Opposition Candidate Wins Argentina's Presidential Election Argentina's opposition candidate, Mauricio Macri, is set to become Argentina's next president after vowing to end currency controls and cut export taxes - Bloomberg. This is a radical change for Argentina, which has not been governed by a centrist-conservative party since 1916. Voter turnout was extremely high, at 81%. The new government will be inaugurated on December 10th, 2015. Throughout his campaign, Mauricio Macri has been absolutely exemplary in not resorting to personal attacks on his opponent and in stressing that all Argentinians need to work together to drive the country and the economy forward. His first speech as president elect resonated with his trade-mark non-divisive pragmatism: "thank you for believing that together we can build the Argentina we all dream of." Argentina is South America's second largest economy, has the world's second largest shale gas and third largest shale oil deposit, is the world's third largest soy bean exporter and generates about 30% of its energy from clean sources (21% from hydro and 9% from nuclear). A staggering 55% of Argentina - which is similar in size to India - is represented by agricultural land. CEO of Arca Continental SAB, Latin America's No. 2 Coca-Cola bottler recently commented on Argentina being: "Well-located, well positioned in terms of energy, commodities" and "It's a tremendous opportunity to work with a well-educated and prepared population." The pillars of Mr Macri's campaign platform and updates from last night and this morning are: To start to gain the trust of the international investment community. "We're getting the right overtures right now that this election may represent a renewed relationship with the U.S. and the U.S. business community," said Jodi Hanson Bond, the vice president for the Americas at the U.S. Chamber of Commerce. As a priority, to reach a settlement with the sovereign bond-holders. The dispute between the "holdout" bond-holders and the Argentine government resulted in Argentina's selective default in 2014; To allow the Peso to float freely against other currencies. Earlier today Mauricio Macri announced that the head of Argentina's central bank would be replaced; To eliminate currency controls; To tackle rampant inflation which is currently running at 24% per annum, although Mr Macri concedes that it will take his full four-year term to bring it under control; To adjust the income tax structure in recognition of the fact that high inflation carries tax payers into higher and higher tax brackets while their real buying power declines; To eradicate the current 23% tariff on grain exports and reduce the current 35% tax on soy-bean exports by 5% per year; To restructure the statistics agency that was censured by the International Monetary Fund for misreporting economic data; To develop a closer relationship with the Pacific Alliance, a trade bloc consisting of Chile, Colombia, Mexico and Peru - four countries that also have a common securities-trading platform called MILA; To promote mining to full ministerial status in the new government, in recognition of its strategic importance and its unique role as a driver of development in remote regions. This morning Mr Macri announced his intention to repeal the controversial memorandum of understanding that Argentina signed with Iran in 2013; and Today Mr. Macri announced that the new government's economic cabinet will consist of six ministers including: finance, energy, production, transport, labour and agriculture. Sources: Bloomberg Business, Mining Press Argentina, Trading Economics, JP Morgan. 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