Vista Ultimate ( OEM ): WindowsUpdate client fails with error 800B

This is a machine with a new install of Vista Ultimate OEM.

Machine has a static ip, network connectivity exists:

Internet Explorer is able to connect to the web.
Other machines and shares/printers on the LAN are visible.

WindowsUpdate web client also fails with the same error. Here is the log
entry:

2007-02-08 11:18:34:592 924 e80 Agent *************
2007-02-08 11:18:34:592 924 e80 Agent ** START ** Agent: Finding updates
[CallerId = AutomaticUpdates]
2007-02-08 11:18:34:592 924 e80 Agent *********
2007-02-08 11:18:34:593 924 e80 Setup Checking for agent SelfUpdate
2007-02-08 11:18:34:593 924 e80 Setup Client version: Core: 6.0.6000.16386
Aux: 6.0.6000.16386
2007-02-08 11:18:35:907 924 e80 Setup WARNING: SelfUpdate check failed to
download package information, error = 0x800B0003
2007-02-08 11:18:35:907 924 e80 Setup FATAL: SelfUpdate check failed, err =
0x800B0003
2007-02-08 11:18:35:907 924 e80 Agent * WARNING: Skipping scan,
self-update check returned 0x800B0003
2007-02-08 11:18:35:907 924 e80 Agent * WARNING: Exit code = 0x800B0003
2007-02-08 11:18:35:907 924 e80 Agent *********
2007-02-08 11:18:35:907 924 e80 Agent ** END ** Agent: Finding updates
[CallerId = AutomaticUpdates]
2007-02-08 11:18:35:907 924 e80 Agent *************

Apologies if this issue has been covered somewhere else, my search on this
forum found several issues that were close, but not exactly this one.

Thanks.