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President-elect Gabriel Boric, of Convergencia Social, casts his vote at Escuela Patagonia during an election runoff in Punta Arenas, Chile, on Dec. 19. Photo: Paul Plaza Amar/Getty Images

Leftist Gabriel Boric won Chile's presidential runoff election after far-right rival José Antonio Kast conceded the race Sunday.

Why it matters: Chile has long been a byword for stability and prosperity in the region, but it has become increasingly polarized since anti-government protests erupted in 2019, thrusting the country into a fierce debate over economic inequality and national identity, per Axios' Dave Lawler.

  • Former student leader Boric will at 35 become one of the world’s youngest heads of state and the youngest-ever president of Chile, the New York Times reports.

By the numbers: With nearly 99% of polling stations reporting, Boric secured 56% of the votes, while former congressman Kast had 44%, AP notes.

The big picture: Boric champions levying more taxes on companies, reforming pensions and increasing financing and tightening regulations to try to reduce the environmental effects of state-owned mining company, Codelco, Marina E. Franco writes for Axios Latino.

Go deeper

Updated 2 mins ago - Economy & Business

Tax season nightmare ahead for understaffed IRS

Illustration: Shoshana Gordon/Axios

The IRS will start accepting 2021 tax returns in less than a week, and the filing delays and administrative headaches to come might eclipse last year — which was “one of the worst filing seasons," according to an independent advocacy agency within the IRS.

Why it matters: For taxpayers, especially with complex or paper filings, this means headaches, delayed refunds, and mistakes.

China builds its own movie empire

Expand chart
Data: Gower Street citing Comscore; Chart: Kavya Beheraj/Axios

China blocked all four of Disney's Marvel movies from being released in its theaters last year, a grim sign for U.S. film giants being squeezed out of the world's fastest-growing box office.

Why it matters: The Chinese Communist Party is using domestic films as a key conduit for mass messaging aimed at achieving political goals, leaving little room for foreign views.

Why 401(k) rollovers are so annoying

Illustration: Aïda Amer/Axios

If you happened to change jobs recently, you may have tried to transfer your retirement account from your former employer into an Individual Retirement Account or your new employer's 401(k) plan. If so, you probably encountered a bureaucratic gantlet — and you're not alone.

Why it matters: Kludgey processes around retirement account transfers result in people losing track of their funds, giving up important tax advantages, or otherwise disadvantaging themselves and being less prepared for retirement.