Economy - USNN World News

Economy

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Economy

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US Inflation Slows to Lowest Level Since February 2021

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

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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

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NATIONAL NEWS

Here’s How Countries Are Responding to US Tariffs

By Austin Alonzo America’s trading partners around the world are asking President Donald Trump to reconsider a slew of new tariffs the White House imposed ...

Florida Wins Provide Cushion to Thin House GOP Majority

By Joseph Lord, Jackson Richman and Jacob Burg Republicans’ electoral wins in Florida mean that House Speaker Mike Johnson (R-La.) is about to get some ...

Crypto Investors Lose Over $1.6 Billion to Hackers in First Quarter

By Naveen Athrappully Crypto investors suffered massive financial losses in Q1, 2025, with a major exchange breach accounting for most of the loss, according to ...

Senate Judiciary Chair Introduces Bill to End Nationwide Injunctions

By Sam Dorman Senate Judiciary Chair Chuck Grassley (R-Iowa) introduced legislation on March 31 to prevent courts from issuing nationwide injunctions. Dubbed the Judicial Relief Clarification ...

Maine Gets Final Warning on Males in Female Sports

By Naveen Athrappully The U.S. Department of Education issued a final warning to the state of Maine, telling it to agree to protect female sports ...

Judge Issues Order to Keep Intelligence Employees on Administrative Leave

By Sam Dorman ALEXANDRIA, Va.—A federal judge ordered the Trump administration on March 31 to keep a group of intelligence community employees on administrative leave. The ...

Pipeline Projects Prioritized for Quick Approval Under Emergency Energy Orders

By John Haughey More than 220 natural gas pipeline-related proposals across 22 states are among nearly 700 projects that could see accelerated approvals under President ...

Trump Inks $100 Million Deal With Skadden Law Firm

By Samantha Flom A prominent Wall Street law firm has struck a deal with the White House to provide $100 million in pro bono legal ...

Appeals Court Allows DOGE to Continue to Downsize USAID

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AG Bondi Says ‘Many Judges’ Should Be Removed

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Department of Justice Issues Rule to Restore Lost Gun Rights

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Top East Coast MS-13 Leader Arrested in Virginia, Officials Say

By Chase Smith A senior leader of the violent transnational gang MS-13 was arrested on March 27 during a coordinated law enforcement operation in Dale ...