Colombian economist Jose Antonio Ocampo withdrew Friday from the race to lead the World Bank, calling the process a "political exercise" unrelated to candidate merits, Colombian media reported.

The former Colombian finance minister also blamed lack of formal support from his own government, saying that had hindered his ability to garner the backing of other countries, according to a statement published by the Colombian media.

China's central bank said it would widen the Yuan’s trading band against the dollar, loosening currency controls in a major step towards adopting more market-oriented reforms.

The Yuan is currently allowed to trade 0.5 percent on either side of a midpoint price set by the central bank every trading day.

Americans are buying record numbers of hybrid and electric cars as gas prices climb and new models arrive in showrooms, giving the vehicles their greatest share yet of the U.S. auto market.

Consumers bought a record 52,000 gas-electric hybrids and all-electric cars in March, up from 34,000 during the same month last year.

Oil fell in Asian trade on Friday, dragged by prospects of weaker Chinese demand as data showed the country's economy grew at its slowest rate in nearly three years, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in May, dropped 33 cents to $103.31 a barrel.

Google on Thursday delivered a double-shot of good news to investors, announcing soaring profits and plans for a long-desired stock split that will make its shares easier to trade.

Google reported a profit of $2.89 billion on revenue of $10.65 billion in the quarter ended March 31.

Sony shares fell nearly 5.0 percent in morning trade Friday after the struggling Japanese firm's new chief outlined an "urgent" strategy to turn it around, including slashing 10,000 jobs.

The firm slumped 4.77 percent to 1,455 yen by the break as the broader market soared on news that a North Korean rocket launch, which had sent jitters across the region, failed.

Australia's Qantas launched Friday the nation's first commercial flight using a mixture of refined cooking oil, saying it would not survive if it relied solely on traditional jet fuel.

The Airbus A330 left Sydney for Adelaide using a 50-50 blend derived from recycled cooking oil and regular jet fuel in what the airline hopes will be the first step towards a sustainable aviation fuel industry in Australia.

ABC, the leading retailer in Lebanon, announced on Thursday the results of its 2011 initiative raising more than 40 Million Lebanese pounds to The Lebanese Child Home Association (AFEL) to support Lebanese homeless children.

The announcement was made in the NGO's headquarters in Nabaa and was attended by ABC, “Save the Children” and AFEL senior officials.

Faced with mounting losses, Sony Corp. said Thursday it will slash 10,000 jobs, or about 6 percent of its global workforce, and turn around its money-losing TV business over the next two years.

New CEO and President Kazuo Hirai outlined his business strategy at a press conference where he pledged to revive the electronics and entertainment company. Sony earlier this week more than doubled its annual net loss projection for the fiscal year through this past March to 520 billion yen, or $6.4 billion. That would be its fourth straight year of red ink and worst loss ever.

France Telecom subsidiary Orange is to spend 1.5 billion euros ($1.98 billion) for full control of its Egyptian subsidiary MobiNil/ECMS, it said on Thursday.

The move is in line with an agreement with its local partner Orascom which was announced in February, the statement said.