In a surprise development New York Mayor Michael Bloomberg has endorsed US President Barack Obama for his re-election.
Obama is pitched against Mitt Romney, the Republican presidential candidate, for the November 6 elections; which according to political analysts is a very close race.
In such a scenario an endorsement of the powerful Mayor of New York City could add to his advantage.
In his endorsement, Bloomberg cited Obama's view and stance on climate change as one of the key reasons for his decisions.
"Our climate is changing. And while the increase in extreme weather we have experienced in New York City and around the world may or may not be the result of it, the risk that it might be -- given this week's devastation -- should compel all elected leaders to take immediate action," he said.
"But we can't do it alone. We need leadership from the White House -- and over the past four years, President Barack Obama has taken major steps to reduce our carbon consumption, including setting higher fuel-efficiency standards for cars and trucks," he added.
More From This Section
Obama in a statement said he is honoured to have Bloomberg's endorsement.
"I deeply respect him for his leadership in business, philanthropy and government, and appreciate the extraordinary job he's doing right now, leading New York City through these difficult days," he said.
Soon thereafter, Obama also bagged the endorsement of the Starbucks CEO Howard Schultz, who noted that President's "significant leadership" on the economy and world affairs are reasons for his decisions.
"The President always had my vote. What I wanted from the President was an ability to work closely with the Republican Congress to be able to get things done," Schwartz told CNBC in an interview.
"I think he has shown significant leadership, the kind of stewardship of the economy in the country and world affairs that he deserves to be re-elected," Schwartz added.