LONDON (Reuters) – Young Britons are being forced to ditch the aspiration of home ownership that has reigned in the UK for several decades, as new government measures will fail to give many the chance of buying their first home in 2012 and beyond.

Britain is unlikely to shake off its housing hangover anytime soon, with prices and transactions on ice, as the country mourns its housing boom which inflated economic growth, prompting the government to vow to get Britain building again.

New government proposals, which include a mortgage indemnity scheme to support 100,000 new home loans, are tinkering around the edges and failing to address some of the complex issues the country is facing in terms of housing.

“It’s very hard to see that the kinds of measures proposed to date through the housing strategy (will) reboot the market,” said Peter Williams, chairman of housing consultancy Academetrics.

“The government policy review is obviously earnest and worthwhile but it is striking that one has a strategy without any clear aims and objectives or plan; it’s a series of measures,” he said.

Activity in the housing market is stagnant as economic uncertainty, the threat of a renewed recession and rising unemployment are cutting deep in terms of confidence, tipping consumer morale to its lowest level in almost three years.

Moreover a decimated mortgage market in the wake of the financial crisis has left first-time buyers hamstrung by lofty deposit requirements, and pressured banks show few signs of easing lending criteria as they repair their balance sheets and work to meet new regulations.

LONDON, Dec 15 (Reuters) – Getting paid has outstripped security as the biggest issue for many companies returning to war-worn Libya, putting on ice crucial work until the emerging government can pay, delegates at a conference said.

Initial excitement from companies that rushed to return to Libya to bag a slice of an estimated $200 billion reconstruction programme has been tempered by concerns over payment for deals signed under former leader Muammar Gaddafi.

The practicalities of receiving payment for future contracts in a country whose assets are frozen and which has a limited banking system also loom large, as well as the difficulty in identifying Libyan partners who will ensure deals are honoured in a country in political flux.

One firm at the conference held this week has deployed two 60-tonne specialist landmine clearing vehicles to Libya and has teams poised to begin work, but the government’s cash-flow problems and banking difficulties have led to delays.

“We are waiting for the government to have enough money to pay us to start clearing mines,” said Carl Nisser, director at ERW Solutions, which clears mines and explosives. “The British banks do not want us to work in Libya because they do not want to accept money from Libya, and that is another problem.”

Libya’s leadership has expressed growing frustration that three months after Gaddafi’s ouster, only a fraction of the Libyan assets frozen as part of sanctions against his administration, estimated at $150 billion, has been released.

Gaddafi was forced from power in August but by late November only about $18 billion of the $150 billion in seized assets had been released by special dispensation from the U.N. Security Council’s sanctions committee.

LONDON, Dec 14 (Reuters) – Betfair Group, the world’s largest betting exchange, reported first half core earnings at the top end of expectations, driven by a good start to the soccer season and a surge in mobile phone betting.

Betfair, founded 10 years ago by one-time professional gambler Andrew Black and former JP Morgan trader Edward Wray, said the total value of bets rose 7 percent in the first half and it expects to make further progress in the second half.

“These results were driven by an excellent exchange performance following a very positive start to the football season and improved monetisation of activity,” said departing chief executive David Yu.

“We expect to make further progress in the second half and remain comfortable with the outlook for the financial year,” he added.

But spending on leisure activities such as gambling will be squeezed, executives noted, as the consumer environment weakens.

“The signs are encouraging but we’re also pragmatic to know that this is really tough times for the consumer…as leisure spend is tightened, so is the size of the wallet for people to spend on sports betting,” Stephen Morana, chief financial officer and incoming interim CEO, told reporters.

Morana expects mobile betting to continue its 100 percent growth rate into the second half, as the company banks on new technology to drive growth.

LONDON, Dec 9 (Reuters) – British housebuilder Bellway has seen a pick up in sales over the past two months, raising hopes the country’s flagging property market may be finding a floor despite an uncertain economic outlook.

“The second 9 weeks have been stronger than the first 9 weeks, which is unusual, … it’s remarkably resilient,” finance director Alistair Leitch told Reuters, referring to trading in the first 18 weeks of the group’s financial year.

“I can only think people are thinking they’re not going to take a blind bit of notice (of the euro zone debt crisis)… It’s a needs market,” he added.

British house prices edged up in November, beating expectations. But activity remains subdued and prices are likely to dip in the next 12 months, mortgage lender Nationwide said last week.

