Goldman Sachs cuts risk exposure, Wall Street bank reports 23% drop in first-quarter earnings, Japan offers $60bn to boost IMF firepower

Here is the daily economic news update, Investors rebuke Citi board over pay, it describe the rejected proposal promised tens of millions of dollars for Vikram Pandit, chief executive, and his fellow directors

Short news from Germany, Supply chain blow to carmakers, Explosion at German chemical maker Evonik Industries has taken out one of the industry's biggest producers of cyclododecatriene, used in a nylon found in coatings and connector applications

From Wallstreet we updated, Goldman Sachs cuts risk exposure, Wall Street bank reports 23% drop in first-quarter earnings compared with the same period last year, but results beat expectations after rebound in trading

From Madrid daily economic news we can update, Spanish bond auction boosts equities, European stocks enjoyed their best day since November, as the yield on Spanish bonds fell after a bond auction

Meanwhile from Ontario economic news, Canadian approached for top BoE job, Carney in running to succeed King amid growing view in the Treasury that the central bank needs shaking up following its ponderous response to the crisis

And then Japan offers $60bn to boost IMF firepower, Decision was welcomed in Berlin, which hopes G20 members will agree to top up IMF resources with at least $400bn in new money this week