Colin Powell endorses Obama's bid for re-election

WASHINGTON (AFP) - Former US secretary of state Colin Powell on Thursday endorsed President Barack Obama's bid for re-election.

The Republican who used to be chairman of the joint chiefs of staff said, "I voted for him in 2008, and I plan to stick with him in 2012."

He spoke in an interview on the CBS programme This Morning, Mr Powell said that in 2008, the Democrat Obama inherited an economy that was close to depression, with Wall Street in chaos and the housing sector starting to collapse.

Under Mr Obama's leadership, stability has come back to the financial community, housing is picking up and and consumer confidence is rising, although unemployment remains high, among other problems, Mr Powell said.