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

General Motors' oldest plant, in Janesville, Wis., was spared when the automaker announced plans last week to eliminate 30,000 manufacturing jobs and close nine North American assembly, stamping and powertrain plants by 2008. (Associated Press / The Spokesman-Review)
The Spokesman-Review
General Motors' oldest plant, in Janesville, Wis., was spared when the automaker announced plans last week to eliminate 30,000 manufacturing jobs and close nine North American assembly, stamping and powertrain plants by 2008. (Associated Press / The Spokesman-Review)

General Motors Corp.’s CEO said the struggling automaker will cut 30,000 hourly jobs and close 12 plants by 2008. The company, hammered by declining sales and rising health care costs, lost nearly $4 billion in the first nine months of the year. The announcement had been planned for next month but was accelerated when GM shares plunged to their lowest level in 18 months.

Tuesday

Developer Mick McDowell and his wife, Shelley, are planning to build a 17-story condominium tower on the hillside between Riverside Avenue and Peaceful Valley. Construction on the $30 million project could begin this spring, although it needs permission from the Spokane hearing examiner to go forward. Units in the project would start at about $250,000.

Wednesday

Microsoft’s new Xbox 360 gaming system debuted to long lines and online bidding wars. At one Spokane Valley store, more than 50 people waited in line overnight for the opportunity to buy the Xbox 360, which Microsoft’s Bill Gates envisions as the anchor to a living room entertainment system.

“ The Commerce Department said it will comply with a NAFTA panel’s order to drastically cut U.S. duties on imports of Canadian softwood lumber. U.S. officials said they disagree with the rationale behind the ruling but respect its authority. The decision means the United States will reduce the punitive duties, which average about 16 percent, to less than 1 percent.

Thursday

Mortgage rates, which had been trending up, fell last week, with 30-year, fixed-rate mortgages averaging 6.28 percent, down sharply from the previous week’s rate of 6.37 percent, according to a Freddie Mac survey.