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FACTORY ORDERS CLIMB: Orders to U.S. factories rebounded in September, rising by 0.5 percent in another signal pointing to an economic resurgence. That marked a turnaround from the 0.3 percent dip reported for August, according to revised figures released Wednesday by the Commerce Department. That decline for August turned out to be not as deep as the 0.8 percent drop the government previously reported. September's performance was slightly weaker than the 0.6 percent increase economists were forecasting.
PEOPLES PLANS REFUNDS: Peoples Gas System plans to distribute small one-time refunds in December or January to nearly 28,800 commercial and industrial customers. The size of the refunds will vary based on gas consumption and will range from just a few cents to a few dollars per customer, Peoples spokesman Lance Horton said. The refunds stem from $76,852 in surcharges Peoples "overcollected" during the past three years to defray billing and administrative costs associated with changes in how natural gas services are sold to non-residential customers. Peoples is a unit of TECO Energy Inc. of Tampa.
ECONOMICS LESSONS NEEDED: A survey by a group of Florida's business leaders highlights the need to educate students in the basics of economics. The Florida Council on Economic Education and the Florida Chamber of Commerce polled 1,000 business leaders. Only 14 percent believed their entry-level employees understood basic economics before joining their company. More than 90 percent said entry-level workers would more easily learn on-the-job skills and be more productive with financial literacy skills. The council works to improve economic education in Florida's schools.
COUNSEL CANDIDATE WITHDRAWS: William Bilenky, general counsel for the Southwest Florida Water Management District, has withdrawn from consideration for appointment as public counsel, the state's consumer advocate on utility issues. Bilenky said he decided to stay in his current job because of a family health matter. Bilenky is the second finalist to pull out; Jacksonville attorney Ava L. Parker withdrew last month. Three candidates remain: state Division of Consumer Services director James R. Kelly, retired Florida Public Service Commission general counsel Harold McLean and Donald Rubottom, a policy coordinator for House Speaker Johnnie Byrd, R-Plant City.
UTEK BUYS WEB SITE: Utek Corp. of Plant City said it will acquire UVentures.com, a Web site that promotes licensing of university technology. No price was disclosed for the asset purchase; UVentures will continue to be run by Craig Zolan, its co-founder, in New York City. Clifford Gross, Utek's chief executive, said UVentures, which specializes in discoveries in the physical sciences, will complement his company's Techex web site, which focuses on the life sciences. Companies and individuals subscribe to review the technologies available for licensing on each site. Gross declined to disclose number of subscribers. Utek, a technology transfer company, said earlier this week that revenues for the quarter ended Sept. 30 were $1.7-million, up from $689,000 a year ago. Net income was $835,144 for the most recent quarter, compared to $26,675 a year ago.
TECO DEBT RATING AFFIRMED: Standard & Poor's reaffirmed TECO Energy Inc.'s debt ratings Wednesday, citing the Internal Revenue Service's recent confirmation that the Tampa utility's synthetic-fuel operations are still eligible for federal tax credits. Uncertainty about the credits had led S&P to warn in July of a possible cut in TECO's ratings; the key long-term rating was already at "junk," or subinvestment grade. S&P said Wednesday in a statement that it "has doubts about management's commitment" to preserve TECO's credit quality because "past actions have been inconsistent with stated intentions."
TROPICAL DIRECTOR QUITS: Christopher Munday, ousted in August as president and chief executive of Tropical Sportswear Int'l, resigned Wednesday as a director of the troubled Tampa apparel maker. Tropical, which produces the Savane brand, among others, said it had decided not to replace Munday and would continue with seven board members. Munday had been named CEO and a director last November.
WALTER READY TO SPEND: Walter Industries said it expects cash proceeds of $250-million from its recent sale of three subsidiaries and will use half the money to pay off debt, as required under its lending agreement. In a conference call with analysts Wednesday, the Tampa homebuilder said it will use the remainder to increase shareholder value, such as by buying back additional shares of its own stock. Its stock closed at $12.13, down 7 cents per share.
MICROSOFT OFFERS REWARD: Microsoft Corp. set aside $5-million Wednesday to pay large cash rewards to people who help authorities capture and prosecute the creators of damaging computer viruses. Microsoft executives promised to pay the first rewards of $250,000 each to anyone who helps authorities find and convict the authors of the original "Blaster" and "Sobig" Internet infections unleashed this year.
DANKA PLANS JOB CUTS: Danka Business Systems PLC will cut several hundred jobs worldwide and more later in a cost-reduction plan expected to save $30-million annually. The London and St. Petersburg office services distributor will begin reducing jobs this financial quarter, said chairman and chief executive Lang Lowrey. The company said it would disclose details of the job reductions in four to six weeks. , after the board approves a long-range plan. Danka also will consolidate back-office functions in the United States, and plans to vacate some of its real estate.
ALLIANCE CAPITAL UNDER FIRE: Alliance Capital Management Holding LP, the biggest publicly traded U.S. money manager, is facing mounting legal claims as shareholders file lawsuits and regulators examine mutual fund trading at the company. A class-action complaint filed by lawyers at Schiffrin & Barroway LLP alleged that Alliance caused financial injury by engaging in illegal trading with the Canary Capital Partners LLC hedge fund.