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Category: Economy

The US Economy

Mortgage Demand Slumps, Rates Rise to Highest Level Since February
Posted inEconomy

Mortgage Demand Slumps, Rates Rise to Highest Level Since February

USNN World Newsby USNN World NewsMay 21, 2025May 21, 2025
Senate Passes ‘No Tax on Tips Act’ in Unanimous Vote
Posted inEconomy

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

USNN World Newsby USNN World NewsMay 21, 2025May 21, 2025
New Vehicle Inventory in April Declines, Affordability Worsens: Cox Automotive Analysis
Posted inEconomy

New Vehicle Inventory in April Declines, Affordability Worsens: Cox Automotive Analysis

USNN World Newsby USNN World NewsMay 19, 2025May 19, 2025
Market Review: Stocks Roar Back in 5-Day Winning Streak
Posted inEconomy

Market Review: Stocks Roar Back in 5-Day Winning Streak

USNN World Newsby USNN World NewsMay 18, 2025May 18, 2025
Moody’s Strips US of Final AAA Rating Over Rising Debt, Interest Costs
Posted inEconomy

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

USNN World Newsby USNN World NewsMay 17, 2025June 4, 2025
US Pending Home Sales Dip By 3.4 Percent to ‘Lowest Level on Record’: Report
Posted inEconomy

US Pending Home Sales Dip By 3.4 Percent to ‘Lowest Level on Record’: Report

USNN World Newsby USNN World NewsMay 15, 2025May 15, 2025
The Fed Fears Inflation While Ignoring Deflation
Posted inEconomy

The Fed Fears Inflation While Ignoring Deflation

USNN World Newsby USNN World NewsMay 14, 2025May 14, 2025
Student Loan Delinquencies Soar as Pandemic-Era Protections Expire
Posted inEconomy

Student Loan Delinquencies Soar as Pandemic-Era Protections Expire

USNN World Newsby USNN World NewsMay 13, 2025May 13, 2025
US Inflation Slows to Lowest Level Since February 2021
Posted inEconomy

US Inflation Slows to Lowest Level Since February 2021

USNN World Newsby USNN World NewsMay 13, 2025May 13, 2025
Markets Rally After US, China Announce 90-day Tariff Reductions
Posted inEconomy

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

USNN World Newsby USNN World NewsMay 12, 2025May 12, 2025
Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty
Posted inEconomy

Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty

USNN World Newsby 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.”
Posted inEconomy

Panasonic Announces 10,000 Layoffs Worldwide

USNN World Newsby USNN World NewsMay 9, 2025May 9, 2025

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NATIONAL NEWS

  • US Navy Warship Pauses Deployment After COVID-19 Outbreak Among ‘100 Percent Immunized’ CrewUS Navy Warship Pauses Deployment After COVID-19 Outbreak Among ‘100 Percent Immunized’ Crew
    By Mimi Nguyen Ly A U.S. Navy warship has paused its deployment to South America due to a COVID-19 outbreak among its “100 percent immunized” crew, the ...
  • Airlines Across US Continue to Cancel, Delay Hundreds of Christmas Holiday Flights Amid Omicron SurgeAirlines Across US Continue to Cancel, Delay Hundreds of Christmas Holiday Flights Amid Omicron Surge
    By Katabella Roberts Airlines across the United States continued to cancel hundreds of Christmas holiday flights on Sunday amid the nationwide surge in Omicron cases which has also ...
  • Judge Orders New York Times to Return Legal Memos to Project VeritasJudge Orders New York Times to Return Legal Memos to Project Veritas
    By Mimi Nguyen Ly A New York judge has ordered The New York Times to return confidential legal memos it obtained between investigative journalism organization Project Veritas and the group’s lawyer. The ...
  • GM Releasing Kits That Can Convert Old Gasoline Cars to Electric VehiclesGM Releasing Kits That Can Convert Old Gasoline Cars to Electric Vehicles
    By Naveen Anthrappully General Motors (GM) plans on going beyond manufacturing a fleet of electric cars, according to an announcement Wednesday regarding electrification component sets, ...
  • Head of US Energy Alliance Says Biden Administration’s Energy Policies Are Driving up Costs of Oil and GasHead of US Energy Alliance Says Biden Administration’s Energy Policies Are Driving up Costs of Oil and Gas
    By Masooma Haq and Steve Lance While the pandemic has spurred demand, leading to increased energy prices, the Biden administration’s reliance on imports is a greater contributor to ...
  • US Secret Service Investigating Hundreds of Fraud Cases Linked to Funds for Pandemic ReliefUS Secret Service Investigating Hundreds of Fraud Cases Linked to Funds for Pandemic Relief
    By Naveen Anthrappully More than 900 fraud cases linked to pandemic-related relief funds are being investigated, said a U.S. Secret Service statement issued Tuesday. In the statement, the ...
  • Multiple Airlines Cancel Hundreds of Flights on Christmas Eve, Citing Omicron SurgeMultiple Airlines Cancel Hundreds of Flights on Christmas Eve, Citing Omicron Surge
    By Katabella Roberts Multiple airlines across the United States canceled hundreds of flights on Christmas eve, citing a nationwide surge in Omicron cases which has directly impacted employees and flight crew. The ...
  • Jim Jordan Becomes 2nd GOP Rep. Targeted by Jan. 6 CommitteeJim Jordan Becomes 2nd GOP Rep. Targeted by Jan. 6 Committee
    By Joseph Lord The Democrat-led House Jan. 6 Committee is now asking Rep. Jim Jordan (R-Ohio) to testify on the events of Jan. 6, making Jordan the ...
  • Grassroots Constitutional Rights Groups in North Carolina Combine Efforts to Change LeadershipGrassroots Constitutional Rights Groups in North Carolina Combine Efforts to Change Leadership
    By Matt McGregor With the primaries around the corner of the new year, grassroots constitutional rights groups in North Carolina are working to impact communities by localizing national issues ...
  • ‘Stop W.O.K.E.’ Act: DeSantis Gives Florida Parents Another Tool ‘To Fight Back Against Woke Indoctrination’‘Stop W.O.K.E.’ Act: DeSantis Gives Florida Parents Another Tool ‘To Fight Back Against Woke Indoctrination’
    By Patricia Tolson On Dec. 15, Florida Gov. Ron DeSantis announced the Stop the Wrongs to Our Kids and Employees (W.O.K.E.) Act, “a legislative proposal ...
  • Former Dealer, User Details Newport Beach’s Secret Drug TradeFormer Dealer, User Details Newport Beach’s Secret Drug Trade
    By John Fredricks NEWPORT BEACH, Calif.—Heavy rain drops began to fall against a white truck marked “HAZMAT” parked at the end of the 100 block ...
  • House Republicans Ask Biden When Legal Immunity for Vaccine Manufacturers Will EndHouse Republicans Ask Biden When Legal Immunity for Vaccine Manufacturers Will End
    By Zachary Stieber A group of House Republicans has asked President Joe Biden about the legal immunity granted to COVID-19 vaccine manufacturers, expressing concern about ...
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