Week in review
WEDNESDAY
In the face of a devastating new plant disease that threatens the world’s wheat crops, the U.S. government has cut the budget for research that might head off the infestation and help developing countries solve their growing hunger problems.
•The Justice Department gave a boost Tuesday to online real estate brokers – and potentially their clients – by forcing new industry policies that give Internet-based agents access to home listings they were previously denied.
•As summer begins, stores are promoting low-cost activities even more than usual. Retailers are also seeing more interest in small ways customers can make their houses nicer places to spend the season. Wal-Mart Stores Inc., the nation’s largest retailer, has launched an “American Summer” campaign, featuring tents, grills, coolers, wicker furniture sets and inflatable pools., saying a summer getaway is “as close as your own back yard.”
THURSDAY
Flipping houses – the practice of buying homes, fixing them up and quickly selling them for a profit – gained notoriety during the housing boom as the subject of popular cable TV shows. Under a recently revised Washington state lawwould-be house flippers in Washington might not land a fat check but a hefty fine.
•Fewer customers visited Coldwater Creek Inc. stores during the first quarter this year, contributing to a multi-million dollar net loss. But the Sandpoint-based women’s clothing retailer beat its expectations for the three-month period ending May 3.
FRIDAY
Two downtown Spokane buildings – one that houses CenterStage and the other which was eyed for a condominium project – are threatened with foreclosure. Local contractor RenCorp LLC alleges owner Spokane Partners LLC is in default on a loan agreement, and it must pay more than $507,000 in less than a month to avoid auction of the former Odd Fellows and Music City structures.
•After waiting for a chance to buy another franchise, the owners of the North Spokane location plan to open a family-friendly Valley pizza parlor and arcade in front of Oz Fitness by Nov. 1. •Wall Street investment companies are scaling back their borrowing from the Federal Reserve’s emergency lending program.