UK's Osborne says to follow bank report timetable

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LONDON, Sept 12 | Mon Sep 12, 2011 2:35am EDT

LONDON, Sept 12 (Reuters) - The British government intends to stick to a timetable for banking reform set out in an independent report, finance minister George Osborne said on Monday.

The Independent Commission on Banking (ICB) said "an extended implementation period would be appropriate" for the reforms but they should be completed by 2019.

"(ICB head) John Vickers himself sets out a timetable and I intend to stick to his timetable. So he says let's have all the changes in place by the end of this decade," Osborne said in an interview broadcast on Sky News.

"There are a lot of changes involved, that is why it will take some time, but let's get the legislation through in this parliament and we have a commitment to legislate to get the rules in place..and then it will take some time for the full rules to come in to place."

(Reporting by Avril Ormsby and Keith Weir)

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UPDATE 1-Greek debt swap take-up at 75 pct -report

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* Too early to give specific take-up rate-finmin official

* Greece seeks minimum 90 pct participation rate (Adds finance ministry comment, details)

ATHENS, Sept 7 (Reuters) - Private sector participation in a Greek debt swap has so far reached the 75-percent mark, far below a 90 percent target, newspaper Imerisia reported on Wednesday without naming its sources.

Greece last month turned the screws on investors, saying it may not go ahead with the debt swap -- a key part in a second bailout package to stave off the country's bankruptcy -- if holders of less than 90 percent of the bonds take part.

The International Institute of Finance (IIF), a global banking group that is leading the bond swap talks, said on Tuesday it was confident the plan would eventually garner the necessary investor support.

A Greek finance ministry official said it was too early to provide a take-up figure. "The process is ongoing, it is premature to give a percentage," the official told Reuters on condition of anonymity.

Greece has asked bondholders to declare their interest in taking part in the debt swap by Friday. Greece expects to submit a final bond swap offer to investors in October, with a view to complete the exercise by the end of the same month.

EU leaders agreed on July 21 to extend a second, 109 billion euro bailout to Greece, on top of a 110 billion euros rescue package agreed in May 2010.

Under the plan, private bondholders are supposed to take an average 21 percent loss on their bond portfolios, in net present value terms, as part of attempts to share the burden of the bailout deal.

The proposal aims to ease Greece's debt burden by swapping bonds with a maturity of up to 10 years for 30- or 15-year bonds with additional guarantees, to make them less risky to hold than original bonds.

Greek and European lenders such as National Bank of Greece (NBGr.AT), France's BNP Paribas , Belgian group Dexia and Germany's Commerzbank are among the biggest holders of Greek bonds.

But concerns over the broader rescue package and Greece's ultimate fate have been worsened by protracted wrangling over the country's repeated fiscal slippages, lack of reform drive and a bilateral deal with Finland to collateralise the latter's bailout contributions.

The IIF had said on Aug 25 that between 60 and 70 percent of private investors have expressed an intention to participate. (Reporting By Harry Papachristou and Angeliki Koutantou; Editing by Jon Loades-Carter)

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Fiat targets 46 pct of Chrysler by June -report

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* Talks on refinancing govt debt at advanced stage

* CEO wants to buy additional 16 pct of Chrysler by end H1

MILAN, April 14 (Reuters) - Italian car maker Fiat (FIA.MI) wants to hike its stake in Chrysler to 46 percent by June, as soon as the U.S. group manages to repay $7 billion of government debt, an Italian daily said on Thursday.

Sergio Marchionne, who runs both Fiat and Chrysler, said on Monday that the U.S. auto maker would refinance its onerous U.S. and Canadian government debt by June. [ID:nLDE73A0CS]

Also on Monday, he confirmed Fiat, which currently owns 30 percent of Chrysler, wanted to get a majority stake in the U.S. group by the end of 2011, but did not elaborate on the steps needed to achieve this goal.

In an unsourced report published on Thursday, newspaper Corriere della Sera said talks with international investment banks on refinancing the debt were at an advanced stage, paving the way for Fiat to buy a further 16 percent of Chrysler.

"This is the real goal Sergio Marchionne is working at," Corriere della Sera said. "He wants to do it by June. He might be able to do it a bit earlier."

Fiat declined to comment on the report.

Fiat, part of Italy's biggest industrial group, took over management and a stake in Chrysler under a 2009 bailout accord.

