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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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

Former Top Aide of Hochul Charged With Spying for Beijing

By Lily Zhou Linda Sun, former deputy chief of staff to New York Gov. Kathy Hochul, was charged on Tuesday with acting on behalf of ...

First 2024 Election Mail Ballots Scheduled to Go Out This Week

By Jack Phillips While there are around 60 days until Election Day on Nov. 5, the first mail-in ballots are slated to reach voters starting ...

Pentagon Chief Tells Israeli Counterpart Hamas Must Be Held Accountable for Hostage Deaths

By Aldgra Fredly U.S. Secretary of Defense Lloyd Austin on Sunday said that Hamas leaders be held accountable for the killing of six hostages in ...

Families of Fallen Soldiers Defend Trump After Arlington Cemetery Visit Fallout

By Naveen Athrappully Former President Donald Trump posted videos of family members of fallen soldiers responding to Vice President Kamala Harris’s criticism of his recent ...

Trump Flipped These Western Wisconsin Counties. What About This Time

By Nathan Worcester “I am a true neutral.” Matthew Johnson, a short, energetic Texan, was talking politics as he showed off his spread on the south ...

FBI Report on Violent Crime Statistics Involving U.S. and Non-U.S. Citizens (2016-2024): Yearly Totals and Comparative Analysis

By Stephen Zogopoulos, USNN World News The FBI has released an extensive report detailing violent crime statistics involving both U.S. citizens and non-U.S. citizens from ...

Harris Defends Shifting Positions in Primetime Interview

By Ivan Pentchoukov, Jacob Burg and Emel Akan Vice President Kamala Harris, in her first interview as the Democratic presidential nominee on Aug. 29, clarified her shifting positions on ...

What’s Next for Trump in His Ongoing Criminal Cases?

By Sam Dorman Former President Donald Trump continues to face potential legal battles in four criminal cases, raising the prospect that a possible future presidency ...

DOJ Watchdog Report Criticizes FBI for Lapses in Handling Child Sex Abuse Tips

By Chase Smith A U.S. Department of Justice (DOJ) watchdog issued a critical report this week, examining the FBI’s handling of tips related to “hands-on” ...

Special Counsel Smith Files Revised Indictment in Trump Federal Election Case

By Sam Dorman Special counsel Jack Smith filed an updated indictment against former President Donald Trump in Washington on Aug. 27 following the Supreme Court’s ...

Texas Conducts Raids on Several Democrats’ Homes in Election Fraud Investigation

By Darlene McCormick Sanchez A Latino civil rights group is calling for a federal investigation into the Texas attorney general’s office for raiding the homes ...

Vance Taps Into Voter Frustration Over Proposed Chinese Battery Plant

By Lawrence Wilson BIG RAPIDS, Mich.—Vice presidential candidate Sen. JD Vance (R-Ohio), in a western Michigan rally on Aug. 27, criticized a controversial proposal to ...