President Obama gives victory speech in Chicago

President Barack Obama has been re-elected to a second term, defeating Republican challenger Mitt Romney.

With results in from most states, America's first black president has secured the 270 votes in the electoral college needed to win the race.

Mr Obama prevailed despite lingering dissatisfaction with the economy and a hard-fought challenge by Mr Romney.

Addressing a crowd of thousands at a victory speech in Chicago he said "the best is yet to come".