Colorado - THU. 07/02/20 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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COLORADO BUSINESS LEADERS GENERALLY OPTIMISTIC

 
 
 

The most recent Leeds Business Confidence Index, a survey of some 400 business leaders by the University of Colorado Boulder, showed that business leaders are generally optimistic about the Colorado economy rebounding. The index has a base of 50, with a score above 50 indicating optimism and expansion and below that pessimism and contraction. At the start of the third quarter, which was yesterday, the overall index was 44.3, but that is up from the second quarter score of 29.7. Looking to the fourth quarter, the index reached 51. About 60 percent of respondents expect that business will return to pre-pandemic levels between the second half of 2020 and the second half of 2021.

 
- Denver Post, 07.02.20
 

COGCC SAYS IT'S TIME FOR HIGHER LEVY ON COMPANIES

 
 
 

The Colorado Oil and Gas Conservation Commission is facing a budget shortfall of nearly $4 million and the newly appointed director, Julie Murphy, said Tuesday there is need to raise the mill levy on companies that fund the commission from 1.1 mills to 1.7 mills. The increase would keep the budget level of the COGCC at $13 million for FY 2021. The oil and gas industry has been impacted by low prices and has resulted in declining production and reduced revenue. Through June 23, the state had approved about 830 new drilling permits, compared with 1,321 through June of 2019.

 
- Denver Post, 07.02.20
 

COKE TO DISCONTINUE ODWALLA

 
 
 

Coca Cola announced Wednesday that it is discontinuing its Odwalla juice business and a refrigerated trucking network that delivered fresh drinks to stores. The move will cut about 300 jobs. Odwalla is one of the biggest brands that Coke has eliminated. Coke will stop delivering Odwalla to stores by the end of this month and will pick up unsold inventory following that. Coke will sell the some 230 refrigerated trucks. Coke will find other delivery systems for its Simply juices and single-serve Fairlife milk.

 
- Wall Street Journal, 07.02.20
 

MARKETS CLOSED TOMORROW, JULY 3

 
 
 

Independence Day (July 4) falls on Saturday this year, meaning that U.S. financial markets will be closed on Friday, July 3. The New York Stock Exchange and Nasdaq will be shuttered at the conclusion of regular trade Thursday, while the bond market will close an hour early, at 2 p.m. Eastern on Thursday, and will remain closed over the Fourth of July holiday.

 
- MarketWatch.com, 07.02.20
 

ASPEN CITY COUNCIL UNANIMOUSLY PASSES CURFEW ORDINANCE

 
 
 

The Aspen City Council, at a special meeting Wednesday night, unanimously passed an emergency ordinance that requires businesses in town to close at midnight. The curfew goes into effect Friday. The ordinance also makes businesses subject to license revocation if they do not require customers and employees to wear face coverings inside. The new ordinance is in effect until Aug. 25. The curfew is limited to retail and restaurant operations; hotel room service and gas stations with outdoor pump areas are exempt.

 
- Aspen Times, 07.02.20
 

OUTDOOR POOLS ARE FINALLY OPEN IN GJ, PALISADE

 
 
 

The outdoor swimming pools in Grand Junction at Lincoln Park and the pool in Palisade opened last weekend. The pools originally planned to open for the 4th of July weekend, but had a "soft opening" a week early. The Lincoln Park Pool had a reduced capacity maximum of 175, but the crowds were below that level. Both pools implemented social distancing measures, including marking out spaces for chairs, which were not permitted to move. For the 4th of July weekend, the Lincoln Park Pool will have a special $2.44 rate, commemorating the 244th anniversary of the Declaration of Independence.

 
- GJ Daily Sentinel, 07.02.20
 

TELLURIDE BLUES & BREWS CANCELED

 
 
 

Steve Gumble, president of SBG Productions and director of the Telluride Blues & Brews Festival announced Wednesday that this year's 27th annual Telluride Blues & Brews Festival is canceled. The festival was to have taken place in Telluride Town Park Sept. 18-20, featuring headliners Nathanial Rateliff and The Night Sweats, Buddy Guy, and Brittany Howard. Those holding tickets for this year's festival can obtain a full refund, roll their tickets over to the 2021 festival or donate the cost of the tickets back to SBG.

