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

Appeals Court Rejects Trump Admin’s Bid to Fast-Track Deportations to Third Countries

By Tom Ozimek A federal appeals court has denied the Trump administration’s request to lift a temporary restraining order blocking the government from fast-tracking the ...

Bidding for Gulf Oil Leases Begins in June

By John Haughey Bidding for nearly 100 million acres of offshore oil and gas leases off Louisiana and east Texas will begin in June in ...

Supreme Court Allows Trump Admin to Deport Venezuelan Immigrants Under Wartime Law

By Sam Dorman The Supreme Court granted President Donald Trump’s request to halt a federal judge’s orders preventing his administration from using the Alien Enemies Act ...

Supreme Court Blocks Judge’s Order to Return Man Deported to El Salvador

By Tom Ozimek The Supreme Court has temporarily blocked a lower court order requiring the federal government to return an illegal immigrant deported to El ...

FBI Issues Identity Theft Warning Against Criminals Claiming Tax Refunds

By Naveen Athrappully The FBI issued an alert Wednesday, warning Americans about criminals stealing the identities of taxpayers to file fake returns and claim refunds. “The ...

Cattle Ranch Kid Grows Up Conservative and Goes to Congress

By Jackson Richman As he rumbled along on a tractor on his family’s cattle ranch in Texas, it wasn’t country music playing that helped Brandon ...

US International Trade Deficit Narrows in February

By Naveen Athrappully America’s trade deficit for February narrowed down month-over-month, with exports rising and imports registering a slight decline, according to latest data from ...

Senate Passes Trump’s Agenda Budget Blueprint After Late-Night Voting Session

By Joseph Lord WASHINGTON—The U.S. Senate in the early morning hours of April 5 approved the budget blueprint to advance President Donald Trump’s agenda after ...

Trump Tells Americans to ‘Hang Tough’ Amid Tariff Turbulence, Promises ‘Historic’ Outcome

By Tom Ozimek President Donald Trump on Saturday called on Americans to “hang tough” through what he described as a difficult-but-necessary adjustment period following his ...

Tariffs May Raise Prices Slightly But Will Deliver Tax Relief for Bottom 50 Percent, Bessent Says

By Tom Ozimek Treasury Secretary Scott Bessent said consumers could see a one-time price increase of about 2 percent for every 10 percent of new ...

North Carolina Appeals Court Rules Thousands of Contested Ballots Must Be Verified

By Jacob Burg A North Carolina appeals court said on April 4 that contested ballots in a close race between two candidates for the state ...

Trump Confirms Sackings of Some National Security Council Staffers

By Jacob Burg President Donald Trump confirmed on April 3 that some staffers at the National Security Council were recently laid off. While speaking with reporters ...