Colorado - FRI. 07/01/22 A Free Business Publication from Alpine Bank Print Version Print View Online Webpage
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MESSAGE FROM ALPINE BANK: INDEPENDENCE DAY CLOSURE JULY 4

 
 
 

All Alpine Bank branches will be closed Monday, July 4, in observance of Independence Day. We invite you to use Alpine Online or the Alpine Mobile app for 24/7 banking access, even when we are closed. Learn more at the link below.

 
- Alpine Bank
 

COLORADO'S BUSINESS LEADERS SEE RECESSION ON THE WAY

 
 
 

The latest Leeds Business Confidence Index from the University of Colorado Boulder indicated the confidence of the state's business leaders plummeted, with nearly 60 percent of those surveyed saying there will be a recession next year and 20 percent saying the country has already entered a recession. Economic expectations for the third quarter hit the fifth-lowest mark ever measured in some 20 years of the Leeds Confidence study and the outlook for the fourth quarter dropped even further to the fourth-lowest level on record. The greatest concern for those responding was inflation, with seven in 10 saying it had a moderate to significant impact on business.

 
- Denver Post, 07.01.22
 

FIRST 6 MONTHS OF 2022: MARKETS SUFFERED WORST HALF OF A YEAR SINCE 1970s

 
 
 

Markets in the U.S. and around the world closed out one of their worst first six months to start a year in decades. In the U.S., the S&P 500 fell 21 percent through the end of trading on Thursday, suffering its worst first half of a year since 1970. Surging inflation, rate hikes from the Federal Reserve and Russia’s war in Ukraine all led to rising recession fears and caused markets to plummet. The price of cryptocurrencies like bitcoin have crashed over 50 percent, while Big Tech stocks such as Alphabet, Apple, Facebook-parent Meta and Netflix all lost at least a fifth in value. About the only thing that increased were oil prices, which surged above $100 a barrel.

 
- Wall Street Journal, 07.01.22
 

BIG MONEY COLLEGE SPORTS BRING ANOTHER SEISMIC SHIFT – USC, UCLA TO BIG 10

 
 
 

The huge money of college sports, fueled by television contracts, have brought another dramatic consolidation, as the University of Southern California and UCLA are leaving the PAC 12 Conference to join the Big Ten. The change is due to be made for the 2024-25 academic year. It is estimated the new multi-billion-dollar TV contract for the Big Ten next year will provide payments of $100 million per institution per year. The move by USC and UCLA to the Big 10 will cripple the PAC-12, long one of the premier conferences in college sports. There are no plans for the schools remaining in the PAC-12, including the University of Colorado.

 
- Wall Street Journal, 07.01.22
 

ASPEN CITY COUNCIL CONTINUES WITH ORDINANCES ON RESIDENTIAL GROWTH

 
 
 

The Aspen City Council Thursday reconvened the public hearings on two ordinances that limit residential growth and increase affordable housing mitigation fees for property owners when they rebuild. The council passed Ordinance 13 which limits the number of demolition permits to six per year. The council also passed Ordinance 14 which adds requirements for increased affordable housing mitigation for residential development to single-family homes and duplexes when they are demolished or square footage is added. The mitigation costs are estimated to be an additional $300,000.

 
- Aspen Times, 07.01.22
 

FOURTH OF JULY FIREWORKS IN RIFLE, LASER SHOW IN GLENWOOD

 
 
 

There will be only one fireworks show in Garfield County for the Fourth of July, and that will be held on July 3 in Rifle. After a full day of activities in Rifle, there will be a concert from the Symphony in the Valley at 8 p.m. in Centennial Park. The city of Rifle and the Colorado River Fire & Rescue will offer the fireworks display following the concert at about 9:45 p.m. In Glenwood Springs, there will be activities and music in Two Rivers Park on July 4, starting at 4:30 p.m., followed by a laser show starting at 9 p.m.

 
- GS Post-Independent, 07.01.22
 

MONSOONS MEAN FIRE RESTRICTIONS OFF IN S.W. COLORADO

 
 
 

Officials of the San Juan National Forest and the Bureau of Land Management’s Southwest Colorado District announced Thursday that the agencies will take off all fire restrictions on public lands ahead of the July 4 holiday. San Juan National Forest, including wilderness areas, and the BLM’s Gunnison, Tres Rios and Uncompahgre field offices, which oversee public lands in Archuleta, Dolores, La Plata, Montezuma, San Juan and San Miguel counties, will withdraw fire restrictions Friday. With the rule change, campfires are now allowed outside established campgrounds and developed recreation sites on San Juan National Forest and BLM lands.

