Billionaire wins Chile elections

Conservative billionaire, Sebastian Pinera, has won Chile\'s presidential run-off, ending two decades of centre-left rule.



Social Democrat, Eduardo Frei, conceded defeat after results from 60 percent of polling stations showed Mr Pinera with 52 per cent of the vote, to Mr Frei\'s 48 per cent.



Mr Pinera promised a tough law-and-order programme and vowed to use his business know-how to boost the economy.



Outgoing President, Michelle Bachelet, was barred by law from standing again.



Mr Pinera has promised to continue his highly popular social policies.



Chile\'s last conservative leader was military ruler, General Augusto Pinochet, who seized power in 1973 and ruled until 1990.