New Zealand Labour leader concedes to Prime Minister

The leader of New Zealand's Labour party has conceded the election to the prime minister, paving the way for John Key to return for a second term as the nation's leader.

A dominant performance by Key's National Party, however, appears to be coming up just short of giving him enough votes to govern alone. But Key will likely find enough support among minor parties to shore up his leadership.

With most of the vote counted Saturday, the National Party was projected to win 60 seats in a parliament of 121 seats, an increase of two from the current parliament.

The Labour party had just 27 percent of the vote, meaning it will lose about nine of its 43 seats and prompting party leader Phil Goff to concede to Key. AP