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Denver Business Journal
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Colorado public companies made and lost billions last year
The stock market enjoyed a strong 2023, with the S&P 500 ending the year with 24% gains and the Dow ending at near record levels. The gains were realized due to easing inflation, a steady economy and the promise of lower interest rates in the future.<\p> Some of Colorado’s public companies fared equally well, with Ovintiv Inc., DCP Midstream LP, Arrow Electronics Inc, Molson Coors Brewing Co. and Liberty Media Corp finishing the year with the highest net income out of the state’s top 50 public companies, according to the Denver Business Journal’s annual Colorado Public Companies List.<\p>
Welton Street Cafe dishes on new location and reopening plans
A drywall shipment and building materials litter the floor at Welton Street Cafe’s new location on 29th and Welton Street. Nestled between a taco spot and an empty commercial space, the team is working to open the eatery’s doors.<\p> Welton Street Cafe has been serving soul food to Denverites for nearly four decades and has been a staple in the Five Points neighborhood for more than 20 years.<\p>
The four key factors shaping Colorado’s economic outlook
The U.S. economy exceeded expectations in 2023 — growing by 2.5% from the prior year, despite high inflation pressures and federal interest rates, an economist for the State Legislature found.<\p> Though slower than 2023, the economy continues to expand in 2024, growing by 1.3% in the first quarter of the year, according to Louis Pino, an economist with the Colorado Legislative Council Staff, the nonpartisan research arm of the state legislature. <\p>
DBJ welcomes new reporters
The Denver Business Journal has hired Justyna Tomtas as its local government, land use and suburban development reporter.<\p> Her coverage will also touch on housing and civic issues that affect businesses across the Denver-metro area. <\p>
Denver area tourist attraction announces new leader
The world’s only Association of Zoos and Aquariums-accredited invertebrate zoo announced that a familiar face has taken the reins of the organization.<\p> Nathalie Brochu was named the interim CEO of Butterfly Pavilion earlier this month. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Denver oil company strikes $2B merger deal
SM Energy (NYSE: SM) struck a $2 billion cash deal Thursday to buy another oil company and expand into the oilfields of northeast Utah.<\p> The Denver-based oil and gas producer, which has been focused primarily on developing oil and gas wells in Texas, is buying an 80% stake and operational control of XCL Resources, LLC, a Houston-based oil company producing in the Uinta Basin of northeast Utah, a private company backed by investment groups EnCap Investments L.P and Rice Investment Group.<\p>
Hemp farm owners selling 39-acre, $11.7 million estate (Photos)
After living in a 17,602-square-foot home in Boulder County for 25 years, two local business owners are ready to downsize. <\p> The husband-and-wife duo behind Hempward Farms, a Boulder-based CBD company, listed their nearly 39-acre property near Arapahoe Road and North 75th Street for $11.7 million. <\p>
Denver AI summit to tackle affordability
Denver will be home to a new summit focused on how to use artificial intelligence to solve difficult social problems.<\p> On Thursday, Denver Mayor Mike Johnston announced the first DenAI Summit will take place on Sept. 19-20 at the Colorado Convention Center. <\p>
Behind Denver’s latest proposed workforce housing project
A new workforce housing project, led by a major local employer, has been proposed in downtown Denver — something experts say is unique and that they hope to see more of in coming years. <\p> Denver-based DaVita Inc. (Nasdaq: DAV) and real estate developers Goshen Development and Continuum Partners plan to build workforce housing at the edge of Denver’s Five Points neighborhood at 2000 Welton St. The housing development, which is in its early planning stages, will sit less than two miles from DaVita’s headquarters at 2001 16th Street Mall. <\p>
Colorado rocket giant drops Denver partner for key flight
United Launch Alliance’s second launch of its Vulcan rocket won’t carry another Denver-area company’s spaceplane to orbit late this summer as planned.<\p> The Centennial-based rocket company on Wednesday revealed that it will fly an inert mass, known as a dummy payload, on the second Vulcan space launch after determining that the Dream Chaser spaceplane, being built in Louisville by Sierra Space, is at risk of not being ready by September.<\p>
Many managers are posting fake jobs. One reason may surprise you.
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could have consequences. <\p> That’s according to a recent Resume Builder survey, which found 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
Texas homebuilder more than triples Colorado presence with new lease
A Texas-based residential homebuilder is expanding its Colorado presence.<\p> Landsea Homes Corp. (Nasdaq: LSEA) signed an 89-month lease at CirclePoint Corporate Center in Westminster to accommodate its growing team. <\p>
Ex-BP, Denver oil exec lands new oil and gas CEO role
David Lawler, who most recently was founding CEO of Denver-based BPX Energy and president of BP America, is the new CEO of a Houston-based affiliate of asset manager Kimmeridge Energy Management Company LLC. <\p> Lawler resigned in October from his roles at BP America Inc. and BPX Energy, both of which are divisions of London-based BP PLC (NYSE:BP). His departure came weeks after Bernard Looney resigned as CEO of BP PLC following allegations regarding his personal relationships with company colleagues.<\p>
First block of Denver's 16th Street Mall reopens
A new, reconstructed block of 16th Street Mall reopened to the public on Wednesday, welcoming back visitors to what officials called the heart of downtown Denver.<\p> After two years of construction, 16th Street between Larimer and Lawrence streets, was the first block of the downtown mall to be completed. It features new fixtures, a 15 percent increase in the tree canopy, new pavers, and also, easier access to businesses that line the pedestrian walkway. <\p>
Denver investment firm backs manufacturing automation startup
A Chicago-based robotics company has raised $27.4 million with the help of a Denver-based venture capital firm to expand its automation services for U.S. manufacturers.<\p> Formic, which designs and builds customizable robotic systems, has raised more than $52 million since January 2022 including the latest funding round led by Blackhorn Ventures, a Denver investment firm focused on the industrial sector. <\p>
Visa, Mastercard 'swipe' fee settlement dealt a big blow
A nearly $30 billion settlement involving U.S. retailers and credit card giants Visa Inc. and Mastercard Inc. has been dealt a blow after a judge said it was unlikely she would approve the deal.<\p> During a June 13 hearing on preliminary approval of the proposed settlement involving “swipe” fees, U.S. District Judge for the Eastern District of New York Margo Brodie said she was unlikely to sign off on the deal. Brodie issued a written order on the case on June 25, and while the order itself was sealed, the accompanying memorandum on the court docket stated that the "court finds that it is not likely to grant final approval to the Settlement and accordingly denies Plaintiffs' motion for preliminary settlement approval."<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
Four Denver restaurants honored by Wine Spectator
Denver restaurants on Monday won recognition for the quality of their wine selections, appearing in the 2024 Restaurant Awards from the publication Wine Spectator. <\p> Four local winners were chosen to be among the 3,700-plus restaurants highlighted based on demonstrated excellence in their wine programs — their service, the extent of their wine lists, and their wine cellars, a Wine Spectator press release said.<\p>
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