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September 30, 2024

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South Korea court sentences highest-ranking police officer yet to jail over Halloween crush

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The former head of a local police station in Seoul has been sentenced to three years in jail over a deadly 2022 Halloween crowd crush, making him the highest-ranking law enforcement official to be held criminally liable over the disaster.

Almost 160 people died in the crowd crush at the trendy Itaewon nightlife district on October 29 that year, in what was one of South Korea’s deadliest disasters that left the nation reeling.

Lee Im-jae, former chief of the Yongsan police station, which oversees safety in Itaewon, is one of multiple officers to be prosecuted for failing to adequately prepare for the huge Halloween crowds.

Seoul Western District Court said Monday it found Lee and two other former Yongsan police officers guilty of neglecting their duties, which resulted in deaths and injuries, despite signs that “the danger of large-scale casualties” was foreseeable.

Lee was also found guilty of failing to put in place sufficient crowd control and dispatch intelligence officials to the site. The court also found Lee delayed in reacting to the disaster. He was cleared of perjury.

He is the most senior police officer to be convicted, after a court sentenced an intelligence officer to 18 months’ jail while imposing shorter, suspended sentences on his two subordinates on charges of destroying evidence earlier this year.

In January, Seoul’s former police chief was indicted for negligence in connection with the tragedy. He has also been on trial and is awaiting a verdict.

Itaewon, home to some of Seoul’s popular restaurants and bars, had hosted Halloween celebrations for years.

According to police emergency call logs on the day of the incident, multiple calls from members of the public were made about overcrowding as early as four hours before the situation gravely worsened.

Four police dispatches were sent out to Itaewon. But crowds had already swelled and the streets became so packed that partygoers were unable to move.

Some slipped below the feet of others, unable to breathe. Most who died that night were young South Koreans – largely in their teens and early 20s.

Public outrage turned toward South Korean President Yoon Suk Yeol and his government at the time, with critics decrying the lack of accountability.

Last year, the Seoul Metropolitan Government announced a slew of new measures “to ensure a safe Halloween” – including a new CCTV system to monitor crowd numbers.

Other places in Asia also scrambled to learn from Seoul’s mistake and took measures to avoid the repeat of the tragedy.

In Japan, authorities are encouraged young people last year to avoid popular areas in the nightlife district of Shibuya, a popular gathering spot on Halloween night.

In the city of Guangzhou in southeastern China, operators of an underground metro service banned “scary makeup and dressing” on trains to “prevent any potential panic.”

This post appeared first on cnn.com

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Economy

Oil and natural gas: Oil finds new support on Friday

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Oil and natural gas: Oil finds new support on Friday

  • The price of oil managed to stop the decline on Friday and stabilize above the $67.00 support level
  • On Friday, after consolidating the price of natural gas in the $2.75-$2.80 range, we saw a break above and a jump to a new weekly high of $2.97

Oil chart analysis

The price of oil managed to stop the decline on Friday and stabilize above the $67.00 support level. After that, the price started a bullish consolidation above $68.50, where we expect the support of the EMA 50 moving average. We have solid bullish momentum and expect oil to take advantage of that to move higher this week. In the $69.50 zone, we encounter the EMA 200 moving average, and there we can expect the next stronger resistance.

If we manage to move above, oil prices could soon exceed the $70.00 level. Potential higher targets are $70.50 and $71.00 levels. The drop of oil below the EMA 50 moving average and the $68.00 level would reduce the optimism that we have the strength to stay on the bullish side. A further pullback to $67.50 would reinforce the bearish momentum. The next step is to test the previous low and continue the pullback to the bearish side. Potential lower targets are $67.00 and $66.50 levels.

 

Natural gas chart analysis

On Friday, after consolidating the price of natural gas in the $2.75-$2.80 range, we saw a break above and a jump to a new weekly high of $2.97. The reason for this jump is most likely the hurricane that hit Florida and forced the shutdown of wells until the storm passes. This week, we expect the price to stabilize and stay below the $3.00 level. A bullish trend has followed us since the beginning of September.

