Ruling Taiwan party concedes defeat

Taiwan has elected its first woman president after the ruling Nationalist Party conceded defeat, congratulating opposition candidate Tsai Ing-wen.

Taiwans Democratic Progressive Party Chairperson and presidential candidate Tsai Ing-wen speaks to reporters after casting her bollot in New Taipei City, Taiwan on Jan. 16, 2016. (AP) Source: AP

Taiwan's ruling Nationalist Party conceded defeat on Saturday in presidential elections, offering congratulations to opposition candidate Tsai Ing-wen from the Democratic Progressive Party (DPP).

"I'm sorry," candidate Eric Chu said, surrounded by sombre-looking supporters, some in tears, adding he had also resigned as party chairman.

A DPP source told Reuters that the party was working on a victory speech for Tsai, who is to be the country's first woman president.