Orders of China offshore oil risks review after spill (AP)

SHANGHAI - China Ocean administration ordered oil companies offshore well to assess the risk of accidents after two oil spills off its coast to is in a field operated by ConocoPhillips U.S. energy giant.

The Oceanic Administration issued a notice Friday saying producers of oil in the offshore must thoroughly investigate the risks, to review their emergency planning and also to re-evaluate the environmental impact of their operations.

Offshore operators should learn from the accident and thorough and deeply investigate the risk of spillage of oil and correct, "he says.

Oil spill, which covered 840 square kilometres (324 square miles) in the field of oil Penglai 19-3 in the Bohai Bay, drew criticism from environmentalists and local media on the potential for damage to the environment and the apparent delays is advising the public.

But China ConocoPhillips, which operates seven production platforms in the region of Penglai of Bohai, defended its response, saying: he responded quickly to these two leaks and informed the authorities the day, they were found.

Earlier this week, ConocoPhillips, based in Houston and its Chinese partner in the field, state-owned CNOOC Ltd., said two leaks ceased and cleaning work was almost finished.

The deadline to announce the details of the first flight, which was noted on June 4, was due in part to the difficulty of tracing the infiltration of natural fault, they said, noting that these leaks are rare and that he had not seen front of Bohai.

The Oceanic Administration ordered operators of offshore platform for assessing the risk of injection water in oil fields. The leaks last month took place during these works were underway.

ConocoPhillips said that it had suspended an injection of drilling and water until it completes its investigation and would change its operating practices to prevent the resurgence of a problem.

The State Oceanic Administration said 3,000-metre (3,300 yards) sea booms and other devices have been deployed to help clean up the spill.

The oil field of Penglai 19-3, more large field off the coast of China, has been developed jointly by ConocoPhillips China and CNOOC Ltd. U.S. partner has 49% of the field and its operator, while the Chinese partner has 51 percent.

The spill has raised concerns over the potential impact long term for the fisheries industry active in the region.

Factory orders rebounding in May that shipments of edge until

An employee of the automobile manufacturer Toyota moves a motor to Toyota in Huntsville Alabama engine assembly line, on 13 November 2009.

Credit: Reuters/Carlos BarriaBy Lucia Mutikani

WASHINGTON. Tue, July 5, 2011 12: 00 am EDT

WASHINGTON (Reuters) - received by the factories of new bounced orders in may, pointing to an underlying strength in increase the demand for transportation equipment manufacturing and a range of other products.

The Commerce Department said Tuesday that orders for manufactured goods increased 0.8 percent after a 0.9% drop in April. Economists had expected a rebound of 1.0%.

Activity, which resulted in the economic recovery, the manufacture has been arrested by the disturbances of chain of supply by the earthquake of March to the Japan. But recent data, including the Institute of management of the activity of plant output June Friday, suggests the standardization of the activity.

"The clash of the Japan begins to facilitate, the question is what bounce back will be in the second half, and when we are going to get the full impact,"said Neil Dutta, an economist at the Bank of America Merrill Lynch in New York."

"It will probably happen later in the third quarter."

The economy is displayed at the height of the momentum to find after slowing sharply in the first half of the year. However, a report on the employment of June due Friday is expected to show continued weakness in the labour market.

The Department of Commerce report showed orders excluding transportation edged 0.2 per cent in may gain the previous month after a similar.

Unfilled orders increased by 0.9%, the largest increase since September, after a gain of 0.6% in April.

The book orders increase highlighted the disruption of supply, of Japan and Mills proposed will have to increase production to clear the backlog.

Shipments edged up 0.1% after falling 0.4% in April. Inventories increased by 0.8% in May to 593.0 billion, which is the highest level since the series began in 1992.

The Department said orders for durable goods, costly manufactured goods expected to last three years or more, rose 2.1%, marking a revision to the increase in the reported 1.9% last month.

However, the increase in orders for capital goods non-la defence other than aircraft - seen as a measure of confidence and business spending plans - was not revised to 1.6%, while deliveries of such goods have been revised to a gain of 1.8% to 1.4%.

The positive impact of remittances on domestic product gross of second quarter was offset by a decline in stocks of non-durable manufactured goods.

"The weakness reported in non-durable inventories adds some risk with our forecast of growth of GDP second quarter,", said Daniel Silver, an economist at JPMorgan in New York.

"However, less accumulation of inventories in the second quarter could mean that the contribution of inventories in the third quarter may be stronger than expected."

In the second quarter GDP growth estimates range between 1.5% and the annual rate of 2%. The Government publishes its first reading, second-quarter growth on July 29.

(Reports by Lucia Mutikani;) (Editing by Andrew Hay)

Factory orders rebounding in may - Chicago Tribune

New orders received by the plants of U.S. bounced in may, pointing to an underlying strength in increase the demand for transportation equipment manufacturing and a range of other products.

The Commerce Department said Tuesday that orders for manufactured goods increased 0.8 percent after a 0.9% drop in April. Economists had expected a rebound of 1.0%.

Activity, which resulted in the economic recovery, the manufacture has been arrested by the disturbances of chain of supply by the earthquake of March to the Japan. But recent data, including the Institute of management of the plant activity published Friday, June suggested the standardization of the activity.

