Economy - USNN World News

Economy

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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

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NATIONAL NEWS

Election Integrity Watchdog Sues Minnesota Over Refusal to Clean Up Its Voter Roll

By Matthew Vadum An election integrity group filed a legal complaint under the federal Help America Vote Act (HAVA) against Minnesota Secretary of State Steve Simon for ...

Nonprofit Watchdog Uncovers $350 Million in Secret Payments to Fauci, Collins, Others at NIH

By Mark Tapscott An estimated $350 million in undisclosed royalties were paid to the National Institutes of Health (NIH) and hundreds of its scientists, including ...

US Gas Prices Jump Again to Near-Record Highs

By Naveen Athrappully Gas prices in the United States are once again moving along an upward trajectory, with May 9 prices coming close to the ...

Biden Disinformation Board Likely Illegal: Sen. Hagerty

By Joseph Lord Sen. Bill Hagerty (R-Tenn.) has denounced the Biden administration’s plan to start a “Disinformation Governance Board,” saying that the plan is likely ...

Enough Fraudulent Votes Identified to Change 2020 Election Outcome: Dinesh D’Souza

By Ella Kietlinska and Joshua Philipp Analysis of cell phone records performed by an election intelligence group shows that thousands of fraudulent ballots were deposited in mail-in drop ...

SpaceX Brings 4 Astronauts Back to Earth After 6-Month Stint on International Space Station

By Katabella Roberts A four-member team of astronauts launched to the International Space Station by SpaceX touched back down on Earth in the Gulf of Mexico on May 6. The ...

Ex-FBI Intel Chief Says Durham Probe Is Revealing Clinton Campaign’s 2016 ‘Disinformation’

By Jack Phillips A former FBI intelligence chief said that the Democrats and Clinton campaign in 2016 used “contrived disinformation” to try to sway voters into thinking ...

Special Counsel John Durham Wins Key Motion in Case Against Former Clinton Lawyer

By Zachary Stieber A federal judge on May 4 granted a motion from special counsel John Durham to review documents that Hillary Clinton’s campaign and other ...

Pro-Trump Congressional Candidates Win in Indiana’s Contested Republican Primaries

By Cara Ding Pro-Trump candidates Jennifer-Ruth Green and Erin Houchin won the contested Republican primaries in Indiana’s 1st and 9th Congressional Districts on May 3. The rest of Indiana’s ...

Hunter Biden’s Laptop Repairman Sues Schiff, CNN, Politico, and the Daily Beast for Defamation

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Bitcoiners Criticize House Democrats’ Letter to EPA

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Trump-Endorsed Max Miller Wins Ohio Republican US House Primary

By Ivan Pentchoukov Max Miller, a former aide to former President Donald Trump, won the Ohio Republican primary on May 3, according to multiple projections. Miller drew 71.5 percent of ...