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

FEMA Director: We Have Enough Money for Hurricane Milton, Not Rest of Year

By Jack Phillips The director of the Federal Emergency Management Agency (FEMA) said the agency has enough resources to deal with Hurricane Milton, expected to ...

New York City Mayor Eric Adams Accepts Another Top Resignation Amid Federal Probe

By Matt McGregor New York City Mayor Eric Adams said on Monday that he has accepted the resignation of Philip Banks, the deputy mayor for ...

Elon Musk PAC Says It Will Give Referrers $47 for Every Swing-State Voter Who Signs Petition

By Jack Phillips Elon Musk’s America PAC is offering supporters $47 for each registered voter they get to sign a petition saying they will support ...

FEMA Warns Americans of Scams After Hurricane Helene’s Devastation

By Jack Phillips The Federal Emergency Management Agency warned Americans that scams may be proliferating in the wake of Hurricane Helene’s devastation across several states. The ...

California Faces Wave of Lawsuits Over Gender Identity Notification in Schools

By Brad Jones A mother’s tears of worry and frustration over her 17-year-old daughter’s secret social gender transition at school tell the story of what ...

‘It’s Our Hurricane Katrina’: Asheville Residents Describe Death, Destruction, Danger After Hurricane Helene

By Arjun Singh ASHEVILLE. N.C.—Tunnel Road is a major thoroughfare between Asheville and the Swannanoa Valley in western North Carolina. Before Hurricane Helene, hundreds of ...

Musk Launches PAC to Back Candidates Focused on Secure Borders, Free Speech, Sensible Spending

By Tom Ozimek Business mogul Elon Musk has launched a new political action committee (PAC), called America PAC, to endorse candidates aligned with a set ...

Trump Returning to Butler, Where He Survived Assassination Attempt

By Janice Hisle and Savannah Hulsey Pointer BUTLER TOWNSHIP, Pa.—Under enhanced security, throngs are expected to join former President Donald Trump and dozens of special ...

Elon Musk to Attend Trump Rally at Site of Attempted Assassination

By Zachary Stieber Elon Musk said on Oct. 3 that he will attend former President Donald Trump’s upcoming rally in Butler, Pennsylvania. “I will be there ...

Firefighters Union Declines to Endorse Trump or Harris in Presidential Race

By Katabella Roberts With only weeks to go until the November election, the International Association of Fire Fighters (IAFF), a labor union representing more than ...

High New Car Prices Spur Increased Incentives, but End of Low Cost Sedan Is Affecting Buyer Enthusiasm

By Mark Gilman If you’re in the market for an inexpensive second car, a first car for a family member, or just want to save ...

A Long Dockworker Strike May Bring More Pain to Consumers at the Grocery Store

By Mark Gilman Food prices went up 25 percent from 2019 to 2023 and were expected to increase by another 2.2 percent this year—but that ...