Hong Kong stocks post biggest fall in 4 months on N.Korea, China economy worries

A local bank in Hong Kong ,Asian stocks were mixed Tuesday as geopolitical tensions surrounding the Korean Peninsula softened somewhat following US Vice President Mike Pence’s departure from South Korea for Japan. (AP Photo)
Updated 18 April 2017
0

Hong Kong stocks post biggest fall in 4 months on N.Korea, China economy worries

HONKING: Hong Kong stocks closed at a one-month low after posting their biggest percentage drop in four months, as investors returning from their holiday break had their first chance to react to escalating tensions over North Korea.
Sentiment was also hurt by deepening worries over the sustainability of China’s economic recovery, with financial and resource shares leading the market decline.
The Hang Seng index fell 1.4 percent, to 23,924.54, while the China Enterprises Index lost 1.6 percent to 10,043.52 points.
Following North Korea’s failed missile launch on Sunday, tensions have escalated amid concerns that the isolated state may soon test another nuclear bomb or missile.
Shares fell across the board.
An index tracking commodity shares fell 1.5 percent while the finance sector also dropped 1.5 percent.
But consumer shares, largely viewed as defensive in nature, suffered the least, down only 0.7 percent.


US judge expected to put Mexican drug lord ‘El Chapo’ behind bars for life

Updated 18 sec ago
0

US judge expected to put Mexican drug lord ‘El Chapo’ behind bars for life

  • Joaquin Guzman was found guilty by a jury in February of trafficking tons of cocaine, heroin and marijuana
  • US prosecutors have claimed that ‘El Chapo’ sold more than $12 billion worth of drugs

NEW YORK, July 17 : Joaquin “El Chapo” Guzman, the Mexican drug lord found guilty of running a murderous criminal enterprise that smuggled tons of drugs into the United States, is scheduled to be sentenced by a US judge on Wednesday in what is likely one of the last chapters in a decades-long career.
The sentencing hearing in a federal court in Brooklyn is expected to feature a statement from someone who survived a murder plot led by Guzman, prosecutors have said. The person’s name has not been made public.
Guzman, 62, was found guilty by a jury in February of trafficking tons of cocaine, heroin and marijuana and engaging in multiple murder conspiracies as a top leader of the Sinaloa Cartel, long known as one of Mexico’s largest and most violent drug trafficking organizations.
Prosecutors have asked US District Judge Brian Cogan to sentence him to life in prison, plus 30 years for use of firearms. Guzman’s lawyers have not disputed that a life sentence is mandatory.
Guzman, whose nickname means “Shorty,” developed a reputation as a Robin Hood-like figure that made him a folk hero to many in his home state of Sinaloa, where he was born in a poor mountain village.
He is being held in solitary confinement in the Metropolitan Correctional Center, a fortress-like jail in lower Manhattan. Cogan last month rejected his request for more time to exercise on the jail’s roof, after prosecutors said that would risk an escape.
Before he was finally captured in 2016, Guzman twice escaped maximum-security prisons in Mexico. He was extradited to the United States to face trial in January 2017.
Guzman made a name for himself as a trafficker in the 1980s by digging tunnels under the US-Mexico border that allowed him to smuggle drugs more quickly than any of his rivals. He amassed power during the 1990s and 2000s through often bloody wars with rivals, eventually becoming the best-known leader of the Sinaloa Cartel.
His 11-week trial, which featured testimony from more than a dozen former associates of Guzman who had made deals to cooperate with prosecutors, offered the public an unprecedented look at the cartel’s inner workings.
The witnesses, who included some of Guzman’s top lieutenants, a communications engineer and a onetime mistress, described how he built a sophisticated organization reminiscent of a multinational corporation.
He sent drugs northward with fleets of planes and boats, and had detailed accounting ledgers and an encrypted electronic communication system run through secret computer servers in Canada, witnesses said.
US prosecutors have claimed that Guzman sold more than $12 billion worth of drugs, and Forbes magazine once listed him as among the world’s richest men.
Though other top cartel figures had been extradited to the United States before, Guzman was the first to go to trial rather than pleading guilty.
Guzman often lived on the run. Imprisoned in Mexico in 1993, he escaped in 2001 hidden in a laundry cart and spent the following years moving from one hideout to another in the mountains of Sinaloa, guarded by a private army.
He was seized again in 2014, but pulled off his best-known escape the following year when he disappeared into a ventilated, mile-long tunnel dug into his cell in a maximum-security prison.
He was finally recaptured in January 2016. The Mexican government says he blew his cover through a series of slipups, including an attempt to make a movie about his life.
Guzman’s lawyers have said they intend to appeal his guilty verdict. They have already asked Cogan to overturn it, citing a report that jurors disobeyed court rules by reading news reports about the case during the trial, but the judge rejected that request.
Despite Guzman’s downfall, the Sinaloa Cartel had the biggest US distribution presence of Mexican cartels as of last year, followed by the fast-growing Jalisco New Generation Cartel, according to the US Drug Enforcement Administration.