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24 Hours Across Africa

Malaysia files charges against former directors of Goldman Sachs over fraudulent

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Source: Reuters – Malaysia filed criminal charges on Friday against 17 current and former directors at subsidiaries of Goldman Sachs Group Inc (GS.N) following an investigation into a multi-billion-dollar corruption scandal that led to the demise of state fund 1MDB.

The U.S. bank has been under scrutiny for its role in helping to raise $6.5 billion through bond offerings for 1Malaysia Development Bhd (1MDB), the subject of corruption and money laundering investigations in at least six countries.

But Malaysian prosecutors have said $2.7 billion of the proceeds were diverted and the offering statements filed with the regulators contained statements that were false, misleading or involved material omissions.

Friday’s charges were brought under a section of the Malaysian Capital Markets and Services Act that holds certain senior executives responsible for offences that may have been committed by the firm, Attorney General Tommy Thomas said.

“Custodial sentences and criminal fines will be sought against the accused … given the severity of the scheme to defraud and fraudulent misappropriation of billions in bond proceeds,” Thomas said in a statement.

Goldman Sachs said the charges were misdirected.

“We believe the charges announced today, along with those against three Goldman Sachs entities announced in December last year, are misdirected and will be vigorously defended,” a Goldman Sachs spokesman in Hong Kong said.

“Under the Malaysian legal process, the firm and the individual entity directors were not afforded an opportunity to be heard prior to the filing of these charges, which do not affect our ability to conduct our current business globally.”

Those charged on Friday include Richard Gnodde, chief executive of Goldman Sachs International, Michael Evans, president of Alibaba Group Holding Ltd (BABA.N) and a former director at Goldman Sachs (Asia) LLC, and Michael Sherwood, former vice chairman of Goldman Sachs Group.

An Alibaba spokeswoman said the company was aware of the charges against Evans and would continue to monitor the situation.

Each charge carries a maximum jail term of 10 years and a penalty of at least 1 million ringgit ($239,000).

The charges say the Goldman Sachs units omitted material facts in the bond offerings, among them that Malaysian financier Low Taek Jho was the operator and key intermediary for 1MDB.

Low has been described by Malaysian and U.S. authorities as the central player in the 1MDB scandal. He has denied wrongdoing and his whereabouts are unknown.

Goldman on Friday said 1MDB provided written assurances to the bank for each transaction that no intermediaries were involved.

Last year, Malaysia filed criminal charges against three Goldman Sachs subsidiaries and two of the U.S. bank’s former employees in connection with 1MDB.

Goldman Sachs has consistently denied wrongdoing and said certain members of the former Malaysian government and 1MDB lied to Goldman Sachs, outside counsel and others about the use of transaction proceeds.

The U.S. Department of Justice is investigating the bank for its role as underwriter and arranger of the bond offer.

An estimated $4.5 billion was misappropriated from 1MDB by fund officials and their associates between 2009 and 2014, according to the Justice Department.

Tim Leissner, a former partner of Goldman Sachs in Asia, pleaded guilty last August to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act and agreed to forfeit $43.7 million.

Malaysia has said it was seeking up to $7.5 billion in reparations from Goldman over its dealings with 1MDB, set up in 2009 by then prime minister Najib Razak.

Najib, ousted in an election last year, is facing dozens of criminal charges related to 1MDB. He has pleaded not guilty and denied wrongdoing.

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24 Hours Across Africa

Got Pain? A Virtual Swim With Dolphins May Help Melt It Away

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Source: npr- Virtual reality is not new. But, as people search for alternative ways to manage pain — and reduce reliance on pills — VR is attracting renewed attention.

Imagine, for a moment you’ve been transported to a sunlit lagoon. And, suddenly, it’s as if you’re immersed in the warm water and swimming. That’s what Tom Norris experiences when he straps on his VR headset.

“It’s fantastic, I really feel like I’m there,” says Norris, who is 70 years old, retired from the military, and lives in Los Angeles with his wife. As dolphins frolic and swim by in the virtual scene, “I get a strong feeling of pleasure, relaxation and peace,” he says.

It doesn’t take long to produce that effect — about 10 minutes or so, via the headset.

Norris is no stranger to pain. He’s got chronic pain through his spine, back and hips, from injuries that go back years.

Ever since he was introduced to virtual reality, he’s been hooked. In addition to swimming with dolphins, he’s tried other VR experiences, such as wilderness walks.

Forest Bathing: A Retreat To Nature Can Boost Immunity And Mood

Forest Bathing: A Retreat To Nature Can Boost Immunity And Mood

“I relax. My attention is diverted and it makes the pain more manageable,” he says. Norris was on his deck when we spoke, drinking a morning cup of coffee and watching the hummingbirds. “Pain is part of my life,” he told me.

He uses lots of tools to help him cope, he says, including peer support groups, which he helps lead. But he says he finds VR particularly helpful. For him, the feeling of relaxation and ease that comes from a virtual swim with dolphins tends to linger for several days.

Can You Reshape Your Brain’s

Norris isn’t alone in his positive experience. A study published this month in the journal PLOS ONE is just the latest to document that an immersive, virtual reality experience can be an effective strategy for reducing pain.

