Santander profits hit by bad loans in Spain

Spanish bank group Santander saw full-year profits fall 8.5% in 2010 because of bad debts in its home market.

Net profits of 8.2bn euros ($11.3bn, £7bn) were hit by a 472m-euro provision for bad loans, in the wake of a collapsed property market and a severe recession with 20% unemployment.

But the group's profits would have been worse, were it not for a strong showing at its UK and Brazil units.

The group's British arm reported £2.3bn profits, up 11% on 2009.

It is believed that the Madrid-based bank intends to sell off a 20% stake in its UK business in the next six months via a flotation on the London Stock Exchange, expected to raise more than £3bn.

Diversification
The firm also saw strong business in Latin America, with full-year profits up 31% in Brazil, 38% in Mexico and 21% in Chile, according to its full-year statement.

This was in sharp contrast with Santander's core continental Europe business, where profits dived 23%.

At 12.8bn euros, the group now makes almost as much operating income in Latin America as it does in Europe (including the UK) - the product of a long-term strategy to diversify out of its home market.

The proportion of non-performing loans in its continental Europe business rose to 4.3% in 2010, up from 3.6% a year earlier.

In the UK - where property prices have fallen much less compared with Spain - the proportion remained steady at less than 1.8%.

The worsening figures in Spain partly reflect stricter accounting standards instituted by the Spanish central bank.

Sub-par
Much of the poor performance was due to bad third-quarter results, which were published in October.

The newly-released full-year results showed that profitability improved, but remained sub-par in the last three months of the year.

Fourth-quarter net profits of 2.1bn euros were down 5% on the same period in 2009.

The profit and net income figures were largely in line with market expectations, according to analyst polls conducted by Reuters.

The bank's share price fell 1.9% on the results in early trading on the Madrid stock exchange, before fully recovering within the first two hours.

The Coves of Torrevieja under threat

A plan to restore the coastline around Punta Prima in Torrevieja will lead to an environmental disaster, according to ecologists.
The ministery for the environment is proposing the building of artificial beaches along the rocky shore which will be backed out at sea by a series of breakwaters.
A beachfront promenade and harbour also form part of the plan.
This scheme - which is dressed up as an environmental improvement project will destroy one of the last virgen areas of Torrevieja's and the Costa Blanca regions coast.
We all know that these actions are designed to increase the popularity for many of the tourists that have Holidays in the Costa Blanca but it will affect an area of small coves and cliffs as well as fossil dunes and could represent a great loss for the whole of the Valencia region.

Flying to the Costa Blanca

Flying to the Costa Blanca,

With Ryanair,Easyjet and Monarch offering great deals for flying to the Costa Blanca at the moment who could refuse the option to book their next holiday,

But beware although these companies are offering great flight prices the hidden costs will soon make you think twice about exactly what dates you want to go on holiday,

I don't just mean the feul prices either its the extra like the baggage charges,
If you check your baggage in easyjet charge £6 per bag each way, Ryanair are even worse they although their flight prices are cheap they charge £12 per bage each way and £6 to use the check in desk and even worse is that if there are 3 of you in the party and you only check in 1 bag you still have to pay £6 for each person in the party,
Monarch are just crazy with their pricing, the flights are cheap but their fuel and other taxes take the pricing through the roof. and the baggage allowance of £10 per bag is thrown in on top.
So beware the cheap flight might not work out as cheap as you think.

Costa Blanca Rentals Needs more Advertisers

Due to increased demand from people desperate to rent a property Long Term or as a Holiday Rental on the Costa Blanca, we are once again appealing for owners to Advertise their property with us.
Take a look at our site and come on board.

Winter Holidays at Costa Blanca Rentals

After the best summer we have ever had (i don't think so)

Why not get the summer blues out of your heads and take an Autumn break instead.

At Costa Blanca Rentals we have holiday rental properties and long term let properties just waiting to be booked for our new summer (september - December) thats what we at Costa Blanca Rentals are now calling our summer.

Choose from our great selection of Properties and pick a great break away from it all whether it be a few rounds of golf at any of the Costa Blanca regions amazing Golf courses or just soak up the Spanish sun and finally get to enjoy your family holiday or break,

Take in the sights that the Costa Blanca has to offer and dream of great future holidays in Spain.
With Flights into Alicante and Murcia becoming cheaper as the peak season ends now is the time to take advantage and book today.

Changes to our Website

Costa Blanca Rentals
The Number one holiday rentals site

At Costa Blanca Rentals we have added a new page to our site,

This has been designed purely for long term let properties.

We felt that this would give owners of properties for long term letting to be able to be seen before any other poperties were viewed,

And guess what it worked!

We are now at a stage where we have nearly rented out all of our long term let proeprties and are now looking for new owners to advertise there property on our site,

If you have a property and would like to advertise it on our site for long term let or for Holiday rentals then please Contact Us

Rental Properties from Costa Blanca Rentals

Rental Properties from Costa Blanca Rentals
Holiday Rentals Costa Blanca
Network Instruments & Net Optics taps
Holiday Rentals Costa del Sol