Extra Crunch Friday: 6 Toronto VCs discuss COVID-19 and the post-pandemic era

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Friday, August 14, 2020 By Walter Thompson

Welcome to Extra Crunch Friday

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Image Credits: Bryce Durbin

One of TechCrunch’s greatest strengths — I’d even call it an advantage — is the fact that our staff is distributed around the world.

As a result, we’re incapable of offering readers conventional wisdom generated inside a media bubble, and we pick up on trends before they break through widely. Last week, Managing Editor Matt Burns looked at Michigan’s startup ecosystem from his home base in Flint.

This week, he surveyed several venture capitalists who live and work in Toronto about how the COVID-19 pandemic is reshaping their outlook and behavior.

His findings? VCs expect the diverse city to remain a bustling fintech hub and some suggested that America’s current immigration controversies may benefit its neighbor to the north:

“Small, nimble teams that need to move fast may still choose to co-locate in person,” noted Stephanie Choo, head of investments at Portag3 Ventures.

Here’s who we spoke to:

Probal Lala, chairman, Maple Leaf Angels Capital Corporation
Stephanie Choo, head of investments, Portag3 Ventures
Adam McNamara, founding partner, Ramen VC
Ameet Shah, partner, Golden Ventures
Matt Golden, founder and managing partner, mGolden Ventures
Eva Lau, founding partner, Two Small Fish Ventures

Thanks very much for reading Extra Crunch this week; I hope you have a relaxing weekend.

Walter Thompson
Senior Editor, TechCrunch
@yourprotagonist

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Five success factors for behavioral health startups

Five success factors for behavioral health startups image

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Startups that offer mental and behavioral health services are being boosted by several factors besides the pandemic: not only is there less stigma associated with receiving treatment, regulations and policies are making it easier for companies to set up shop.

Guest contributors Courtney Chow and Justin Da Rosa of Battery Ventures shared five traits that “characterize successful companies in this area,” along with “four reasons we think the time is now for behavioral health startups.”

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Extra Crunch Partner Perk: members save 20% on Canva Pro

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Annual and two-year members of Extra Crunch can receive 20% off an annual plan for Canva Pro

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How to get what you want in a term sheet

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As a partner at legal firm Nixon Peabody, Lior Zorea has helped finance startups, arrange acquisitions and set up IPOs, so he was an ideal guest for TechCrunch Early Stage last month.

In a discussion with Managing Editor Danny Crichton, Zorea shared his best advice for founders who’ve just received their first term sheet.

These deal terms “may shape your startup for a decade or more,” notes Danny.

 

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No pen required: the digital future of real estate closings

No pen required: the digital future of real estate closings image

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Real estate is one of many industries undergoing a digital transformation that’s being sped up by the COVID-19 pandemic.

"The pandemic has accelerated lender, title provider and legislator evaluations of electronic and remote notarizations," says Nora Apsel, co-founder and CEO of online mortgage platform Morty.

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Emergence's Jason Green still sees plenty of opportunities for enterprise SaaS startups

Emergence's Jason Green still sees plenty of opportunities for enterprise SaaS startups image

Image Credits: Emergence Capital

Enterprise reporter Ron Green interviewed Jason Green (co-founder and partner at VC firm Emergence) about his track record after years of investing in once-early-stage companies like Box, ServiceMax and Yammer.

But to make things more interesting, he also reached out to some of the portfolio company CEOs and executives Green has worked with to find out what it’s like to work with him directly.

"Aptitude, motivation and team dynamics throughout the organization are all a huge part of the equation for Jason, and it carried into how he interacted with me," said Stacey Epstein, who has worked with Green at multiple companies.

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Dear Sophie: How can we sponsor H-1B transfers and extensions?

Dear Sophie: How can we sponsor H-1B transfers and extensions? image

Image Credits: Sophie Alcorn

Dear Sophie:

I work in people ops at a startup. We have no experience with H-1B visas. We recently received applications for job openings from a couple of strong applicants who are on H-1B visas with other companies. What should we know about hiring an H-1B visa holder?

One of the job applicants will need to have her H-1B renewed next year. What should we know about filing for a renewal? Are H-1B transfers and renewals still possible given that H-1B visas are no longer being issued at consulates?

