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Positive Points: RSA saw continued growth in premiums as business expands in Emerging Markets, Canada and Global Specialty Lines while maintaining profitability and underwriting quality. In 2012, over 65% of premiums were from outside the UK as the company moves more of its business towards higher growth and higher margin markets. The group's balance sheet was reported as strong with its Insurance Group Directive (IGD) surplus is in a healthy state, the group said, at £1.2 billion. RSA benefits from a wide geographic footprint that offers exposure to an array of insurance markets around the world. M&A has been a key part of the group's growth with nearly 50 acquisitions completed since 2005. The integration of recent acquisitions in Canada and Argentina were reported as being completed. The insurer said its decision to rebase the dividend will enable it to invest in opportunities it sees for growth and is in the best interests of its shareholders.

Negative Points: RSA cut its final dividend by 33%. It expects a similar reduction in percentage terms for its 2013 payment. Shares in RSA fell 13.5% in early morning trade, making it the biggest faller in the FTSE 100. Underwriting results were reported as flat at £375 million (2011: £375 million) which included the negative impact from adverse weather conditions in the UK and Italian earthquakes. Investment income fell 11% to £515 million, the group citing low returns currently offered by bond investments. Competition within the group's core UK home market remains intense. A highly competitive market in recent years saw many players slash rates to maintain market share, which the industry claims led to unsustainable low rates that are now rising to more normal levels. The insurance industry is vulnerable to risks arising from exposure to bond markets, movements in interest rates, along with foreign currency exchange rate fluctuation. RSA has ongoing exposure to potential weather and catastrophe losses.

Financial Highlights: RSA reported a pre-tax profit of £479 million down from £613 million a year earlier. The insurer saw good growth in premiums up 5.0% to £8.4 billion. Operating profits of £684 million were impacted by Italian earthquakes and extreme wet weather conditions in the UK, coupled with falling bond yields. RSA reduced its final dividend payout for 2012 to 3.9p per share, down from 5.82p in 2011, citing low returns on its investments, due to weak bond yields. It expects a similar reduction in percentage terms for its 2013 payment.

Full year results: RSA Insurance Group said the cut in its annual dividend by 33% was intended to counterbalance falling investment income amid persistently low investment returns, due to weak bond yields. The shares dropped 13.5% in opening trade. "It is absolutely the right thing to do for the business given the prospect of prolonged low bond yields," Chief Executive Simon Lee said in a statement. "The Board's decision to rebase the dividend is a prudent move that will enable us to invest in the opportunities we see for growth." A combination of extreme wet weather in the UK, combined with earthquakes in Italy, contributed to a 5.9% fall in the group's operating result for the full year 2012. However, net written premiums rose 5.0% on a constant exchange rate basis to £8.4 billion demonstrating good momentum in challenging market conditions.

Positive Points: The group's results proved to be broadly in line with analyst forecasts. A progressive dividend policy continues to be pursued. The half year dividend payment was increased by 3.6%. The board noted that this brought "the compound annual growth rate of our progressive dividend to 24% over the last 10 years." A focus on reducing costs remains. On an annualised basis, controllable cash costs declined by $1.9 billion during the half year period. Management noted that it was "on track to deliver strong growth." At the end of the December 2012 half year, BHP Billiton's 20 relatively low risk, largely brownfield projects remained on schedule and budget, with the majority expected to deliver first production before the end of the 2015 financial year. An assessment of more non-core products and operations continues to be made. The group's new Chief Executive may give this greater emphasis. BHP benefits from a uniquely diversified portfolio that reduces its exposure to any one commodity or currency. The company is a potential beneficiary of any broad recovery of the global economy. Melbourne, Australia headquartered BHP Billiton is the world's largest mining company measured by revenues.

Negative Points: The group remains sensitive to global economic health and China in particular. A major proportion of Australian iron ore production is exported to China. Management noted that "the addition of low cost supply in many markets is expected to dampen the pricing upside. In iron ore, substantial new supply from the low cost basins of the Pilbara (Australia) and Brazil is either in construction or planned, while demand growth rates are expected to decelerate as the Chinese economy matures following a period of steel-intensive, infrastructure-led growth." Currency movements dragged on the group's performance. Group profits were reduced by $574 million. The board noted that "as a result of continued strength in the Australian dollar and the weak nickel and alumina pricing environment, BHP Billiton has recognised an impairment of $865 million (after tax benefit) at Nickel West (Australia) and an impairment of $1.5 billion (after tax benefit) at Worsley (Australia) in the December 2012 half year." Cost pressures for both BHP and the wider industry continue to be seen. Natural events such as the previous floods in Australia could again impact production. A $161 million increase in net finance costs to $544 million in the period was primarily attributable to increased net interest expense on higher net debt and exchange rate variations.

Financial Highlights: Group revenue declined by 14.1% to $32.2 billion Attributable profit excluding exceptional items fell by 43.4% to $5.68 billion The half year dividend payment was increased by 3.6%

Half year results: Lower commodity prices, undermined by economic uncertainty, impacted on revenues and profits during the period. In particular, the uncertain outlook for China and the resultant decline in iron ore prices reduced the company's underlying earnings by $3.2 billion. Currency movements also played their part, with currencies backed by commodity resources such as the Australian dollar and the Chilean peso strong against the weaker US dollar, where Quantitative Easing or the printing of money had been extended. As a result, profitability was reduced by over $550 million. Finally, write-downs in the value of both nickel and alumina operations caused an impairment charge to be taken. The share price was down by around 2% in early morning trade. In addition, and partially overshadowing the results, BHP announced that its Chief Executive Marius Kloppers will resign in May (2013). Current executive Andrew Mackenzie will succeed him. Mr Mackenzie is currently the Chief Executive of its Non-Ferrous operations. He has over thirty years experience in oil and gas, petrochemicals and minerals. He joined BHP Billiton back in November 2008. In all, the mining giant remains something of a cyclical investment play on the health of the global economy and China in particular. Accompanying management comments noted that "the global economy is expected to strengthen over the next 12 months, providing support for commodities demand and pricing. The longer term outlook remains robust, although supply is now better placed to keep pace with demand for some commodities. BHP Billiton's low cost, upstream strategy and broader level of diversification ensures the company is well positioned for this ongoing transition."