Should natural gas continue its momentum, it could soon move above $3.00 to a new three-month high. Potential higher targets are $3.05 and $3.10 levels. We also do not rule out a possible pullback below the $2.90 level. With that step, the price moves to the last week’s movement range. We expect a pullback in line with the September trend. Potential lower targets are $2.85 and $2.80 levels. The EMA 200 moving average, our bearer of the bullish trend, is in the $2.75 zone.

 

The post Oil and natural gas: Oil finds new support on Friday appeared first on FinanceBrokerage.

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Economy

The dollar index could continue to pull back this week

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The dollar index could continue to pull back this week

  • After the dollar index’s support at the 100.60 level, we managed to see a recovery only up to the 100.90 level

Dollar index chart analysis

After the dollar index’s support at the 100.60 level, we managed to see a recovery only up to the 100.90 level. There, the index encountered new resistance and started a new bearish consolidation up to 100.15, forming a new yearly low. Soon after, we saw new support at that level and a recovery to the 100.40 level. The market closed in that zone, leaving the dollar index under pressure at the opening of this week’s session.

For another attempt to stay on the bullish side, we need to get back above 100.80 and the EMA 200 moving average. Then, the dollar needs to hold there before the bullish consolidation continues. A break above the 101.00 level instills hope that the dollar index has enough upside to trigger a larger recovery and visit higher levels. Potential higher targets are 101.20 and 101.40 levels.

 

The index continues to move under the pressure of the EMA 200 moving average

The index’s inability to return above the EMA 200 will negatively affect the dollar’s further movement. New negative consolidation and new pressure on Friday’s low of 100.15 are expected. By forming a new low, we could see the dollar in the 100.00 zone. Potential lower targets are the 99.80 and 99.60 levels.

We have a lot of strong and hearty economic news on Monday. First, in the Asian session, data on China’s Manufacturing PMI will be released. According to the forecasts, better data than the August ones are expected. At the start of the EU session, we have the British GDP and later the German CPI. In the afternoon, data on the Chicago PMI will be published in the US session, and at the end of the day, Jerome Powell, chairman of the FED, will give his speech. Powell’s speech could have a decisive impact on the future movement of the dollar index.

 

The post The dollar index could continue to pull back this week appeared first on FinanceBrokerage.

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Economy

EURUSD and GBPUSD: GBPUSD under pressure to stay bullish

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EURUSD and GBPUSD: GBPUSD under pressure to stay bullish

  • On Friday, EURUSD once again tested the 1.12000 level
  • On Friday, GBPUSD again encountered resistance in the zone of 1.34300

EURUSD chart analysis

On Friday, EURUSD once again tested the 1.12000 level. This time, we did not manage to hold on there; instead, we saw a pullback to the 1.11400 level. In that zone, the pair was once again supported by the EMA200 moving average, which was our support throughout the last week. The pair is still in the bullish channel, and for now, there are no signs of a change in trend.

On Monday, we expect to see the initiation of a new EURUSD bullish consolidation above the 1.11800 level. After that, we will have the opportunity to test the 1.12000 level. It would be our third test of that zone in the previous five days. This time, we hope for momentum above and the formation of a new high. Potential higher targets are 1.12200 and 1.12400 levels. We need EURUSD to fall below the EMA 200 moving average and the 1.11400 level for a bearish picture. With that step, we will form a new low and confirm the beginning of bearish swings. Potential lower targets are 1.11200 and 1.11000 levels.

 

GBPUSD chart analysis

On Friday, GBPUSD again encountered resistance in the zone of 1.34300. From that zone, the pair had to initiate a new pullback to the support zone of 1.33725. We fell below the EMA 50 moving average, which could add to the bearish pressure on Monday at the opening of the Asian session. By falling below 1.33600, we will form a new low compared to Friday and thus confirm that GBPUSD is under pressure and will continue its retreat.

Potential lower targets are 1.33400 and 1.33200 levels. At 1.33200, we will test the EMA 200 moving average in the hope of getting its floor and stopping further decline. For a bullish option, GBPUSD must return above the 1.34000 level. With that step, we turn to the bullish side again and expect a retest of last week’s resistance zone. This time, we need a break and the formation of a new high to confirm the continuation of the bullish side. Potential higher targets are 1.33600 and 1.33800 levels.

