Bert Caldwell

Sterling Financial Corp. stock rallied Tuesday despite earnings savaged by huge losses in the Spokane bank’s construction loan portfolio. In an after-hours release, Sterling reported a net loss for fourth-quarter 2008 of $356.3 million, or $6.87 per share, compared with net income of $16.9 million, or 33 cents per share, for the 2007 period.

A decade ago, Tony Napier stood before Spokane County Superior Court Judge Sam Cozza and lamented the wrong done him by homeowners who broke faith with his efforts to keep them in their houses. He had, he said, been scammed.

Avista Utilities asked Washington and Idaho regulators Friday to approve electricity and natural gas rate increases that would raise monthly bills an average $9 to $10 a month. Utility officials said it needs the money to cover higher energy costs and upgrades to distribution systems relying in part on 70-year-old equipment.

Avista Utilities today asked Washington and Idaho regulators to approve electricity and natural gas increases that will boost average combined monthly payments $9 to $10 per month.

Job losses in Washington accelerated in December, bringing 2008 to a close with unemployment at 7.1 percent, the highest rate in more than five years. Information from the Employment Security Department shows unemployment in Spokane County rose to 7.6 percent, an increase of 1.2 percentage points over November and 2.5 percentage points over December 2007.

The unemployment rate in Washington jumped to 7.1 percent in December from 4.9 in December 2007, and more than 250,000 workers were looking for jobs as 2009 began, the Employment Security Department said today.

Pardon our atmospheric gloom, and national economic free fall, but some comparatively good local economic news emerged last week. So with everyone from President-elect Barack Obama on down speaking poorly of the nation’s financial condition, a few words to the upside may be in order. Who knows, this may be the last chance for a while.

The one-year countdown to the 2010 U.S. Figure Skating Championships begins today, and supporters envision a grander and more lucrative competition than the record-setting 2007 event. With berths on the U.S. Olympic skating team on the line, and the Winter Olympic Games in Vancouver, B.C., starting less than three weeks after the Spokane competition, organizers Barb Beddor and Toby Steward say the trials in the Arena will be more significant – and dramatic – than the 2007 championships.

Average prices of Spokane County homes declined just 2.6 percent in 2008, and the median sales price was almost unchanged from 2007, the Spokane Association of Realtors reported Wednesday. Also, the inventory of unsold homes this week was less than the same week in January 2007, a first for probably the last two years, association Executive Officer Rob Higgins said.

Sterling Financial Corp. Tuesday said it will report a loss for 2008, and the Spokane-based bank has suspended payment of the dividend on its common stock “until economic conditions improve.” Sterling said the unspecified loss will be the result of a non-cash charge against goodwill – what it paid for assets above fair market value – and a provision for loan losses.

Washington’s minimum is the maximum, and hurrah for us. As of Jan. 1, the lowest-paid employees in the state began receiving $8.55 for an hour’s work – tops in the nation. Youngsters ages 14 and 15 get $7.27 an hour.

Inland Northwest hoteliers have a message for area businesses and social groups: Book your Christmas 2008 parties, again.

Sheriff Ozzie Knezovich on Sunday “strongly recommended” all schools in Spokane County remain closed today, and most districts that had not already made the decision to keep children home were complying with his unprecedented step. Spokane Public Schools, which had announced earlier Sunday that classrooms would be open, quickly changed course and opted to close.

Sheriff Ozzie Knezovich Sunday “strongly recommended” all schools in Spokane County remain closed Monday, and most districts that had not already made the decision to keep children home were apparently complying with his unprecedented step.

There’s something to be said for a yearlong hiatus as business columnist: 2008? Not my fault. But certainly a missed opportunity, because the past 12 months were such a target-rich environment.

Inland Empire Oilseeds LLC has sold its first batch of refined biodiesel to a Portland distributor, General Manager Steve Starr said. He said the Odessa plant began refining canola oil into biodiesel in November, then awaited certification of the fuel’s quality before proceeding with the 33,000-gallon sale.

New equipment for converting wood chips into pulp will reduce natural gas consumption at the Inland Empire Paper Co. by as much as 75 percent and carbon dioxide emissions by 33,000 tons annually, President Wayne Andresen said Monday. The $40 million investment will also allow the mill to slightly increase output, to about 570 tons per day, Andresen said.

Deliveries of heating oil and propane were slowed by the recent snowstorms, but there were no reports of homeowners waking up to empty tanks and frosty breath. Spokesmen for Banner Furnace & Fuel and Bestway Fuel & Spray said their trucks were getting to customers despite the dicey road conditions.

A new Coeur d’Alene company has found a promising niche in mortgage loan modification just as Idaho and Washington officials are advising consumers to be cautious using such services. Apply 2 Save Inc. recently hired 21 employees, boosting its payroll by one-quarter, because so many homeowners are calling for help with overwhelming monthly payments, said Ryan Robinson, who leads the company’s recruitment efforts.

A partnership that includes Washington State University could break ground next year on a Riverpoint Medical and Health Sciences Institute that would take advantage of the growth in health-related research and teaching at the university’s Spokane campus, project participants say. WSU would lease 3.6 acres of land to Denver-based NexCore Group LP, which would construct a 60,000-square-foot building, or larger, depending on tenant interest. Arthritis Northwest would be the lead tenant responsible for recruiting doctors, therapists and other practitioners to the venture.