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

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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

US Travel Season Starts With Stronger-Than-Expected Spring Break

By Wesley Brown American motorists and vacationers are hitting the roads and airports in higher-than-expected numbers during the ongoing spring break period. In a statement provided ...

Appeals Court Halts Judge’s Order Requiring Musk to Hand Over DOGE Records

By Tom Ozimek A federal appeals court has temporarily blocked a discovery order from U.S. District Judge Tanya Chutkan that would have required Elon Musk ...

Trump Announces 25 Percent Tariffs on Foreign Cars

By Andrew Moran President Donald Trump on March 26 announced 25 percent tariffs on foreign cars in a move aimed at boosting domestic auto manufacturing. Speaking ...

Nevada Investigates Hundreds of Potential ‘Double Vote’ Cases in 2024 Election

By Jack Phillips Nevada’s Secretary of State’s office is investigating more than 300 cases of possible double votes during the 2024 election, according to a ...

Trump Orders Declassification of FBI’s Crossfire Hurricane Russia Investigation

By Jack Phillips President Donald Trump on Tuesday signed a memorandum to declassify files and documents related to the FBI’s Crossfire Hurricane investigation that probed ...

Republicans Introduce ‘Dismantle DEI Act’ to Bolster Trump Agenda

By Nathan Worcester WASHINGTON—Sen. Eric Schmitt (R-Mo.) and Rep. Michael Cloud (R-Texas) have introduced legislation to complement the Trump administration’s push against diversity, equity, and ...

Think Tank Projects Debt Limit to Be Reached by October at Latest

By Jackson Richman The debt ceiling is set to be reached between mid-July and early October, according to a March 24 projection by the Bipartisan ...

Trump Directs Top Officials to Take Action Against Lawyers Violating Rules

By Zachary Stieber President Donald Trump has ordered two top officials to take action against lawyers and law firms he says are violating the law ...

Former Federal Prosecutor, 43, Found Dead in Virginia Home

By Ryan Morgan Police have launched an investigation after a former federal prosecutor was found dead inside her home in Alexandria, Virginia, on Saturday morning. At ...

Cartels’ Advanced Technology a Growing Threat to US

By Darlene McCormick Sanchez South Texas rancher Antonio Céspedes Saldierna, 74, was driving his pickup on his ranch in Mexico when his vehicle ran over ...

ICE Arrests 68 Tren de Aragua Gang Members

By Naveen Athrappully Federal authorities arrested 68 members of the notorious gang Tren De Aragua this week, according to a new report from the Department ...

Trump Orders Full Access to Unclassified Federal Data for Designated Officials

By Bill Pan In a lesser-noticed executive order issued on March 20, President Donald Trump directed federal agencies to grant his designees complete access to ...