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

Federal Reserve Chairman Alan Greenspan gives an upbeat assessment of the economy Thursday before a congressional committee. (The Spokesman-Review)
The Spokesman-Review
Federal Reserve Chairman Alan Greenspan gives an upbeat assessment of the economy Thursday before a congressional committee. (The Spokesman-Review)

Kaiser Aluminum Corp. said it has signed a new supply contract with Airbus, the European aerospace company, to supply heat-treated aluminum sheet for use in Airbus’ new A380 jumbo jet. The companies didn’t disclose how much aluminum sheet will be delivered under the six-year contract or the potential value of the pact, but Kaiser CEO Jack Hockema said in a press release that it “represents an important piece of committed business” for the company.

Tuesday

Seattle-based Washington Mutual Inc., the nation’s largest savings and loan, said it will expand into the credit card business by buying Providian Financial Corp. in a deal valued at $6.45 billion.

“ The historic Patsy Clark Mansion in Spokane will welcome guests for weddings, meetings and other events under an agreement between Fugazzi Inc., a local caterer, and the law firm that bought the mansion two years ago. The mansion closed as an upscale restaurant three years ago.

Wednesday

General Motors Corp.’s chairman and CEO said the company will close plants and eliminate up to 25,000 manufacturing jobs in an attempt to restore profitability. About one out of every six GM jobs in the United States will be eliminated under the plan, which should save the company about $2.5 billion a year.

“ Agriculture-industry conventions and events have quietly left Spokane over the past 15 years. Ag-industry events used to be a mainstay of the city’s convention business, attracting more than 16,000 delegates. That number has slipped to just under 6,000 delegates this year. Much of the business has gone to the Tri-Cities and Yakima.

Thursday

Boeing Co. said it has booked orders for nearly 280 planes in the first five months of the year, which is almost as many orders as the company received in all of 2004 and four times the total at this point last year.

“ Tidyman’s said it will close its Coeur d’Alene store this week because of declining profits. The store, located on U.S. 95, is hard to reach because of congestion on the busy highway, Tidyman’s officials said. The 55,000-square-foot building has been sold to Neider & 95 LLC.

Friday

Federal Reserve Board Chairman Alan Greenspan says the economy seems to be on a “reasonably firm footing,” with inflation under control. His generally upbeat assessment of the economy in testimony before Congress provided support for the view that the Fed, which has raised interest rates eight times over the past year, planned to continue nudging rates higher at a gradual pace.