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Colorado - Fri. 07/26/24 |
A Free Business Publication from Alpine Bank
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ECONOMIC GROWTH RISING AT 2.8% IN SECOND QUARTER
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The U.S. economy accelerated in the second quarter as consumers increased their spending, businesses invested more in equipment and stocked inventories, and inflation cooled. Gross domestic product, adjusted for inflation and seasonality, rose at an annual rate of 2.8 percent for April through June to $22.9 trillion. That was faster than the 1.4 percent pace in the first quarter, and well above the 2.1 percent rate economists had expected. Household spending, the main driver of the U.S. economy, increased at a quicker pace as Americans’ incomes continued to rise. Stocks ended the day mixed. The Dow Jones Industrial Average was up slightly. The S&P 500 fell. The new data shouldn’t change the outlook for the Federal Reserve. Officials have signaled that they expect to hold interest rates steady at their meeting next week but could cut at their subsequent meeting, in September, if inflation continues to cool.
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COLD-STORAGE GIANT LINEAGE RAISES $4.4B IN IPO
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Lineage, the largest refrigerated-storage company in the world by capacity, raised $4.4 billion in its initial public offering in the biggest listing of the year. Shares jumped to $82 at the start of the Novi, Mich.-based company’s first day of trading Thursday, up $4 a share from its IPO price, before settling back to close at $80.78, a 3.6 percent gain for the day. Lineage sold nearly 57 million shares in the offering. Lineage, which is trading on the Nasdaq exchange under the ticker “LINE,” last week said it planned to offer 47 million shares for $70 to $82 each. The company has been riding strong demand for refrigerated warehousing since the pandemic and an aggressive acquisition strategy to build a network of more than 480 distribution centers counting nearly 3 billion cubic feet in North America, Europe and the Asia-Pacific region.
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INTERIOR DEPT. UNVEILS FUNDING BOOST FOR UPPER COLORADO RIVER BASIN
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The U.S. Dept. of the Interior announced a new funding opportunity that will support ecosystem and habitat restoration in the Upper Colorado River Basin. The initiative aims to address mega-drought impacts, enhance community and landscape resilience, and aid species recovery in Colorado, New Mexico, Utah and Wyoming. Along with providing water for more than 40 million people and fueling hydropower resources in seven U.S. states, the river is a crucial resource for 30 Tribal Nations and two states in Mexico. It supports 5.5 million acres of agriculture and agricultural communities across the West, as well as important ecosystems and endangered species. Grant applicants must be public or Tribal entities or be partnered with such entities. The Upper Colorado River Basin System Conservation and Efficiency Program website provides more detailed information for applicants, including additional eligibility and evaluation criteria and instructions for applying.
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KROGER & ALBERTSONS MERGER ON HOLD
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The proposed merger between Kroger Co. and Albertsons Cos. is on hold until an antitrust lawsuit from Colorado Attorney General Phil Weiser to permanently block the deal is resolved. A preliminary injunction was issued Thursday that prevents the $24.6 billion merger from closing until five days after Weiser’s lawsuit is addressed. A trial on the merits of Colorado’s case is set to start Sept. 30. Weiser sued to block the merger between the parent companies of King Soopers, City Market and Safeway, the dominant grocery store brands in Colorado, on Valentine’s Day. The two grocers also face a challenge from other states. In Oregon, a trial is set for Aug. 26. The companies earlier this month agreed to divest 579 stores and six distribution centers to C&S Wholesale Grocers, based in New Hampshire.
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SOUTHWEST AIRLINES IS DITCHING OPEN SEATING
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Southwest Airlines will soon assign seats on flights and sell some with extra legroom, making sweeping changes in a bid to broaden its appeal to passengers and boost revenue. The plans come as Southwest fends off an activist investor pushing for an overhaul of the airline’s leadership and operating strategy. Open seating has been a hallmark of Southwest flights since the airline got its start more than 50 years ago. It was part of a business model that produced decades of uninterrupted profits and democratized flying in the process. But Southwest executives said the company needs to adapt to what today’s customers want, marking what might be its biggest-ever shift. It isn’t clear when flying with assigned seats and premium rows will start, but Southwest said bookings for them are expected to begin next year.
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LIGHTNING & A BURNING CAR BLAMED FOR WILDFIRES SCORCHING THE WEST
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A burning car pushed into a gully sparked California’s largest wildfire of the year, authorities said Thursday as they announced the arrest of a suspect. Meanwhile other blazes scorched the Pacific Northwest. Flames from the fire the man is accused of starting exploded into what is now the Park Fire, which has burned more than 195 square miles near the city of Chico. Evacuations were ordered in Butte and Tehama counties, with the blaze only 3 percent contained by Thursday evening. Also, in California near the Nevada line, about 1,000 people remained displaced from their homes Thursday after evacuations were ordered Monday night when lightning sparked the Gold Complex fires that have burned more than 4 square miles of brush and timber in the Plumas National Forest about 50 miles northwest of Reno.
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MESA COUNTY LOOKING FOR FEEDBACK ON RIVERFRONT TRAIL ROUTES
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Mesa County is looking for input from the public on route options to connect the Riverfront Trail from Clifton to Palisade. The county is holding a public meeting from 5 to 7 p.m. next Wednesday, July 31, at the Clifton Branch of the Mesa County Public Library, 3270 D½ Road, to solicit feedback. The route options include following the river on the north side, following the river on the south side, following the Grand Valley Canal or following U.S. Hwy. 6. A map of the various routes is shown online at inputcentral.com/riverfront-trail, where you can also register an opinion on the options. Anyone can attend the meeting at any point over the two hours it is being held. Earlier this month the City of Grand Junction approved the purchase of the final parcel of land needed to connect the trail from Las Colonias Park to 29 Road. The city plans to construct that portion of the trail next year.
