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By Nick Edwards

BEIJING, Nov 14 (Reuters) – Europe should first use its own resources to resolve the debt crisis before seeking help from outsiders, Canada’s Finance Minister Jim Flaherty said on Monday.

‘Generally, we first need to see a very substantial commitment from European — and I’m talking about the euro zone — before any more could be asked of non-European (G20) countries,’ Flaherty said when asked about conversations he’d had with Chinese officials about European requests for external aid.

‘It is fair to say that the view (among G20 nations) is that Europe needs to use it’s own resources in the first place to address the issues for European banks,’ Flaherty said.

Politicians in Italy and Greece, rushing to form governments will face a critical test of their ability to limit the damage from the euro zone debt crisis when financial markets open on Monday.

An agreement by the Group of 20 leaders earlier this month to quicken a move towards market-driven exchange rates, including in China, was a ‘significant move’ in the right direction, Flaherty said.

‘This is progress,’ said Flaherty, who was in Beijing to open the Beijing representative office of TSX, meet with senior officials from China and give a speech to the Canada China Business Council.

China faces growing pressures from Western countries, particularly the United States, to let the yuan rise faster to help rebalance the world economy, but Chinese officials have resisted such calls.

(Writing by Kevin Yao; Editing by Ken Wills) Keywords: CANADA ECONOMY/FLAHERTY

(kevin.yao@thomsonreuters.com)(+8610 6627 1215)(Reuters Messaging: kevin.yao.thomsonreuters.com@reuters.net)

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LONDON, Nov 14 (Reuters) – EDF Energy, Britan’s biggest nuclear power producer, restarted its 450-megawatt Heysham 1-2 nuclear plant on Monday, output data from National Grid showed.

The plant produced 287-MW at 0730 GMT, real-time data from the network manager showed.

(Reporting by Oleg Vukmanovic) Keywords: NUCLEAR RESTART/EDF

(Oleg.Vukmanovic@thomsonreuters.com)(44 207 542 0014)(Reuters Messaging: oleg.vukmanovic.thomsonreuters.com@reuters.net)

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(The following statement was released by the rating agency)

Nov 14- Standard Poor’s Ratings Services said today it had placed its ‘A’ long-term corporate credit rating on Korea-based SK Telecom Co. Ltd. on CreditWatch with negative implications over its plan to acquire a major stake in Hynix Semiconductor Inc. (Hynix; B+/Watch Pos/–). At the same time, Standard Poor’s also placed its ‘A’ rating on SK Telecom’s senior unsecured notes on CreditWatch with negative implications. For today’s rating action media release on Hynix, see ‘Rating On Korea’s Hynix Semiconductor Placed On CreditWatch Positive On SK Telecom’s Planned Acquisition Of Major Stake In Company.’

Hynix creditors revealed Nov. 11, 2011, that the company had chosen SK Telecom as preferred bidder to acquire a 20% stake in the company, which we estimate is valued at about Korean won (KRW) 3.4 trillion. In our view, this deal contains a number of negative factors for SK Telecom’s credit quality, including the following:

— The highly cyclical characteristics of the semiconductor business will hurt SK Telecom’s strong business risk profile. Although Hynix maintains a strong position in the global memory semiconductor industry, its volatile operating performance and large capital expenditure requirements could undermine SK Telecom’s stable cash flows.

— Although the two companies are yet to fix the final structure of the deal, we believe SK Telecom is very likely to fund the acquisition through a combination of bank loans and cash on hand. In our view, this would weaken the company’s financial risk profile.

— Since Hynix and SK Telecom’s core businesses are not related, we expect the deal to bring limited benefits. Also, we believe this purchase indicates that SK Telecom is pursuing a significantly more aggressive growth strategy than we have factored into the company’s current ‘A’ rating, and we view this as negative for our assessment of SK Telecom’s corporate governance.

We plan to resolve the CreditWatch on or soon after completion of the transaction. We currently expect SK Telecom and Hynix to close the deal in early 2012. If the acquisition proceeds as planned, we will likely lower the ratings on SK Telecom a notch to ‘A-’. However, we cannot rule out further negative pressure on the ratings before assessing SK Telecom’s likely future injections of cash into Hynix and its strategic intentions for this investment in Hynix.

(Bangalore Ratings Team, Hotline: +91 80 4135 5898 satish.kb@thomsonreuters.com, Reuters Messaging: satish.kb.thomsonreuters.com@reuters.net)

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NAIROBI, Nov 14 (Reuters) – The Kenyan shilling

on Monday extended gains for a seventh straight day as tight

liquidity pushed banks to sell dollars and importers stayed

away, waiting for further gains.

At 0722 GMT, commercial banks quoted the shilling at

93.20/40 to the dollar. The local currency quoted as high as

93.00/20 earlier, stronger than Friday’s close of 93.30/50.

‘Sentiments still remain for a stronger shilling mainly due

to the tightness and importers are out of this market for now,’

said Kennedy Butiko, deputy head of treasury at Bank of Africa.

