inancial institutions have been consistently building up their virtual banking services to better accommodate their customers. Virtual banking—often referred to as online banking or electronic banking—is essentially the equivalent of traditional banking over the internet. It allows customers to access their account digitally 24/7 to transfer funds, pay bills, and apply for loans from the comfort of their home, office, or anywhere, really. And with the prevalence of smart devices, mobile banking is becoming an expected service among consumers.

Hitting Bottom to Reach the Top

autious optimism surrounds forecasts for Alaska’s economy in 2019 as many predict the state’s recession will finally bottom out—making Alaska one of the last energy-dependent states to begin recovery since oil prices tumbled about three years ago.

Economists and business leaders take into consideration a number of factors when assessing economic health including unemployment rates, workforce demands in specific fields, the potential for the Alaska Legislature to approve a strong capital budget, and whether companies are signaling they might be ready to make major investments.

“I think that many are hoping for a recovery in 2019, but a lot of the thinking has been based on the idea that the Alaska Legislature—no longer facing immediate election—will be able to come to an agreement with respect to a long-term solution for funding state government. In addition, the higher oil prices through the end of October have been adding to predictions of a recovery,” says Marcus Hartley, president and principal economist for Northern Economics. “The percent drop in oil prices since the beginning of November may dampen some optimism.”

He continues, “If a capital budget is approved with meaningful amounts of funding, the construction and professional services sectors that have been really feeling the pinch from the lack of state government funding are likely to begin to start hiring more employees.”

reater Mooses Tooth 1 (GMT1) yielded first oil in October. Relying on new oil drilling technology, it is the most recently developed production site for ConocoPhillips on the North Slope as the company continues its methodical westward expansion into the National Petroleum Reserve-Alaska (NPR-A) along a geological formation known as the Barrow Arch.

“This is another milestone for development in the NPR-A,” says Joe Marushack, president of ConocoPhillips Alaska. “The GMT1 team successfully and safely executed this project in an environmentally responsible manner. We appreciate the collaboration with stakeholders from Kuukpik Corporation, the community of Nuiqsut, the North Slope Borough, and ASRC that made it possible.”

n January 2018, the Anchorage Economic Development Corporation (AEDC) projected that after an enduring economic recession, things were beginning to look up for the oil and gas sector. One year later, it appears AEDC’s forecasts were correct. Bolstered by new legislation, new discoveries, and increased levels of production, 2018 was a fairly fruitful year for the oil and gas industry.

s they look to develop Alaska’s resources, oil and gas companies, as well as the state and federal agencies that regulate them, have to strike a delicate balance between meeting the needs of those in the business of fossil fuels and protecting the fish and animals that could be negatively affected by exploration and ongoing operations.

For this reason, oil and gas companies employ a number of people—ranging from offshore marine mammal observers to onshore environmental scientists—to study the environment at potential exploration sites, document animal interactions, perform ongoing field studies, and mitigate adverse effects that might be caused by human activity.

ast year was a big one for politics. The midterm elections garnered headlines across the nation and statewide, with big turnouts and tight races. For example, the race for House District 1 ended with a vote of 2,663 to 2,662. That one vote gave Republican Bart LeBon—who called the race and subsequent recount “one for the books”—the win and the Republican party control of the state’s House. Republicans also have a majority in the state’s Senate and, following another tight race, Alaska has a Republican governor.

The race for governor was no less exciting. Republican Mike Dunleavy won the governor’s seat with about 51 percent of the vote compared to Democrat Mark Begich, who lost by a slim margin, garnering about 45 percent of the vote.

t’s been looming on the horizon for years, and now it’s here: the federal mandate for long-haul truck drivers to use equipment called Electronic Logging Devices (ELD) to track the number of hours they work.

