Forty-four-year-old economist, Santiago Pena has won Paraguay’s presidential election, returning the conservative Colorado Party to government after a tightly-contested campaign that had threatened to end its seven-decade hold on power. The former finance minister had 42.7 percent of the vote with more than 99 percent of ballots counted, a more than 15-point lead over centre-left rival Efrain Alegrem a 60-year-old lawyer from the Concertacion coalition, according to the electoral body, Aljazeera reports.