September 17, 2008 in City

Barclays plans to acquire Lehman Brothers operations

 

British bank Barclays PLC intends to unveil a plan to acquire all or part of Lehman Brothers Holdings Inc.’s investment banking and trading operations, a person close to the talks said Tuesday.

The deal, which was expected to be announced this morning, would throw a lifeline to more than 9,000 Lehman employees whose future was uncertain after Lehman filed for bankruptcy protection Monday. Lehman collapsed from massive exposure to risky real estate holdings.

The deal must get approval from the bankruptcy court.

Spokane valley

Aslin-Finch subsidiary buys industrial building

A subsidiary of local feed and pet supply company Aslin-Finch Co. has purchased a big Spokane Valley industrial structure from SuperValu Holdings Inc., of Minnesota.

Purchaser Montgomery Realty said in a press release that the roughly 500,000-square-foot building, constructed in the 1970s, is one of the largest in the region. It bought the 45-acre property to accommodate growth of AFCO Distribution, a wholesale division of Aslin-Finch, and a recently acquired company, Cascade Seed Co., the release said.

Montgomery paid $10.7 million for the property in a July deal, property records show.

SuperValu will lease space in the facility, which has been renamed Copper Bridge Commerce Park.

WASHINGTON

Consumer prices decrease for first time in two years

Consumer prices in August posted the first monthly decline in nearly two years as Americans finally got some relief from surging energy prices. But the cost of food and clothing still rose last month and wages over the past year are down.

Consumer prices edged down 0.1 percent last month, the Labor Department reported Tuesday, a significant improvement from a 1.1 percent price spike in June and a 0.8 percent rise in July.

The cost of gasoline and other fuels plunged during the month, reflecting big drops in crude oil prices since they peaked at $147 a barrel in early July.

Analysts said the August decline should be followed by more price moderation in coming months if prices continue falling.

From staff and wire reports


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