Business digest

WEEKLY JOBLESS CLAIMS DOWN: New claims for unemployment insurance slipped for the second straight week, the Labor Department reported. Claims dropped by a seasonally adjusted 12,000 to 410,000 -- the lowest level since the middle of March -- for the week ended May 25. The number of unemployed workers continuing to draw jobless benefits rose to 3.89-million for the week ended May 18, the highest level since Jan. 15, 1983.

TECO STOCK OFFERING: TECO Energy affirmed its earnings guidance, saying it continues to target 5 percent earnings per share growth for the year, citing expected improved results at its Tampa Electric subsidiary. The utility also said it plans to offer 13.5-million shares of its common stock. TECO said proceeds from the sale will be used to reduce short-term debt and for general corporate purposes. Shares of TECO fell 26 cents during regular trading to $25.60.

GROUP HIRES MEXICO ADVISER: Three Hillsborough County agencies with an interest in economic development have hired EMSI, a Mexico City consulting firm, to help generate import/export trade leads. The Greater Tampa Chamber of Commerce, Tampa Port Authority and Hillsborough County Aviation Authority are splitting the firm's $18,000 annual fee. The firm already represents Enterprise Florida, the state economic development agency, in Mexico.

LINUX PARTNERSHIP: Four Linux companies revealed plans to create a common business version of the open source operating system. Caldera International, Turbolinux, SuSE and Conectiva will jointly develop the distribution called UnitedLinux and sell it, by the end of the year, under their own brand names. Industry leader Red Hat is not part of the group.

MICROSOFT, SEC IN TALKS: Microsoft Corp. is reportedly negotiating with the Securities and Exchange Commission to settle allegations that the company misstated financial results to provide the appearance of smooth, steady financial performance. The Wall Street Journal said Microsoft isn't expected to be fined, but will face civil charges of failing to keep accurate books and records. The alleged practice involves setting aside reserves with the effect of reducing revenue in a healthy quarter, then adding in those reserves to produce the appearance of better performance in a later, leaner quarter. Its shares closed up 59 cents at $52.64.

ADELPHIA FACES DELISTING: The Nasdaq Stock Market said it will delist Adelphia Communications' stock on Monday for failure to file financial reports. A spokesman said company officials wouldn't immediately comment on the decision. The announcement tightened the financial bind for the cable television company. Among other things, analysts have said having the stock delisted would entitle holders of $1.4-billion worth of Adelphia convertible bonds to turn them in and demand cash. Newly appointed board member Leonard Tow is attempting to rein in what he portrayed as hurried talks aimed at selling some of Adelphia's cable television systems, writing in a letter to chairman and interim CEO Erland Kailbourne that he understood talks were under way with a goal to "complete such a transaction Friday evening." Kailbourne wrote back that he was surprised that Tow objected to asset sales "that I thought you fully agreed were essential to the company's survival," and asked Tow for alternatives.

ENRON BOARD MEMBERS RESIGN: Former Alliance Capital Management executive Frank Savage has resigned from the board of Enron Corp. Alliance and the state of Florida are in a dispute over the money management firm's investment in Enron, which resulted in losses of more than $300-million. The firm, which denied any influence by Savage, continued buying Enron stock as it dwindled in value. John Mendelsohn, another Enron board member, has also resigned.

HCA TRAINING GRANTS AWARDED: A scholarship program funded jointly by the U.S. Department of Labor and HCA, the nation's largest hospital company, has awarded its first training grants to future health care workers. Of about 50 scholarships nationwide, 32 were made to students in the Tampa Bay area. Local scholarships will account for about $1.2-million of the planned $10-million partnership. Some of the money will be used to pay for health care instructors to increase capacity of existing training programs. Students will train to become registered nurses, licensed practical nurses, radiology technologists, surgical technicians or certified nursing assistants. In return for financial assistance, which may involve everything from tuition to child care, the candidates must agree to work at an HCA hospital for up to two years after graduation. The program is open to unemployed and under-employed people interested in careers in health care. Information about the program is available through the HCA or local work force boards.

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