UPDATE: New Pope Elected — Cardinal Jorge Mario Bergoglio of Argentina Chooses the Name Francis I

On Wednesday afternoon, white smoke emanated from the chimney of the Sistine Chapel, indicating that the conclave of cardinals has successfully elected the next pope.  Jorge Mario Bergoglio is the first Latin American pope ever, and he has chosen the name Pope Francis I.

2:36 p.m. -- It is believed that he has chosen Francis I in honor of St. Francis of Assisi.

2:33 p.m. -- The new pope wishes his followers well and leaves the balcony.

2:28 p.m. -- "I ask you for a favor.  Before the bishop blesses the people, I want to ask you to ask the Lord to bless the bishop ... Pray in silence for me."

2:26 p.m. -- He prays the Our Father and Hail Mary.  "And now, let's begin this path together -- the bishop and the people."

2:24 p.m. -- "The community of Rome has its bishop.  Thank you.  First of all, I would like to say a prayer for our bishop emeritus, Benedict XVI."

2:22 p.m. -- Francis I has made his way to the balcony above St. Peter's Square.

2:20 p.m. -- We're still awaiting Pope Francis's first public appearance.  He is the first pope from the Western Hemisphere.

2:19 p.m.  -- He has served as the Archbishop of Buenos Aires since 1998. He became a cardinal in 2001.

2:17 p.m. -- He is 76 years old and even has a degree in chemistry.

2:13 p.m. -- Cardinal Jorge Mario Bergoglio of Argentina has been elected pope.  He has chosen the papal name Francis I.

2:12 p.m. -- The announcement has been made in Latin:  "Annuntio vobis gaudium magnum:  Habemus Papam."  Translated, it means "I announce to you a great joy:
We have a Pope!"