— Newbie in Newark

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When you need content to build links, use social proof of concept

When you need content to build links, use social proof of concept image

Image Credits: Willie B. Thomas / Getty Images

As someone who’s spent a career producing online content, here’s a piece of advice: strive for originality, but don’t feel pressured to reinvent the wheel.

If you’re looking for ways to engage online audiences, you must meet them where they are. Literally.

Whether or not you describe yourself as a growth marketer, if you create public-facing content intended to get people on your side, this post offers easy steps you can follow to validate your messaging and execution.

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Does 👁👄👁 illustrate the power of meme culture in fundraising?

Does 👁👄👁 illustrate the power of meme culture in fundraising? image

Image Credits: Bryce Durbin

In June, the 👁👄👁.fm campaign captured the attention of investors, journalists and other members of tech society. The mysterious project gathered more than 20,000 emails for what many expected to be an invitation-only beta product.

In reality, the entire campaign was a commentary on Silicon Valley’s hype culture. Perhaps ironically, it boosted the profile of campaign participant Gefen Skolnick, who says meme culture gave her a larger platform.

"My fundraising experience has just been angel investors DMing me to tell me they're investing," she told Natasha Mascarenhas.

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Minted.com CEO Mariam Naficy shares 'the biggest surprise about entrepreneurship'

Minted.com CEO Mariam Naficy shares 'the biggest surprise about entrepreneurship' image

Image Credits: Elisabeth Fall

Minted CEO and serial founder Mariam Naficy joined Jordan Crook at TechCrunch Early Stage to talk about what she’s learned while building companies and leading teams.

Their conversation touched on several themes: the differences between being a co-founder and going solo, the challenges associated with hiring and developing talent and the social and personal pressures that come with being a founder.

“I thought I was just going to be making products and selling products,” she said. “I just didn't think that it was gonna be such a people job.”

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Playbook PM: Mayhem at the post office

Presented by Nokia: POLITICO's must-read briefing on what's driving the afternoon in Washington
Aug 14, 2020 View in browser
 
POLITICO Playbook PM

By Jake Sherman, Anna Palmer, Garrett Ross and Eli Okun

Presented by

BREAKING … WHAT THE RIGHT HAS BEEN WAITING FOR … NYT'S ADAM GOLDMAN: "Ex-F.B.I. Lawyer Expected to Plead Guilty in Durham Investigation": "A former F.B.I. lawyer intends to plead guilty to falsifying a document as part of a deal with prosecutors conducting their own criminal inquiry of the Russia investigation, according to three people familiar with the case.

"The lawyer, Kevin Clinesmith, 38, who was assigned to the Russia investigation, plans to admit that he altered an email from the C.I.A. that investigators relied on to seek renewed court permission in 2017 for a secret wiretap on the former Trump campaign adviser Carter Page, who had at times provided information to the spy agency. Mr. Clinesmith's lawyers said he made a mistake while trying to clarify facts for a colleague, the people said.

"Mr. Clinesmith had written texts expressing opposition to President Trump, who is sure to tout the plea agreement as evidence that the Russia investigation was illegitimate and politically motivated. … But prosecutors were not expected to reveal any evidence in charging documents that show Mr. Clinesmith's actions were part of any broader conspiracy to undermine Mr. Trump."

DESPITE CONGRESS taking its summer recess, the mayhem at the POSTAL SERVICE is immediately becoming a massive political story.

-- ABC: "Mail-in voting rules in key swing states may leave some ballots uncounted, USPS warns," by Alisa Wiersema, Olivia Rubin and Lucien Bruggeman: "In recent weeks, postal service General Counsel Thomas Marshall has warned election leaders in Michigan and Pennsylvania that election deadlines may be over-estimating the speed with which ballots will move through the mail. If the post office is not afforded a few extra days of leeway to deliver ballots to the election offices, Marshall warned that late-arriving ballots could leave some voters disenfranchised." … CBS' Weijia Jiang tweeted Nevada got a warning, too

-- "Internal USPS Documents Outline Plans to Hobble Mail Sorting," by Vice's Aaron Gordon: "The United States Postal Service proposed removing 20 percent of letter sorting machines it uses around the country before revising the plan weeks later to closer to 15 percent of all machines, meaning 502 will be taken out of service … USPS workers told Motherboard this will slow their ability to sort mail.

