Economy - USNN World News

Economy

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

by USNN World NewsMay 21, 2025May 21, 2025

Economy

New Vehicle Inventory in April Declines, Affordability Worsens: Cox Automotive Analysis

by USNN World NewsMay 19, 2025May 19, 2025

Economy

Market Review: Stocks Roar Back in 5-Day Winning Streak

by USNN World NewsMay 18, 2025May 18, 2025

Economy

Moody’s Strips US of Final AAA Rating Over Rising Debt, Interest Costs

by USNN World NewsMay 17, 2025June 4, 2025

Economy

US Pending Home Sales Dip By 3.4 Percent to ‘Lowest Level on Record’: Report

by USNN World NewsMay 15, 2025May 15, 2025

Economy

The Fed Fears Inflation While Ignoring Deflation

by USNN World NewsMay 14, 2025May 14, 2025

Economy

Student Loan Delinquencies Soar as Pandemic-Era Protections Expire

by USNN World NewsMay 13, 2025May 13, 2025

Economy

US Inflation Slows to Lowest Level Since February 2021

by USNN World NewsMay 13, 2025May 13, 2025

Economy

Markets Rally After US, China Announce 90-day Tariff Reductions

by USNN World NewsMay 12, 2025May 12, 2025

Economy

Market Review: Stocks Retreat on Fed Caution and Trade Uncertainty

by USNN World NewsMay 10, 2025May 10, 2025

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

NYPD Releases 2 New Photos of Man Wanted for Questioning in Shooting of UnitedHealthcare CEO

By Jack Phillips The New York City Police Department (NYPD) released new photos of a man who is wanted for questioning in the shooting death ...

IRS Expands Its Armed Wing to Highest Level in Nearly a Decade

By Tom Ozimek The Internal Revenue Service Criminal Investigation (IRS-CI) division, the armed enforcement wing of the IRS tasked with combating financial crimes, has expanded ...

Trump Planning to Make Federal Workers Return to Office, Top Adviser Says

By Jack Phillips President-elect Donald Trump will order federal workers who have been working at home to return to the office, said his top adviser, ...

Melania Trump Credits Son Barron With Helping President-Elect Win 2024 Election

By Jack Phillips Melania Trump said on Friday in her first interview since the election that President-elect Donald Trump is receiving advice from their 18-year-old ...

With DOGE, Musk, Ramaswamy Confront the ‘Immovable Object’

By Mark Tapscott After Elon Musk asserted during the 2024 campaign that he could eliminate at least $2 trillion of unnecessary federal spending, the once ...

Powerful 7.0 Earthquake Strikes Off Coast of Northern California; Tsunami Warning Canceled

By Jack Phillips A 7.0-magnitude earthquake struck off the coast of Northern California on Dec. 5, according to U.S. officials, triggering a brief tsunami warning. The ...

US Must Do More to Replenish Munitions Stockpiles, Says White House’s Sullivan

By Andrew Thornebrooke The United States’ ability to replenish stockpiles of critical munitions is still insufficient for deterring a war with China’s communist regime, according ...

NYPD Releases New Photos of ‘Person of Interest’ in UnitedHealthcare CEO Shooting

By Jack Phillips Police released new photos of an individual wanted for questioning in the shooting of UnitedHealthcare CEO Brian Thompson in New York City ...

Republicans Split on Whether to Cut Earmarks Ahead of DOGE Meeting With Musk, Ramaswamy

By Arjun Singh WASHINGTON–Elon Musk and Vivek Ramaswamy, leaders of the incoming Trump administration’s Department of Government Efficiency (DOGE) initiative, will meet with Republicans in ...

Trump Nominates Michael Faulkender as Deputy Treasury Secretary

By Austin Alonzo President-elect Donald Trump is nominating an ally and member of his first administration as his deputy secretary of the U.S. Department of ...

UnitedHealthcare CEO Killed in Manhattan by Masked Gunman, Reports Say

By Jack Phillips The CEO of insurance company UnitedHealthcare’s insurance unit, Brian Thompson, was shot and killed by a masked gunman in what appears to ...

House Republicans Will Have 3-Seat Majority After Final Race Called in 2024 Election

By Arjun Singh WASHINGTON—Republicans will have 220 seats in the House of Representatives in the 119th Congress, completing their majority caucus, after the last election ...