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

Bert Caldwell

This individual is no longer an employee with The Spokesman-Review.

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News >  Business

Lenders react with bit of optimism

With pages of details yet to be digested, Spokane-area lenders and researchers reacted cautiously Wednesday to the Obama administration’s foreclosure-prevention proposal. The Treasury Department estimates as many as 9 million homeowners could be helped by the Homeowner Affordability and Stability Plan. But the foreclosure rate remains relatively low in Spokane County.
News >  Business

JPMorgan NW leader from Spokane

Phyllis Campbell, former Spokane banker and civic activist, has been named chairman of the Pacific Northwest for JPMorgan Chase & Co., the nation’s second-largest bank. JPMorgan Chase acquired Seattle-based Washington Mutual Bank in September as the giant thrift buckled beneath billions of dollars in bad mortgage loans.
News >  Business

Worthy Enterprises opens new corporate center in Valley

The River View Corporate Center, which mushroomed out of the ground in 40 days, is open for business at 16201 E. Indiana Ave., leasing director Jack Marr says. The five-story brick-and-glass building owned by Worthy Enterprises LLC envelops 250,000 square feet. The lobby, with a two-story staircase and Venetian plaster ceilings, also features four large flat-panel televisions.
News >  Business

Home prices holding in Spokane

The lingering effects of the early winter snow onslaught weighed on the Spokane residential real estate market in January. Sales volume fell considerably, according to the Spokane Association of Realtors, but average and median prices held up well relative to other markets in the Northwest.
News >  Spokane

Spokane unemployment nears 10 percent

January unemployment in Spokane County soared to 9.6 percent, a peak not reached since the same month in 2002, when Washington and the United States were in the middle of the last recession. The number of employed fell more than 5,000, to 222,490, from December, and about 2,500 from a year ago, according to statistics released Tuesday by the Department of Employment Security.
News >  Business

Mining firm weighs options

Sterling Mining Co. was expected to vacate its lease of the storied Sunshine Mine today, five months after ceasing operations and almost six years after it signed a 15-year lease that also included a purchase option. According to a statement released Monday, Sterling will focus on resolving numerous creditor claims, and U.S. Environmental Protection Agency concerns about mine waste discharges.
News >  Business

Sterling vacates Sunshine Mine lease

Sterling Mining Co. was expected to vacate its lease of the storied Sunshine Mine today, five months after ceasing operations and almost six years after it signed a 15-year lease that also included a purchase option.
News >  Business

Bank’s failure bad news for other local banks

Washington banks staggered by bad real estate and construction loans received a most untimely $15 million state summons last month. One of their financial brethren had failed, and they were on the hook for government deposits left on the table when the Federal Deposit Insurance Corp. took over the assets and deposits of Bank of Clark County. An obscure entity called the Washington State Public Deposit Protection Commission, or PDPC, was suddenly at their teller windows demanding a withdrawal.
News >  Business

Housing market still in a slump

Area real estate professionals were ready for a message they did not want to hear Wednesday: Markets are not going to rebound in 2009. But, by a show of hands, a plurality of 600 who attended an industry forum in Coeur d’Alene said they expect better times in 2010. Most speakers suggested there is indeed reason to hope for the not-too-distant future.
News >  Business

Washington Trust opens Oregon branch

Washington Trust Bank opened its first full-service Oregon branch Tuesday morning, three days after it acquired the deposits and most of the assets of Pinnacle Bank, which was declared insolvent Friday by Oregon’s Department of Consumer and Business Services. Washington Trust President Jack Heath said the single branch in Beaverton gives the Spokane-based bank a base from which it can expand its Oregon presence.
News >  Business

Housesitting service is win-win for homeowners, helpers

Combine the early winter storms with slow home sales, on top of the normal snowbird exodus, and the result is a hot market for housesitting services that people vacant homes with short-term residents who can keep up the place, deter vandalism, and prevent nasty surprises on insurance claims. The service is free to the owners, and fees charged residents are often lower than the rent they would pay on a home or apartment, with the tradeoff being the potential for a quick ouster if, for example, a home is sold out from under them.
News >  Business

Local economic crunch may be brief

The recession crushing many areas of the United States came late to the Inland Northwest, will leave sooner, and inflict less pain, a longtime economic observer and forecaster told a Spokane Valley Chamber of Commerce gathering Wednesday. A little more “animal spirits” would help, added Shaun O’L. Higgins, director of sales and marketing for The Spokesman-Review.
News >  Business

Music convention may earn incentive pay

A convention of Northwest music educators and their students could be the first to receive an incentive payment if organizers deliver the number of visitors and room nights called for in an agreement with the Spokane Regional Convention and Visitors Bureau. Members of the Washington Music Educators Association and MENC: National Association of Music Education began arriving Wednesday, said bureau spokeswoman Pam Scott.
News >  Business

States want more say on fixing mortgage mess

Lowering mortgage interest rates will not by itself keep hard-pressed owners in their homes, Washington Attorney General Rob McKenna said last week. He said lenders will have to accept reductions in the principal due if they want borrowers to stay in their homes.
News >  Business

Washington Trust gets capital infusion

The U.S. Treasury Department announced Tuesday it will invest $110 million in W.T.B. Financial Corp., the corporate parent of Washington Trust Bank. Washington Trust President Jack Heath said the privately held Spokane bank will use the money to make loans and expand, possibly by buying other, weaker banks, or their assets.
News >  Business

Washington state boosts help for jobless

The Washington Employment Security Department will take calls from newly unemployed workers Saturdays in an effort to keep up with surging benefit claims, Commissioner Karen Lee said Monday. The department will take calls from 8 a.m. to noon Saturdays. Its weekday hours are 8 a.m. to 5 p.m. Applicants can use automated features of the telephone system after hours Monday through Thursday.
News >  Business

Well-meaning lawmakers hem in handicrafters

The Consumer Product Safety Commission was poised Friday to stay implementation of a law that imposes strict limits on the lead content of toys and child garments. The Consumer Product Safety Improvement Act passed the U.S. Senate and House of Representatives last August. The votes were all but unanimous, as protectionism combined with concern over tainted Chinese toys and jewelry made a “yea” a political no-brainer.
News >  Business

Survey finds state surpasses its goal for ‘green jobs’

More than 47,000 Washington workers have “green jobs,” far more than estimated and twice the goal set by state officials for 2020. But Gov. Chris Gregoire said Thursday that Washington can go much farther, and used the findings to rally support for Green Jobs and Climate Action legislation that would dedicate $455 million to transportation and housing projects that would reduce energy use and foster clean-energy technologies.
News >  Pacific NW

Gregoire outlines green-jobs plan

More than 47,000 Washington workers have “green jobs,” far more than estimated and twice the goal set by state officials for 2020. But Gov. Chris Gregoire said Thursday that Washington can go much farther, and used the findings to rally support for Green Jobs and Climate Action legislation that would dedicate $455 million to transportation and housing projects that would reduce energy use and foster clean-energy technologies.
News >  Business

Low-income housing receives HUD boost

The U.S. Department of Housing and Urban Development has awarded $8.9 million to four low-income housing projects to be developed by Goodale & Barbieri Co. of Spokane. Almost half the money – about $3.5 million – will be used to provide 37 housing units in Coeur d’Alene for the elderly, said Sheryldene Rogers, the company’s director of residential development, who noted the project was the only one in Idaho to receive funding.