"One of the documents also suggests these changes were in the works before Louis DeJoy, a top Trump donor and Republican fundraiser, became postmaster general … The title of the presentation, as well as language used in the notice to union officials, undermines the Postal Service's narrative that the organization is simply 'mov[ing] equipment around its network' to optimize processing." Vice

-- MARITSA GEORGIOU (@MaritsaNBCMT) at NBC in Montana: "Just confirmed with the MT Postal Workers Union there are orders for 13 collection boxes to be removed just in Missoula. The direction came down in … mid-July. It's unclear how many have been removed already. … The Montana Letter Carriers Union just confirmed the removal of 13 in Missoula, 9 in Bozeman, and orders to remove 3 in Lewistown and 30 in Billings."

-- WUSA: "Southeast DC residents go weeks without mail being delivered," by Kolbie Satterfield

-- WAPO: "House GOP leader says Congress will 'make sure' postal service is funded," via Colby Itkowitz: "House Minority Leader Kevin McCarthy (R-Calif.) said Friday that Republicans do not support withholding funding from the U.S. Postal Service and, in a break with Trump, urged voters to cast ballots by mail." WaPo

SHOT … @davidplouffe: "1) Prime time hearings, now. 2) Subpoenas to Trump WH and camp officials. This is a RICO case 3) Visit local post offices with cameras - show people what is happening. 4) Events with those getting Rx late 5) Involve governors 5) No rest, no vacation. Go to war for our country."

CHASER … THE DEMOCRATIC HOUSE is out until Sept. 14. THE GOP SENATE is out until September, too.

A message from Nokia:

At Nokia, openness is part of our organizational DNA. As a U.S. leader in O-RAN R&D, Nokia is at the forefront of Open RAN telecommunication research and uniquely positioned to push the possibilities of America's future. Learn more.

 

Happy Friday afternoon. JOE BIDEN and KAMALA HARRIS have signed the documents today to receive the Democratic nomination. Reporters were quickly ushered out of the event in Wilmington, Del., after a reporter asked Harris about GOP attacks since she was named Biden's running mate. HARRIS responded: "I'm signing this because I am in this race to win. And with that guy right there … and we're going to get it done."

-- A QUESTION: When will BIDEN and HARRIS hold a press conference or engage in a back-and-forth with the media? They opted not to do so at Thursday's health briefing and at today's signing ceremony. Social distancing and limited in-person campaign events have significantly limited the candidates' interaction with the media compared to a typical presidential campaign, where both would be out on the trail and forced to interact with the press on a regular basis.

MEANWHILE … THE PRESIDENT is speaking to reporters at 1 p.m. He will leave the White House around 2 p.m. today. He is expected to stop in New York City to see his younger brother Robert, who is ill, before going to his golf club in Bedminster, N.J.

-- ABC: "Trump brother hospitalized in New York: Sources," by John Santucci, Katherine Faulders and Aaron Katersky: "Robert Trump, the younger brother of President Donald Trump, has been hospitalized in New York, sources told ABC News, a development confirmed by the White House. The details of his condition remain unknown though he is described by several sources as 'very ill.'"

SIREN ... KYLE CHENEY: "GAO finds Chad Wolf, Ken Cuccinelli are ineligible to serve in their top DHS roles": "The Government Accountability Office — Congress' independent investigative arm — concluded that after the resignation of Secretary Kirstjen Nielsen in April 2019, an improper succession occurred … GAO has referred the matter to the inspector general of the Department of Homeland Security for further review and potential action. …

"'We wholeheartedly disagree with the GAO's baseless report,' [a DHS] spokesman said. The legal opinion has no binding force but is likely to raise extraordinary legal questions and invite lawsuits about the legitimacy of actions taken by Wolf and Cuccinelli." POLITICOThe decision

THE COOK POLITICAL REPORT has changed the ratings of 15 House races. Eleven have shifted in Dems' direction, four in Rs' … NOTABLE: Rep. BEN MCADAMS (D-Utah) moved from lean Dem to toss up … Rep. VAN TAYLOR (R-Texas) and Rep. LEE ZELDIN (R-N.Y.) went from likely R to lean R … The seat being vacated by Georgia Rep. ROB WOODALL (R-Ga.) is now lean D. Dave Wasserman's tweet with the breakdown

