Colombia's left-wing candidate Ivan Cepeda on Wednesday conceded electoral defeat to right-wing rival Abelardo de la Espriella after Sunday's second-round presidential vote.

Abelardo de la Espriella, a hard-line right-wing candidate, and Ivan Cepeda, an ally of Colombia’s first left-wing government, face off in the presidential election's second round…

Abelardo de la Espriella won Colombia's presidential runoff, narrowly beating Ivan Cepeda. Markets like the pro-business shift, but a tight budget awaits.