 
- Durango Herald, 07.01.22
 

THE INCOME NEEDED TO LIVE IN S.W. COLORADO

 
 
 

A report from the Economic Development District of Southwest Colorado released this week showed that Pagosa Springs is the most expensive community to live in throughout Region 9 which includes La Plata, Archuleta, Montezuma, San Juan and Dolores counties. In Pagosa Springs, a family of four would need dual incomes of at least $21.97 per hour to meet the costs of living. Durango was the second-most expensive location in the region, with a single adult in Durango needing to make at least $19.70 per hour. The minimum wage in Colorado is $12.56 an hour.

 
- Durango Herald, 07.01.22
 

THE ROUTE TO THE RAINBOW GATHERING: ROUTT CR 82 CLOSED

 
 
 

Routt County announced Thursday that it had closed Routt County Road 82 "due to the muddy and slick conditions." In announcing the closure, the county said "…there are vehicles stuck in the mud," and "until weather improves and things dry out, it will be closed." The road is closed at the Moffat County border, where it turns into Moffat County Road 1. The road is along the suggested route to the 50th anniversary Rainbow Gathering in Adams Park in Routt National Forest, as announced on Facebook on June 14. The gathering is not authorized by the Forest Service and is an unlawful gathering of more than 75 people, which would typically require a special-use permit from the agency. So, there is no designated route to the gathering, and therefore, there is no designated alternative route.

 
- Steamboat Today, 07.01.22
 

AMERICA'S RICHEST SELF-MADE WOMEN

 
 
 

Forbes released its 8th annual list of the richest self-made women. These women created or run a broad array of businesses from growing almonds to aerospace:

  1. Diane Hendricks: $12.2 billion, ABC Supply, building supplies
  2. Judy Faulkner: $6.7 billion, Epic Systems, medical records
  3. Judy Love: $5.2 billion, Love's Travel Stops & Country Stores
  4. Johnelle Hunt: $4.3 billion, J.B. Hunt Transport Services, trucking
  5. Marian Ilitch: $4.3 billion, Little Caesars, pizza
  6. Thai Lee: $4.1 billion, SHI International, IT provider
  7. Gail Miller: $4 billion: Larry H. Miller Group, car dealerships
  8. Lynda Resnick: $4 billion, Wonderful Co., agriculture
  9. Meg Whitman: $3.1 billion, eBay
  10. Eren Ozmen: $2.6 billion, Sierra Space, aerospace
 
- Forbes.com, 06.14.22
 
 
 
MARKET UPDATE - 06/30/2022 Close
 
(Courtesy of Alpine Bank Wealth Management*)
 
 
Close
Change
Dow Jones Industrials
 
30775.43
 
-253.88
 
S&P 500
 
3785.38
 
-33.45
 
NASDAQ
 
11028.14
 
-149.16
 
10-year Treasury yield
 
2.97
 
-0.08
 
Gold (CME)
 
1804.10
 
-9.60
 
Silver (CME)
 
20.28
 
-0.38
 
Oil (NY Merc)
 
105.76
 
-4.02
 
Natural Gas ($/MMBtu)
 
5.42
 
-1.07
 
Cattle (CME)
 
138.00
 
+1.20
 
Prime Rate
 
4.75
 
NC
 
Euro (per U.S. dollar)
 
0.95
 
NC
 
Canadian dollar (per U.S. dollar)
 
1.28
 
NC
 
Mexican peso (per U.S. dollar)
 
20.10
 
-0.02
 
30-year fixed mortgage rate (Freddie Mac 06/30/2022)
 
5.70
 
-0.11
 
*Not FDIC insured. May lose value. Not guaranteed by the bank.
 
 
 
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Alpine Bank is an employee-owned Colorado bank chartered in 1973. With 38 locations across Colorado, Alpine Bank offers a full suite of banking services. The Class B nonvoting common shares of Alpine Banks of Colorado, Alpine Bank's parent holding company, trade on the OTCQX under the symbol ALPIB".
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