Week in review
TUESDAY
Federal Reserve Chairman Ben Bernanke warned that a worsening housing slump will slow economic growth into 2008 and that Wall Street will need time to recover from the credit crisis. Bernanke renewed his pledge to take action when necessary to help financial markets function smoothly.
WEDNESDAY
Spokane customers of Comcast Corp.’s video services will see an average rate increase of 4.7 percent starting Nov. 15. Also in November, the company will announce the addition of five high-definition TV channels. No rate increases are planned for digital phone or cable Internet customers.
“ Black Box Corp., of Pennsylvania, has purchased B&C Telephone Inc., of Spokane. Terms of the transaction were not disclosed. The Spokane company’s founder expects Black Box to retain most of the business’s 125 employees who work out of 13 offices in four Western states.
THURSDAY
Avista Utilities and a Washington State University laboratory will contribute $1 million to a grant fund for sustainable energy research. Avista engineers will meet with researchers next month to begin identifying the highest-priorities.
“ Simon ffitch, leader of the Washington attorney general’s Public Counsel Section, recommended reducing Avista’s electricity rate request by 45 percent and its gas request by 90 percent. Avista has said the increases are necessary to speed its financial recovery and to recoup money spent upgrading dams and improving the transmission system.
“ Hollywood Video stores on North Newport Highway in Spokane and in Ponderay, Idaho, are in the process of closing due to the bankruptcy filing of parent company Movie Gallery. The region’s other Hollywood Video stores will remain open for now, but their future may be in jeopardy as the parent company assesses its finances.
FRIDAY
Developer Dick Vandervert is building a $6 million, 44,500-square-foot office complex that will house his company, Vandervert Construction Inc., and several other businesses. The Wandermere Professional Building is being built at Addison Street and Farwell Road and should be done by April.