The shilling, which rallied 3.8 percent last week, has

recovered almost 13 percentage points from its record low of 107

on Oct. 11, after the central bank raised its key lending rate

sharply to combat inflation and exchange rate volatility,

sending market interest rates soaring.

The weighted average interbank rate rose to 30.6687 percent

on Friday — the highest it has been this year — from 30.0593

percent on Thursday, as banks competed for the few shillings in

the money market.

Traders said they expected the shilling to firm further

helped by Non-governmental organisations, tourism, horticulture

and tea sectors selling the dollar.

They expected the shilling to trade in the 92.00-93.00 range

during the session and said it could break through the

psychological important 90 level by the end of the week.

‘We expect dollar selling from non governmental

organisations and inflows from tourism, horticulture and tea

guys to support the shilling further,’ said Butiko.

………………………Shilling spot rates

…………………Shilling forward rates

…………………..Cross rates

…………………………….Local contributors

…………………..Central Bank of Kenya Index

…………………Kenyan Bonds contributor pages

……………Treasury bill yields

………………Central bank open market operations

…………………….Horizontal repo transactions

,…………….Daily interbank lending rate

………………………..Kenya Bond pricing

………………Real time Africa economic data

………………………African economic news

……………………………NSE-20 Share Index

……………………………NSE All Share Index

………………………FT NSE Kenya 15 Index

…………………….. FT NSE Kenya 25 Index

SPEED GUIDES:

(Reporting by Kevin Mwanza; Editing by George Obulutsa and

Ramya Venugopal)

Keywords: KENYA MARKETS/

(Email:nairobi.newsroom@reuters.com)(Tel: +254 20 2224717)

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US DOLLAR INDEX: The market is expected to remain very well supported on dips after showing some clear signs of a material base in the previous month. Key previous multi-week range resistance turned support was successfully defended in the 9,400 area, and from here, we look for a fresh medium-term higher low ahead of the next major upside extension back through 10,135. Ultimately, only a close back below 9,400 would give reason for concern.

— Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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GBP/JPY: This market is well on its way to establishing a major base following the intense rally beyond the 122.50 area. Next key resistance comes in by 130.85 and a break above will likely accelerate and open the door for a test of critical 140.00 barriers further up. Any setbacks should be well supported by previous resistance in the 122.00 area, with only a break below 120.00 to negate outlook and give reason for pause.

— Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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EUR/JPY:The market continues to show signs of the carving of a material base with the latest break back above the 107.50 area triggering an inverse head shoulders formation on the daily chart which opens the door for a move towards the 114.00 area further up. From here, look for any setbacks to be well supported in the 105.00 area, with only a daily close below 104.00 to negate.

— Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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MOSCOW, Nov 14 (Reuters) – International telecoms operator Vimpelcom missed forecasts with a 77 percent fall in quarterly earnings, hit by non-cash losses, and said the integration of its $6 billion-plus Wind Telecom acquisition was running ahead of schedule.

Russia’s No.3 mobile phone group, which expanded into markets such as Italy via the deal for Egyptian tycoon Naguib Sawiris’ Wind, said on Monday third-quarter net profit fell to $104 million, compared with a forecast for $159 million.

The bottom line was hit by around $400 million in foreign exchange and other non-cash losses, whereas revenue and core profit came in broadly in line with expectations.

‘We are satisfied with the solid performance we have achieved across our business units in the third quarter during which we have achieved double-digit top-line growth and surpassed the 200 million subscriber mark in October,’ Vimpelcom chief executive Jo Lunder said in a statement.

‘The integration process with Wind telecom is ahead of schedule and will be completed by year end. We have already secured synergies of $1.9 billion on an NPV basis out of the $2.5 billion committed,’ he added.

Amsterdam-registered Vimpelcom fought a fierce battle to take over Wind — whose Italian unit is the country’s third biggest — after facing opposition from Norwegian shareholder Telenor

The company’s revenues rose 10 percent to $6.09 billion versus a $6.07 billion Reuters poll forecast, of which Russia contributed $2.4 billion, up 14 percent year-on-year.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) rose 4 percent to $2.54 billion, in line with market expectations.

The EBITDA margin declined to 41.6 percent from a pro forma 44.1 percent a year ago — beating an average forecast of 41.3 percent in the Reuters poll.

(Reporting by Maria Kiselyova; Editing by John Bowker) Keywords: VIMPELCOM/

(maria.kiselyova@thomsonreuters.com)(+7 495 775 1242)(Reuters Messaging: maria.kiselyova.thomsonreuters.com@reuters.net)

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USD/CAD: Our constructive outlook remains intact with the market well supported in the 0.9900 ahead of the latest bounce. Look for the formation of a fresh higher low ahead of the next major upside extension back towards and eventually above 1.0660. Ultimately, only a daily close back below 0.9900 gives reason for concern, while a daily close back above 1.0260 should confirm bias and accelerate.

— Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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