SOMETHING TO LIFT YOUR SPIRITS -- THE IDEA THAT'S GAINING STEAM: "The breakthrough that could halt the pandemic, even before a vaccine," by Carmen Paun: "Imagine a self-administered coronavirus test, done at home, with results available in minutes, instead of the days or sometimes weeks people are currently waiting. Health experts believe this kind of affordable and rapid self-testing — similar to tests detecting pregnancy or HIV — could change the course of the pandemic until vaccines become available. …

"It took 40 years to convert the idea of HIV self-tests into a widely available test. But despite false starts — U.K. Prime Minister Boris Johnson said in April such tests would be available within weeks — the coronavirus version of the technology could be ready for production by the end of the year."

-- THE ATLANTIC'S ROBINSON MEYER and ALEXIS MADRIGAL: "The Way Out: The U.S. has never had enough coronavirus tests. Now a group of epidemiologists, economists, and dreamers has a new plan to defeat the virus, even before a vaccine is found."

NEXT WEEK ON THE TRUMP CAMPAIGN -- CONVENTION COUNTERPROGRAMMING … Monday: Mankato, Minn., at 2 p.m. CT: "President Donald J. Trump to deliver remarks on Joe Biden's failures on Jobs and the Economy" … Oshkosh, Wis., at 4:30 p.m. CT: "President Donald J. Trump to deliver remarks on Joe Biden's failures on Jobs and the Economy" … Tuesday: Yuma, Ariz., at 1 p.m. MT: "President Donald J. Trump to deliver remarks on Joe Biden's failures on Immigration and Border Security."

SEN. TIM KAINE (D-Va.) will be on Fox News at 3 p.m. with BILL HEMMER.

THE VIEW FROM ISRAEL … HAARETZ'S ANSHEL PFEFFER, who wrote the definitive BIBI biography: "In UAE Deal, Netanyahu Trades Imaginary Annexation for Real Life Diplomacy Win": "Benjamin Netanyahu never had a real plan for annexing parts of the West Bank. There was no timetable, no map, no draft resolution to be brought to the government or the Knesset. Just a pile of broken election promises and a lot of empty talk. On Thursday, that plan he never planned to carry out has bought him a significant diplomatic coup.

"The joint declaration with the United Arab Emirates is not yet a full peace plan. There is no clear commitment from the Emiratis on doing anything yet, certainly not opening embassies in either country any time soon. But this remains the most visible and concrete recognition by an Arab Gulf region state of the hitherto secret alliance with Israel. It is an achievement for Netanyahu that his predecessors, who were prepared to make major concessions to the Palestinians, only dreamed of – and he paid nothing for it beyond what he called the 'temporary suspension' of the annexation he was never going to carry out anyway. …

"It's too early to say whether this will help Netanyahu on the domestic front. This won't erase his abject failure in dealing with the coronavirus epidemic, or save him from his day in court when the evidentiary stage of his corruption case begins in January, but it will bolster his image of indispensability as Israel's master statesman. …

"This needs to be a moment of reckoning for those who still believe the Palestinian predicament is an injustice that must be solved by two states, one state or any state. The threats against Israeli intransigence have proven as empty as Netanyahu's promise of annexation. An entire new case for peace with the Palestinians must now be assembled."

-- NYT: "For Palestinians, Israel-U.A.E. Deal Swaps One Nightmare for Another," by Isabel Kershner and Adam Rasgon in Jerusalem: "Palestinian officials maintain that nobody consulted with them before Thursday's surprise announcement … If that was presented as some kind of a balm for the Palestinians, many of them considered it, instead, a stab in the back or a dagger to the heart.

"The diplomatic coup for Israel ruptured decades of professed Arab unity around the Palestinian cause. It swapped one Palestinian nightmare — annexation, which many world leaders had warned would be an illegal land grab — for another, perhaps even bleaker prospect of not being counted at all." NYT

NRA NEWS -- "Hollywood Producer Emerges as Key Figure in Alleged NRA Financial Abuses," by WSJ's Mark Maremont: "A lawsuit filed last week by the office of Attorney General Letitia James against the NRA alleges that the producer, David McKenzie, was the 'principal stakeholder' in four large NRA vendors that together were paid $100 million by the NRA in recent years." WSJ

THE ECONOMIC RECOVERY -- "U.S. retail sales regain pre-virus level but slowdown likely," by AP's Christopher Rugaber and Anne D'Innocenzio: "Americans increased their retail purchases by 1.2% in July, with solid gains in appliances and clothing helping restore sales to their level before the viral pandemic erupted in March.

