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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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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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

Money Wired to Mexico Hits a Decade Low as US Immigration Policies Take Hold

By Darlene McCormick Sanchez The Trump administration’s crackdown on illegal immigration is playing a role in the sharpest decline in monthly remittances to Mexico in more ...

More Than 460 Arrests Made Since Federal Takeover of DC Policing

By Savanah Hulsey Pointer Police and federal officers in the District of Columbia have made 465 arrests since the federal government took over policing the ...

Three More GOP Governors Approve Sending National Guard Troops to DC

By Tom Ozimek and Sam dorman Governors from Mississippi, Tennessee, and Louisiana are sending National Guard troops to Washington to assist President Donald Trump’s effort ...

Newsom Files Records Request for ICE Operation Near Redistricting Press Conference

By Jill McLaughlin Gov. Gavin Newsom’s office has filed an official open records request to the Trump administration seeking information about a federal immigration enforcement ...

Former New Mexico Candidate Gets 80 Years in Shootings at Officials’ Homes

By The Associated Press ALBUQUERQUE, N.M.— A former political candidate was sentenced to 80 years in federal prison Wednesday for his convictions in a series ...

3 Killed, 8 Injured in Shooting in Brooklyn Club

By Jacob Burg A shooting at a crowded New York club early Sunday morning left three people dead and eight wounded, authorities said. Investigators believe a ...

3 Virginia Sheriff’s Deputies Shot While Executing Search Warrant

By The Associated Press GRETNA, Virginia—Three sheriff’s deputies injured in gunfire while executing warrants in southern Virginia on Wednesday were “shaken up” but doing well, ...

Trump Signs Order Easing ‘Restrictive’ Space Industry Rules

By Melanie Sun President Donald Trump signed an executive order on Aug. 13 to ease regulations for the commercial space industry and enhance “American greatness ...

Federal Agents, Troops to Start 24/7 Patrol in Washington: White House

By Jacob Burg President Donald Trump will direct federal agents to patrol Washington around the clock, seven days a week, the White House announced on ...

Bullish Crypto Exchange Soars in NYSE Debut, Market Cap Briefly Tops $92 Billion

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Federal Policing Takes Effect in Washington—What to Know

By Joseph Lord On Aug. 12, National Guard troops arrived in Washington after President Donald Trump federalized policing, citing a scourge of crime in the ...

Mexico Extradites 26 Alleged Cartel Members to US

By Aldgra Fredly Mexico extradited 26 alleged cartel members to the United States on Aug. 12, including high-ranking members of violent cartels labeled as foreign ...