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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Business in brief: Tourism boosters honored for work

The Spokesman-Review

Several area businesses and service professionals won awards Friday for their work to boost tourism within the Inland Northwest.

The Regional Spokane Convention and Visitors Bureau hosted the annual event at the Doubletree Hotel in downtown Spokane.

Among those singled out for recognition were:

Festivals and Events Award: Hoopfest 2006 for the economic impact, number of visitors and media attention it brings to the community.

Attraction Award: Manito Park for creating an outstanding tourism experience.

Near Nature, Near Perfect Award: Campbell House at the Northwest Museum of Arts & Culture for highlighting a historical asset and tourist attraction.

On the Move Award: Spokane Transit Authority for best customer service and contribution to tourism by a transportation company.

In the Bag Award: Nordstrom for providing the finest retail shopping experience for visitors.

Top Table Award: Anthony’s Restaurant for providing tourists with the best dining experience.

Tourism Professional of the Year: Jody Sander of Sterling Hospitality for contributions to the tourism industry through more than a decade of leadership.

Lifetime Achievement Award: Don Barbieri of Red Lion Hotels Corp. and WestCoast Entertainment for his vision and contributions to the region.

New York

Chrysler buyout backers lined up

Cerberus Capital Management on Friday said seven major North American banks and investment banks have agreed to raise the $62 billion needed to refinance the debt and recapitalize Chrysler Group.

The New York-based private equity firm announced on Monday it would acquire the U.S. automaker from Germany’s Daimler-Chrysler AG for $7.4 billion. But Cerberus revealed little else about how it would finance the takeover.

The mix of financing will include securities backed by Chrysler’s automobile assets, high-yield corporate debt, and bank loans, said Cerberus spokesman Peter Duda. Leading the financing is JPMorgan Chase & Co., Goldman Sachs Group Inc., Citigroup Inc., Morgan Stanley, Bear Stearns Cos., Toronto-Dominion Bank, and the Royal Bank of Canada.

Beijing

China acts to let yuan trade freer

China took steps Friday to let its currency trade more freely against the dollar and to cool its sizzling economy ahead of talks in Washington over Beijing’s soaring trade surplus.

China eased controls on the yuan amid pressure from the U.S. and Europe, but cautioned against expecting sharp increases in its value. The U.S. responded that Beijing is not moving fast enough to allow its currency to strengthen.

The Chinese government also raised interest rates for the second time in just over two months and tightened bank credit to slow its economy.

American officials are pushing Beijing to raise the yuan’s value in hopes that will help cut the multibillion-dollar U.S. trade deficit with China by making Chinese goods more expensive.