Not in here but well done so far on a great rise gl all.......

UK SHARE PRICES Vane Minerals Share price Symbol: VML Share price: 1.00 % Change: 48.15 % Change: 0.33

Latest Vane Minerals share trades Date Time Buy/Sell Amount Price Value 20/02/13 08:35am Sell 40000 0.98 392.00 20/02/13 08:35am Sell 200000 0.93 1868.00 20/02/13 08:33am Sell 116026 0.93 1073.82 20/02/13 08:32am Buy 300000 1.00 3000.00 20/02/13 08:32am Buy 98807 1.00 983.13 20/02/13 08:31am Buy 104673 0.94 988.11 20/02/13 08:31am Buy 104483 0.94 982.14 20/02/13 08:30am Buy 209574 0.94 1970.00 20/02/13 08:30am Buy 84440 0.93 781.07 20/02/13 08:30am Buy 31905 0.92 293.53 20/02/13 08:29am Buy 47501 0.92 435.82 20/02/13 08:25am Sell 210000 0.89 1869.00 20/02/13 08:25am Buy 219796 0.90 1980.36 20/02/13 08:25am Sell 362318 0.89 3228.25 20/02/13 08:24am Sell 50000 0.92 460.00

Any reason for the good rise today anyone...........

Summary The maritime and offshore waste specialist has announced a contract from IKM Gruppen AS (www.ikm.no), Norway’s largest equipment rental provider to the offshore market, for Nature Group’s Compact Treatment Unit ("CTU") and associated waste treatment chemicals. We appreciate that sales of CTUs have taken longer to materialise than hoped but the CTU appears to have tremendous potential.

Nature Group operations Maritime Services Nature Group handles Marpol and Offshore waste through port reception facilities for the oil, marine and processing industries in Rotterdam, Stavanger and Gibraltar. Engineering Services The Group’s Ecoscrub division offers a solution for the maritime industries odour and emission problem. Through a revolutionary technology Ecoscrub manufactured permanent and mobile applications for closed degassing of inland barges and seagoing vessels. Nature Environmental Solutions (NESL) designs, builds and maintains maritime and off shore waste reception and processing facilities.

“At the end of 2012, there were a total of 93 new floating rigs on order. 64 of these rigs are not contracted to work for Petrobras in Brazil, and we expect all of them will go to work for other operators. …At the end of December, 99 of the 142 existing high-spec drilling rigs, consisting of dynamically positioned fifth- and sixthgeneration semis and drillships, were contracted to operators other than Petrobras in Brazil…. So the visibility of the secular growth outlook for this market remains very promising.”

Management commented that operators are shifting from the traditional onshore treatment of drilling waste fluids towards offshore treatment in order to protect the environment and reduce cost. Nature's unique CTU will clean the wastewater to meet very strict Norwegian discharge criteria, with the target water to be discharged as low as <5ppm oil in water, thus protecting the seas and marine life according to these very high standards. NGR is clearly having a tough time convincing the major operators to use its CTUs and the arrangement with IKM should help spread the word and encourage greater interest. The agreement with IKM only appears to cover Norway so there is plenty more to go after outside this arrangement.

The maritime and offshore waste specialist has announced a contract from IKM Gruppen AS (www.ikm.no), a supplier to the oil and gas industry and Norway’s largest equipment rental provider to the offshore market, for Nature Group’s Compact Treatment Unit ("CTU") and associated waste treatment chemicals. We appreciate that sales of CTUs have taken longer to materialise than hoped but the CTU appears to have tremendous potential. IKM have ordered two CTU's to support their operations for the major oil field operators in Norway with the contract value not disclosed, one can assume for commercial reasons!

Chief Executive Trevor Finn commented: "The group had a strong second half in 2012 and is well positioned for 2013. Having strong brands and online presence is key to success in the retail market." "The continued investment in our online strategy has established a strong platform for the business. The group is encouraged by the improvement in the used and new vehicle departments and remains on track with its debt reduction targets." Pendragon has proposed a final dividend of 0.1p per share. Net debt was down by £30.4m over the prior year.

Car dealer Pendragon said increased demand for new cars in Britain helped drive the group's full year performance. Underlying profit before tax jumped 18% to £36.4m in the year ended December 31st while revenue for the year increased 5% to £3.63bn. Pre-tax profit soared 58% to £37.8m. On a like for like basis, revenue increased by £196.5m, underpinned by its used and new vehicle sectors. The car retailer said demand was fuelled by an 18% rise in visitors to its main dealer websites: Stratstone.com, Evanshalshaw.com and Quicks.co.uk. Pendragon added that vehicle markets are recovering in the UK and in 2013 growth is expected in new, used and aftersales.

Profit before tax rose 3.0% year-on-year from $125.6m to $129.1m. Net debt fell by 16% from $343.3m to $289.4m over the period. The company raised its final dividend per share (DPS) from 8.5 cents to 9.1 cents, bringing the total DPS to 13.1 cents, up 7% from the 12.3 cents paid in 2011.