"The clash of the Japan begins to relieve." The question is what bounce back will be in the second half, and when we are going to get the full impact, "said Neil Dutta, Economist at Bank of America Merrill Lynch in New York." "" It will probably happen later in the third quarter. »

The economy is displayed at the height of the momentum to find after slowing sharply in the first half of the year. However, a report on the employment of June due Friday is expected to show continued weakness in the labour market.

The Department of Commerce report showed orders excluding transportation edged 0.2 per cent in may gain the previous month after a similar.

Unfilled orders increased by 0.9%, the largest increase since September, after a gain of 0.6% in April.

The book orders increase highlighted the disruption of supply, of Japan and Mills proposed will have to increase production to clear the backlog.

Shipments edged up 0.1% after falling 0.4% in April. Inventories increased by 0.8% in may, $ 593 billion, which is the highest level since the series began in 1992.

The Department said orders for durable goods, costly manufactured goods expected to last three years or more, rose 2.1%, marking a revision to the increase in the reported 1.9% last month.

However, the increase in orders for capital goods non-la defence other than aircraft - seen as a measure of confidence and business spending plans - was not revised to 1.6%, while deliveries of such goods have been revised to a gain of 1.8% to 1.4%.

The positive impact of remittances on domestic product gross of second quarter was offset by a decline in stocks of non-durable manufactured goods.

"The weakness reported in non-durable inventories adds some risk with our forecast of growth of GDP second quarter,", said Daniel Silver, an economist at JPMorgan in New York.

"However, less accumulation of inventories in the second quarter could mean that the contribution of inventories in the third quarter may be stronger than expected."

In the second quarter GDP growth estimates range between 1.5% and the annual rate of 2%. The Government publishes its first reading, second-quarter growth on July 29.

KB Home stung by low home orders and charges (AP)

LOS ANGELES - House KB shares has more than 15 percent Wednesday, after that the builders have reported the loss of its second quarter more than doubled in dull sales and higher costs, and the company reported that it plans to use capital markets to raise funds.

The company said it might consider selling the shares, obligations or get a credit line because it provides having to pay $ 100 million to cover a bond maturity later this year to more than 200 million constructor has agreed to pay to settle a dispute of joint venture.

Management pointed out that the company has enough cash at this time and that he still has some time to evaluate its options.

This insurance has done little to compensate for how investors size results in worse than expected, KB Home. Shares at the end of the regular session down $ 1.84 to $10.08 and slipped another penny stock aftermarket.

New KB Home orders for the March for the period from may, coinciding with the spring season of home sales, fell by 11% over the previous year, tax incentives Federal helped boost sales. Delivery at home, major sources of income, fell by 29%.

CEO and President Jeffrey Mezger said that a housing turnaround remains hampered by concerns of consumers on jobs and the economy of the United States.

"Much recent national reports on the activity of housing reflect soft today housing environment and demonstrate that we have a way to go on the road towards a resumption of housing, has declared Mezger.

The United States sales of new homes fell to 2.1 per cent in May to a seasonally adjusted annual rate of 319,000 homes. Sales of new homes increased two months before, but remain far below the 700,000 that a month economists consider healthy.

And consumer confidence hit a minimum of seven month this month on continuing concerns about the high unemployment rate and the stagnation of wages.

Trends in sales of KB for the quarter echoes to those of other major manufacturers this year. Many saw a seasonal bump in traffic of the customer this spring, the traditional peak sales, but the interest period rajouteraient has not translated into robust sales.

A factor is the first time buyers were not transform as they did last year, when the tax credits were in force. This market segment represents more than half of KB clients.

First time buyers also tend to have a difficulty in qualifying for real estate loans, in lending standards tightened. And many of those who are eligible for funding have chosen to buy cheaper, resale homes.

"It's a big negative, not only for KB, but a large negative for the sector," said Demir Gjokaj, senior analyst at the ITG Investment Research in New York. "It shows us that, without doubt, the first time buyer is not back."

Buyers who decide to buy a House often take months, not days or weeks, to diving.

"They explore all options and they are nervous," said Mezger.

However, some markets, including parts of the coastline in California and Texas, show signs of stability, with real estate remains flat or rising prices, said Mezger.

Assuming that these markets and others remain stable, KB expects that it will be profitable in the fourth quarter.

KB Home, based in Los Angeles, said lost $ 68.5 million, or 89 cents per share, in the three months that was completed on May 31. That compares to a loss of $ 30.7 million, or 40 cents per share, in the same period last year.

The results include $ 20.6 million in impairments of inventory costs and land option contract dropouts and a loss of $ 14.5 million on a loan guarantee related to southern Edge LLC, a joint venture in Las Vegas. Earlier this month, the manufacturer has reached an agreement with JPMorgan Chase & Co. and several other banks that made loans to the company.

Quarterly income collapsed KB 27 percent, to 271.7 million 1077 million the previous year.

Analysts surveyed by FactSet expected a loss of 31 cents per share on approximately 291.4 million of revenue.

KB Home builds homes in 12 States and has been classified the fifth largest builders in the nation last year by closures.