LONDON: Property website Rightmove who seem to always look on the positive side of the property market predicts that house prices in England and Wales may touch the 200,000-pound mark in the New Year, well sometime in 2006 at least. This also presumably means that they may not reach the 200k figure of course.

Price growth of just 2 per cent is enough to reach this ‘magical’ figure, Rightmove said, adding in fact the prices are set to grow at 4 per cent during the year. It’s not so magical if your a first time buyer of course who is struggling to afford the deposit or repayments.

This possible growth will be despite the fact that house prices fell 0.8 per cent during the four weeks ended 3 December to 196,181 pounds, as the market is poised for a recovery, Rightmove said. The number of unsold properties with estate agents has fallen from an average of 69 to 65, it said.

Prices have fallen in six out of 10 regions in England and Wales during the four weeks with East Anglia seeing the highest rise of 2.1 per cent while the North of England witnessing the highest fall — of 5 per cent.

Rightmove said affordability norms will affect the price growth and will be limited to the same levels as increases in average earnings during 2006 and beyond. Economic stability, low mortgage costs and high levels of employment will help avoid any price falls.

Through 2006, the housing market would be more positive without peaks and troughs affecting it as in the past two years, the group predicted.

Rightmove’s commercial director Miles Shipside said demand has been outstripping supply in the sector and this has been a substantial factor in pushing average asking prices towards an all-time high.

The group’s assessment comes in line with the study made by mortgage lender Nationwide Building Society, which said house prices would at worst stagnate and at best rise by 3 per cent in 2006.

With residential property out of the SIPPs equation and the economy in trouble, except for the Christmas shopping rush it is difficult to see how any increase in house prices is possible, even with the introduction of REITs.

The main issue remains that property is overvalued by owners and that first time buyers on the whole cannot afford it; they can’t afford the deposit and if they do get a mortgage will struggle with repayments. Without first time buyer movement back into the property market, it remains difficult to see anything other than stagnation as these first timers are required to kick start the chain.

LONDON – A fuel depot in north London was rocked by massive explosions that spewed ash and fire into the sky and shattered windows in nearby houses. The Buncefield oil depot, which is jointly operated by oil giants Total and Texaco, was rocked by these explosions, which appear to be accidental at the moment.

43 people were reportedly injured by the flying debris, smoke or escaping the scene. Among these, four are apparently injured seriously. The explosions took place early morning on Sunday and residents were rudely awakened by a big boom. The oil depot is located near the Luton airport.

And although, it was reported that a plane was flying low before the explosions, the police are treating the fire as accidental. “All indications are, at this stage, that this was an accident. However, clearly we will keep an open mind … until we can confirm that for certain,” Hertfordshire Chief Constable Frank Whiteley said.

He added that it was too early to conclusively say what caused the blasts. Britain is still on the edge after the deadly terrorist attacks, which hit the transport system in July. And al-Qaeda ahs already intimated that fuel depots are its next target. But by and large these explosions are being categorized as accidental.

Meanwhile, people have rushed out to fuel depots to fill up fearing that these explosions could lead to fuel shortages. But BP spokeswoman Sheila Williams has assured that there will be no shortages. “There is certainly no shortage of fuel in and around the area and we are working hard to bring fuel supplies in from other terminals to petrol sites in those areas affected,” she told Sky News.

“Companies like BP can bring supplies via tankers from other areas. People shouldn’t be concerned,” Even the police are advising against panic buying and are saying that doing so might lead to shortages. The Luton Airport also said that flights would not be affected because of these blasts.

HOUSTON, Texas – The US Labor Department has indicated that BP Plc could face a criminal enquiry into the explosion at its Texas refinery in March. That explosion was responsible for 15 deaths and injured 170 people.

“A verbal referral has been made to the Department of Justice. It is now up to the Department of Justice to decide whether or not to pursue it,” confirmed Alan Belsky, a Labor Department spokesman, adding ”When you have a case where there are willful violations found and those violations are tied directly to fatalities, the Department of Labor has the option to refer the case to the Justice Department.”

However, a Justice spokesman declined to comment on the referral. Earlier on Friday, BP had issued a final report of its own investigation into the accident and accepted the responsibility for the blast on March 23. BP was already fined $21.3 million in September when the Occupational Safety and Health Administration had found more than 300 lapses in health and safety measures.

