Economy - USNN World News

Economy

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

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Economy

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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

Democrats Wrestle With DOGE and Musk

By Nathan Worcester WASHINGTON—During the first two months of the second Trump administration, few issues have united Democrats like opposition to Elon Musk and his ...

More Than 250 Tren de Aragua Gang Members Deported to El Salvador Prison: Rubio

By Jacob Burg Secretary of State Marco Rubio said on March 16 that the Trump administration had sent more than 250 Venezuelans accused of being ...

Trump Orders Military Strikes on Houthi Terrorists

By T.J. Muscaro President Donald Trump announced on March 15 that he ordered the U.S. military to “launch decisive and powerful” action against Houthi terrorists ...

Trump Signs Order to Dismantle 8 Federal Agencies, Including VOA Parent Entity

By Tom Ozimek President Donald Trump signed an executive order late Friday that seeks to dismantle eight federal agencies, with the latest action building on ...

Senate Passes Funding Bill to Avert Government Shutdown

By Joseph Lord, Jackson Richman and Arjun Singh WASHINGTON—The U.S. Senate on March 14 approved a House-passed bill to extend government funding by six months, ...

Trump Expresses Confidence That US Will Acquire Greenland During Meeting With NATO Chief

By Emel Akan and Travis Gillmore President Donald Trump on March 13 expressed optimism about the United States acquiring Greenland, highlighting the effort as vital ...

Judge Rules Against Trump in Labor Case With Implications for DOGE

By Kimberly Hayek A federal judge ruled on March 12 against President Donald Trump in a case that could have major implications regarding his attempts ...

EPA to Roll Back Raft of Climate Regulations, Including EV Rule

By Austin Alonzo Environmental Protection Agency (EPA) Administrator Lee Zeldin on March 12 made what he called the “largest deregulatory announcement in U.S. history.” In a ...

USAID Staff Ordered to Destroy Records, Court Filing Says

By Aldgra Fredly Some U.S. Agency for International Development (USAID) employees have received instructions to empty classified safes and destroy agency records, according to a ...

Ontario to Suspend Electricity Export Tariff After Premier, US Commerce Secretary Speak

By Jennifer Cowen Ontario says it will suspend its 25 percent surcharge on electricity exports to Michigan, New York, and Minnesota after Premier Doug Ford ...

Trump to Declare Emergency After Ontario Imposes Tariffs on Electricity Sold to US

By Travis Gillmore President Donald Trump announced on March 11 that he is planning to declare a national emergency after Canada’s Ontario province placed a ...

More Than 200,000 Government Credit Cards Deactivated: DOGE

By Jack Phillips The Department of Government Efficiency (DOGE) said more than 200,000 government credit cards linked to a handful of federal agencies were canceled ...