The loser in Liberia’s first post-war presidential elections today dropped his legal challenge agains the results, saying he would accept the outcome in the interest of national reconciliation.

Embattled Liberian president Charles Taylor has agreed to cede power on August 11, West African envoys and Taylor’s spokesman said today.

A thundering barrage of mortars shook Liberia’s capital today, hitting two US Embassy compounds and residential neighbourhoods and killing more than 90 people, as government and rebel forces fought over President Charles Taylor’s last stronghold.