Event marks Fed’s changing of guard

New Federal Reserve Chairman Ben Bernanke vowed Monday to do his best to carry out the central bank’s mission of fighting inflation, fostering economic growth and nurturing a healthy jobs climate.

“Our mission as set forth by the Congress is a critical one,” Bernanke said Monday at his ceremonial swearing-in at the Fed’s headquarters.

Bernanke’s first day on the job was last Wednesday.

President Bush attended the ceremony, marking only the third visit by a president to the Federal Reserve.

Former Fed chairmen Alan Greenspan and Paul Volcker also attended and were warmly applauded by staff members who lined majestic marble staircases leading to the event, which was held in a two-story atrium. The glass ceiling bore the coat of arms of the United States.

Greenspan, 79, the second-longest serving chairman of the Fed, retired last week after more than 18 years at the helm.

San Francisco

Google to launch IM status marker

Online search engine leader Google Inc. is wedding its instant messaging and e-mail services in the same Web browser, hoping the convenience will lure users from the larger communications networks operated by its chief rivals.

The new chat feature to be unveiled Tuesday will provide users of Google’s Gmail service with a list of contacts drawn from past e-mail exchanges and then signal who’s available for online conversations.

Automatic status reports about the online availability of friends, family and co-workers have been a hallmark of instant messaging services for years.

Kellogg, Idaho

Idaho auto dealer earns volume title

Kellogg, Idaho-based Dave Smith Motors is the highest-volume Chrysler dealer in North America, DaimlerChrysler announced recently.

Dave Smith Motors sold about 6,400 Chrysler, Jeep and Dodge vehicles last year, said Kevin McCormick, spokesman for the Chrysler Group’s global sales and service operations in Auburn Hills, Mich.

That’s the highest of any of Chrysler’s about 3,900 dealers in North America, he said.

“In terms of volume, (Dave Smith Motors) is the most of any dealer we have, period,” McCormick said.

Colville

2 local companies snare tech grants

A Colville lumber company and a Spokane medical products firm are among eight companies awarded grants by the Washington Technology Center.

Vaagen Brothers Lumber, based in Colville, received $79,478 to work with researchers from Washington State University on developing wood-plastic composites from lumber residue. The material would be used for decking.

Aegis Biosciences, located in Spokane, was awarded $20,000 to work with a Gonzaga University researcher on developing a “smart” interactive dressing for chronic wounds.

The Seattle-based Washington Technology Center spends more than $1.3 million annually on such grants across the state.