Spanish channel Unidad Editorial's Veo 7 has been obliged to reduce staff and costs due to the ongoing economic crisis that is still plaguing the country. The channel's news programs will disappear and self-made productions will be reduced to two shows, La vuelta al mundo' ('A world tour') and 'In confianza' ('Talking in confidence'). The channel, who will likely reduce its workforce by a third, channel has not generated any profit since it started began broadcasting some six years ago. Contrary to some speculation that it is currnet currency, Veo7 denied that it is to close down. In an official note the copmany said: "We have not thought of closing down at all despite all the staff and self programming cutting we are planning towards the summer and the new season". Nevertheless the company is still planning to make big cuts . The channel's share is at the 1% mark.