Italy's Mario Monti sets off to South Korea, Japan and China this weekend with crucial labor reforms in the bag, to set out his vision of a new Italy and boost ties with Asia's dynamic economies.

The prime minister, who in November replaced Silvio Berlusconi as premier as Italy toppled on the edge of financial meltdown, is wasting no time strengthening relations with Asia's key financial players.

Profit-taking forced the dollar lower on Friday in a lackluster trading session.

The euro firmed to $1.3271 from $1.3196 in New York late on Thursday.

Facebook confirmed Friday that it has added a trove of IBM patents to its arsenal on an increasingly lawsuit-strewn technology battlefield.

Reports that Facebook bought 750 software and networking patents from IBM surfaced less than two weeks after struggling Internet pioneer Yahoo! accused the thriving young firm of infringing on 10 of its patents.

Since its founding in 1944, Washington has always chosen the head of the World Bank, and has filled the position each time with an American, without opposition.

But this year, for the first time two challengers are vying with the U.S. nominee to replace the outgoing Bank president, former U.S. diplomat Robert Zoellick.

India has barred its airlines from complying with the European Union's carbon taxation scheme, with the government saying no Indian carrier would share emissions data with the EU.

"Though the European Union has directed Indian carriers to submit emission details of their aircraft by March 31, 2012, no Indian carrier is submitting them in view of the position of the government," Civil Aviation Minister Ajit Singh said Thursday in parliament.

European stock markets retreated on Friday, extending the week's heavy losses, but the euro rose against the dollar in the absence of major U.S. economic indicators, traders said.

London's FTSE 100 benchmark index of leading shares dipped 0.12 percent to 5,838.82 points approaching midday in the British capital.

Executives at Swiss banking giant Credit Suisse saw their pay packet shrink by about half in 2011, according to the bank's annual compensation report which was published Friday.

In 2010, each top manager at the bank took home an average of 10 million francs ($10.9 million; 8.3 million Euros) in basic wages and bonuses, but in 2011, each earned an average of 5.4 million francs.

The United States on Friday named the president of a prestigious Ivy League college, Jim Yong Kim, to lead the World Bank, in a race challenged by developing country candidates.

"It's time for a development professional to lead the world's largest development agency," Obama said flanked by Kim, a Korean-American and the head of Dartmouth College.

World oil prices rebounded gently on Friday, one day after slumping in the face of weak Chinese data and international concern that elevated crude costs could hurt the global recovery, traders said.

Brent North Sea crude for delivery in May gained 77 cents to $123.91 a barrel in London midday deals.

A run of poor economic figures weighed on markets Thursday in what is turning out to be one of the worst weeks for stocks this year.

Disappointing figures out of China and the 17-country eurozone have prompted investors to cash out of stocks, following a strong run in previous weeks. Many traders are wary of further pushing up indexes, many of which recently hit multi-month highs.