BBC World Service

France's foreign minister is the current favorite to take over as head of the IMF, but with Mexico's nomination of their central bank chief, some emerging economies are pushing for better representation.

Iceland's authorities closed the country's main airports following a volcanic eruption. Last year, a similar eruption grounded flights for days, and that took a big bite of the airline industry's bottom line.

London's summer Olympics are more than a year away, but ticket requests are already flooding in to see Jamaican champion Usain Bolt. But with many tickets going automatically to sponsors, fans may not get to see the event.

Japan's economy shrank in the first quarter, pushing the country back into recession. Production and consumer spending were hit by the March earthquake and tsunami.

Citizens of South Africa are voting today in local elections. These elections are expected to come down over issues of poverty, and not the traditional issue of race.

Russian state oil company Rosneft is dropping out of a deal with BP, leaving BP's investors concerned over the company's leadership.

The wine and spirits arm of France's LVMH luxury group announced yesterday it's planning its first vineyard in China to produce a premium sparkling wine.

British fashion designer John Galliano is scheduled to go on trial June 22 for allegedly making public anti-semitic remarks.

After Osama bin Laden's death, many American politicians are reevaluating the U.S.'s roll in funding counter-terrorism efforts in Pakistan.

Samoa is hoping to move its economy into the future -- by a full 24 hours. The time change would put Samoa on the same schedule as major trading partners like New Zealand and Australia.