Week in review
TUESDAY
Stock markets around the world plummeted Monday as a financial crisis that began in the market for U.S. home mortgages spread to almost all corners of the globe.
WEDNESDAY
Spooked by stumbling stock markets around the world, Bush administration officials and members of Congress accelerated the pace of negotiations over a $150 billion economic rescue bil.
“With the Dow opening down more than 400 points and the Federal Reserve Board cutting a key interest rate, concern about a recession was on the minds of some Inland Northwest residents.
In interviews with The Spokesman- Review, some said they see a recession coming. Others said it’s already here.
“A Maryland telecom-equipment company plans to buy Spokane Valley-based World Wide Packets Inc. for roughly $290 million in cash and stock, the companies announced. Ciena Corp. intends to keep the privately held company’s local operation, which employs about 80. The deal is expected to close this spring or summer, company representatives said.
THURSDAY
After an aborted look last fall to build a business park near Spokane International Airport, Spokane developer Walt Worthy plans to build a high-end, five-story office building east of Spokane Valley Mall overlooking the Spokane River.
“Faced with growing competition from cheaper rivals, Starbucks Corp. is selling small cups of drip coffee for $1 with free refills as part of a test in its hometown.
That’s about 50 cents less than the Seattle-based coffee retailer normally charges for an 8 oz. cup of joe, though prices vary from store to store.
FRIDAY
House leaders and the Bush administration reached agreement on a $150 billion economic stimulus package that would quickly send hundreds of dollars to poor and middle-class workers while offering businesses one-time incentives to invest in new equipment.
“Wal-Mart is looking at building a second supercenter in Post Falls but hasn’t settled on a location, a spokeswoman said.
The Bentonville, Ark.-based retailer, which has a store at 3050 E. Mullan Ave., has talked with developers, including The Pointe at Post Falls developer Foursquare Properties Inc., spokeswoman Karianne Fallow said.