(Reporting by Ayla Jean Yackley; Editing by Ruth Pitchford) Turkey. * IMF revises growth forecast downward to minus 11 pct * Says reform programme already turning economy around (Adds details) By George Thande VICTORIA, May 16 (Reuters) - The IMF downgraded the Seychelles' growth projections for 2009 to forecast an 11 percent contraction from an earlier estimate of 9.5 percent shrinkage because of a fall in tourism. "Earlier this year we projected growth to be minus 9.5 percent but with a decline in tourism we now believe gross domestic product (GDP) will drop by 11 per cent," International Monetary Fund IMF mission head Paul Mathieu said at the end of a two-week review. Putin in March told workers at AvtoVAZ (AVAZ.MM), in whichFrance's Renault (RENA.PA) owns 25 percent, that he had bought aNiva car, which is made by AvtoVAZ.

Facing public anger over what many regarded as excessivebonuses, UBS undertook a radical overhaul of its executive paysystem last year after its bet on risky U.S assets backfired (Reporting by Jason Rhodes; Editing by Ruth Pitchford). (Corrects spelling of Porsche in paragraph 3) Russia  |  France SOCHI, Russia, May 16 (Reuters) - Prime Minister VladimirPutin tried to give a boost to Russia's struggling car industryon Saturday by driving his four-wheel-drive Lada Niva, paintedin camouflage colours, to talks at his Black Sea residence. "Overregulation that would endanger internationalcompetiveness would be wrong," Villiger said. "Noticeable tendencies to introduce state wage guidelineswould be the most foolish thing for a country like Switzerland,"said Villiger, adding that large companies outside the bankingsector like Nestle (NESN.VX) would also be hit by lessfavourable conditions for business. [ID:nLE899015] Villiger, who was appointed UBS chairman in March as part ofa management clearout [ID:nL427555], said he accepted the needfor stricter supervision but warned against too much governmentinterference.

Current Finance Minister Hans-Rudolf Merz said on Thursdaythat the Swiss government wants to exit its investment in UBSrapidly but will only do so when the bank is stable and marketconditions are favourable. "This has reached such an extent in the United States thatit's making us think. We're also losing people to thecompetition in Switzerland but not to such a dramatic extent,"the chairman of the world's largest wealth management in termsof assets said in an interview with Switzerland's BernerZeitung."We have to react," Villiger, a former Swiss financeminister, said. UBS is struggling to rebuild its once powerful brand aftermassive writedowns on investments into risky U.S assets forcedit to accept government backing. ZURICH, May 16 (Reuters) - Switzerland's largest bank,UBS (UBS.N)(UBSN.VX), is losing key staff in important areas tocompetitors, chairman Kaspar Villiger was reported as saying onSaturday. SRINAGAR, India (Reuters) - Sajjad Gani Lone, Indian Kashmir's first separatist leader to contest Indian elections since a revolt broke out in the region two decades ago, lost polls, results showed on Saturday. assets backfired.(Reporting by Jason Rhodes; Editing by Ruth Pitchford).