New President emerges in Argentina

23 November 2015, News Wires – Argentina is heading for a change of administration after the centre-left party of outgoing president Cristina Fernandez de Kirchner was defeated in Sunday’s presidential election.

Mauricio Macri, Argentina's new president

Mauricio Macri, Argentina’s president-elect

Current mayor of Buenos Aires Mauricio Macri has beaten Daniel Scioli in an election that went into a run-off after the latter narrowly missed out on a sufficient majority.

The victory by Macri’s centre-right Cambiemos (Let’s Change) party brings to an end the 12-year reign of the Peronist party, which conceded defeat on Sunday.

With the vast majority of votes counted, Macri was ahead of his rival, with 51.5% of the vote as against 48.5%.

Argentina’s oil and shale gas industry will be hoping that Macri’s reign will bring a more pro-business administration to a country where inflation is high and crime in on the rise.

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