Billionaire Pinera to return as Chile's president: results

Billionaire former president Sebastian Pinera will return as Chile's leader next year, according to near-complete official results from a runoff election held today.

Pinera's leftist rival in the race, senator and former TV presenter Alejandro Guillier, recognized his "tough defeat."

Electoral authorities said Pinera won 55 per cent of the vote, based on a count of 92 per cent of the ballots.