 
- Telluride Daily Planet, 07.02.20
 

OTTENS FOUNDATION GIVES $1.6 MILLION TO FLC NATIVE AMERICAN CENTER

 
 
 

The John and Sophie Ottens Foundation gave a $1.6 million donation to the Fort Lewis College Native American Center. The donation is the largest single cash gift in FLC history. The donation will be used to cover the center's annual costs and to support student needs. The John and Sophie Ottens Foundation has given more than $5.2 million to FLC over 20 years and it is FLC's largest benefactor in terms of total gifts. Fort Lewis College Qualified Native American students can attend Fort Lewis College tuition free and in the fall of 2019, there were students from 177 tribes and villages around the country.

 
- Durango Herald, 07.02.20
 

WOOD SPRINGS TWO FIRE ON THE NAVAJO NATION GROWS TO 9,000 ACRES

 
 
 

The Wood Springs Two Fire on the Navajo Nation has now burned over 9,000 acres and the Navajo Department of Health and the Navajo Environmental Protection Agency has issued a smoke advisory for the surrounding communities of Wood Springs, Fluted Springs, Sawmill and towns to the north and east. The effect of wildfire smoke on COVID-19 patients is particularly concerning for the Navajo Nation, which has seen high rates of the virus. Residents are advised to reduce outdoor exercise and keep windows and doors closed, and if they experience breathing issues, contact the nearest health facility.

 
- Durango Herald, 07.02.20
 

KEEPING THE SPIRITS ALIVE AND WELL IN THAILAND

 
 
 

The most common structures seen in Bangkok are spirit houses. These small buildings, which look like dollhouses mounted on pedestals, are in front of almost every building from shacks to skyscrapers and range from a few pieces of plywood hammered together to create a miniature bungalow to gilded structures with ornate spires that cost tens of thousands of dollars. The spirit houses are home to figurines that represent the spirits. Many Thais believe in these spirits, but everyone pays respect to the practice of honoring the spirits.
Thailand, a nation of 70 million people, had the first case of COVID-19 recorded outside of China, but, to date, has recorded only 3,130 cases. The believers point to the spirits as the reason the coronavirus pandemic has largely bypassed the country. All the spirits expect sustenance, like a bunch of bananas, a cooling coconut or a mound of rice. The offerings are usually placed at the front of the spirit houses in the morning by homeowners or building staff members, along with incense and garlands of marigolds and jasmine. These days, with onset of the coronavirus, the spirits are happy with a glass of water.

 
- New York Times, 06.13.20
 

PANDEMIC TAKES $1.2 TRILLION TOLL ON GLOBAL TOURISM

 
 
 

The United Nations Conference on Trade and Development issued a report July 1 which projected the world's tourism sector could lose $1.2 trillion or 1.5 percent of the global gross domestic product because of the closedown due to the coronavirus pandemic. That loss could rise to $2.2 trillion or 2.8 percent of the world's GDP if the break in international tourism lasts eight months. The countries most affected, ranked by percentage loss in GDP:

  • Jamaica: -11 percent
  • Thailand: -9 percent
  • Croatia: -8 percent
  • Portugal: -6 percent
  • Dominican Republic: -5 percent
  • Kenya: -5 percent
  • Morocco: -5 percent
  • Greece: -4 percent
 
- UCTAD.org, 07.01.20
 
 
 
 
 
 
 
 
MARKET UPDATE - 07/01/2020 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
25734.97
 
-77.91
 
S&P 500
 
3115.86
 
+15.57
 
NASDAQ
 
10154.63
 
+95.86
 
10-year Treasury yield
 
0.52
 
+0.02
 
Gold (CME)
 
1773.20
 
-19.80
 
Silver (CME)
 
18.13
 
-0.41
 
Oil (NY Merc)
 
39.82
 
+0.55
 
Natural Gas ($/MMBtu)
 
1.67
 
-0.08
 
Cattle (CME)
 
97.30
 
+1.02
 
Prime Rate
 
3.25
 
NC
 
Euro (per U.S. dollar)
 
0.88
 
-0.01
 
Canadian dollar (per U.S. dollar)
 
1.35
 
NC
 
Mexican peso (per U.S. dollar)
 
22.67
 
-0.33
 
30-year fixed mortgage rate (Freddie Mac 06/25/2020)
 
3.13
 
NC
 
*Not FDIC insured. May lose value. Not guaranteed by the bank.
 
 
 
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