Week in Review
Two powerful labor unions bolted from the AFL-CIO, creating a schism that likely will have repercussions nationwide. The Teamsters and Service Employees International Union left the AFL-CIO, while a handful of others boycotted the organization’s annual convention. The dissidents said the labor coalition has done little to reverse a decades-long decline in union membership and accused its president, John Sweeney, of focusing more on building political clout than on efforts to recruit new members. Sweeney, who was reelected at the convention to a fourth term as president, called the defection a “grievous insult” that could hurt workers.
Tuesday
Home sales nationwide hit their fastest pace in history in June, with the median price also setting a record. Nationwide, the median price of an existing home was $219,000, a gain of 14.7 percent from the median a year ago. That was the biggest jump in prices in nearly 25 years.
“ WestCoast Hospitality said it sold a 50 percent stake in its Kalispell Center property to GVD Commercial Properties Inc., owned by Spokane and California developer Gerald Dicker. The Kalispell property, a hotel and retail development, is slated for a $5 million expansion and upgrade later this year.
Wednesday
Itron reported record second-quarter earnings and revenues based on strong equipment sales to electric utilities across the country.
“ Rising gold and silver prices have triggered a revival in the junior mining sector and renewed exploration in the Silver Valley.
Thursday
OneEighty Networks has cut four management positions and sold some of its Oregon operations in an attempt to become profitable. Chad Skidmore, OneEighty’s chief technology officer, was one of the employees let go, although he’ll continue consulting for the company.
“ Spokane Teachers Credit Union has signed a four-year lease for space in the historic Schade Towers building near downtown Spokane. The credit union is the first tenant to lease space there since it was acquired by a group of investors earlier this year. The investors are planning a $7.5 million makeover of the building.
“ The Bank of Whitman building in the center of downtown Spokane should be completed by January. The bank bought the project from Vandervert Construction last fall and reduced its size from five stories to three.
“ Avista Corp.’s profit jumped by $8.5 million in the second quarter, thanks in part to rate increases implemented in Washington and Idaho.
FRIDAY
DaimlerChrysler CEO Juergen Schrempp, the onetime apprentice mechanic who engineered the controversial marriage of Daimler-Benz to Chrysler, announced he will step down at the end of the year. The company employs 385,000 worldwide. Investors in Europe and the U.S. cheered the news.