"Sales at retail stores and restaurants have now risen for three straight months, after plunges in March and April, when the pandemic shuttered businesses and paralyzed the economy. Still, much of the spending was fueled by government aid that had put more money in people's pockets but has since expired." AP

ON THE FRONT LINES -- "Health providers' scramble for staff and supplies reveals sharp disparities," by Tucker Doherty: "Doctors, nurses and caregivers at smaller and poorer hospitals and medical facilities across the country are still struggling to obtain the protective gear, personnel and resources they need to fight the coronavirus despite President Donald Trump's repeated assertions that the problems are solved. …

"Larger and richer hospitals and practices outbid their smaller peers, sometimes for protective gear, sometimes to fill in staffing gaps. And some of those having the hardest time are precisely where the virus is spreading." POLITICO

YIKES -- "Untested for Covid-19, Nursing-Home Inspectors Move Through Facilities," by WSJ's Anna Wilde Mathews: "The federal government said in June that states needed to complete special infection control-focused examinations of the approximately 15,000 federally-certified nursing homes by late August, or risk losing some federal funding. But the Centers for Medicare and Medicaid Services, or CMS, the agency that oversees nursing-home inspections, didn't require states to test workers who perform site visits.

"The Wall Street Journal contacted health regulators in all 50 states to ask about testing requirements for nursing-home inspectors, known as surveyors. At least 26 states don't require regular testing, though some, including New Hampshire and New Jersey, said they offer it on a voluntary basis. Others, such as South Carolina, Washington and Idaho, are developing new testing programs for inspectors." WSJ

CONVENTIONAL WISDOM -- "Common, Billie Eilish, John Legend among Dem convention musical acts," by Quint Forgey

FOR YOUR RADAR -- "Discontent with McCarthy rises as GOP considers a possible post-Trump world," by WaPo's Rachael Bade: "A cluster of GOP lawmakers is starting to privately question whether the California Republican is putting loyalty to the president over the good of the conference. And there is a small group of members discussing whether someone should challenge him for minority leader if Trump is defeated Nov. 3. The matter bubbled to the surface this week with the primary election of Marjorie Taylor Greene …

"According to interviews with more than 10 House Republicans — all of whom spoke on the condition of anonymity to be frank — some GOP lawmakers are worried that McCarthy has tied the conference too much to Trump, refusing to stand up to the president or act as a buffer to distinguish the conference from him. Others are also furious that he didn't shield them from a recent Trump campaign demand that House members donate to the president's reelection effort. … The feeling, however, is far from unanimous." WaPo

-- AND THE HITS KEEP COMING … NBC: "House GOP candidate known for QAnon support was 'correspondent' for conspiracy website," by Brandy Zadrozny: "Before running for office, Republican congressional candidate Marjorie Taylor Greene wrote dozens of articles as a 'correspondent' for a conspiracy news website, according to archived web pages uncovered by NBC News.

"In posts published on the now-defunct 'American Truth Seekers' website in 2017, Greene wrote favorably of the QAnon conspiracy theory, suggested that Hillary Clinton murdered her political enemies, and ruminated on whether mass shootings were orchestrated to dismantle the Second Amendment." NBC

MORE FROM NBC -- THE WORLD WE NOW INHABIT: "How QAnon rode the pandemic to new heights — and fueled the viral anti-mask phenomenon," by Ben Collins: "While QAnon bubbled on the fringes of the internet for years, researchers and experts say it has emerged in recent months as a sort of centralized hub for conspiracy and alternative health communities. According to an internal document reported by NBC News this week, Facebook now has more than 1,000 of these QAnon groups, totaling millions of members.

"Users … who started off in wellness communities, religious groups and new-age groups on Facebook, Twitter and Instagram during the pandemic were then introduced to extremist groups like QAnon, aided by shared beliefs about energy, healing or God — and often by recommendation algorithms. And while anti-mask sentiment has surfaced in a variety of ways for a number of reasons, viral videos of anti-mask confrontations have become causes for celebration in conspiracy circles."