The mandate comes from a major federal transportation funding bill passed in 2012. Its intent was to reduce truck accidents by holding drivers to restrictions on the number of hours they drive, which in Alaska is a maximum of fifteen driving hours per day and twenty working hours. The new rule has been described as both a major cultural transformation in the trucking industry and as a relatively minor change in record keeping. It’s a big transformation because many truck drivers pride themselves on their independence. Truck drivers in the 49th State have to be especially independent because of the size and remoteness of the state, and truck drivers here have special driving-hour rules that allow them to drive longer days than truckers in the rest of the country. With the mandate, drivers are always being observed and can have their decisions to rest or continue driving second-guessed because they must carry a device that connects to the truck engine and determines if the truck is in motion.

unior Achievement was founded in 1919 by Theodore Vail, president of American Telephone & Telegraph; Horace Moses, president of Strathmore Paper Co.; and Senator Murray Crane of Massachusetts. Together they discussed a problem facing all of their companies—they were constantly retraining employees on skills they felt they should already know. Moses was inspired by the 4H Club in his region—a hands-on experience for kids to learn about farm life straight from the farmers themselves. He wanted to start a similar program in which city kids would learn the essentials of business from those who worked in offices and factories throughout the city.

ichard Strutz has always valued people over dollars. That mindset helped him work his way up through the ranks of the National Bank of Alaska (NBA), from teller to president. Another value that served him well during his career has been his continued optimism, which aided him as he led the bank through multiple situations fraught with uncertainty, including Alaska’s economic recession in the late 1980s, an eventual merger between NBA and Wells Fargo in 2001, and, as the Well Fargo Alaska Regional President, the recession of the late 2000s. His childhood and family ties served as the foundation for his principles—the Strutz family has been forging community ties in Alaska for more than one hundred years.

ick Morrison entered the world of business at the tender age of five, when he went door to door charging a 5 cent “delivery fee” for free-sample bottles of Tang. “I learned about revenue sharing, because my mom took all my money,” Morrison laughs. From that point on business was an integral part of his life, from selling subscriptions to The Oregonian as a boy to being the sole owner of the Morrison Auto Group before selling the company to Kendall Auto Group in 2013. His youth taught him: “If I wanted something I had to go to work and get it, and I learned to never give up.”

elcome to 2019—and a new year full of potential. Speaking of potential, there’s no better time of year to fling open your closet doors, take stock, and (having cleared out the things you just don’t love anymore) realize something is missing: that easy dress for brunch on the weekend, those funky leggings you wear just anywhere, or that perfect blouse that you’ll wear and wear again as you work your way up the corporate ladder. Whatever that special piece is, there’s no better place to find it than one of Alaska’s boutiques, which feature a refreshing mix of unique fashion and local design.

ShuzyQ is locally owned and operated by Dawn and Shawna and is located at 11124 Old Seward Highway in Anchorage, close to South Restaurant and Coffeehouse. This boutique offers a selection of shoes, handbags, and accessories for women and girls that run the gamut from every day wear to special event accessories. shuzyq.com

Trickster Company has a physical location in Juneau at 224 Front Street and is owned by siblings Rico and Crystal, who “focus on the Northwest coast art and explore themes and issues in Native culture.” The store sells apparel, jewelry, paper, home goods, sports equipment, and fine art. trickstercompany.com

Octopus Ink owner Shara is the designer, artist, and creator behind the shirts, skirts, sweatshirts, and other clothing found at the boutique’s downtown Anchorage gallery located at 410 G Street. Octopus Ink also features jewelry and accessories designed and produced by other local Alaskan artisans. octopusink.com

Junior Achievement of Alaska Awards Banquet

Dena’ina Center, Anchorage: Four new Alaskans will be inducted and recognized with this prestigious award. Attended by more than 400 business representations, the program consists of a networking reception, dinner, and awards ceremony. juniorachievement.org/web/ja-alaska

Alaska RTI/MTSS Conference

Alaska Marine Science Symposium

Hilcorp completed its $90 million pipeline project that allows the company to transport oil across Cook Inlet via an underwater pipeline. Instead of being transported by cross-inlet tankers, oil now traverses the inlet through an undersea pipeline that previously carried natural gas. The project required construction of approximately six miles of new pipe from the Tyonek Platform to the existing pipeline network. It also saves Hilcorp money: shipping oil by tanker across Cook Inlet costs approximately $3 per barrel while using the pipeline costs about $2 per barrel. The pipeline addresses environmental and spill concerns as well by eliminating spills/incidents involving tankers and because the Drift River oil terminal is no longer a necessary piece of infrastructure. hilcorp.com

obert Brewster has been working in various capacities at The Alaska Club since 1988 and today is the organization’s president and CEO. It wasn’t exactly his plan to go into the industry—he “quasi-stumbled” into a part-time job at a health club while earning his business degree from the University of Alaska Anchorage. Brewster combined the two after graduation, setting the stage for a long career in fitness.