Georgia president concedes defeat

Georgian President Mikheil Saakashvili conceded defeat yesterday in parliamentary polls that handed a shock victory to an opposition coalition led by billionaire tycoon Bidzina Ivanishvili.
Although Saakashvili remains president, the defeat of his United National Movement to Ivanishvili's Georgian Dream coalition in Monday's elections spells the end of his nine years of largely unchallenged dominance over Georgia.
"It is clear that the (opposition) Georgian Dream has won a majority," Saakashvili said in a dramatic televised speech after elections hailed as an "important step" for democracy by international observers.