Economy - USNN World News

Economy

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

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Economy

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

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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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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

Senate Wraps up Debate on Republican Megabill as ‘Vote-a-Rama’ Set to Begin Monday

By Joseph Lord The Senate in the early hours of Monday morning wrapped up its debate on the One Big Beautiful Bill Act ahead of ...

Trump Says US to Send Tariff Letters to Trade Partners Before July 9 Deadline

By Emel Akan WASHINGTON—President Donald Trump said on June 29 that he will soon send letters to trading partners detailing the tariffs to be imposed ...

Federal Judge Refuses to Block DOGE Access to Sensitive Government Data

By Tom Ozimek A federal judge on Friday allowed the Department of Government Efficiency (DOGE) to continue to access sensitive data on millions of Americans ...

Supreme Court Sides With Trump Admin, Limits Nationwide Injunctions

By Sam Dorman The Supreme Court partially allowed President Donald Trump’s birthright citizenship executive order on June 27 in a decision that said universal injunctions likely ...

US Imposes Visa Restrictions on Family Members, Associates of Sanctioned Drug Traffickers

By Aldgra Fredly The United States will implement a new visa restriction policy targeting the relatives and business associates of foreign nationals sanctioned for drug ...

The Secret 15-Year Plan Behind US Strikes on Iran

By Ryan Morgan WASHINGTON—The United States’ B-2 stealth bomber strike on Iran’s Fordow uranium enrichment facility was the culmination of more than 15 years of ...

Food Independence Summit Teaches a Return to Self-Sufficient Roots

By Jeff Louderback WALNUT CREEK, Ohio—Decades ago, many Americans knew the origin of their food. They lived in rural areas, grew their own food, and ...

FBI Official Says 449 Alleged Child Predators Arrested in 2 Operations

By Jack Phillips FBI Deputy Director Dan Bongino said this week that 449 child sexual predators were arrested and more than 200 children were rescued ...

Gabbard Says ‘New Intelligence’ Shows Iran Nuclear Facilities Destroyed

By Jack Phillips Director of National Intelligence Tulsi Gabbard said on Wednesday that new intelligence has shown that U.S. strikes on Iran set back the ...

Rare Earth Startups Say Without Subsidies and Support, US Can’t Shake China’s Control

By John Haughey Without a federally supported market and strategic reserve stockpile, the United States will remain reliant on China for critical minerals and rare ...

DHS Warns of Enhanced Cyber, Terror Risk After US Strikes on Iran

By Joseph Lord The Department of Homeland Security (DHS) is warning Americans of an enhanced threat environment for cyber attacks or violence within the United ...

Major US Cities on Alert After US Airstrikes on Iranian Nuclear Facilities

By Jack Phillips Three major U.S. cities indicated that they’re on heightened alert following U.S. military airstrikes targeting Iranian nuclear facilities on June 21. In an ...