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

Trump, Vance Propose Fixes for ‘Affordability Crisis’

By Janice Hisle and Jackson Richman BYRON CENTER, Mich.—In separate speeches on Aug. 14, former President Donald Trump and his running mate, Sen. JD Vance ...

9 States Sue Biden Admin to Block Voter Registration Executive Order

By Tom Ozimek Mississippi and eight other states have sued the Biden administration to block an executive order requiring federal agencies to develop strategies to ...

RFK Jr. to Appeal After Judge Rules Him Ineligible to Appear on New York Ballot

By Jeff Louderback A judge ruled on Aug. 12 that independent presidential candidate Robert F. Kennedy Jr. falsely claimed New York residency on his nominating ...

Facebook Denies Liability in Supreme Court Harvested Voter Data Case

By Matthew Vadum Facebook told the Supreme Court on Aug. 9 that it did not violate U.S. securities regulations when it failed to publicly disclose ...

FBI’s 4-Acre Geofence Dragnet at the US Capitol on Jan. 6 Violated Fourth Amendment, Defense Attorneys Contend

By Joseph M. Hanneman The FBI’s “alarming” use of general warrants to scoop up the private location data of the devices of thousands of people ...

Musk to Interview Trump on X as Former President Makes 1st Post in a Year

By Jack Phillips Elon Musk said X will host an interview with former President Donald Trump on Monday evening as the former president posted on ...

Trump Plans $100 Million Lawsuit Against DOJ Over Mar-a-Lago Search

By Jack Phillips Former President Donald Trump has submitted a memo detailing plans to sue the Department of Justice (DOJ) for $100 million in damages ...

Vance: Presidents Should Have Role in Deciding Monetary Policy

By Joseph Lord Republican vice presidential candidate Sen. JD Vance (R-Ohio) on Aug. 11 reiterated former President Donald Trump’s calls for the president to have ...

Major Union Endorses Harris’s Promise to End Taxes on Tips After Criticizing Trump for Same Plan

By Joseph Lord The Culinary Workers Union in Nevada endorsed a plan by Vice President Kamala Harris to end taxes on tips for service workers ...

Microsoft Says US Presidential Campaign Targeted by Iran-Backed Hackers

By Tom Ozimek Microsoft’s cyber threat assessment unit said on Aug. 9 that a high-ranking official on a U.S. presidential campaign had been hacked by ...

Half of Orange County’s Residents Hope to Move, Survey Finds

By Jill McLaughlin Half of residents in California’s third-most populated county say they are considering moving, a survey published Aug. 9 revealed. The survey—conducted by the ...

RFK Jr. Says He Will ‘For Sure’ Have His Name on All 50 State Ballots

By Aldgra Fredly Independent presidential candidate Robert F. Kennedy Jr. has expressed confidence that he would secure ballot access in all 50 states, despite facing ...