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Colorado - Tue. 06/09/26 |
A Free Business Publication from Alpine Bank
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AIRLINES TAKE 50% PROFIT HIT DUE TO $100 BILLION JET FUEL INCREASE
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Global airlines will collectively pay $100 billion more for jet fuel in 2026 than last year, Willie Walsh, director general of the International Air Transport Association (IATA), told the industry's most important annual gathering of airline CEOs and senior executives on Sunday. As a result of jet fuel costing 70 percent more year-over-year, the global airline industry’s net profits will “halve from 2025,” falling from $45 billion to $23 billion in 2026, Walsh told attendees of the IATA Annual General Meeting in Rio de Janeiro. Fuel price volatility and inflation pressure were the top risks identified by 21 global airline chiefs in a Deloitte survey released last week. Industry analysts are painting an increasingly gloomy picture for 2026. “The airline industry entered 2026 with real momentum,” Deloitte researchers wrote. “By mid-year, that optimism feels like a distant memory.”
Fitch Ratings last week revised its global airline outlook to “deteriorating,” specifically citing the fuel environment as a contributing factor in recent airline failures and liquidity problems. It’s notable many airlines are planning for elevated fuel prices to continue into 2027. United Airlines said it is assuming oil remains above $100 per barrel through the end of 2027. And on Saturday, Air New Zealand CEO Nikhil Ravishankar told Reuters the carrier has offset 25 percent to 40 percent of higher jet fuel prices through hedging and fare increases into next year. Delivery delays from Boeing and Airbus have worsened the situation by forcing airlines to hang on to older, less fuel-efficient jets, which has exacerbated maintenance costs as oil prices have ratcheted up. Walsh told conference-goers on Sunday there was a backlog of over 18,000 aircraft from the two manufacturers.
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VENUS, JUPITER & MERCURY TO FORM PLANET PARADE IN JUNE
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A rare celestial event will feature Venus, Jupiter, and Mercury appearing close together in the June sky. Venus and Jupiter will first appear together in a conjunction starting June 9. Mercury will join the other two planets from June 11-15, creating a "planet parade." The planets will be visible to the naked eye in the western sky after sunset, a rare opportunity to see multiple planets appear close together in the night sky. For those in the Northern Hemisphere, spotting the conjunction shouldn't prove too difficult. Simply look west after sunset to see the Venus and Jupiter pairing.
Because Mercury will sit lower toward the horizon, you will need a clear view to the west to catch it in the glow of twilight. Find a spot free of light pollution and a view of the horizon without obstructions like trees or tall buildings. DarkSky International is a U.S nonprofit that maintains a list of designated dark sky communities around the world, including 176 in the U.S. Mercury, Venus and Jupiter are among the five planets in our solar system visible without optical aid – along with Mars and Saturn. Telescopes certainly will enhance the view, but spectators don't need any equipment to spot the three planets in the pre-dawn sky.
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TELLURIDE BLUEGRASS FESTIVAL: OPERA & BANJOS
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After more than 50 years, the Telluride Bluegrass Festival is doing something it’s never done before. For the first time, the Telluride Bluegrass Festival will welcome an acclaimed opera singer to its stage. On June 19, soprano Renée Fleming will join banjo player Béla Fleck for a special performance of their new album, entitled “The Fiddle and The Drum.” The album features a collection of Appalachian-rooted folk and bluegrass tunes reimagined by Fleming, Fleck and a cast of other notable musicians in the genre, including country legend Dolly Parton. Telluride Bluegrass Festival is one of just six places the duo plans to perform “The Fiddle and The Drum” this year, and they’ll be backed by other artists on the lineup, such as Sierra Hull, as part of the My Bluegrass Heart band.
The festival will also see performances from Tedeschi Trucks Band, Shakey Graves, Larkin Poe and Gregory Alan Isakov, among many others. The Telluride Bluegrass Festival takes place June 18-21 at Town Park in Telluride. Tickets cost $135 for day passes and $420 for a four-day pass. For more information, visit shop.bluegrass.com.
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JUDGE STRIKES DOWN $100,000 H-1B VISA FEE
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A federal judge on Monday invalidated the Trump administration’s new fees for H-1B visas, saying officials overreached in applying a $100,000 charge for new applicants to the popular program for foreign professionals. U.S. Judge Leo Sorokin in Massachusetts declared the fee unlawful, siding with a coalition of states that challenged the policy and argued it hurt their ability to staff publicly run colleges and universities, primary and secondary schools, and healthcare systems. The fee sparked concern and chaos when it was rolled out last fall, especially among the biggest tech companies that frequently use H-1B visas to hire in-demand skilled workers.