 

The post EURUSD and GBPUSD: GBPUSD under pressure to stay bullish appeared first on FinanceBrokerage.

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Economy

USDCHF and USDJPY: USDCHF is testing September support

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USDCHF and USDJPY: USDCHF is testing September support

  • The short-term recovery of USDCHF on Friday morning was stopped at the 0.84930 level
  • The movement of the USDJPY on Friday was very unpredictable

USDCHF chart analysis

The short-term recovery of USDCHF on Friday morning was stopped at the 0.84930 level. After stopping in that zone, the pair began to retreat to a new weekly low at 0.84000. We are in the zone of September support, and it could easily happen that we soon turn to the bullish side. Otherwise, we continue to pull back and form a new low. Potential lower targets are the 0.83800 and 0.83600 levels.

If the September support zone holds USDCHF, it will initiate a bullish consolidation. We expect the pair to stabilize above 0.84200 and continue its recovery. Retracement to 0.84600 level, we are back to the EMA 200 moving average and need a break above to get its support. After that, the chances of stabilizing on the bullish side increase. Potential higher targets are 0.84800 and 0.85000 levels.

 

USDJPY chart analysis

The movement of the USDJPY on Friday was very unpredictable. First, we saw a stable bullish consolidation, which reached a weekly high of 146.49. After that, a strong bearish impulse brought down the pair by 350 pips, bringing it down to the 143.00 level. We then saw further bearish consolidation to a new weekly low at the 142.00 level. On the same day, the pair formed a weekly high and low.

USDJPY could find new support and initiate a bullish consolidation on Monday. This would take us back above 143.00 and test the EMA 200 moving average. If the trend continues, we will see the pair at new levels on Monday. Potential higher targets are 143.50 and 144.00 levels. For a bearish scenario, we need a continuation of bearish consolidation and a breakout of the 142.00 level. This would confirm that USDJPY remains on the bearish side and will continue its retreat. Potential lower targets are 141.50 and 141.00 levels.

 

The post USDCHF and USDJPY: USDCHF is testing September support appeared first on FinanceBrokerage.

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Economy

AUDUSD and AUDNZD: AUDUSD grabs a new high above

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AUDUSD and AUDNZD: AUDUSD grabs a new high above 0.69300

  • Friday took the AUDUSD to a new 20-month high at 0.69373
  • On Tuesday, the AUDNZD retreated to the 1.08500 level to a new weekly low

AUDUSD chart analysis

Friday took the AUDUSD to a new 20-month high at 0.69373. After that, the pair lost its momentum and followed by a retreat to the 0.69020 level. It is possible that we will see a drop to 0.68800 and a test of the EMA 50 moving average support. With the reduced momentum of the pair, it could go down on Monday and test the EMA 200 moving average in the zone of 0.68400 levels.

Failure to hold above will strengthen momentum below EMA 200. Potential lower targets are 0.68200 and 0.68000 levels. With new support, the AUDUSD would have the opportunity to initiate a bullish consolidation back to the 0.69400 zone. With this, we move to a new high and strengthen the momentum to the bullish side. Potential higher targets are 0.69600 and 0.69800 levels.

 

AUDNZD chart analysis

On Tuesday, the AUDNZD retreated to the 1.08500 level to a new weekly low. After that, the pair recovers and stops at the 1.09300 level. We didn’t have the strength from above, which led us to start retreating on Thursday. On Friday, the pair tries to return to the bullish side again but stops at the 1.09200 level. The inability to stay on the bullish side triggered a bearish consolidation and a drop below the EMA 200 and 1.09000 levels.

We do not stop there but go down on Friday to the 1.08800 support level. We expect to see a continuation to the bearish side on Monday and form a new low. Potential lower targets are 1.87000 and 1.86000 levels. With a return above the 200 EMA and 1.09000, AUDNZD would return to the positive side. After that, the pair has a chance to try again to attack the previous high. Potential higher targets are 1.09300 and 1.09400 levels.

 

The post AUDUSD and AUDNZD: AUDUSD grabs a new high above appeared first on FinanceBrokerage.

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