Economy - USNN World News

Economy

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

by USNN World NewsMay 21, 2025May 21, 2025

Economy

New Vehicle Inventory in April Declines, Affordability Worsens: Cox Automotive Analysis

by USNN World NewsMay 19, 2025May 19, 2025

Economy

Market Review: Stocks Roar Back in 5-Day Winning Streak

by USNN World NewsMay 18, 2025May 18, 2025

Economy

Moody’s Strips US of Final AAA Rating Over Rising Debt, Interest Costs

by USNN World NewsMay 17, 2025June 4, 2025

Economy

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

by USNN World NewsMay 15, 2025May 15, 2025

Economy

The Fed Fears Inflation While Ignoring Deflation

by USNN World NewsMay 14, 2025May 14, 2025

Economy

Student Loan Delinquencies Soar as Pandemic-Era Protections Expire

by USNN World NewsMay 13, 2025May 13, 2025

Economy

US Inflation Slows to Lowest Level Since February 2021

by USNN World NewsMay 13, 2025May 13, 2025

Economy

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

by USNN World NewsMay 12, 2025May 12, 2025

Economy

Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty

by USNN World NewsMay 10, 2025May 10, 2025

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

Trump Says BRICS Members Will Get Additional 10 Percent Tariffs Over Dedollarization Attempt

By Lily Zhou President Donald Trump on July 8 reiterated a previous warning to nations in BRICS (Brazil, Russia, India, China, and South Africa) that ...

Harvard’s Accreditation at Risk Over Anti-Semitism Response, Trump Admin Warns

By Bill Pan Harvard University may no longer meet accreditation standards because of how it handled anti-Semitism on campus, the Trump administration warned the Ivy ...

Supreme Court Clears Way for Mass Federal Layoffs

By Matthew Vadum The Supreme Court on July 8 lifted a lower court order that prevented the Trump administration from carrying out job cuts en ...

Californians Benefit From SALT Deduction Cap Increase in ‘Big Beautiful Bill’

By Kimberly Hayek Californians are about to get some tax relief. The One Big Beautiful Bill Act, the new Republican tax-cut bill signed into law by ...

Death Toll in Texas Floods Tops 100

By Savannah Hulsey Pointer The number of deaths from flooding in central Texas over the July Fourth weekend reached 104 on Monday. In hard-hit Kerr County, ...

Bessent Says Federal Reserve’s Challenges Go Beyond Chairman Powell’s Stance on Interest Rates

By Andrew Moran The Federal Reserve’s challenges extend beyond Chair Jerome Powell’s stance on interest rates, said Treasury Secretary Scott Bessent on CNBC’s “Squawk Box” ...

Death Toll From Texas Floods Rises to 82, Including 28 Children; Trump Plans Visit

By Jacob Burg and T.J. Muscaro Two days after catastrophic flash floods raged through central Texas, at least 82 people, including 28 children, have been ...

Treasury Secretary Responds to Musk’s Intention to Form ‘America Party’

By Jack Phillips U.S. Treasury Secretary Scott Bessent became the first Trump administration official to respond to Tesla CEO Elon Musk’s announcement that he intends ...

Rescuers Search for 11 Missing Girls After Devastating Texas Floods Killed at Least 70

By Jacob Burg Just two days after catastrophic flash floods in central Texas washed away homes and vehicles and left at least 70 people dead, ...

California’s Madre Fire Explodes in Size to Cover 70,800 Acres

By Naveen Athrappully A wildfire in California’s San Luis Obispo County has greatly expanded to now cover almost 70,800 acres with just 10 percent containment, ...

24 Dead, 20 Girls Missing as Flooding Ravages Central Texas

By Tom Ozimek Catastrophic flash flooding triggered by torrential rainfall has left 24 people dead, others missing, and extensive damage across parts of central Texas, ...

Trump Signs ‘Big, Beautiful Bill’ Into Law During July 4 Celebration

By Emel Akan WASHINGTON—President Donald Trump signed the One Big Beautiful Bill Act into law on July 4, celebrating both a major legislative victory and ...