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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Economy

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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Economy

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

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NATIONAL NEWS

How the Federal Settlements With Elite Universities Are Unfolding

By Aaron Gifford Eight months into President Donald Trump’s second term, four universities have reached settlements with the federal government following investigations into their diversity, ...

Uvalde School District Releases Records Related to 2022 Robb Elementary Shooting

By Aldgra Fredly The Uvalde Consolidated Independent School District on Monday released records related to the May 2022 mass shooting that killed 19 children and ...

DC Locals Have Mixed Reactions to Trump’s Police Takeover

By Stacy Robinson WASHINGTON—Residents of the nation’s capital showed various reactions to President Donald Trump’s plan to federalize the local police force. Early on Aug. 11, ...

Trump Places DC Police Under Federal Control, Orders National Guard to Washington

By Jackson Richman WASHINGTON—President Donald Trump announced on Aug. 11 that he will activate hundreds of National Guard troops to be in the nation’s capital ...

Environmental Protection Agency Terminates Contracts With Unionized Employees

By Melanie Sun The Environmental Protection Agency (EPA) is ending all contracts with unionized employees, a union president said on Aug. 8. Justin Chen, president of ...

Commerce Department Threatens to Take Ownership of Harvard Patents

By Naveen Athrappully The federal government is looking into Harvard University’s patent rights, Commerce Secretary Howard Lutnick said in an Aug. 8 letter to Harvard ...

Texas AG Files Suit With State Supreme Court to Declare Seats of 13 Absent Democrats Vacant

By Darlene McCormick Sanchez Texas Attorney General Ken Paxton filed a lawsuit with the state Supreme Court on Aug. 8, asking the court to declare ...

Suspect Dead, Officer Killed in Shooting Reported at Emory University

By Sam Dorman A shooting at Emory University in Atlanta on Aug. 8 has left a law enforcement officer and assailant dead, according to authorities. Police ...

Trump Announces Apple’s Additional $100 Billion US Investment Plan

By Emel Akan WASHINGTON—President Donald Trump announced on Aug. 6 that Apple will increase its U.S. investment commitment by an additional $100 billion, which comes ...

Record US Honey Bee Losses and What Mite Be Behind Them

By Darlene McCormick Sanchez In arid South Texas, home to mesquite and cacti, it hasn’t been uncommon for commercial beekeeper Robert Wheeler to lose half ...

Suspected Fort Stewart Shooter Identified as US Army Sergeant, Officials Say

By Jack Phillips The man suspected of opening fire at Fort Stewart on Wednesday morning and injuring five soldiers was identified as U.S. Army Sgt. ...

Violent and Property Crime Fell Sharply in 2024: FBI

By Austin Alonzo Crime is dropping across the board in the United States, according to new statistics released by the Federal Bureau of Investigation. On Aug. ...