualifying for the 30-lap feature at Federated Auto Parts I-55 Raceway, Larson became the first Sprint Car driver to break the 10-second barrier at the one-third mile, high-banked oval with a lap of 9.995 seconds. The Outlaws returned last week in Iowa at Knoxville Raceway for a race run without fans.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSNBA talking with Disney about resuming seasonUNDATED (AP) — The NBA is in talks with The Walt Disney Company on a single-site scenario for a resumption of play in Central Florida in late July. It’s the clearest sign yet that the league believes the season can continue amid the coronavirus pandemic.last_img read more

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Wisconsin wrestlers ready for tough competition at NCAAs

first_imgRedshirt freshman Tyler Graff is one of seven Badgers competing in the NCAA Championships this weekend.[/media-credit]Coming off a very strong showing at the Big Ten Championships a week ago, the Wisconsin Badgers are looking for continued success this weekend at the NCAA Championships in Omaha, Neb.When UW traveled to the University of Michigan for the Big Ten Championship March 6-7, two Badgers brought home conference titles and six earned automatic bids to the NCAA Championships. Another Wisconsin grappler earned an at-large bid to the NCAAs, giving them seven total.“I though we went out there and had a terrific weekend; a lot of guys really stepped up,” UW wrestling coach Barry Davis said.Wisconsin, which is ranked in most polls as the 14th best team in the nation, is only the sixth-highest ranked team in the Big Ten conference. As a result, the third-place result at the championships was a big one for UW, as the Big Ten is one of the strongest wrestling conferences in America this year.With only the NCAA Championships remaining, the Badgers are looking to focus as best they can on the final task ahead.“This is the week before the NCAA championships; we’re mentally locking in,” Davis said.Cole Schmitt, a redshirt freshman, did not win at the Big Tens in his weight class. Instead, he was a wild card pick to get in the championships; but some, including Coach Davis, feel he is posed for a possible deep run in the tournament.“Cole’s the type of guy that really loves the big stage,” Davis said.A big stage is something all of these wrestlers need to be ready for. The arena in which these wrestlers will be competing features around 21,000 seats and eight different mats.Davis, who is no stranger to the NCAA Championships, has spent time this week preparing his team mentally, in addition to the usual physical preparation.“I tell our guys, ‘just walk in, do your job, then get back to the hotel,’” Davis said.The top wrestler for the Badgers is Andrew Howe, who already has ‘Big Ten Freshman of the Year’ to attach to his name.Last year, as the No. 2 ranked wrestler in his weight class, Howe lost in the NCAA title match. This year, the sophomore is the top-ranked wrestler in his weight class after posting a perfect 32-0 record.“I know the Big Tens is a good tournament, is a big tournament and a nice tournament to win,” Davis said. “But his main focus has been the NCAA Championships.”According to Davis, losing in the NCAA championships has greatly matured Howe on and off the mat.“Andrew is really mature for his age; he’s become a great leader,” Davis said.During his tenure at the University of Iowa, Davis was a three-time NCAA champion.With such experience, many have related his success on the mat to being able to help a strong young wrestler such as Howe.“Me and Coach Donny Pitzlaf have been there; we only want what’s best for him and he knows that,” Davis said. “Trust between coach and athlete is critical.”Being at the top of his game, Howe is still known for the sheer amount of time he spends in the gym. According to Davis, he occasionally has to tell the freshman to take a bit of a break.To help Howe with staying off the mat all the time, Coach Davis works with him to maintain that intensity.“Sometimes you have to tell him to back off a little bit because wrestling is his life,” Davis said. “That’s what he really enjoys. Sunday he was out of the room, not on the mat, completely off of the mat. It’s to keep that hunger and thirst going for him.”UW is sending its top seven wrestlers to Omaha this weekend for the NCAA Championships, and hopes are very high for not only the individuals and their aspirations for NCAA titles, but for the team as a whole.According to Davis, it is not unreasonable to expect the Badgers to come out at or near the top as a team at the Championships.“If things go well, we’re hoping to bring home our first team trophy.”last_img read more

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