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

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Economy

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Economy

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

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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

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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

DOGE Says It Completed ‘Major Cleanup’ of Social Security Records

By Jack Phillips The Department of Government Efficiency (DOGE) said in a statement on Thursday that its staff have completed a “major cleanup” of Social ...

Music Talent Agent Among 6 Killed in San Diego Plane Crash

By Rudy Blalock Three members of a prominent music talent agency are among six people presumed dead after a private jet crashed into a military ...

What to Know About Fatal Shooting of 2 Israeli Embassy Staffers in DC

By Savannah Hulsey Pointer Two members of the Israeli Embassy in Washington were fatally shot while leaving an event at a Jewish museum on May ...

38 Attorneys General Urge Congress to Fully Fund 9/11 Health Program

By Bill Pan A bipartisan group of 39 attorneys general are calling on Congress to secure long-term funding of a health care program they call ...

DOJ to End Police Reform Agreements, Investigations Into Departments

By Jack Phillips The U.S. Department of Justice (DOJ) has announced it will end its agreements to secure court-approved settlements with the cities of Minneapolis ...

Trump Unveils $175 Billion Plan for ‘Golden Dome’ Missile Defense System

By Ryan Morgan The Department of Defense has selected a design for President Donald Trump’s Golden Dome missile defense initiative, Trump announced on May 20. “I’m ...

Lawmakers Question Harvard Over Partnerships With Chinese Entities Linked to Genocide

By Catherine Yang House lawmakers are demanding transparency from Harvard University over partnerships with sanctioned groups including those involved in the Chinese Communist Party’s (CCP) ...

244 Arrested in 9-Day Prostitution Sting Operation in Florida

By Jack Phillips Officials in a Florida county announced last week that 244 suspects were arrested during a multi-day operation targeting human trafficking. In a statement ...

Deal Reached to End New Jersey Transit Strike: Union Chairman

By Joseph Lord Three days after the start of a strike by New Jersey transit employees, an agreement has been reached under which the unionized ...

Federal Officials Start Investigation Into Mexican Tall Ship That Hit Brooklyn Bridge

By Jack Phillips Federal officials confirmed on May 18 that they are sending a team to investigate the Mexican Navy tall ship crash at the ...

FBI Identifies Suspect in Palm Springs Fertility Clinic Bombing

By Jack Phillips An FBI official said on May 18 that the bureau believes that it has identified the suspect involved in a bombing near ...

Deadly Storms Rip Through Kentucky and Missouri, Leaving at Least 23 Dead, Dozens Injured

By Tom Ozimek and T.J. Muscaro Severe storms that swept across the Midwest and South on Friday killed at least 23 people and injured dozens ...