By Sarah Morris and Robert Hetz MADRID, Oct 13 (Reuters) - Spain's largest telecoms company Telefonica (TEF.MC: ) reiterated its earnings targets for 2008 and 2010 and announced a 50 percent increase in its share buyback programme, saying it had financial strength and flexibility. The upbeat outlook from Telefonica, Europe's second-largest telecoms operator after Vodafone (VOD.L: ), comes as companies across the globe are struggling to refinance debt as the credit crunch bites. At 1155 GMT, Telefonica's shares were up 6.2 percent at 14.64 euros compared with a 5.8 percent rise in the...
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