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Colombia is bracing for the prospect of a radical change in economic and political direction after electing a former guerrilla to the presidency on a platform of transforming the country’s business-friendly model. Gustavo Petro, 62, defeated construction magnate Rodolfo Hernandez in Sunday’s runoff vote, giving him a shot at enacting a program that includes plans to tax big landowners, halt the awarding of oil exploration licenses and revive ties with the socialist government of neighboring Venezuela. “It’s historic,” said Silvana Amaya, an analyst at Control Risks consultancy in Bog...

Colombia is bracing for the prospect of a radical change in economic and political direction after electing a former guerrilla to the presidency on a platform of transforming the country's business-friendly model.

Many major Latin American nations have elected leftist leaders at various times, but Colombia has until now only ever been governed by conservatives and liberals. The election of Gustavo Petro is also likely to shake up relations with Washington.

(Bloomberg) -- Jaime Gilinski is making a fresh run at taking control of Colombia’s largest business group with a $1 billion bid to increase his ownership stakes of a financial conglomerate and the country’s largest food maker.