The 192-page report of BP’s internal investigation into the incident acknowledged that the management failed to make safety a priority and that some procedures were willfully bypassed. It also “accepted responsibility for the March 23rd explosion and for the management system failures and employee mistakes which contributed to or caused the explosion.”

The United Steelworkers union, of which most of the BP workers are a part, said that the report vindicated their stand that the explosion was not caused by the negligence of a few workers, but by the management failure over many years.

The Texas City complex is BP’s biggest refinery in North America and pumps out 460,000 barrels-per-day. Ross Pillari, president of BP said that they accepted the findings of the report and would spend close to $1 billion to make sure that the plant is rendered safe.

“We are working to make Texas City a complex that attains the highest levels of safety, reliability and environmental performance,” Pillari said. In the backdrop of this news, London-based BP’s shares fell 1.9 percent to $67.15 by mid-day on the New York exchange.

LONDON: Aberdeen, Scotland-based independent oil and gas explorer Dana Petroleum Plc. said it has struck hydrocarbon-bearing sandstone in the Faucon-1 exploration well in Block 1 offshore Mauritania. The drilling is now temporarily suspended pending collection of samples for analysis, the company said.

Dana operates Block 1 and has a 36 per cent holding in the well. The other stakeholders are Gaz de France UK (24 per cent), Tullow Oil (20 per cent), Hardman Petroleum (Mauritania) Pty (18 per cent) and Roc Oil (Mauritania) (2 per cent). Gaz de France became a stake holder after Dana decided to divest part of its holding last month.

The find is a big boost for Dana, which is now saddled with a substantial rise in its tax burden as a result of the new proposal by the British treasury to levy a windfall tax on oil companies.

Dana said in a brief regulatory announcement that it had found hydrocarbon-bearing sandstones, without giving an indication of whether these might contain gas or more valuable oil, or of the potential size and quality of any find. The company intends to do the testing works, which will be completed in about three weeks.

It said drilling has been suspended at 3,536 metres for acquisition of wireline logs, formation pressures and fluid and core samples.

Hydrocarbons have occurred in the Cretaceous zone. Earlier Woodside Petroleum Ltd. had detected hydrocarbons in the Tevet-2 well, north of Faucon-1.

Dana’s shares went up 13 per cent in London to 1,010 pence, the largest increase since 31 December 2001. The surge gave it a market cap of 813 million pounds.

LONDON: Telcoms major BT Group Plc. has tied up with three content providers to propel its BT Television Services. The company, which has announced its plans to get into media in a bid way, said it is signing up BBC Worldwide, the commercial arm of BBC, Warner Music and Paramount, the Viacom group’s film studio, for its soon-to-be launched on-demand service.

BT Television Services chief executive Dan Marks promised a number of similar announcements in the coming weeks and months, which will indicate the scale the proposed activities. He also said the company will sign up some of the major Hollywood studios, other broadcasters and “all major record labels” for the service. All the tie-ups will be revenue-sharing arrangements, he said.

He said the service will target millions of British homes that do not subscribe to pay-TV.

“Our view of the market is that everybody will have a digital TV and the question is how many will be using a subscription service. There are 78 million TV sets in the U.K., of which 11 million are connected to a pay-TV service, which leaves a lot of TV sets,” he said.

The service, to be launched next autumn, provides for customers to choose television, music and films to watch at their convenience. It also intends to offer a broadcast television service with 30 channels to be supplied via a Freeview box. Users can either purchase selected items to view or listen or buy a subscription for unlimited use. The company has not disclosed its pricing model.

The customers will also have to buy the set-top box, which will include an 80 Mb hard drive to save programmes and music. Most probably Philips will make the box, which will be attached to a BT telephone line to deliver the content. The box will have a digital terrestrial tuner to access Freeview programmes.

BT Group plans to take on pay television channels NTL and BSkyB in a big way.

The company said it expects BT Retail to continue with the last quarter’s return to profit growth and deliver an increased profit for the full year. It expects to have cost savings of 400-500 million pounds over three years by focusing on more cost effective use of online sales, service and billing as well as improved processes.

The company has decided to offer free calls throughout the festive holiday to any landline in 30 different countries. It is also reducing the rate of Broadband Talk, which allows customers to use a normal phone, rather than the PC, by up to 50 per cent to 2 pounds a month for evening and weekend calls or 7 pounds a month for anytime calls. Its evening and weekend call packages are completely free.

