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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 E.W. Scripps Company now has a reach of 21 percent of U.S. television households after purchasing 15 television stations.That brings the total number of stations for Scripps to 51. The purchase from Cordillera Communications was 1 million. It adds more NBC and CBS stations to Scripps' strong ABC roster.The Cordillera stations will significantly diversify the Scripps portfolio, growing it to 51 stations, including 18 ABC stations, 11 NBC stations, seven CBS stations and two Fox stations. Scripps will operate seven duopolies, efficiently enhancing the depth and durability of the portfolio.The stations Scripps is acquiring are: 652

The Department of Education said Thursday that it would wipe away student debt for 15,000 borrowers, implementing an Obama-era rule that Secretary Betsy DeVos has fought to block for more than a year.The debt cancellations will total about 0 million.The rule, known as Borrower Defense to Repayment, was designed to help students cheated by for-profit colleges get relief on their education debt.The announcement comes about two months after a federal judge ordered immediate implementation of the rule. The judge had sided with attorneys general from 18 states and the District of Columbia who sued DeVos for delaying the rule while she worked on rewriting it. 677

The Federal Aviation Administration on Friday ordered new inspection requirements for engines similar to the one that failed earlier in the week on a Southwest Airlines flight, resulting in a passenger's death.The emergency airworthiness directive will require airlines to perform an ultrasonic inspection of certain CFM56-7B engines within 20 days of receipt of the order, it said. Federal safety investigators have said the naked eye cannot detect the cracks and signs of metal fatigue that doomed the engine on Southwest Flight 1380."We are issuing this AD because we evaluated all the relevant information and determined the unsafe condition described previously is likely to exist or develop in other products of the same type design," the directive said.The Southwest Boeing 737 took off Tuesday morning from New York, headed for Dallas. About 20 minutes into the flight, at about 32,500 feet, a fan blade broke off the engine and shrapnel shattered a window.Jennifer Riordan, 43 and a mother of two, was sucked out of the broken window and pulled back inside by fellow passengers. She died from blunt force trauma at a hospital after the plane's emergency landing in Philadelphia.The new inspection is to be done while the engine is on the aircraft's wing. Inspections take between two and four hours per engine, according to the FAA and manufacturer.Friday's announcement came shortly after the engine manufacturer, CFM International, issued a service bulletin recommending the CFM56-7B engine be inspected more frequently. After reaching a certain age, the engines should be inspected approximately every two years, the manufacturer said.The manufacturer told CNN it has been working with the FAA on the inspection procedures.  1749

The Department of Justice is suing to block California laws that extend protections for immigrants living in the United States illegally, commonly referred to as "sanctuary laws."The lawsuit by the Trump administration claims three of the state's laws intentionally undermine federal immigration law, according to The Associated Press.One of the laws prevents local police agencies from asking people about their immigration status or assisting in federal immigration enforcement activities. The Justice Department says these laws are unconstitutional.Attorney General Jeff Sessions, speaking at a law enforcement event in Sacramento Wednesday, said the administration's lawsuit against California was to "invalidate these unjust immigration laws" because the state's laws are a "violation of common sense."Sessions told those in attendance at the California Peace Officers Association's Legislative Day that the state has "a problem" and told California officials to "stop actively obstructing law enforcement … stop protecting lawbreakers."The attorney general singled out Oakland Mayor Libby Schaaf, who recently issued a public warning of an impending immigration raid in her city. Sessions claims that Immigration and Customs Enforcement officers "failed to make 800 arrests" because of Schaaf's statements. 1320

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