New African exchanges aim to help producers

(Reuters) - Two new African commodity exchanges, one already launched and another due within a year, aim to boost producers' returns and give small farmers access to credit.

The Agricultural Commodity Exchange for Africa (ACE), launched six months ago for spot and forward trade in agricultural commodities in Malawi, Zambia and South Africa, has so far seen trade worth $3 million.


Read more at Reuters Africa

Astra confident of MedImmune deal despite lawsuit

(Reuters) - Chris Larson of San Diego filed a class-action lawsuit against MedImmune and its senior officers and directors, claiming the sale benefited them more than ordinary shareholders.

"This is a matter for MedImmune as AstraZeneca is not party to the suit. However, MedImmune's SEC filing states that it does not believe the suit has any merit. Therefore we are confident that the deal will go ahead," an AstraZeneca spokesman said.


Read more at Reuters.com Mergers News

Shanghai Copper Rises as Losses on Concern Over China Supply Seen Overdone

(Bloomberg) -- Copper futures in Shanghai rose the first day in five, as investors speculated that selling triggered by concern about growing stockpiles in China, the world's biggest consumer of the metal, may have been overdone.

China's imports of copper and products rose 61 percent to 1.1 million metric tons in the first four months of this year, compared with a year ago, customs data showed yesterday. Shanghai Futures Exchange stockpiles of copper jumped 26 percent to 85,269 tons last week, the highest in three years, from levels reported on April 27 before the week-long Labor Day holiday.


Read more at Bloomberg Commodities News

UPDATE 1-Fund set to offer 1,584 yen/shr for Bull-Dog Sauce

(Reuters) - The fund, along with its affiliates, is the largest single shareholder of the Worcestershire sauce maker, owning 10.15 percent of the company's outstanding shares

A spokeswoman for Bull-Dog Sauce declined to comment on Steel Partner's offer.


Read more at Reuters.com Mergers News

JGBs jump as players square positions before GDP

(Reuters) - Some investors were looking to pick up bonds as a large amount of intermediate- to long-term JGBs are due to mature next month, analysts said.

"People who needed to buy JGBs before the June redemption bought today," said Mari Iwashita, a senior fixed-income strategist at Daiwa Securities SMBC.


Read more at Reuters.com Bonds News

Germany's Benchmark DAX Index Falls; Allianz, E.ON, SAP Pace Retreat

(Bloomberg) -- German stocks slipped, led by Allianz SE, E.ON AG and SAP AG.

The benchmark DAX Index lost 34.64, or 0.5 percent, to 7470.71 as of 9:09 a.m. in Frankfurt. The HDAX Index of the country's 110 biggest companies also dropped 0.5 percent.


Read more at Bloomberg Stocks News

South Korean Won's Gain Stalls on Concern Central Bank Will Sell Currency

(Bloomberg) -- South Korea's won was little changed amid speculation the Bank of Korea will sell it to help exports as the currency traded near the highest this year. Local government bonds were steady.

The currency's 0.7 percent gain this month stalled after a report showed Korea's department store sales dropped for the first time in three months in April and separate figures showed the jobless rate rose, suggesting the central bank needs to prop up exports to support economic growth. Deputy Bank of Korea Governor Rhee Gwang Ju said the currency is highly overvalued, Reuters reported yesterday.


Read more at Bloomberg Currencies News