Socialist Luisa Gonzalez concedes defeat in Ecuador election

Socialist Luisa Gonzalez on Sunday conceded defeat in her race for Ecuador's presidency against banana empire heir Daniel Noboa.

With about 52 percent of the vote, based on a near-complete count, little-known businessman Noboa, was on Sunday elected the youngest president-elect at the age of 35 in modern Ecuadoran history, edging out socialist rival Luisa Gonzalez.Speaking to supporters in Quito, Gonzalez congratulated Noboa, who calls himself "center-left" but embraces neoliberal economic thinking and has vowed to create offshore prisons on barges to isolate the most violent inmates in a country gripped by a bloody drug gang war.