Economy - USNN World News

Economy

Senate Passes ‘No Tax on Tips Act’ in Unanimous Vote

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Economy

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US Pending Home Sales Dip By 3.4 Percent to ‘Lowest Level on Record’: Report

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Economy

The Fed Fears Inflation While Ignoring Deflation

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Economy

Student Loan Delinquencies Soar as Pandemic-Era Protections Expire

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Economy

US Inflation Slows to Lowest Level Since February 2021

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Economy

Markets Rally After US, China Announce 90-day Tariff Reductions

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Economy

Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty

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Japanese electronics manufacturer Panasonic plans to terminate 10,000 workers globally as part of a reform to resolve “structural issues,” the company said in a May 9 statement. The layoffs target 5,000 Japanese employees and 5,000 overseas workers at Panasonic’s consolidated companies. Job cuts are set to be implemented mainly in fiscal year 2026, “in accordance with the labor laws, rules, and regulations of each country and region.” “The company will thoroughly review operational efficiency at each Group company, mainly in sales and indirect departments, and reevaluate the number of organizations and personnel actually needed,” said the statement. Story continues below advertisement Panasonic will also terminate loss-making businesses that have “no prospect of improving profit.” “Through these measures, the company will optimize our personnel on a global scale,” it said. The layoffs are part of Panasonic’s broader management reform. The company is banking on these measures in fiscal 2026 to “resolve its various structural issues.” Related Stories Homes for Sale in Washington Surge 25 Percent Amid Federal Layoffs 5/8/2025 Homes for Sale in Washington Surge 25 Percent Amid Federal Layoffs Layoffs Drop, Jobless Claims Climb Ahead of April Jobs Report 5/1/2025 Layoffs Drop, Jobless Claims Climb Ahead of April Jobs Report The management reform seeks to improve profit by a minimum of 150 billion yen—roughly $1 billion—in fiscal year 2027 compared to fiscal 2025. For the current fiscal year 2026, Panasonic expects structural reforms to cost the company 130 billion yen, approximately $900 million. In an April 10 statement, Yuki Kusumi, the CEO of Panasonic Group, highlighted the need to change the organizational culture in the company. “There is a deep-rooted tendency toward following the established framework once a decision has been made. If we are going to improve the efficiency and quality of our work, then we must become an organization that is constantly changing, with each individual taking the initiative to make changes,” he said. “I believe we need to advance to the stage where change is considered a virtue. To achieve this, it is extremely important that we avoid being constrained by deeply ingrained behaviors.” The layoff announcement came on May 9 as Panasonic reported its consolidated financial results for fiscal year 2025, which ended on March 31. Story continues below advertisement Sales were at 8,458.2 billion yen, approximately $58 billion, down 0.5 percent from a year ago, which was partly due to the impact of deconsolidation in the company’s automotive segment, said the earnings report. Operating profit jumped 18 percent year-over-year, partly due to higher sales. According to Panasonic, the global economy experienced a gradual slowdown during the fiscal year ending March 31. For fiscal year 2026, net sales are expected to decrease, with operating profit also forecast to fall. Potential impacts of tariffs from the United States were not included in the forecast. “The company continues to monitor the tariff situation and aims to minimize the resulting impact by taking measures from both short-term and medium- to long-term perspectives,” Panasonic said. In January, Panasonic Well, a division of the company, announced a plan to create “the first comprehensive wellness ecosystem” for families. “Families are at their breaking point as chronic stress, disconnection, and fragmented wellness solutions are taking a toll, and the call for help is loud and clear,” the company said. Panasonic’s wellness solution is expected to aid families in dealing with wellness issues and “help modern families thrive.”

Economy

Panasonic Announces 10,000 Layoffs Worldwide

by USNN World NewsMay 9, 2025May 9, 2025

Economy

Cox Automotive Says Tariffs Impacted Wholesale Used Car Prices in April

by USNN World NewsMay 8, 2025May 12, 2025

NATIONAL NEWS

Attorney General Issues Memo Outlining Next Steps in Making English Official Language in US

By Michael Clements The Trump administration is reversing the longstanding practice of requiring information on federal programs to be provided in multiple languages for people ...

What to Know About the ICE Operation at California Cannabis Farms

By Savannah Hulsey Pointer Immigration and Customs Enforcement (ICE) made national headlines over the weekend due to a July 10 large-scale operation at two California ...

DOGE Announces Billions of Dollars in Federal Contracts Terminated

By Jack Phillips The Department of Government Efficiency (DOGE) stated over the weekend that agencies have terminated more federal contracts worth as much as $2.8 ...

Trump Says He Spoke to Bongino Amid Reports of Infighting Over Epstein Files

By Joseph Lord President Donald Trump said he spoke to FBI Deputy Director Dan Bongino on July 13, indicating that the two remain close despite ...

State Trooper, Others Injured in Shooting That Ended at a Kentucky Baptist Church

By T.J. Muscaro A state trooper is wounded and a suspected shooter is dead after an exchange in gunfire on July 13 ended at a ...

Trump Defends Bondi, Urges Supporters to Move On From Epstein Files

By Ryan Morgan President Donald Trump, on July 12, called on his base of supporters not to waste their time and energy focusing on the ...

Iga Swiatek Defeats Amanda Anisimova 6–0, 6–0 to Win Her First Wimbledon Title

By The Associated Press LONDON—For years, Iga Swiatek never quite felt comfortable on Wimbledon’s grass courts, never thought she could add a trophy there to ...

Energy Department to Give 1 Million Barrels of Oil to ExxonMobil From US Reserves

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10 Non-Tax Policies in Trump’s Megabill That Will Affect Americans

By Jackson Richman, Joseph Lord and Jacob Burg The One Big Beautiful Bill Act is notable for implementing significant changes to the U.S. tax code, ...

Trump Visits Central Texas, Epicenter of Catastrophic Flood That Killed More Than 120

By Darlene McCormick Sanchez President Donald Trump visited Central Texas on July 11 for a first-hand look at damage from a devastating flood that claimed ...

Federal Judge Blocks Trump’s Birthright Citizenship Order After Supreme Court Ruling

By Jack Phillips A federal judge on Thursday has barred the Trump administration from enforcing the president’s executive order limiting birthright citizenship, coming weeks after ...

31 Construction Workers Rescued After Los Angeles Tunnel Partially Collapses

By Katabella Roberts Thirty-one construction workers have been rescued from a huge industrial tunnel that partially collapsed in the Wilmington area of Los Angeles on ...