Economy - USNN World News

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

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How Major US Stock Indexes Fared May 7

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How Major US Stock Indexes Fared May 6

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Trump Says Americans Should Be Patient After US Economy Contracts

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NATIONAL NEWS

Manchin Stakes Position Against Biden’s Proposed Billionaire Tax

By Joseph Lord Sen. Joe Manchin (D-W. Va.) on Tuesday decried President Joe Biden’s recently-unveiled proposal to increase taxation on billionaires, saying that the plan ...

Senators Release Bank Records Showing Payments to Hunter Biden From China

By Zachary Stieber Newly released bank records show that payments were made to President Joe Biden’s son from a Chinese Communist Party-linked company. Sens. Chuck Grassley (R-Iowa) ...

Matt Gaetz Enters Hunter Biden Laptop Data Into Congressional Record

By Ken Silva “I seek unanimous consent to enter into the record on this committee the contents of Hunter Biden’s laptop, which I am in ...

Judge Blocks COVID-19 Vaccine Mandate for Entire Navy

By Zachary Stieber The U.S. military’s COVID-19 vaccine mandate has been blocked for all Navy members seeking religious exemptions. A preliminary injunction that previously covered 35 Navy SEALs now covers some 4,000 others. U.S. ...

‘100 Percent’ Vaccinated Cruise Ship Hit With COVID-19 Outbreak

By Jack Phillips Princess Cruises confirmed that one of its cruise liners, the Ruby Princess, reported a COVID-19 outbreak before docking in San Francisco. The cruise operator requires ...

CIA Officer Who Signed Hunter Biden Laptop Letter Claims Credit for Trump Loss

By Zachary Stieber One of the former CIA officers who signed a letter claiming stories about a laptop allegedly belonging to Hunter Biden were disinformation says he ...

Alabama Wine Shop Owner Files Lawsuit Against State After Losing Business During COVID Lockdowns

By Matt McGregor A former business owner in Alabama filed a lawsuit on March 19 against Republican Gov. Kay Ivey and state Health Director Scott Harris, alleging that the COVID-19 ...

Milwaukee Officials Sued in Zuckerberg-Related Election Bribery Case

By Matthew Vadum Milwaukee’s acting mayor, former mayor, and city clerk have been accused of being involved in an election bribery scheme for accepting election-assistance ...

CDC, Other Health Agencies Won’t Provide Employee Vaccination Data From 2022

By Zachary Stieber The U.S. Centers for Disease Control and Prevention (CDC) and three other top federal health agencies are refusing to provide employee COVID-19 vaccination ...

‘Chaos in the Sky’: Commercial Airline Pilots File Their First Lawsuit Over Transportation Mask Mandate

By Patricia Tolson Hours after the U.S. Senate voted to repeal the federal transportation mask mandate—which the White House quickly threatened to veto—a group of ...

Florida Health Department: CDC Altered State’s COVID-19 Death Data

By Jack Phillips The Florida Department of Health (DOH) alleged Friday that the Centers for Disease Control (CDC) erroneously changed the state’s COVID-19 data without contacting the agency and didn’t ...

US Army Discharges More Soldiers for Refusing COVID-19 Vaccine

By Jack Phillips The Army has now discharged 27 soldiers for refusing an order to receive the COVID-19 vaccine, the service said on Thursday, confirming that another 24 soldiers ...