Update-6: Obama wins - 'For the US, the best is still to come'

US President Barack Obama has won re-election, according to US TV network projections, while his Democratic Party looks set to retain control of the Senate, although the Republicans will continue to hold the House of Representatives. Wild cheering broke out in Democratic campaign headquarters, with Obama himself expected to make a statement in Chicago. The projections were made shortly after 5 a.m. but Republican challenger Mitt Romney conceded at 7 a.m. He said the US faced major challenges and he prayed that Obama would be successful in overcoming them. He urged Americans to come together and put the people before the politics. He thanked his supporters, his wife and his vice-presidential nominee for their help. President Obama made his acceptance speech at 7.40 a.m. as supporters cheered "Four more years". He said the voters had reaffirmed the spirit which has triumphed over war and depression...'We rise or fall as one nation, one people.' He said a decade of ar was ending and the economy was recovering and he was more determined than ever to improve the life of Americans. "You voted for action, not politics as usual, you elected us to focus on your jobs, not ours," he said,...