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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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

Cox Automotive Says Tariffs Impacted Wholesale Used Car Prices in April

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NATIONAL NEWS

Texas GOP Set to Redraw State’s Congressional Map During Special Session

By Jacob Burg Texas Gov. Greg Abbott called for a July 21 special session of the state Legislature to discuss efforts to redraw the state’s ...

Trump Admin Greenlights Gold Mine in Nevada

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Duplicate Medicaid Enrollees Cost Taxpayers $14 Billion a Year: Report

By Lawrence Wilson Millions of people are enrolled in government health-care programs in more than one state or signed up concurrently in multiple programs that ...

FBI and NSA Had Low Confidence That Russia Was Behind the DNC Hack

By Ivan Pentchoukov The FBI and the National Security Agency, in the heat of the 2016 election, dissented from an intelligence community assessment, which judged ...

Home Builder Confidence Improves Following Passage of Trump’s Megabill

By Naveen Athrappully Confidence among home builders regarding future sales expectations increased this month after President Donald Trump signed the One Big Beautiful Bill Act ...

Trump Undergoes Medical Exam After Swelling in Legs

By T.J. Muscaro President Donald Trump underwent a medical evaluation after swelling in his lower legs and bruising on his hands, the White House said. ...

House Passes Landmark Stablecoin Bill, Sends It to Trump’s Desk

By Andrew Moran and Nathan Worcester House lawmakers passed a landmark stablecoin bill on July 17 in a vote of 308–122, sending it to President ...

Trump Admin Cancels Funding for California’s High-Speed Rail Project

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Senate Approves Trump’s $9 Billion Spending Cut Package

By Joseph Lord The U.S. Senate on July 16 voted to pass $9 billion in spending cuts requested by President Donald Trump, including cuts to ...

7.3 Magnitude Earthquake Hits Off Alaska Coast; Tsunami Warning Issued

By Jack Phillips A 7.3-magnitude earthquake struck off the coast of southern Alaska on Wednesday afternoon, prompting federal officials to issue a tsunami warning. A U.S. ...

Senate Advances Trump’s $9 Billion Spending Cut Bill as Vance Casts Tie-Breaking Vote

By Joseph Lord Vice President JD Vance on July 15 cast a tie-breaking vote to advance a package that would rescind $9 billion in funding ...

‘He was crying for help’: Man dies following struggle with police outside Haverhill restaurant

By Marc Fortier, Kaitlin McKinley Becker and Mary Markos A 43-year-old man died on Friday after a struggle with police outside a seafood restaurant in Haverhill, Massachusetts. Haverhill police received ...