Obama named 'Person of the Year': Time magazine

US President Barack Obama has been named Time Magazine's 2012 Person of the Year, with the US publication calling him the 'Architect of New America'.

This is second time in four years that Obama has been named person of the year by the publication.

He had received the title in 2008.

Coming closely behind Obama is young Pakistani education activist Malala Yousafzai, who is recuperating in a British hospital after being shot by the Taliban in October in Pakistan for speaking out about girls' right to education.

Apple CEO Tim Cook is also among those shortlisted by the publication for its annual honour while Egypt's first democratically elected President Mohammad Mursi also founf a place among the runners up.