Washington, Muharram 17, 1433, Dec 12, 2011, SPA - U.S. President Barack Obama announced today his candidacy for a second term in the upcoming U.S. presidential elections. In an interview with 'CNBC,' President Obama said he wants to complete the task of developing the U.S. economy on the strong basis. He also renewed his call for higher taxes on the rich. "There is much to be done to move the U.S. economy in a way that benefits all and not confined to a small group of people only," he added. --SPA 11:18 LOCAL TIME 08:18 GMT www.spa.gov.sa/951589