Economy - USNN World News

Economy

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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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

Amtrak Temporarily Stopping Some Services Due to Staff Shortages

By Naveen Anthrappully Amtrak will be cutting some services because of staff shortages due to the COVID-19 federal vaccine mandate, according to testimony given to ...

‘Officer Down’: Small Towns Shocked by Surge in Ambush Cop Killings

By Steven Kovac DOYLINE, La.—“Crinkle-cut fries are better than curly fries.” And with that, Officer Billy Collins got the last word in on a long-running household ...

Vulnerable, Moderate Dems Breaking With Biden More Frequently as Midterms Approach

By Joseph Lord News Analysis As the 2022 midterms draw nearer, several Democrats are distancing themselves from President Joe Biden, whose popularity has dwindled since taking office. At the beginning of ...

DC Board of Elections Sued for Keeping Voter Data Secret

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Senate Blocks Biden’s Vaccine Mandate for Private Businesses

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Mark Meadows sues Nancy Pelosi and Capitol riot panel members

By Ryan King, Breaking News Reporter Mark Meadows is suing House Speaker Nancy Pelosi and members of the House select committee tasked with investigating the Jan. 6 riot ...

Biden Administration Skips Congressional Hearing on Closing Gitmo

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The ‘Great Resignation’ and Inflation Could Push Each Other Higher, Says Economist

By Rahul Vaidyanath News Analysis The term “great resignation,” which describes the record numbers of people quitting their jobs amid the pandemic recovery, has gained some ...

US Still Facing ‘Great Worker Shortages’ Amid Near Record Job Openings

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New Mexico Senator Leaves Democrat Party, Cites Governor’s ‘Unconstitutional Acts’

By Zachary Stieber A state senator in New Mexico has left the Democrat Party, upset over actions by Gov. Michelle Lujan Grisham. State Sen. Jacob Candelaria made the announcement Monday, ...

Biden’s COVID-19 Vaccine Mandate for Federal Contractors Now Blocked Nationwide

By Zachary Stieber A federal court on Dec. 7 blocked President Joe Biden’s COVID-19 vaccine mandate for federal contractors. Georgia and other plaintiffs suing Biden over the mandate “will ...

80 Years of Remembering Pearl Harbor: Valor, Sacrifice, and Peace

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