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Chile billionaire set for victory Billionaire wins Chile election
(20 minutes later)
Social Democrat Eduardo Frei has conceded defeat to billionaire Sebastian Pinera in Chile's presidential run-off. Conservative billionaire Sebastian Pinera has won Chile's presidential run-off, ending two decades of centre-left rule.
The move leaves Chile set for its first conservative government for more than two decades. Social Democrat Eduardo Frei conceded defeat after results from 60% of polling stations showed Mr Pinera with 52% of the vote to Mr Frei's 48%.
Partial results from 60% of Chile's polling stations showed Mr Pinera with 52% of the vote to Mr Frei's 48%. Mr Pinera promised a tough law-and-order programme and vowed to use his business know-how to boost the economy.
Mr Pinera won 44% of the vote in last month's first round, well ahead of the governing Social Democrat candidate. Outgoing President Michelle Bachelet was barred by law from standing again.
Chile's last conservative leader was military ruler Gen Augusto Pinochet, who stepped down in 1990. Mr Pinera has promised to continue her highly popular social policies.
Bachelet barred Chile's last conservative leader was military ruler Gen Augusto Pinochet, who seized power in 1973 and ruled until 1990.
Mr Pinera now becomes Chile's first democratically elected conservative leader for more than half a century.
Second attempt
Mr Pinera won 44% of the vote in last month's first round, well ahead of Mr Frei, the governing Social Democrat candidate.
Mr Pinera, 60, owns a television channel, a stake in Chile's most successful football club and has millions of dollars in investments.Mr Pinera, 60, owns a television channel, a stake in Chile's most successful football club and has millions of dollars in investments.
He has campaigned on a tough law-and-order programme and has vowed to use his business know-how to reactivate the economy. He has promised to increase investment, fight crime, and create one million jobs, the BBC's Candace Piette reports from the capital, Santiago.
This is the second time Mr Pinera has run for the presidency at the head of a centre-right coalition. He has also promised to cut taxes for small businesses and make government more efficient.
In 2006, he lost to the outgoing Socialist president Michelle Bachelet. Under the constitution she cannot stand for re-election. It was the second time Mr Pinera had run for the presidency at the head of a centre-right coalition.
In 2006, he lost to the outgoing Socialist Ms Bachelet. Under the constitution she could not stand for re-election.
She will leave office in March with a high approval rating as a result of policies to tackle poverty and use Chile's all-important copper exports to offset the effects of the global economic crisis.She will leave office in March with a high approval rating as a result of policies to tackle poverty and use Chile's all-important copper exports to offset the effects of the global economic crisis.
Mr Frei, 67, had promised a continuation and deepening of many of her policies.Mr Frei, 67, had promised a continuation and deepening of many of her policies.
He had been seeking his second term as president after an absence of 10 years.He had been seeking his second term as president after an absence of 10 years.