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

RFK Jr. Draws Fire From All Sides After VP Pick

By Jeff Louderback OAKLAND, Calif.—Moments after Robert F. Kennedy Jr. introduced Silicon Valley lawyer and entrepreneur Nicole Shanahan as his running mate on March 26, ...

Slow Progress On Biden’s EV Charger Rollout With Just 7 Built So Far

By Tom Ozimek President Joe Biden’s pledge to use money from the $1 trillion infrastructure bill to build 500,000 electric vehicle (EV) chargers by 2030 ...

RNC Files Election Integrity Lawsuit Targeting Michigan’s Handling of Absentee Ballots

By T, J. Muscaro The Republican National Committee (RNC) has filed another election integrity lawsuit against Michigan Secretary of State Jocelyn Benson. Together with the Michigan ...

Trump Appeals Ruling That Allowed Fani Willis to Stay on Georgia Case

By Catherine Yang Judge McAfee found a clear appearance of impropriety, and further criticized Ms. Willis for her public comments, saying some remarks had been ...

California’s Capital Declares Itself a Transgender Sanctuary City

By Brad Jones Dozens of transgender activists clashed with several parental rights protesters outside Sacramento City Hall on March 26 preceding public debate over a ...

Mayorkas Impeachment Articles to Be Sent to Senate on April 10

By Jackson Richman, Mark Tapscott and Joseph Lord The House of Representatives will send the articles of impeachment of Homeland Security Secretary Alejandro Mayorkas to ...

Democrat Congresswoman Annie Kuster Joins Exodus, Will Not Seek Reelection

By Samantha Flom Rep. Annie Kuster (D-N.H.), leader of the House’s New Democrat Coalition, has announced that she will not seek reelection in November, continuing ...

Donald Trump’s Net Worth Hits $6.5 Billion, Enters 500 Richest People List

By Naveen Athrappully Former President Donald Trump has entered Bloomberg’s list of top 500 global billionaires after his stake in Truth Social was valued at ...

6 Presumed Dead After Baltimore Bridge Catastrophe

By Lawrence Wilson and Jackson Richman A massive cargo ship lost power and struck a major bridge in Baltimore in the early hours of March ...

Chicago Board of Elections ‘Mistakenly’ Left Out Over 9,000 Mail-In Ballots in Primary Election

By Tom Ozimek A Chicago Board of Elections official said Sunday that he had “mistakenly” left out over 9,000 mail-in ballots from one of the ...

Trump Says He’ll Post $175 Million Bond in Fraud Case After New Court Order

By Catherine Yang The New York state Supreme Court’s First Judicial Department Appellate Division has granted a stay of enforcement on the $464 million judgment ...

Presidential Nominees Biden, Trump Secure Wins in Louisiana Primaries

By Melanie Sun Presidential nominees President Joe Biden and former President Donald Trump both won their respective party’s primary races in Louisiana on Saturday. Both have ...