Economy - USNN World News

Economy

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

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Economy

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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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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

Zelenskyy Apologized to Trump After Oval Office Clash, Witkoff Says

By Tom Ozimek Ukrainian President Volodymyr Zelenskyy apologized to President Donald Trump for a heated Oval Office meeting this past week in a letter that ...

Secret Service Shoots Armed Man Near White House

By Jacob Burg The U.S. Secret Service shot an adult male near the White House following an “armed confrontation” with law enforcement shortly after midnight ...

DOGE Says It Found $312 Million in Loans That Were Given to Children During Pandemic

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Commerce Secretary Says Trump Will Not Ease Up on Fentanyl-Related Tariffs

By Jacob Burg Commerce Secretary Howard Lutnick said on March 9 that President Donald Trump is likely to maintain his tariff pressure on Mexico, Canada, ...

Trump Admin Will Explore Ways to Acquire Bitcoin for Strategic Reserve

By Emel Akan WASHINGTON—President Donald Trump said on March 7 that his administration is exploring ways to invest in bitcoin for the national strategic reserve, ...

House Republicans Unveil Funding Resolution, Trump Voices Support

By T. J. Muscaro House Republicans revealed a Trump-approved spending bill on March 8 that lays out a plan to keep the federal government and ...

Trump Administration Cancels Grants Worth $400 Million for Columbia University

By Jack Phillips The Trump administration on Friday announced it has canceled grants worth roughly $400 million for Columbia University, alleging the Ivy League school ...

Georgia Senate Passes Bill Allowing Trump and Allies to Recover Costs of 2020 Election Case

By Bill Pan Georgia’s Senate has approved a bill that could allow President Donald Trump and his allies to get compensated for legal fees in ...

Gene Hackman Died of Heart Disease; Wife Died of Hantavirus About 1 Week Prior: Authorities

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Trump Pauses Tariffs on Mexico Until April 2

By Emel Akan WASHINGTON—President Donald Trump said on March 6 that he would pause his 25 percent tariff for Mexican goods and services that are ...

12 Takeaways From Trump’s First Major Policy Speech to Congress

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Trump Says Canada’s Retaliatory Tariffs Will Be Met With Reciprocal Tariffs

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