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The drop in gun sales has lead to deep job cuts at Sturm RugerOn Wednesday, the company reported a 21% sales decline for 2017. Thursday it disclosed that it has cut 700 jobs, or more than a quarter of its staff, over the last 13 months. That leaves it with 1,750 workers."When we reduced production in 2017, we had to make some difficult decisions," said CEO Chris Killoy, on a call with analysts Thursday. Many of the jobs were eliminated through attrition. The company also had 320 temporary employees a year ago who have since left the company. In January, the company needed to further reduce staff, prompting it to lay off an additional 60 workers.Gun sales have been sharply lower across the industry since President Donald Trump was elected. Fears that Hillary Clinton would win the presidency and seek tougher gun control laws drove record sales through 2016, and encouraged retailers to stock up on inventory. With the election of Trump and Republicans in control of both houses of Congress, those fears greatly abated.Killoy said that 2017 FBI background checks, which correspond roughly to purchases, fell 11%. Retailers also cut back on purchases to reduce inventory."2017 was a challenging year for the firearm industry," Killoy. But he said as a result of the job cuts, "we're better positioned to compete in 2018."There has been more talk about gun control in the week since the shooting of 17 students and staff at a Florida high school, led by many of the students and families from that school.President Trump and some Republicans, including Senator Marco Rubio of Florida, have voiced new support for some gun control measures. But it's too soon to say whether those efforts will affect gun sales.Killoy did not mention the gun control debate during his conference call, although he did express sympathy for victims of the Florida shooting."Like all Americans, we struggle with the shock and sadness of these terrible events," he said.Sturm Ruger is not the only company to report a drop in sales. Overall the industry has reported a sales decline of more than 0 million in 2017.Gun maker Remington has warned it plans to file for bankruptcy protection soon. Killoy was asked about whether Sturm Ruger would be interested in buying Remington, given that it has a strong balance sheet. Ruger's cash on hand fell by nearly million during the year, but it still has .5 million and no debt. He wouldn't rule out a deal for Remington, but wouldn't comment on it directly."We're watching that closely," he said the coming bankruptcy case. "We wish them well going through that process. With million cash on hand, it may provide some opportunities down the road." 2727

The Environmental Protection Agency blocked reporters from several news outlets from a national summit on Tuesday where Scott Pruitt, the agency's chief, was speaking.Journalists from CNN, the Associated Press and E&E News, a publication that covers energy and environment issues, were barred by the EPA from entering the event, which was focused on harmful chemicals in water. A handful of other reporters from other news organizations, however, were allowed inside the event for Pruitt's opening remarks after having been previously invited by the agency the day before.In a statement, Jahan Wilcox, an EPA spokesman, said the agency barred reporters from attending due to space limitations inside the venue. He said the EPA was able to accommodate only 10 reporters and that it provided a livestream "for those we could not accommodate.""This was simply an issue of the room reaching capacity, which reporters were aware of prior to the event," Wilcox said.A report published by The Hill, however, said a handful of seats in the press section remained vacant by the time Pruitt began speaking. Another reporter told Politico there were dozens of empty seats in the room, and a photo obtained by CNN also showed space for cameras.Additionally, the Associated Press said in a story that one of its reporters, denied entry, was grabbed by security guards and forcibly shoved out of the building after asking to speak to an EPA public affairs person. A CNN photographer saw the female journalist being shoved out of the building by a uniformed guard, and the Associated Press journalist recounted the incident to CNN immediately after it took place.When reached by phone and asked about the Associated Press report, Wilcox declined to comment to CNN beyond his original statement, which said he was "unaware of the individual situation that has been reported."CNN was also blocked from attending the summit. A CNN photographer was screened by security guards before the event and was waiting for an escort or further information. Wilcox arrived soon after and provided security with a list of news outlets and reporters, instructing them not to let anyone not on the list into the event. The CNN photographer then asked if he could enter the event and was told by security he couldn't.Separately, a CNN reporter and producer lined up with members of the public and presented their IDs and credentials, identifying themselves as reporters. The individual manning the door said he needed to ask the press office if they could be permitted to enter. A few minutes later, he returned and said the CNN journalists were not allowed in.In a statement, a CNN spokesperson said, "Today, CNN was turned away from covering the PFAS National Leadership Summit at the EPA after multiple attempts to attend. While several news organizations were permitted, the EPA selectively excluded CNN and other media outlets. We understand the importance of an open and free press and we hope the EPA does, too."Sally Buzbee, executive editor of The Associated Press, said in a separate statement, "The Environmental Protection Agency's selective barring of news organizations, including the AP, from covering today's meeting is alarming and a direct threat to the public's right to know about what is happening inside their government."Buzbee added, "It is particularly distressing that any journalist trying to cover an event in the public interest would be forcibly removed."Following the media firestorm, the EPA reversed course and opened the second portion of the summit, which Pruitt was not scheduled to speak at, to the press. 3621

The devastation brought about by this hurricane season creates a new set of headaches for President Donald Trump and an already overwhelmed Congress -- and underscores the urgent need to resolve the financial crisis that had battered Puerto Rico and the US Virgin Islands before the recent storms and floods arrived.The President and Congress can no longer ignore their duty to rescue millions of Americans living in our tropical territories. The standard range of the Federal Emergency Management Agency and other disaster recovery programs will cover a good chunk of the storm damage, but the need for financial rebuilding is every bit as necessary as the new homes, roads and power grid the islands need. 730

The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014

The football schedule starts as early as the weekend of Sept. 5 with final games slated for Nov. 21 to align with academic calendars. The Big Ten Football Championship Game remains scheduled for Dec. 5 at Lucas Oil Stadium, though it could be moved as late as Dec. 19. pic.twitter.com/vWp3OSifBc— Big Ten Conference (@bigten) August 5, 2020 348