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DURANGO WOMAN OPENS FIRST RECOVERY RESIDENCE IN SOUTHWEST COLORADO
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For years, residents of Southwest Colorado struggling with addiction had no choice but to travel more than a hundred miles to access long-term sober living. For some, that degree of separation was necessary. For others, it entailed leaving behind friends, family and a familiar setting during one of life’s most challenging chapters. And that was assuming they could afford it. As of this month, however, another option has emerged for Southwest Coloradans seeking sobriety. Donna Mae Baukat, the recovery residence’s operator, is founder and director of Community Compassion Outreach, a nonprofit organization that provides services for La Plata County residents experiencing poverty or homelessness. Previously, the closest recovery residence in the state was located more than 150 miles away.
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VAIL VALLEY PARTNERSHIP CELEBRATES ITS THIRD NATIONAL CHAMBER OF THE YEAR AWARD
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For the third time in the past eight years, the Vail Valley Partnership was named Chamber of the Year by the Association of Chamber of Commerce Executives. The Association represents more than 1,600 business and civic associations around the world. In conjunction with GrowthZone, the award sponsor, the Partnership was presented with its latest honor on July 17 at the Association’s annual convention in Dallas. The organization also earned the honor in 2016 and 2020. Michael Brown, the current head of the Partnership’s Board of Governors, said the award is a “tribute to what we’re familiar with, not only as a board, but as businesses … and the work (the staff does) every day.” Brown, the regional president of Alpine Banks, said that more than just a repository for information about the valley and its businesses, the Partnership actively represents the business community.
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YAMPA VALLEY BALLOON RODEO SET TO RISE AGAIN
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A Northwest Colorado favorite will be back this weekend filling the wild blue yonder with all the colors of the rainbow. Yampa Valley Balloon Rodeo takes to the skies early Friday, Saturday and Sunday mornings as nearly three dozen balloon pilots are set to show off their crafts. While the Balloon Rodeo has been part of Steamboat Springs’ summer schedule since 1981, this marks the second year under the new branding. The event had a hiatus in 2022 but returned last summer. This coming weekend will come with some additional changes in the Balloon Rodeo, which will start launching at 6:30 a.m. each day in cycles. Due to property development at the launch site of Bald Eagle Lake, spectators will not be allowed on the field.
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PEDESTRIAN, CYCLIST DEATHS ON COLORADO ROADS FALLING FROM LAST YEAR'S ALL-TIME HIGH
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Fewer people have died on Colorado’s roads in the first six months of 2024, compared with last year, when pedestrian and cyclist fatalities reached an all-time high, according to preliminary data from the Colorado Dept. of Transportation. From January to June, there were 294 fatalities on roads around the state, down 9 percent from the same time period last year. Impairment, speed and distracted driving were the main factors that led to the crashes. In the first half of 2024:
- 47 pedestrians died (compared with 62 in the first six months of 2023)
- 3 bicyclists died (compared with 8 in 2023)
- 91 people were killed in crashes involving impaired driving (compared with 108 in 2023)
- 90 people who were not wearing a seatbelt died in crashes (compared with 96 in 2023)
- 52 motorcyclists died (down from 55 in 2023)
- 36 children and teens died, including those who are 19 years old and younger (down from 47 in 2023)
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DELAWARE: NO. 1 FOR RETIREMENT
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To help you understand your options for retirement in your golden years, Bankrate created a comprehensive ranking of the best and worst states for retirement by analyzing dozens of data points for each U.S. state, such as living costs, health care costs, overall well-being and more. The methodology is the same as last year’s list and ranks states based on five broad categories: affordability (40 percent), overall well-being (25 percent), the cost and quality of health care (20 percent), weather (10 percent) and crime (5 percent).
Best states for retirement:
- Delaware
- West Virginia
- Georgia
- South Carolina
- Missouri
Worst states for retirement:
- Alaska (50)
- New York (49)
- Washington (48)
- California (47)
- North Dakota (46)
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OLYMPICS OPENING CEREMONY 2024
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Over 10,000 athletes will sail down the Seine on Friday in what is poised to be the most ambitious Olympic opening ceremony ever attempted. The 2024 Olympics, which kick off this week in Paris, are intended to "revolutionize" the Games yet remain accessible to a broad audience. To commemorate the official start of the Olympics, which were last held in Paris exactly a century ago, organizers have spent years orchestrating a dynamic, and distinctly French, affair. Over a billion people around the world are expected to tune in:
- Stream every moment and every medal of the 2024 Paris Olympics on Peacock, starting with the opening ceremony Friday at 12 p.m. ET.
- The live NBC broadcast kicks off with a pre-show at noon ET Friday, and the ceremony itself begins at 7:30 p.m. Paris time, or 1:30 p.m. ET.
- The prime-time encore telecast, which features additional content, will air later in the day for U.S. viewers, at 7:30 p.m. ET. The ceremony is expected to be over four hours.
- NBC will have 40 cameras capturing the action in Paris, and live coverage begins at noon ET.
- The ceremony will be broadcast on TV and streamed in digital format on NBC, Peacock and NBC Olympics. (NBC News shares a parent company with those entities, NBCUniversal).
- For a full schedule, visit online at nbcnews.com/Olympics.
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MARKET UPDATE - 07/25/2024 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 07/25/2024)
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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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