Romney concedes US presidential election to Obama

WASHINGTON - Reuters

Republican presidential nominee Mitt Romney delivers his concession speech during his election night rally in Boston, Massachusetts, November 7, 2012. REUTERS photo

Republican Mitt Romney conceded the U.S. presidential election to President Barack Obama early on Wednesday morning after a bitterly fought battle.
 
"This is a time of great challenges for America and I pray that the president will be successful in guiding our nation," Romney told supporters after calling Obama to congratulate him.
 
Obama defeated Romney in a series of key swing states, despite the weak economic recovery and stubbornly high unemployment that dogged his campaign.
 
Television networks called the election late on Tuesday, but the Romney campaign waited more than an hour to agree on the results in Ohio.