Leitch said sales in the last 9 weeks rose to 104 per week, from 85 in the 9 weeks prior to that, lifting the 18-week average to 95 sales per week.

Britain’s fourth-largest housebuilder by market value said it expects first-half completions to be 5 percent higher than last year due to a hike in the number of trading outlets as it chases volume growth.

The Newcastle-based firm said reservation rates rose 14 percent in the four months to end-November, while the average selling price increased 7 percent due to a shift towards more traditional family homes.

LONDON, Nov 17 (Reuters) – Coal miner Bumi Plc , a venture between Nat Rothschild and Indonesia’s Bakrie family, said it was on track to hit its 2011 output goal after a 35 percent rise in third-quarter production, with prices ahead of expectations.

Indonesia-focused Bumi has hit headlines over the last week as tensions have risen between the key shareholders, but it provided welcome news for all investors on Thursday, announcing the planned repayment of $482 million of short-term investments to part-owned PT Bumi Resources as part of efforts to slash a crippling $3.2 billion debt burden.

A $251 million loan from PT Bumi to Bukit Mutiara, a holding company, will be fully repaid by 2013, while a $231 million investment with private equity group Recapital would return to PT Bumi next year.

Both Bukit Mutiara and Recapital are connected to Indonesian investor and Bumi shareholder Rosan Roeslani.

Bumi Plc said the two moves, added to the refinancing of a loan from China Investment Corporation (CIC) announced earlier this month, would cut the annual cost of PT Bumi’s debt burden by $100 million. Currently the average rate of interest on PT Bumi’s debt is close to 12 percent, the company said.

Debt reduction and the need to clear up “non-coal” deals were, along with the need for improved corporate governance, central points in a leaked letter sent last week by Rothschild to Ari Hudaya, chief executive of both Bumi and PT Bumi. But Bumi said the repayment was agreed on Oct. 12, well before the public broadside from the financier.

“Whilst this only accounts for around 50 percent of the funds loaned out to related parties, it is a positive start and represents a possible upgrade to our numbers from a debt reduction point of view,” analysts at Liberum Capital said.

LONDON (Reuters) – Cash-rich pension funds clamoring for bigger returns are cutting deals to buy infrastructure loans from banks who fear they might never be able to refinance the vast bulk of cheap debt they churned out before the credit crisis.

Trustees under pressure to find alternatives to volatile equities and unappealing government debt are signing up experts like JPMorgan Asset Management to flush out lenders willing to sell them loans secured against airports, gas, water or transport networks which offer the stable income they crave.

The asset management arm of the Wall Street heavyweight is setting up a team to broker these types of deals, which could also help to bankroll a planned infrastructure spending spree that might help Britain keep recession at bay.

“Current market conditions and regulatory developments are creating an opportunity for investors to purchase loan portfolios that have attractive cash yields and risk-adjusted returns,” Bob Dewing, J.P. Morgan Asset Management portfolio manager for infrastructure debt said.

“…We are finding banks are seeking new ways to recycle their limited capital while maintaining or expanding their infrastructure financing business,” he added.

Royal Bank of Scotland, the lender 83-percent owned by the UK taxpayer, has already sold off billions of pounds of infrastructure and project finance loans to the Bank of Tokyo-Mitsubishi UFJ to free up balance sheet space and other lenders are expected to follow.

Mark Weisdorf, CEO of OECD Infrastructure in the Global Real Assets group at JPMorgan Asset Management, estimates banks will need to offload tens of billions of the $1 trillion of infrastructure loans originated globally in the last five years.

LONDON, Nov 10 (Reuters) – Cash-rich pension funds clamouring for bigger returns are cutting deals to buy infrastructure loans from banks who fear they might never be able to refinance the vast bulk of cheap debt they churned out before the credit crisis.

Trustees under pressure to find alternatives to volatile equities and unappealing government debt are signing up experts like JPMorgan Asset Management (JPM.N: Quote, Profile, Research) to flush out lenders willing to sell them loans secured against airports, gas, water or transport networks which offer the stable income they crave.

The asset management arm of the Wall Street heavyweight is setting up a team to broker these types of deals, which could also help to bankroll a planned infrastructure spending spree that might help Britain keep recession at bay.

