Economy - USNN World News

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

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How Major US Stock Indexes Fared May 7

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How Major US Stock Indexes Fared May 6

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Oil Prices Sink After OPEC+ Agrees to Boost Production in June

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Market Review: S&P 500 and Dow Achieve Nine-Day Rally

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Economy

Trump Says Americans Should Be Patient After US Economy Contracts

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Economy

US Job Openings Slide to 6-Month Low, Layoffs Fall

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Economy

US Homeownership Rate Falls to Lowest Level in 5 Years

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NATIONAL NEWS

Kari Lake Team Focuses on Printing Problems in Election Case Trial, Defense Calls for Sanctions Over No ‘Evidence’

By Allan Stein MESA, Ariz.—Attorneys representing Republican gubernatorial candidate Kari Lake and local election officials squared off in a Mesa courtroom on Dec. 22 with Lake’s side accusing ...

Arizona GOP Candidate Files Election Appeal With Arizona Supreme Court

By Jack Phillips Arizona secretary of state candidate Mark Finchem filed a notice of appeal after a judge rejected his election-related lawsuit challenging the results of the ...

IRS Halts Controversial New Rule Requiring Reporting of $600 Payments

By Jack Phillips The Internal Revenue Service (IRS) on Friday announced it would delay a rule that would have required tens of millions of Americans who received ...

Trump’s Tax Returns Suggest Presidency Didn’t Make Him Any Richer as His Net Worth Plunged

By Tom Ozimek When former President Donald Trump took office on Jan. 20, 2017, he became the wealthiest commander-in-chief the nation ever had, but when he left ...

‘Without a Shadow of a Doubt’: Kari Lake Responds After 2-Day Election Trial Ends

By Jack Phillips Arizona GOP candidate Kari Lake released a statement Thursday saying that her lawyers proved that there was “malicious intent” that caused disruption during Maricopa County’s Nov. ...

Federal Court Releases Bankman-Fried, but His Parents Are on the Hook

By Kevin Stocklin Former FTX crypto exchange CEO Sam Bankman-Fried, just extradited to the United States from a prison in the Bahamas, was freed on $250 ...

2 Minnesota Counties Agree to Remove Duplicate Voter Registrations After Settling Lawsuits

By Matthew Vadum Two Minnesota counties have agreed to remove duplicate voter registrations from their voter rolls after an election-integrity group sued them. Nicollet County and Hennepin County, ...

Lake vs Hobbs Election Case Trial Begins in Maricopa County

By Allan Stein MESA, Ariz.—The first of a two-day-trial began Wednesday in Maricopa County in an election lawsuit filed by Republican gubernatorial candidate Kari Lake against Democratic Gov.-elect Katie Hobbs ...

Texas National Guard ‘Border Force’ Blocking Illegal Crossings

By Tom Ozimek Texas National Guard troops deployed to El Paso have constructed a razor-wire barrier along the Rio Grande and have been blocking people from making unauthorized crossings ...

Reforms to Electoral Count Act Included in $1.7 Trillion Omnibus Bill

By Samantha Flom Republicans and Democrats have attached a bill revising the Electoral Count Act to their $1.7 trillion omnibus spending package, contending that the new law would prevent ...

House Panel Votes to Publicly Release Trump’s Tax Returns

By Zachary Stieber A U.S. House of Representatives panel voted Dec. 20 to make six years of former President Donald Trump’s tax returns public via a report. The 24-16 ...

GOP Attorney General Candidate’s Election Challenge Can Go to Trial: Arizona Judge

By Katabella Roberts An Arizona judge on Tuesday ruled that a lawsuit filed by Republican Abraham Hamadeh challenging the results of the election for attorney general can proceed. Hamadeh lost to Democrat ...