Economy - USNN World News

Economy

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

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Economy

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Economy

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Economy

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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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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

Chamber of Commerce’s top political strategist abruptly forced out

By Megan Henney FOXBusiness Scott Reed accused the business lobbying powerhouse of shifting to the political left. The U.S. Chamber of Commerce on Tuesday abruptly ousted its top political ...

Cuomo’s office reportedly pushing against sending new ballots after voters received mismarked envelopes

By Ronn Blitzer | Fox News Many Brooklyn ballots had return envelopes with the wrong names on them. New York Gov. Andrew Cuomo and his office reportedly pushed against a ...

Top 5 moments from Trump and Biden’s rough and rowdy first presidential debate

By Tyler Olson | Fox News Biden and Trump attacked each other in personal terms for more than 90 minutes. The first debate of the 2020 presidential election on Tuesday ...

Texas’ largest county is approving voter registrations for noncitizens, lawsuit claims

By Audrey Conklin | Fox News Noncitizens registering to vote harms both citizens and immigrants, according to the group. A conservative legal group is suing the largest county ...

Rep. Scalise: ‘Somebody clearly broke the law to leak’ Trump’s tax history

By Talia Kaplan | Fox News ‘Most of the stuff’ Dems ‘leak ends up being false,’ Scalise says. Democrats “don’t care” that “somebody clearly must have broken the ...

‘Mass confusion’ in major city over mismarked absentee ballots

By Ronn Blitzer | Fox News New York City voters who planned to vote by mail in November’s election are worried their votes will be invalid after ...

Trump campaign requests third party inspector to check for electronic devices in candidates’ ears

By Peter Doocy, Patrick Ward | Fox News CLEVELAND — President Trump is asking for an additional ground rule ahead of Tuesday night’s first presidential debate between himself and Democratic presidential nominee Joe ...

Project Veritas Bombshell: Ilhan Omar Connected to Illegal Ballot Harvesting Scheme

By Jamie White ‘It’s an open secret. She will do anything that she can do to get elected and she has hundreds of people ...

Longstanding tradition at debates comes to an end during first face off between Trump, Biden

By Paul Steinhauser | Fox News Once onstage, neither candidate will wear a mask CLEVELAND — The shaking of hands between the candidates and the moderator – it’s a ...

California wildfires rage as wine country blaze forces evacuation of hospital, hundreds of homes

By Travis Fedschun | Fox News The Glass Fire has scorched at least 11,000 acres and spurred evacuations in Napa and Sonoma Counties. Hundreds of homes and a ...

Some Minneapolis City Council members may regret pledge to dismantle police department: report

By Lucas Manfredi | Fox News Residents have voiced concerns about rising crime and frustration with city’s response civil unrest. Some members of the Minneapolis City Council may ...

Trump calls New York Times report that he avoid paying taxes ‘totally made up’

By Andrew O’Reilly | Fox News ‘Everything was wrong, they are so bad,’ Trump said. President Trump lambasted a New York Times report that said he paid no federal income taxes ...