Economy - USNN World News

Economy

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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

Alan Dershowitz files $300 million defamation suit against CNN

By Yael Halon | Fox News ‘Some good charities are going to benefit from CNN’s willful deliberate malicious effort to destroy my credibility,’ he said. Famed attorney and Harvard Law School Professor ...

Biden panned for playing ‘Despacito’ at Hispanic Heritage Month event

By Joseph A. Wulfsohn | Fox News Joe Biden raised eyebrows on Tuesday evening over his attempt to appeal to Hispanic voters at a campaign event in Kissimmee, Fla. The ...

Refugees from socialist countries warn Americans: Don’t let it happen here

By Maxim Lott | Fox News Immigrants who settled in the U.S. say recent political shifts here are starting to remind them of what they left behind. One ...

Oregon drivers stopped at gunpoint by groups protecting wildfire ravaged properties from looters: sheriff

By Danielle Wallace | Fox News The Clackamas County Sheriff’s Office responded to more than 330 calls for service over the past week – a 400% increase ...

Trump to preside over signing of historic Middle East deals at White House

By Adam Shaw | Fox News President Trump will preside over the signing of two historic deals between Israel and two Gulf nations at the White House on Tuesday – a ...

Kamala Harris accidentally touts plans under a ‘Harris administration’ during virtual roundtable

By Joseph A. Wulfsohn | Fox News ‘Joe better hire a food taster,’ one critic advised the former VP. Kamala Harris, Joe Biden’s running mate in the 2020 election, raised ...

Wounded hero LA County sheriff’s deputy identified, was librarian before joining police force

By Stephanie Pagones | Fox News Claudia Apolinar is being lauded for her ‘intestinal fortitude’. One of the sheriff’s deputies ambushed Saturday night by a brazen gunman previously worked as a librarian ...

New House bill would create payroll tax holiday for American workers

By Megan Henney FOXBusiness Americans would receive a four-month pay raise under Rep. Brady’s bill. A top House Republican introduced legislation that would create a temporary payroll tax holiday from Sept. 1 ...

Bob Woodward maintains he did nothing wrong by sitting on Trump audio

By Brian Flood | Fox News ‘Historians are going to be writing about the whole lost month of February for tens of years,’ he said. Veteran journalist Bob Woodward maintained Monday that ...

Biden pushes gun control less than 24 hours after attempted assassination on deputies

By Bradford Betz | Fox News Trump has used the ambush to portray Biden as weak on crime. Democratic presidential nominee Joe Biden on Sunday called for gun control less ...

New details on condition of LA deputies attacked in patrol car, huge reward offered for info on triggerman

By Stephanie Pagones | Fox News Both sheriff’s deputies now listed in stable condition. Los Angeles police officials have announced a $100,000 reward for information that leads them to the gunman ...

Trump calls for swift justice in shooting of ambushed deputies as manhunt intensifies in LA

By Andrew O’Reilly | Fox News Authorities have offered a $100,000 for information leading to an arrest and conviction. President Trump argued on Sunday for tougher criminal sentencing guidelines ...