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Assault rifles may soon be dirt cheap after Colt cites flooded market and ends AR-15 production

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Colt Firearms announced on Thursday that it is ending the manufacture of the AR-15 due to “significant excess” of assault-style rifles in the firearms market.

In a statement posted to the Colt website on Thursday, Colt argued that the market for AR-15, which it refers to as a “modern sporting rifle,” is saturated in the U.S.

“The market for modern sporting rifles has experienced significant excess manufacturing capacity,” the statement said. “Given this level of manufacturing capacity, we believe there is adequate supply for modern sporting rifles for the foreseeable future.”

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“We want to assure you that Colt is committed to the Second Amendment, highly values its customers and continues to manufacture the world’s finest quality firearms for the consumer market,” the company added.

Paul Spitale, a senior vice president at Colt, pointed to lower margins and reduced sales.

“What’s true today is that the [modern sporting rifle] market is much more price-driven,” Spitale told the NRA’s Shooting Illustrated magazine. “We’ve seen a pretty sharp decline in rifle sales, given our price points, resulting in significant inventory build-up held by our distributors.”

The AR-15, which was first manufactured by Colt, is now sold by many firearms companies.

It could be a sign that the price of assault-style weapons in the U.S. is about to drop. AR-15s and similar weapons have been recognized as the gun of choice in many mass shootings.

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Rudy Giuliani urged Justice Dept to go easy on wealthy Venezuelan client: report

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Rudy Giuliani told U.S. prosecutors that his wealthy Venezuelan client deserved leniency in a criminal investigation, according to his indicted associate Lev Parnas and others.

Alejandro Betancourt, who's reportedly an unindicted co-conspirator in a money laundering case, introduced President Donald Trump's lawyer to the father of Venezuela’s opposition leader Juan Guaido, reported Reuters.

Betancourt told Guiliani at a meeting in Spain that he secretly bankrolled Guaido’s efforts to take over leadership of Venezuela, according to four people familiar with the situation.

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Trump threatens 25 percent tariffs on European cars if he can’t ink a new EU trade deal

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US President Donald Trump relaunched a major trade offensive against Europe on Wednesday, threatening to hit the EU with damaging auto tariffs if Europeans failed to agree a long-delayed trade deal.

"The European Union is tougher to deal with than anybody. They've taken advantage of our country for many years." Trump told Fox Business News on the sidelines of the World Economic Forum in Davos.

"Ultimately, it will be very easy because if we can't make a deal, we'll have to put 25 percent tariffs on their cars," he added.

Trump added that his attention would now to turn to Europe, after he sealed a trade truce with China after several years of a trade war that destabilised the world economy.

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Why teen depression rates are rising faster for girls than boys

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We’re in the middle of a teen mental health crisis – and girls are at its epicenter.

Since 2010, depression, self-harm and suicide rates have increased among teen boys. But rates of major depression among teen girls in the U.S. increased even more – from 12% in 2011 to 20% in 2017. In 2015, three times as many 10- to 14-year-old girls were admitted to the emergency room after deliberately harming themselves than in 2010. Meanwhile, the suicide rate for adolescent girls has doubled since 2007.

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