Brief News Update: Nation and World Headlines for Tuesday, April 16, 2024

Retail sales in the United States surged by 0.7% in March, defying expectations and showing that Americans are continuing to spend despite rising prices and economic challenges. The Commerce Department reported on Monday that retail sales had increased by a revised 0.9% in February, following a 1.1% decline in January due to bad weather. Excluding gas prices, which have been on the rise, retail sales still saw a solid increase of 0.6%. The report does not include spending on services like travel and hotels, but restaurant sales also saw a slight uptick of 0.4%.

In other news, the Biden administration has agreed to provide up to $6.4 billion in funding to Samsung Electronics to develop a computer chip manufacturing and research cluster in Texas. This investment is part of a larger effort to revive domestic production of advanced computer chips. Samsung plans to expand its facilities in Taylor and Austin, Texas, with the goal of creating a robust chip manufacturing hub in the state.

Meanwhile, Trump Media & Technology Group’s stock price continues to slide, dropping 18.4% on Monday and falling more than 66% from its peak. The company, which owns Truth Social, has faced criticism for its high stock price and recently filed documents with regulators that could allow for the sale of millions of shares in the future.

In Colorado, the owners of a funeral home where 190 decaying bodies were found are facing federal charges for fraudulently obtaining pandemic relief funds. The couple already faces state charges of corpse abuse, and the new charges highlight their alleged lies and manipulation over the past four years.

Lastly, Tesla is reportedly planning to lay off about 10% of its workforce after reporting disappointing quarterly sales. CEO Elon Musk detailed the plans in a memo to employees, citing the need to cut costs and increase productivity as the company prepares for its next phase of growth. Shares of Tesla fell nearly 3% following the news of the layoffs.