BT said it is evolving a concept of a broadband BT hub in homes which will enable wireless networking for all the family’s computer systems, next generation TV, voice calls over the internet and five different voice channels that can be used simultaneously. The hub will also enable monitoring services, such as security for the home as well as greater protection for data.

The company is also establishing a network of 8,000 Wi-Fi hotspots in the country to offer opportunities to work and play. The recent tie-up with Nintendo to allow gamers to interact and play using a Wi-Fi link is an example.

LONDON – Pop Star Robbie Williams has accepted libel damages from publishers who had claimed that he was a homosexual. The exact amount that is being paid to him was not disclosed.

The defendants were MGN Limited, a company that publishes of The People and Northern & Shell PLC, the publisher of Star and Hot Stars magazines. The homosexual claim was first made by The People, which is a Sunday tabloid. Both the magazines agreed to publish immediate apologies to the British pop star and said that they would pay up the required amount. “I accept that the allegations … were untrue. The defendant apologizes to the claimant and expresses its regret for the injury and distress caused,” said Zoe Norden, a lawyer who represented the publications in the court.

Williams himself was not present in the court, but his attorney, Tom Shields QC, emphatically stated, “Mr Williams is not, and never has been, homosexual.” The alleged article was published in August last year and claimed that Robbie Williams was about to deceive the public with pretentious claims of heterosexuality.

The article titled “Robbie’s secret gay lover”, alleged that Williams had numerous sordid encounters with total strangers. “It claimed that he had enticed a stranger into a toilet at a club in Manchester where the two men performed a sex act on each other and where Mr Williams requested that stranger to engage in a further sex act,” Shields told the court.

The same allegations were printed in Star and Hot Stars magazine in September. “It was also alleged that a year later Mr Williams had tried to persuade the same man, and then that man’s friend, to engage in similar conduct at another Manchester club and that, when rebuffed, he had gone on to engage in a sexual encounter with another stranger in the streets behind the club,” Shields added.

The court also heard that the magazines were guilty of publishing untruths and would cover the legal fees incurred by Robbie Williams.

LONDON: Britain will double its spending on stem cell research to 100 million pounds in the next two years. Chancellor of the exchequer Gordon Brown said the funds will be invested in pre-commercial aspects of the research. This is in order to retain the lead the country has established in this controversial medical field.

Britain is considered as having one of the best regulatory systems in place for the research, which is expected to open up new treatment methods for serious illnesses such as diabetes, spinal cord injuries and Alzheimer’s disease.

Speaking at the Advancing Enterprise Conference, Brown said Britain should be the world’s number one centre for genetic and stem cell research, building on its world leading regulatory regime in this area. “I can today announce that we are taking forward a new public-private partnership to invest in pre-commercial aspects of stem cell research and co-ordinate future research,” he said.

The proposed government funding will help the researchers to get their work through clinical trials within the state health service, pay for cell production facilities and support a national stem cell bank, the first of its kind in the world. The funding will be largely made to the UK Stem Cell Foundation, a non-profit organisation set up by leading academic and business figures.

The government will also encourage the setting up of a government-backed consortium of pharmaceutical, healthcare and biotech companies to coordinate use of stem cells in drug discovery.

The government’s funding comes in the wake of a report by John Pattison, former R&D; director at the department of health, who headed the U.K. Stem Cell Initiative. The organisation had gone into the future of stem cell research and concluded that the country needed at least 350 million pounds to 520 million pounds investment over the next 10 years to ensure its leading position in this highly developing field. Countries like South Korea, China and Singapore have given top priority to stem cell research in their national programmes. Even in the U.S., where federal restrictions exist on stem cell work, large amounts are spent in the research.

Stem cells can be described as master cells in human body capable of developing into any type of body cells. This capability, scientists say, act as a type of repair system for the body. However, their use is controversial because these cells are developed from very early human embryos left over from fertility treatments.

LONDON: Oil major BP Plc. is investing up to $8 billion in wind, solar, hydrogen and high efficiency gas-fired power generation projects in the next 10 years as part of its efforts to reduce the ill effects of global warming.

The London-based company, the world’s second largest listed oil firm, said it is setting up a new unit, BP Alternative Energy, to manage a number of projects that have potential to turn in sales of around $6 billion a year in about 10 years. It is earmarking an initial $1.8 billion as investment in the sector over the next three years — in solar, wind, hydrogen and combined cycle gas turbines. Most of the projects will be located in the U.S.