It must pay back government money before it can exercise the option to pay for a 16 percent stake in Chrysler.

"It is certainly a possible outcome," a source with knowledge of the situation told Reuters when asked about the prospect of Fiat getting 46 percent of Chrysler by June. "But it all depends on how talks with the banks turn out."

A further 5 percent can be added for free once Fiat reaches the last of three milestones agreed with the U.S. government -- namely, producing a new fuel-efficient car capable of reaching 40 miles per gallon, and Marchionne has said it will only be reached in the fourth quarter of this year. (Editing by Will Waterman)

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* Talks on refinancing govt debt at advanced stage

* CEO wants to buy additional 16 pct of Chrysler by end H1

MILAN, April 14 (Reuters) - Italian car maker Fiat (FIA.MI) wants to hike its stake in Chrysler to 46 percent by June, as soon as the U.S. group manages to repay $7 billion of government debt, an Italian daily said on Thursday.

Sergio Marchionne, who runs both Fiat and Chrysler, said on Monday that the U.S. auto maker would refinance its onerous U.S. and Canadian government debt by June. [ID:nLDE73A0CS]

Also on Monday, he confirmed Fiat, which currently owns 30 percent of Chrysler, wanted to get a majority stake in the U.S. group by the end of 2011, but did not elaborate on the steps needed to achieve this goal.

In an unsourced report published on Thursday, newspaper Corriere della Sera said talks with international investment banks on refinancing the debt were at an advanced stage, paving the way for Fiat to buy a further 16 percent of Chrysler.

"This is the real goal Sergio Marchionne is working at," Corriere della Sera said. "He wants to do it by June. He might be able to do it a bit earlier."

Fiat declined to comment on the report.

Fiat, part of Italy's biggest industrial group, took over management and a stake in Chrysler under a 2009 bailout accord.

It must pay back government money before it can exercise the option to pay for a 16 percent stake in Chrysler.

"It is certainly a possible outcome," a source with knowledge of the situation told Reuters when asked about the prospect of Fiat getting 46 percent of Chrysler by June. "But it all depends on how talks with the banks turn out."

A further 5 percent can be added for free once Fiat reaches the last of three milestones agreed with the U.S. government -- namely, producing a new fuel-efficient car capable of reaching 40 miles per gallon, and Marchionne has said it will only be reached in the fourth quarter of this year. (Editing by Will Waterman)

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Brazil's GVT to invest $6 bln over 5 years -report

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* GVT says to spend 10 bln reais in Brazil over 5 years

* Company needs qualified workers to fuel expansion

SAO PAULO, March 28 (Reuters) - Brazilian telecommunications company GVT plans to spend 10 billion reais ($6 billion) over the next five years to boost coverage in Latin America's largest economy, the company's chief executive officer told a local newspaper on Monday.

"We don't have a limit to invest," CEO Amos Genish told newspaper Folha de S. Paulo.

The company plans to reach 80 new cities, for a total of 180 cities, at a cost of 10 billion reais over the next five years, according to the report.

But the company said it needs to find employees who specialize in building telecommunications networks, a concern in a country where a number of companies have complained about the lack of an educated workforce.

France's Vivendi (VIV.PA) in 2009 paid 7.7 billion reais for GVT, the fixed-line and data services carrier.

($1=1.658 reais)

(Reporting by Luciana Lopez, editing by Dave Zimmerman)

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* GVT says to spend 10 bln reais in Brazil over 5 years

* Company needs qualified workers to fuel expansion

SAO PAULO, March 28 (Reuters) - Brazilian telecommunications company GVT plans to spend 10 billion reais ($6 billion) over the next five years to boost coverage in Latin America's largest economy, the company's chief executive officer told a local newspaper on Monday.

"We don't have a limit to invest," CEO Amos Genish told newspaper Folha de S. Paulo.

The company plans to reach 80 new cities, for a total of 180 cities, at a cost of 10 billion reais over the next five years, according to the report.

But the company said it needs to find employees who specialize in building telecommunications networks, a concern in a country where a number of companies have complained about the lack of an educated workforce.

France's Vivendi (VIV.PA) in 2009 paid 7.7 billion reais for GVT, the fixed-line and data services carrier.

($1=1.658 reais)

(Reporting by Luciana Lopez, editing by Dave Zimmerman)

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Vale CEO ousted, gov't seeks replacement: report

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