Week in review

MONDAY

In a move that more than doubles its income, Itron Inc. announced it will acquire a Luxembourg-based company in a $1.6 billion deal. The deal makes Itron a worldwide leader as a supplier of utility meters and meter-reading equipment.

TUESDAY

Due largely to the State Farm U.S. Figure Skating Championships, hotel revenues skyrocketed in Spokane in January. Revenues were up more than $2 million above January of 2006 and room nights were up almost 14,000.

WEDNESDAY

The Dow Jones industrial average plummeted 416 points in the worst day of trading since September 2001. It rebounded fitfully but Federal Reserve Chairman Ben Bernanke said he continues to expect moderate economic growth.

“ The Spokane Public Facilities District approved a resolution requesting the city of Spokane condemn a piece of property the PFD feels is necessary for future Convention Center expansion space and parking. Property owner Glen Cloninger argues that he hasn’t been offered a fair price, but the PFD disagrees.

THURSDAY

CompUSA announced a corporate restructuring plan that includes the closure of 126 U.S. stores. However, company officials said the Spokane store, on North Ruby, will remain open.

“ A local businessman plans to create a community of garage condominiums for classic car buffs on the West Plains.

“ Former U.S. Speaker of the House Tom Foley has resigned from Itron Inc.’s board of directors citing an inability to participate fully in deliberative processes. Foley, 77, lives in Washington, D.C.

FRIDAY

Verizon Wireless announced a plan to offer cable TV programming via the cell phones of its subscribers in Spokane, Seattle, and other cities. The service requires the purchase of a designated phone.

“ Music City, a 45-year-old Spokane piano business, is seeing demand for grand pianos increase, driven in part by affluent residents who have moved to this region from California and elsewhere.