USNN World News

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

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

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Economy

How Major US Stock Indexes Fared May 7

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Economy

How Major US Stock Indexes Fared May 6

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Economy

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

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Economy

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

Musk, Trump to Discuss Sending US Taxpayers $5,000 Checks Using DOGE Savings

By Katabella Roberts Billionaire Elon Musk said on Feb. 18 that he will discuss with President Donald Trump a proposal to send U.S. taxpayers rebate ...

DOGE Says $4.7 Trillion in Treasury Payments Missing Identification Codes

By Aldgra Fredly The Department of Government Efficiency (DOGE) said on Feb. 17 that a total of $4.7 trillion worth of payments from the Treasury ...

Musk Signals Looking Into Gold at Fort Knox—Here’s What to Know

By Andrew Moran Tech billionaire Elon Musk indicated that Fort Knox, the Kentucky-based facility famous for storing U.S. gold reserves, could be investigated. “Looking for the ...

Trump Signs Executive Order to Enable OMB Oversight of Independent Agencies

By Jackson Richman President Donald Trump signed an executive order on Feb. 18 to enable the White House’s Office of Management and Budget to have ...

11 Dead in Kentucky Flooding as Another Winter Storm Approaches

By Chase Smith The death toll from severe flooding in Kentucky has risen to 11 as emergency responders continue search-and-rescue operations across the state. Gov. Andy ...

Federal Judge Appears Skeptical of Bid to Block DOGE’s Access to Data

By Stacy Robinson A federal judge in Washington seemed reluctant on Feb. 17 to issue a temporary restraining order (TRO) against the Department of Government ...

IRS to Be Audited by DOGE, Trump Says

By Zachary Stieber The IRS will be audited by the Department of Government Efficiency (DOGE), President Donald Trump said on Feb. 13. “The Internal Revenue Service ...

Judge Rejects Bid to Block DOGE’s Access to Labor, Health, and CFPB Data

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DOGE Workers ‘Energetic and Dug In’ Despite Threats: Source

By Nathan Worcester WASHINGTON—After reporters revealed the names of multiple Department of Government Efficiency (DOGE) employees, threats have proliferated against them and the department’s head, ...

Trump Admin Starts Terminating Workers Across Government Agencies

By Zachary Stieber The Trump administration has started firing workers across multiple government agencies, according to officials and unions. The U.S. Department of Health and Human ...

RFK Jr. Confirmed by Senate as HHS Secretary

By Jeff Louderback Robert F. Kennedy Jr., whose nomination by President Donald Trump as secretary of health and human services was highly scrutinized by lawmakers, ...

Trump Announces Reciprocal Tariffs to Counter Global Trade Barriers

By Andrew Moran WASHINGTON—President Donald Trump on Feb. 13 signed off on a plan to enact reciprocal tariffs on U.S. trading partners, citing countries’ unfair ...