A new pope has been chosen

Almost 24 hours after Conclave began, the cardinals tasked with the election of the next Pope have decided.  White smoke was seen billowing from the Sistine Chapel around 18:00, followed by the bells the late John Paul II decreed be rung on the election of a new Pope.  The news has only just hit the Web. 

White smoke rose from a Sistine Chapel chimney and bells rang today, signaling the selection of a new pope. Thousands of people in St. Peter’s Square clapped and waved flags as the smoke billowed over Vatican City. Suspense built as the throng waited for the symbolic ringing of bells, at which point the crowd broke into a roar of jubilation.

CNN, the BBC and Yahoo! News have started reporting this astonishing development.  I will, of course, be back a little later with more when the new Pope makes himself known.

Update:

Joseph Cardinal Ratzinger (as he was until about half an hour ago) has been elected as the new Pope.  He has taken the name Pope Benedict XVI as his papal name.  He is the 265th Pope.