Economy - USNN World News

Economy

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

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Economy

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The Fed Fears Inflation While Ignoring Deflation

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US Inflation Slows to Lowest Level Since February 2021

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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

Debate moderator Steve Scully raises eyebrows with tweet asking Scaramucci ‘should I respond to Trump’

By Joseph A. Wulfsohn | Fox News Scully’s role as a former intern for Joe Biden sparked backlash. Presidential debate moderator Steve Scully raised eyebrows on Thursday night with a ...

Trump-Biden presidential debate schedule now in limbo amid fight over format change

By Brooke Singman | Fox News The presidential debate schedule was thrown into uncertainty on Thursday. The presidential debate schedule was thrown into uncertainty on Thursday amid a ...

Top 5 vice presidential debate moments between Pence, Harris

By Tyler Olson | Fox News Coronavirus, packing the Supreme Court and more were on the table in the debate between the vice presidential candidates. In a debate that was ...

Vice presidential debate: Kamala Harris ducks Pence’s court-packing question

By Brooke Singman | Fox News Vice President Mike Pence hammered Sen. Kamala Harris Wednesday night over whether Democrats would pack the Supreme Court should they not “get their way,” and ...

Washington Post’s Megan McArdle knocks gender defense of Harris: ‘Pence is actually a good debater,’ she ‘is… not’

By Joseph A. Wulfsohn | Fox News ‘Stop grading us on a curve. We can make the grade,’ the columnist said. Washington Post columnist Megan McArdle dismissed the various ...

Biden and Harris spar over Supreme Court, COVID and economy in closely fought debate

By Paul Steinhauser | Fox News The VP nominees clashed over coronavirus, the Amy Coney Barrett nomination and taxes. Democratic vice presidential nominee Kamala Harris and Vice President Mike Pence didn’t waste ...

Vice presidential debate: Pence blasts Biden as ‘cheerleader for communist China’

By Brooke Singman | Fox News Pence said China is ‘to blame’ for the coronavirus. Vice President Mike Pence slammed Democratic nominee Joe Biden for being a “cheerleader ...

Biden falsely claims Obama gave 18,000 people clemency, was actually less than 2,000

By Joseph A. Wulfsohn | Fox News The Obama administration actually denied over 18,000 clemency requests. Joe Biden appeared to have his facts way off regarding the Obama administration’s ...

Biden raises eyebrows after telling ‘these beautiful young ladies’ he wants to ‘see them dancing when they’re four years older’

By Joseph A. Wulfsohn | Fox News This isn’t the first time Biden’s remarks have gone viral this week. Joe Biden has been raising eyebrows again with remarks he ...

How much did the Russia and Hillary Clinton email probes cost taxpayers?

By Lucas Manfredi FOXBusiness Taxpayers were left to foot the bill for investigations that cost millions. President Trump announced Tuesday evening that he has “fully authorized the total Declassification of ...

Trump’s declassification of Russia, Clinton docs sparks fierce fights between current and ex-officials

By Edmund DeMarche | Fox News Some of Trump’s critics took to Twitter to downplay the significance of the announcement. President Trump’s decision Tuesday to authorize the declassification of all documents ...

White House says Trump is ‘projecting strength’ as he battles coronavirus, defends taking off mask

By Brooke Singman | Fox News The president returned to the White House Monday evening after being discharged from Walter Reed. The White House is defending President Trump as he fights coronavirus, saying ...