BP’s chief executive Lord John Browne said there are sufficient new technologies and sound commercial opportunities within the company’s reach to build a significant and sustainable business in alternative and renewable energy.

He said the planned investment, which is double its existing spending on the business, intends to set up new low-carbon power business with potential to generate around $6 billion.

The company foresees a 30 per cent rise a year in demand for solar energy-based systems.

All said and done, a vast majority of the oil major’s around $15 billion annual investment budget will continue to support oil and gas projects.

The shift in the company’s investment strategy is at variance with that of other major oil companies, including Exxon Mobil, which has said renewables are a poor use of investors’ funds.

BP has already identified sites in the U.S. to locate wind turbines with a total capacity of 2,000 megawatts. It is also finalising plans to invest $400 million at one of its CCGT plants in the U.S.

BP has its solar panel business, which is second to Japan’s Sharp and Kyocera. It has two wind farms in continental Europe and it plans to develop many more on BP property, especially in the U.S. where it has a string of plants in the mid-west’s “wind belt”.

In hydrogen, the company will build the world’s first gas power plant in Peterhead, Scotland, where carbon is separated and buried under ground. It also is also developing hydrogen as a fuel for cars and buses.

The company said gas power was included as an alternative energy plan because modern combined-cycle-gas-turbine plants are about twice as clean as conventional coal-fired power stations.

LONDON: Newspaper publisher Trinity Mirror Plc. has acquired another web-based jobs site, SecsintheCity.com, specialising in secretarial and administrative job postings. The company has paid 3.5 million pounds in cash for Paldonsay Ltd, the parent company of High Street Direct Ltd, which owns the website, set up in 2001 and solely run by founder and director Jon Grocott, 35, from his living room in Southfields.

Grocott, who had left his job with Schroders, and worked on the website, because he found a gap in the market for a site offering secretarial jobs, said the site at any given time offers 4,000 jobs, mostly in London. It has a system of placing paid advertisements, which are available for viewing by more than 200,000 visitors every month.

Grocott owns almost the entire holding in the website along with his family.

Trinity Mirror will initially pay 3.3 million pounds and there will be a deferred performance-related payment capped at 200,000 pounds.

This is Trinity Mirror’s third acquisition in the job sites sphere. It had earlier bought general recruitment web business HotGroup, owners of workthing.com, hotrecruit.com, planetrecruit.com and jobsfinancial.com, for 50.5 million pounds, and Gaapweb.com, a site for accountancy and finance-related jobs, for 13 million pounds. Besides, it has acquired a property sales website, smartnewhomes.com, for an initial11.3 million pounds and a further performance-related 5.3 million pounds.

Trinity Mirror’s chief executive Sly Bailey said SecsintheCity.com is a great brand and fits extremely well with its recruitment sites across the U.K. “Digital is a key driver of our growth strategy and recruitment is an important pillar of our advertising revenue, which makes SecsintheCity.com another perfect fit for Trinity Mirror,” he said.

LONDON: Prince William has successfully completed his three-week work experience assignment in London’s financial district, under a programme organised by banking major HSBC. The stint offered him an insight into the working of “the City”, as the financial nerve centre is better known, the Clarence House announced in a communique Saturday.

The prince acquainted himself on carrying out company analysis, constructing deal tickets and participating in client meetings at HSBC, while at the Bank of England, he had a first hand exposure on how the central bank is involved in the financial management of the country. He had also spent “busy time” at the London Stock Exchange, Lloyds of London and the Billingsgate Fish Market.

The communique quoted William, 23, as saying he had a very busy three weeks spent in the City, and he has a better understanding how all the different financial institutions work and how they fit together. “Spending every day with people who contribute so much to this country’s economy gave me the chance to experience the atmosphere of the City and to see, as best as I could, what it’s really like to work there.”

The prince has already worked on a country estate to learn about land management and had visited the charity of Centrepoint. The last part of his training will cover mountain rescue operations.

William is a graduate of Scotland’s St. Andrews University. He will be enrolled into the Sandhurst military academy for military training in 2006.

Clarence House announced that the prince came on top in a stock picking competition – a competition to choose shares that will perform well — and understood during his interaction at the Billingsgate Fish Market how the Worshipful Company of Fishmongers regulated the fish trade. At Lloyd’s of London he was shown by specialist insurer Hiscox Plc how the firm underwrites risk, ranging from sportsmen and sporting events through to how risk is assessed for various industries.