Business Today

TECO RATE INCREASE: The state Public Service Commission has approved a smaller-than-requested interim rate hike for Peoples Gas System, the natural gas unit of TECO Energy Inc. Peoples Gas had originally asked for a temporary 1.6 percent rate hike for residential customers ahead of an additional hike next year that would result in a double-digit permanent increase for residential customers. But citing TECO's ability to cope with a smaller rate hike with proceeds from wholesale gas sales, the PSC granted a smaller 0.6 percent interim rate hike that raises the bill of a typical household using 20 therms of natural gas per month by 17 cents to $27.34, effective in about a month. The PSC will hold a public hearing on the proposed permanent rate hike on Sept. 24 at noon in the Lake Forest Ballroom of the Doubletree Hotel on West Shore Boulevard in Tampa.

CKE SELLING CHECKERS STAKE: A top shareholder at Checkers Drive-In Restaurants Inc. is pulling out of the Tampa burger chain. CKE Restaurants Inc., a Santa Barbara, Calif., company that operates the Hardee's and Carl's Jr. fast-food chains, will sell all its Checkers stock by yearend, Dennis Lacey, CKE's chief financial officer, said Wednesday. Lacey said the move is part of a larger plan to sell nonstrategic assets, use the cash to reduce debt, and focus on CKE's own brands. CKE chairman William Foley II resigned as chairman of Checkers in May. Last year, Checkers finished paying off debts to a lender group that included CKE. CKE still owned 752,000 shares of Checkers' stock as of May 20, a 6.7 percent stake. Separately, Checkers chief executive Dan Dorsch bought 71,200 shares of his company's stock between July 29 and Aug. 9. Checkers closed Wednesday at $9.58, up 48 cents per share, or 5 percent.

MARKETS EDGE UPWARD: Investors resumed buying stocks Wednesday, sending prices moderately higher after a bout of profit-taking ran its course. Technology was the session's biggest winner, giving the Nasdaq composite index its first close above 1,400 in six weeks. The Nasdaq composite index closed up 32.66, or 2.4 percent, to 1,409.25, having last finished above 1,400 on July 8. Wednesday's finish was the Nasdaq's best since July 5 when it stood at 1,448.36. The Dow Jones industrial average climbed 85.16, or 1 percent, to 8,957.23, after falling 118 on Tuesday. The blue chip index has rebounded more than 1,200 points since hitting a low of 7,702.34 on July 23.

ONLINE GAMBLING PAYMENTS: PayPal Inc., the online payment provider being bought by eBay Inc., said it will stop processing payments for Internet gambling and pay penalties of $200,000 to New York state. PayPal is voluntarily shutting the service and doesn't admit to breaking any law, the company said in a statement. The fine will cover the cost of New York's investigation. The U.S. attorney's office in St. Louis also is investigating PayPal's online gambling activities.

BURGER KING SALE OKAYED: Federal antitrust regulators cleared the proposed $2.26 billion sale of Miami's Burger King Corp., the world's second-largest fast-food business, to a consortium of U.S. investors. The Federal Trade Commission said Wednesday it ended a required review period early because it didn't find anticompetitive problems with the deal. Britain's Diageo PLC said last month that it would sell Burger King to three venture capital firms led by Texas Pacific Group. The trio also includes Boston-based Bain Capital and Goldman Sachs Capital Partners, the private equity arm of U.S. investment bank Goldman Sachs.

HIRING AT WALTER: Walter Industries Inc. said Wednesday it hired Victor Patrick as general counsel and senior vice president. Patrick, who previously served as vice president and deputy general counsel for Honeywell International Inc., is a Harvard Law School graduate, the Tampa company said. He replaces Edward Porter, who retired this year.

SPORTS AUTHORITY STOCK: Shares in Sports Authority Inc. of Fort Lauderdale fell on Wednesday after the Fort Lauderdale sporting goods chain withdrew a proposed $90 million stock offering due to the deterioration of equity markets. New York Stock Exchange-listed Sports Authority shares ended Wednesday afternoon at $7.10, down $1.53, or 18 percent.

GATES FILES TO SELL STOCK: Microsoft Corp. chairman Bill Gates filed to sell 2-million shares of the company's common stock, according to a regulatory filing released Wednesday. Gates listed Aug. 14 as the approximate date of sale for the shares, which he valued at $94.1-million. The Form 144 filing with the Securities and Exchange Commission indicates an intention to sell restricted stock, but it isn't a commitment to do so.

-- Compiled from Times staff, wire and Bloomberg News reports.

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