VR “changes the way we perceive the pain,” explains study author Brennan Spiegel, a physician and the director of Cedars-Sinai Health Services Research in Los Angeles.

The research was done in a hospital where participants were undergoing treatment for various conditions; some were experiencing pain linked to cancer and others had orthopedic pain. “We divided the patients into two groups,” Spiegel explains.

Cedars-Sinai Medical Center in Los Angeles has been testing the value of virtual reality devices in hospital settings for a number of years.

Courtesy of Cedars-Sinai

One group tried VR. They used Samsung Oculus headsets that were each fitted with a phone that had a VR app. Patients could select from a library of 21 VR experiences available on the app.

They were free to use the VR devices as much as they liked, but were advised to aim for three daily sessions, 10 minutes per session. The other group of patients got to watch a health and wellness channel on TV, as much as they wanted.

“We found that virtual reality reduced pain by about three times as much as watching TV did,” Spiegel says. Using a zero to 10 pain scale, the virtual reality experience led to a 2 point drop in pain, compared to a half-point drop for watching TV.

Spiegel’s study was partly funded by a grant from Applied VR, a company that sells VR software, but the company played no role in the conduct, data collection, data interpretation, or write-up of the study, he says.

It’s not exactly clear how VR works to help reduce pain perception, but pain specialists say there are likely multiple explanations. Distraction in just one element.

“When the mind is deeply engaged in an immersive experience, it becomes difficult to perceive stimuli outside of the field of attention,” Spiegel and his collaborators write in their journal paper. In other words, when something captures our attention and uses all our senses, we focus on it. It’s like a spotlight — and everything else falls into darkness — at last temporarily.

So, a virtual swim with the dolphins can overwhelm our visual, auditory and other senses. “VR is thought to create an immersive distraction that restricts the brain from processing pain,” the authors conclude.

The study adds to other evidence pointing toward potential benefits of VR to manage pain. Going back more than 15 years, studies have shown the technique to be useful in a range of settings — from helping people cope with anxiety to helping reduce acute pain during medical procedures, during physical therapy or during dental procedures. And, there’s some evidence VR can help with chronic pain, too.

Still, there are some unanswered questions, says Zachary Rosenthal, a clinical psychologist at Duke University who has been involved in research on VR’s effect on pain. “Distraction is helpful for pain,” he says. “That’s an understood phenomenon. … But why should VR be better than any other kind of distraction?” he wonders.

Spiegel’s research “starts to answer this question,” says Rosenthal. “I do think this study moves the needle forward.”

If you’re new to virtual reality, Spiegel has some advice: “It’s always a good idea to check with your doctor first, whenever self-treating symptoms. But in general, it is safe to use VR at home,” he says. About 5% to 10% of people who try it get cybersickness, which is basically a feeling of dizziness or vertigo, similar to motion sickness. So, it’s good to be aware of this risk.

“For people who own an Oculus Go or Oculus Quest [headset], I suggest Nature Trek, which is an outstanding set of content that is peaceful and meditative” for the treatment of pain, says Spiegel, who has no financial ties to the company. And there are other companies that make a variety of software specifically aimed at easing pain.

“For cheap and easy access to VR experiences, you can simply visit YouTube and search its massive library of free VR content,” Spiegel says. “If you want a virtual trip to the beach, type ‘VR beach’ into the YouTube search engine. Or ‘VR forest.’ It’s all there for the taking.”

VR is certainly not a panacea, but it can be another tool in the pain management toolkit. Spiegel and his collaborators say there’s still a lot to learn as to which types of VR may be most effective.

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24 Hours Across Africa

Nearly half of people don’t change their Underwear Daily- and some wear same for a week.

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Source: Mirrow- Recently we discovered that a worrying number of people aren’t washing their underwear correctly.

And now to make matters worse, we’ve just found out that there are plenty of people out there who don’t put on a clean pair of underwear everyday.

Yes, really.

According to new research by underwear maker Tommy John, around half of people in the US (45 percent) don’t change their underwear daily – and a disturbing 13 percent of those they spoke to even confessed to wearing the same pair of knickers or pants for an entire week.

Ew!

Men are 2.5 times more likely to wear the same pair of pants for seven or more days (stock photo)

It’s probably time to throw out your old undergarments and buy some new ones (stock photo) (Image: iStockphoto)

Men were found to be the worst for doing this, with the survey of 1,000 Americans showing that males are two-and-a-half times more likely than women to wear the same pants for seven days or longer.

The research also revealed that people felt a strong sense of loyalty for their underwear, with 46 percent of participants admitting that they had owned the same underwear for a year or more.

Around 38 percent also said they’d had their favourite underwear for so long, they couldn’t remember when they bought it.

But this behaviour goes against the company’s recommendations, as they advise their customers to throw out their old underwear and buy new pants every six months to a year.

This is because underwear collects bacteria that can lead to nasty infections in the long run.

And as for bras, Marks and Spencer’s bra fit expert and technical manager Julia Mercer recently spoke to MirrorOnline about when you need to get a new one.

She said: “In my opinion, a bra is at its best in its first year of being worn”.

So there you have it folks, if you’re wearing underwear you’ve had at home for more than a year, it’s probably time to nip to the shops and treat yourself to some fresh new ones.

@ Anttention Fresh,                
We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

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