Sorokin found that President Trump and his top officials had acted beyond the scope of their powers, as well as their authority under immigration laws passed by Congress, and administrative law. "The Court finds that the Policy imposes a tax on H-1B petitions without the requisite delegation by Congress," he wrote. "There are no statutory powers authorizing Defendants to implement a $100,000 tax on H-1B petitions." Typically, new visa fees must either be set by Congress or levied through formal regulations, which first undergo months of public notice and comment. It had previously cost $215 to enter an applicant into the lottery for an H-1B visa and more than $5,000 in fees to file a visa application—without factoring in lawyers’ fees.
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NEW BOOK EXPLAINS WHY TOURING ROCK STARS & CELEBS ALL STOP AT THIS DENVER STORE
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Some years ago, rock star Eric Clapton ordered an array of Western shirts from Denver’s Rockmount Ranch Wear. The only problem? He needed them for a concert in London the next day, and UPS would take five to seven days to ship them. “The only way the shirts will get there in time is if I hand-deliver them myself,” writes Rockmount president Steve Weil in his new book, “Rockmount Legends.” A few hours later, Weil was on an overnight flight to London. He delivered the shirts, sat in the front row for the concert, then went backstage, where he met not just Clapton but also Tom Hanks. Hanks agreed to pose for a photograph with Weil, who tapped a fellow standing next to him, asking if he’d mind taking the picture. The obliging photographer was Ringo Starr. The iconic Rockmount’s shirts, Weil relates in his third book about Western apparel and Rockmount, have been worn by movie stars and rock stars and even President Ronald Reagan. Rock stars were a long way in the future when Papa Jack Weil, who died at 107, founded Rockmount Ranch Wear in 1946. The company’s signature Western shirt was designed with snap buttons, smile or sawtooth pockets and navy cuff-tags. Son Jack B. Weil expanded the designs, and grandson Steve, who joined in 1981, emphasized marketing. Elvis Presley wore one in his 1956 movie “Love Me Tender.” Since then, Rockmount has sold to just about everybody: John Denver, Kevin Costner, James Garner, Tim McGraw, Ken and Barbie (in the movie) and a good number of delegates to the 2008 Democratic Convention, which was held in Denver. Bruce Springsteen wore a Rockmount shirt on his debut album, “Greetings from Asbury Park, NJ.” He wore a Rockmount belt on the album cover of “Born in the U.S.A.” Rockmount created a special edition Grateful Dead shirt. Willie Nelson wears Rockmount’s signature shadow plaid shirts, as well as one with a marijuana plant on it.
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DEVEREUX CUP RETURNS TO STOUT RANCH FOR 22ND YEAR
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From land once patrolled by Teddy Roosevelt to the highest-elevation polo event in the United States, Stout Ranch, located high above New Castle, has a rich history. The Devereux Polo Cup will return Sunday, June 14, to Barry Stout’s ranch for the event’s 22nd iteration. Team Land Rover will face off against Team Hotel Colorado once again, playing an exhibition polo match set against jaw-dropping views of the Colorado River Valley. The free event is hosted in collaboration with the New Castle Historical Museum, with all proceeds directed to the town that sits 3,000 feet below Stout Ranch’s museum, which used to serve as a jail. Free food and beverages will be provided, along with a musical performance by the Feeding Giants.
The event is named in honor of Walter Devereux and the Devereux family, among the largest contributors to the area in the late 1800s. The event kicks off on Friday night at the Hotel Colorado from 4:30 to 7 p.m. John Chandler will play music during the Meet the Players reception on Friday night, as well as during Sunday’s main event. For more information, visit stoutranch.com/polo.
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SNOW CAPPED CIDER RACKS UP THE AWARDS
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For the third year running, Snow Capped Cider has been named Midsize Producer of the Year at the 2026 Great Lakes International Cider and Perry Competition (GLINTCAP). The Cedaredge-based cidery, led by owner and head cidermaker Kari Williams, also earned 14 Best in Show awards at the competition, breaking their own record. It also earned more medals than any other cidery at the Cidercraft Awards for the fourth year in a row. Midsize Producer of the Year is GLINTCAP’s highest honor in its size category. It is awarded to the cidery demonstrating the most consistent excellence across all categories. Snow Capped won 24 medals across Platinum, Double Gold, Gold, Silver and Judges’ Pick categories. Platinum medals were awarded to Kingston Black Reserve (Single Varietal), Ellis Bitter (High Tannin Sweet), Mountain Rose (Rosé), Porters & Perry (Co-Ferments: Fruit/Stone Fruit), Platinum Elevation (Modern-Dry), and The Russets (Modern-Sweet).
