Billionaire Pinera regains presidency in Chile vote

Bloomberg

Billionaire Sebastian Pinera swept to victory in the second round of Chile’s presidential election, putting him back in charge of Latin America’s wealthiest country after four years of anemic growth that drew millions of voters to his pro-business agenda.
It was a victory for those who believe fervently in growth first — and equality second — and it was one that had suddenly looked in doubt in the final days of the campaign. But Pinera wound up capturing 54.6 percent of the vote to just 45.4 percent for
his rival Alejandro Guillier of the ruling center-left coalition. The resounding win is alm-
ost certain to stoke a rally in Chilean markets.
The 68-year-old billionaire sees himself as the guardian of a free-market economic model that has more than quintupled gross domestic product per capita in the past 30 years, helping living standards in Chile to leapfrog countries such as Argentina and Brazil. He is now pledging to cut corporate taxes and ease industry regulation in an attempt to more than double growth and create 600,000 jobs. He won’t throw out the reforms of President Michelle Bachelet, but he will provide a new pro-growth tone to government.
“Together, we can transform Chile into a developed nation,” Pinera told cheering supporters late Sunday. “Into a Chile without poverty, with opportunity for all. Chile will recover the path of progress and development.”