Banca Popolare di Vicenza set the price range for its capital-raising exercise at between 0.10 and 3 a share (0.11 to $3.40) following a lack of interest among big institutions.The troubled Italian lender was forced into the offering after the European Central Bank required it to pad its capital buffers.
Capping a poor quarter for America's biggest banks, Goldman Sachs reported net profit of $1.2 billion for the first three months of the year, which was down by 56% compared with the same period last year.Morgan Stanley's net income dropped by 53%, to $1.1 billion.And Citigroup registered a profit of $3.5 billion, a fall of 27%. Given the volatile start to the year in markets, the results were not that surprising.
China's GDP expanded at an annual rate of 6.7% in the first three months of the year.Although that was the slowest pace since the start of 2009, it was in line with most forecasts and the government's new growth target of 6.5-7%.There were also signs that the economy had performed better in March than in January, with fixed-asset investment growing at its fastest rate since August.But there may be trouble ahead: new bank loans and other forms of debt have also risen sharply.
Mitsubishi Motors, Japan's sixth-largest carmaker, admitted that its employees had altered data in fuel-consumption tests for some of its models so that they would record better mileage.Mitsubishi's boss apologised, though that didn't stop a suspension of trading in the company's shares, whose price plunged by 15% after the news broke.Meanwhile, Volkswagen's share price soared in anticipation of an agreement with American regulators over an emissions-cheating scandal.
An aeroplane approaching Heathrow airport was struck by a drone.This came after a fuss about a drone flight that filmed stunning views over London, but broke many rules in the process.Drone-flyers are breaching both no-fly zones and restricted airspace around airports with increasing frequency.There have been calls for mandatory geo-fencing software, which would stop these incursions automatically, and for the rules to be applied more stringently.A total ban on drones over LondonandWindsor was announced ahead of Barack Obama's visit this week.