The cidery uses more than 150 apple varieties and 40 peach varieties, including rare heritage apples like Kingston Black and Yarlington Mill, in its award-winning variety of ciders. Snow Capped Cider’s orchards are located in the Surface Creek Valley in Cedaredge at the base of Grand Mesa at an elevation of 6,130 feet. The cidery credits higher ultraviolet exposure at this elevation and dramatic swings between daytime heat and cool mountain nights for helping fruit to ripen in a way that concentrates flavor, sugar and acidity.
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D&SNG RAILROAD OWNER BUYS AUCTIONED STEAM TRACTOR FOR MUSEUM
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Durango & Silverton Narrow Gauge Railroad owner Al Harper bought a cherished steam tractor at the Newbold family’s estate auction on Saturday along with several other items to be displayed in the D&SNG museum or incorporated for use with the railroad. “That family (the Newbolds) is a very nice family, very important to the history of Durango,” Harper said. “I just think it’s going to be neat to have some of their family items in the museum.” Harper said he opened bids for the tractor – built by the late Jack Newbold and powered by a 1898 steam engine – at $5,000 and closed on it at $7,000. He bought another tractor built by Newbold for $1,500. He said Jack Newbold was an interesting man and a self-taught engineer. “He just knew how to do things and how to use things that other people didn’t know what to do with,” he said. “I’m glad I was able to do something with the family and put something in the museum.”
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SILVERTHORNE DISTRIBUTES $40,000 IN BUSINESS IMPROVEMENT GRANTS
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The Silverthorne Town Council approved $40,000 in grants awarded to five local businesses intended for site enhancement and economic development projects. In the 15th year of the Business Improvement Grant Program, the following five businesses received funds:
- Backcountry Family Dental, for site enhancement
- Everything Colorado, for site enhancement
- High Country Aqua Tech, for site enhancement
- The Flamingos Wellness Spa, for economic development
- The PlayGarten, for economic development
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FORECLOSURES ARE SPIKING NATIONALLY - DENVER'S SURGE IS EVEN BIGGER
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Residential foreclosures increased 18 percent in April nationwide compared to a year ago. In Denver, that figure was much higher, with foreclosures rising 162 percent year-over-year. That’s according to recent data from property analytics firm ATTOM, whose latest U.S. Foreclosure Market Report revealed one in every 3,388 housing units nationally was connected to a foreclosure filing in April. The data includes default notices, scheduled auctions or bank repossessions. While the jump in April foreclosure activity in the city and county of Denver was noteworthy, the 97 foreclosure filings recorded represented a rate of one home in every 6,853 — far lower than the national average. Among counties in the Denver-metro area, Adams County had the highest rate of foreclosure activity in April, with one in 2,543 homes affected.
Here’s how other local counties fared:
- Arapahoe County: One in 3,132 homes had foreclosure activity
- Boulder County: One in 8,041 homes
- Broomfield County: One in 8,301 homes
- Douglas County: One in 4,012 homes
- Jefferson County: One in 3,707 homes
Foreclosures are on the rise statewide, with Colorado foreclosure filings in April rising almost 34 percent from the year before. While that's a significant jump, the 671 properties with foreclosure filings statewide that month are far below the numbers recorded during the housing crisis years of 2006 to 2009 and the Great Recession, in which thousands of homes fell into foreclosure each month.
- Delaware posted the highest overall foreclosure rate at the state level, with one in every 1,739 homes affected
- South Carolina (one in 1,745)
- Florida (one in 2,092)
- Indiana (one in 2,129)
- Illinois (one in 2,262)
At the metro level:
- Lakeland, Florida, posted the highest foreclosure rate, at one filing for every 1,221 housing units
- Columbia, South Carolina (one in 1,287)
- Charleston, South Carolina (one in 1,483)
- Bakersfield, California (one in 1,566)
- Cape Coral, Florida (one in 1,628)
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MARKET UPDATE - 06/08/2026 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 06/04/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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