MILAN Nov 13 Italy's biggest broadcaster Mediaset intensified its cost cutting programme on Tuesday when it posted its first-ever quarterly loss, as an economic recession and pay-TV competition take their toll.
The group, owned by former prime minister Silvio Berlusconi, said in a statement it would boost its three-year cutting plan started in 2011 to 450 million euros ($572 million) from 250 million euros previously.
Net loss was 88.4 million euros in the quarter and nine-month net loss was 45.4 million euros, the statement said.
A recession in its two main Italian and Spanish markets dragged nine-month revenues down to 2.65 billion euros from 3.04 billion euros, while its pay-TV business was hit by competition from News Corp unit Sky Italia and high content costs.
GLOBAL MARKETS-European shares up as banks reassure, dollar holds near highs
LONDON, Oct 27 Reassuring results from some of Europe's biggest banks gave financials a boost on Thursday and helped offset weakness in oil-related stocks, while higher bond yields underpinned the dollar.
Moody's sees Russia's 2016 budget deficit at up to 4.7 pct of GDP
MOSCOW, Oct 27 Russia's budget deficit may reach 4.7 percent of gross domestic product this year if Moscow fails to sell a state stake in oil giant Rosneft, a senior vice president at Moody's Investor Service said on Thursday.