The World Bank chose Korean-American physician Jim Yong Kim as its next chief Monday in a decision that surprised few but took beating an unprecedented challenge to the U.S. lock on the Bank's presidency.

The Bank picked the 52-year-old U.S. health expert and educator over Nigerian Finance Minister Ngozi Okonjo-Iweala amid rising pressure from emerging and developing countries for the huge development lender to recruit one of their own for a leader.

Russia's main car maker Lada said on Monday it was pulling one of its classic 1982 models from production after sales shrank for a vehicle that was dated from the moment it was introduced.

"Demand for the 'classic' has dropped a lot. It is time to say goodbye," company spokesman Igor Burenkov said in a statement released to Agence France Presse.

Iran on Monday officially launched a $1-billion first phase of an ambitious project to pump water from the Caspian Sea to a city in its vast and expanding central desert, state media reported.

The initial phase will see a desalination plant and pipes built over the next two years to supply water to the desert city of Semnan, population 200,000, according to officials.

The London Olympics will give a short-term boost to Britain's weak economy but economists predict the greatest sporting spectacle on Earth will fail to prevent a sharp slowdown this year.

The government has invested a total of £9.3 billion ($14.8 million, 11.2 billion euros) to stage the Games, more than four times the original estimate when London was named host city in 2005.

Oil fell to near $102 a barrel Monday in Asia after negotiators said meetings over Iran's nuclear program last weekend began on a positive note.

Benchmark oil for May delivery was down 78 cents to $102.05 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 81 cents to settle at $102.83 in New York on Friday.

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.