MO MONEY … STILL PROBLEMS: "Democratic Fundraising for Top-Tier Races Masks Downballot Problems," by WSJ's Gabriel Rubin: "[T]he party continues to lag badly behind their GOP counterparts in fundraising for downballot races in states that are crucial to the party's long-term success, especially in a redistricting year. Democratic state legislature candidates were outraised in 15 of 18 target seats in Texas, where they hope to break the GOP's total control of state government. In Florida, Democrats raised just 30% of what Republicans raised in 23 targeted statehouse races. …

"One bright spot for Democrats: Candidates in hotly contested races in North Carolina are keeping up with their Republican opponents' fundraising, a testament to the state party infrastructure built up in recent years by Gov. Roy Cooper, among others." WSJ

ON THE BORDER -- "Trump administration now wants a floating border wall to seal off waterways along Mexico boundary," by WaPo's Nick Miroff: "Such floating barriers or river-based deterrents could allow the U.S. government to block migrants from fording waters along stretches of the Rio Grande where it is difficult or impossible to build steel barriers on the shoreline. It also could provide the U.S. government a way to install some form of a barrier in areas of Texas where private owners have resisted efforts." WaPo

TRUMP'S PATH TO 270 -- "Trump Supporters Hold Fast in Maine Stronghold Hit by Recession, Trade War," by WSJ's Julie Bykowicz in Guilford, Maine: "Piscataquis County serves as a proving ground for a Trump campaign strategy of turning out as many strong supporters as possible." WSJ

WAPO'S ROBIN GIVHAN takes on the PRESS SECRETARY: "Kayleigh McEnany is the camera-perfect embodiment of Trump's message: Everything is fine": "She strides up to the podium with great confidence holding her binder of — what? They are bits of free-floating information that she matches with a reporter's query in a game of high-wire Mad Libs. She believes that a fusillade of data points and exaggerations is a perfectly fine way to not answer a question.

"McEnany is Trumpism delivered with a smiling, telegenic unruffled aplomb at a time when there's very little to smile about and quite a lot to be ruffled by. She is the picture-perfect face in an administration filled with funhouse mirrors."

TRANSITION -- Thor Christianson is joining the Department of Education to work on higher education and coronavirus issues for assistant secretary Robert King. He most recently has been White House liaison at USDA.

 

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Cafe worker (32) dies after contracting Covid-19

The European Tour confirmed on Friday the Dubai Duty Free Irish Open will be played in Northern Ireland for the fourth time since 2012 at Galgorm Spa & Golf Resort.
 
 
     
   
     
  Aug 14, 2020  
     
 

Good afternoon,

 

Sadly the death of one person from Covid-19 and 74 new infections have been recorded in Northern Ireland in the last 24 hours.

 

Our sympathies are with the family, friends and colleagues of the 32-year-old cafe worker, originally from Romania, described as "a trusted employee and a very loyal friend".

 

Today's figures represent the highest daily infection level since May 13 and highlight just how vital it is for every one of us to be extra vigilant and to play our part in helping to keep the infection rate as low as possible. 

 

Stay safe everyone.

 

Valerie Martin,

Head of Content.

 

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  Rescheduled Irish Open confirmed for Galgorm Castle in September  
     
  The European Tour confirmed on Friday the Dubai Duty Free Irish Open will be played in Northern Ireland for the fourth time since 2012 at Galgorm Spa & Golf Resort.  
     
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Article Image
Beoga, Paddy Casey and General Fiasco lined up for socially distanced music festival
 
Beoga, Paddy Casey and General Fiasco are just a few of the names topping the bill for the second event of Unlocked, Northern Ireland's first series of socially distanced music festivals.
 
     
 
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No face coverings required in NI schools post-lockdown
 
Face coverings will not be a general requirement for pupils returning to school following the coronavirus lockdown, according to new NI Department of Education guidance issued to schools.
 
     
 
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Gasworks museum in Carrickfergus to reopen
 
A Carrickfergus visitor attraction is to reopen next week.
 
     
     
     
   
     
     
     
   
 
 
   
 
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