Week in Review
A group of Spokane-area business, government and higher-education leaders unveiled plans to launch a private biomedical research institute to compete for world-class researchers and develop high-paying jobs. The group said the concept, called the Institute for Systems Medicine, would take about $100 million over 10 years to bring to fruition. Noted Seattle scientist Dr. Leroy Hood, who left the University of Washington to found the Institute for Systems Biology there, is lending assistance to a steering committee of 15. The group has hired accounting firm PriceWaterhouseCoopers to help develop a business plan for the proposed institute.
Tuesday
The Dow Jones industrial average closed about 11,000 for the first time since the terrorist attacks of 2001. Analysts said, however, that the Dow’s movement was just catching up to other stock market indices, since it was the only average that didn’t close out 2005 with growth.
“ Toys “R” Us Inc. said it would convert its store on North Division in Spokane into a Babies “R” Us format before the 2006 holiday shopping season. The Toys “R” Us store in Spokane Valley won’t be changed, the company said.
“ Consumer borrowing fell in November for a second straight month, the first time that has occurred in more than 13 years.
Wednesday
The Spokane Public Facilities District said it has been inundated with calls and e-mails from people asking the agency to rescue the financially-troubled Sports USA facility, which closed in December. The PFD board said it might considering partnering with another organization to operate the facility, which is located off Barker Road in Spokane County.
“ Spokane-based Potlatch Corp. said it is looking into the possibility of building a refinery at its Arkansas pulp and paper mill to turn agricultural waste and wood scraps into synthetic crude oil.
Thursday
China’s trade surplus surged to $101.9 billion in 2005, more than triple the $32 billion trade gap recorded the year before. With global trade of $1.42 trillion, China now is the world’s third-biggest trading nation, having overtaken Japan in terms of merchandise trade. The United States and Germany hold the Nos. 1 and 2 spots, according to the General Administration of Customs.
friday
Rates on 30-year mortgages fell for the fifth straight week as investors grew less worried about inflation threats. Mortgage giant Freddie Mac reported that rates on 30-year, fixed-rate mortgages dropped to 6.15 percent for the week, the lowest level for a 30-year mortgage since late October.