IN BRIEF

WASHINGTON

Unemployment claims plunge during week

The number of laid-off workers filing claims for unemployment benefits fell last week by the sharpest amount in nearly two months.

The Labor Department reported Thursday that applications for jobless benefits totaled 321,000 last week, 20,000 fewer than the previous week.

That was the biggest decline in claims in nine weeks and was more than double what economists expected. Analysts said part of the improvement reflected trouble adjusting the weekly claims data around Easter, which does not fall in the same week every year.

It was the second straight weekly decline after the claims data had hit a two-month high, a jump blamed on seasonal adjustment problems around Easter.

The number of laid-off workers receiving unemployment benefits totaled 2.59 million for the week ending April 14. That was the highest level since the week of Feb. 17.

Tender offer closes for Sunterra shares

Las Vegas-based Diamond Resorts said Thursday it had completed a $16 per share tender offer for all outstanding shares of rival time share developer Sunterra Corp., which is based in North Las Vegas.

The deal, which was originally announced in March, covers more than 18 million shares of Sunterra and is valued at $700 million.

Sunterra, which is traded on the Pink Sheets, operates almost 100 time share resorts in 17 states and 13 countries. The company employs 3,300 people including 400 in its corporate offices.

Diamond Resorts is controlled by Polo Towers developer Steven Cloobeck. In addition to the stock, Diamond Resorts will assume $375 million in Sunterra's debt.

Northwest, attendants reach deal, avert strike

Northwest Airlines Corp. agreed on $195 million in pay and benefit cuts with its flight attendants, averting a potential strike by the only major union that hadn't accepted the bankrupt carrier's efforts to pare labor costs.

Leaders of the Association of Flight Attendants-CWA are deciding today whether to send the agreement to the 9,300 members for a vote, union spokeswoman Karen Schultz said. The accord was reached Thursday, after a week of bargaining, the union said. Northwest spokesman Dean Breest confirmed the agreement.

The union said it would get a $182 million bankruptcy claim, equal to an estimated $15,000 to $18,000 per worker, if the proposal is approved. Neither side would give details on how pay and benefits would be cut. The attendants rejected two earlier agreements reached by negotiators.

SEATTLE

Windows, Office sales boost Microsoft profits

Microsoft Corp. fiscal third-quarter profit jumped 65 percent, buoyed by sales of its new versions of Windows and Office and by upgrade coupons for the operating system issued over the holidays.

Earnings rose to $4.93 billion, or 50 cents per share, in the quarter ended March 31, from $2.98 billion, or 29 cents per share, a year earlier.

Results included legal charges amounting to 1 cent per share, but tax benefits boosted profit by 2 cents per share.

Analysts surveyed by Thomson Financial forecast a profit of 46 cents per share.

Revenue rose 32 percent to $14.4 billion. Wall Street was looking for $13.89 billion in sales.

Microsoft shares rose 11 cents, or 0.38 percent, Thursday to close at $29.10 on the Nasdaq National Market.

Silver State Bank reports higher profits

Silver State Bancorp said its first-quarter earnings rose from a year earlier.

In a statement late Wednesday, the bank said net income was $5.6 million, or 39 cents per diluted share, for the three months ended March 31, up from $4.4 million, or 34 cents per diluted share, a year earlier.

Revenue rose 63 percent to $32.1 million from $19.7 million.

Silver State shares, which trade on the Over-the-Counter Bulletin Board, fell 15 cents, or 0.63 percent, Thursday to close at $23.60.

NEW YORK

Bond prices decline as equity prices increase

U.S. Treasurys prices ended lower under pressure from rising equity prices Thursday.

At 5 p.m. EDT, the 10-year Treasury note was down $3.44 per $1,000 in face value, or 0.34 points, from its level at 5 p.m. Wednesday. Its yield, which moves in the opposite direction, rose to 4.7 percent from 4.65 percent.

The 30-year bond fell 0.72 points. Its yield rose to 4.88 percent from 4.84 percent.