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The Tampa Tribune

Published: May 10, 2008

TAMPA BAY AREA

Coal Fuels TECO Stock

Shares of Tampa-based TECO Energy surged nearly 8 percent Friday after Citigroup raised its rating on the stock from "Hold" to "Buy" on prospects of increased earnings from the company's coal-mining business. Friday, TECO's stock price hit a 52-week high of $19.10 a share before finishing the day at $19.05, up $1.34 for the day. The stock is up about 11 percent this year.

Changes At St. Pete Times

A major streamlining of the St. Petersburg Times is coming May 19, with the newspaper eliminating, combining and creating sections as it wrestles with an industrywide slump. Times TV-media critic Eric Deggans reported on his blog "The Feed" on Friday that his newspaper will eliminate its daily Floridian and Business sections. Comics, columns, TV listings and other features of the Floridian section will run in a new classified advertising section known as BayLink. Floridian will appear on Sundays. Stock market listings are being eliminated, and business news will run in a combined metro section called Tampa Bay.

There was no indication of layoffs or staff buyouts. With its unusual ownership structure - the Times is owned by the nonprofit Poynter Institute, a journalism school also in St. Petersburg - the newspaper had been better able to weather the newspaper malaise than many of its publicly traded counterparts. But the moves announced Friday indicate the Times is not immune to shrinking circulation and advertising.

In April, the Florida Communications Group, parent of The Tampa Tribune, TBO.com and WFLA, Channel 8, announced it would offer buyouts to about half of its 1,326 full-time employees.

NATION

Trade Deficit Diminishes

The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending in 2001. March's deficit totaled $58.2 billion, down 5.7 percent from February, the Commerce Department said Friday. It was a much larger improvement than had been expected.

A diminishing trade deficit adds to the gross domestic product, so the better-than-expected trade performance prompted some economists to project that growth will be revised up from the 0.6 percent rate reported last week to 1.1 percent for the first three months of this year.

ENERGY

Oil Jumps $10 In A Week

Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the United States and Venezuela could cut exports from the OPEC member. On Friday, a Wall Street Journal story suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That heightens chances the United States could impose sanctions on one of its biggest oil suppliers.

Light, sweet crude for delivery in June vaulted to a record $126.25 in New York trading before retreating to settle up $2.27 at a record $125.96.

A staff and wire report

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