“Current market conditions and regulatory developments are creating an opportunity for investors to purchase loan portfolios that have attractive cash yields and risk-adjusted returns,” Bob Dewing, J.P. Morgan Asset Management portfolio manager for infrastructure debt said.

“…We are finding banks are seeking new ways to recycle their limited capital while maintaining or expanding their infrastructure financing business,” he added.

Royal Bank of Scotland, the lender 83-percent owned by the UK taxpayer, has already sold off billions of pounds of infrastructure and project finance loans to the Bank of Tokyo-Mitsubishi UFJ to free up balance sheet space and other lenders are expected to follow.

Mark Weisdorf, CEO of OECD Infrastructure in the Global Real Assets group at JPMorgan Asset Management, estimates banks will need to offload tens of billions of the $1 trillion of infrastructure loans originated globally in the last five years.

HONG KONG/LONDON Nov 6 (Reuters) – BP’s plan to sell a stake in its South American unit for $7 billion (4 billion pounds) has collapsed, potentially trimming the oil major’s cash flow and making it harder to raise its payout to shareholders.

China’s biggest offshore oil producer CNOOC Ltd said on Sunday its 50 percent-owned unit Bridas Energy Holdings has terminated a deal to buy BP’s stake in Argentina-based oil and gas group Pan American Energy LLC (PAE).

BP hinted at its third-quarter results last month that it would announce an increase in its dividend in early 2012.

However, the failure of the sale of its 60 percent interest in PAE could mean cashflow is lower than might have been expected, making it harder to raise the dividend.

At the results, BP said the deal, initially signed last November, was not as important to the firm’s cashflow today as it was a year ago.

“We reached that agreement last year at a time when oil prices were lower. It was a time when we actually needed to make some divestments of properties. We’re past that point. We don’t actually need to make that divestment….if it doesn’t happen, it’s absolutely fine,” Chief Executive Bob Dudley told analysts at the time.

BP said in a statement on Sunday it will repay a deposit of $3.5 billion received for the PAE stake at the end of 2010, which would not impact its level of gearing.

HONG KONG/LONDON (Reuters) – BP’s (BP.L: Quote, Profile, Research, Stock Buzz) plan to sell a stake in its South American unit for $7 billion (4 billion pounds) has collapsed, potentially trimming the oil major’s cash flow and making it harder to raise its payout to shareholders.

China’s biggest offshore oil producer CNOOC Ltd (0883.HK: Quote, Profile, Research, Stock Buzz) said Sunday its 50 percent-owned unit Bridas Energy Holdings has terminated a deal to buy BP’s stake in Argentina-based oil and gas group Pan American Energy LLC BPPAE.UL (PAE).

BP hinted at its third-quarter results last month that it would announce an increase in its dividend in early 2012.

However, the failure of the sale of its 60 percent interest in PAE could mean cashflow is lower than might have been expected, making it harder to raise the dividend.

At the results, BP said the deal, initially signed last November, was not as important to the firm’s cashflow today as it was a year ago.

“We reached that agreement last year at a time when oil prices were lower. It was a time when we actually needed to make some divestments of properties. We’re past that point. We don’t actually need to make that divestment….if it doesn’t happen, it’s absolutely fine,” Chief Executive Bob Dudley told analysts at the time.

BP said in a statement Sunday it will repay a deposit of $3.5 billion received for the PAE stake at the end of 2010, which would not impact its level of gearing.

LONDON, Oct 21 (Reuters) – British firm Enterprise, owned by private equity firm 3i Group , has been recommended to Edinburgh councillors as preferred provider for an environmental services contract worth 30 million pounds ($47 million).

British outsourcer Enterprise beat a joint venture bid from construction group Kier and waste management firm Shanks Group , for the seven-year deal, which must now be put to councillors on Oct. 27 for a final decision.

Edinburgh council, which is also tendering contracts for services and facilities management worth over 400 million pounds in total, is one of many local authorities searching for cost savings in light of tough austerity measures across Britain.

The outsourcing deal is expected to save the council up to 71.6 million pounds over seven years, it said.

Council officers are recommending that private company Enterprise provide services including street cleaning, park maintenance, bin collections in partnership with the council.

Unions however are opposed to the rise in the outsourcing of public services and are fighting to keep services in-house.

“I appreciate that this is a difficult time for staff,” said council leader Jenny Dawe in a statement. “In these challenging times it is essential that the Council critically examines every opportunity to enhance services and improve efficiency,” she added.