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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Economy

Markets Rally After US, China Announce 90-day Tariff Reductions

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Economy

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

Panasonic Announces 10,000 Layoffs Worldwide

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Economy

Trump Says Americans Should Be Patient After US Economy Contracts

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NATIONAL NEWS

Anti-Police, Prison Rhetoric Unpopular With Biden, Democrat Lawmakers

By Joseph Lord Since the death of George Floyd during the summer of 2020, progressives have pushed for sweeping new changes to policing in the ...

CVS, Walgreens, Walmart Contributed to Opioid Crisis, Ohio Jury Finds

By Isabel Van Brugen Three of the nation’s largest chain pharmacies, CVS, Walgreens, and Walmart, contributed to an opioid crisis in two Ohio counties, a federal jury found on Tuesday. The three pharmacy chains ...

Manchin Asks Biden to Restart Keystone XL Pipeline

By Joseph Lord Sen. Joe Manchin (D-W.Va.) is asking President Joe Biden to restart construction of the Keystone XL pipeline as gas prices continue to ...

GoDaddy Gets Hacked, 1.2 Million Customer Accounts Exposed

By Naveen Anthrapully Web registrar and hosting company GoDaddy announced Monday that email addresses of up to 1.2 million active and inactive Managed WordPress customers ...

Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve In Bid to Cool Surging Prices

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Cartels Hit in $500 Million Drug Bust in Southern Oregon

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CBS Corrects False Claim Rittenhouse Crossed State Lines While Armed

By Zachary Stieber CBS has corrected the false claim a reporter offered on air regarding Kyle Rittenhouse. On Sunday’s “Face the Nation,” Mark Strassman falsely reported that Rittenhouse “drove ...

Florida Reports 18 Consecutive Months of Private Sector Job Growth and 12 Consecutive Months of Labor Force Increases

By Katabella Roberts Florida has reported 18 consecutive months of private-sector job growth, the office of Republican Gov. Ron DeSantis announced on Friday. The sunshine state continues to ...

Nebraska Unemployment Rate Drops to Record Low for Any State

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Witness Describes Wisconsin Christmas Parade Attack Suspect as ‘Black Man With Dreadlocks’

By Katabella Roberts An eyewitness who did not realize he was speaking on live television has described the Waukesha, Wisconsin, attack suspect as a black man with dreadlocks. The City of Waukesha ...

At Least 5 Dead, 40 Injured by Driver Ploughing Through Wisconsin Christmas Parade

By Jack Phillips Officials in Waukesha, Wisconsin, confirmed on Sunday night that at least 5 people have died and another 40 are injured after a driver drove ...

Leaked Audio Reveals How California Teachers Recruit Kids Into LGBTQ Clubs

By Brad Jones A leaked audio recording reveals two teachers at a recent California Teachers Association (CTA) conference mocking parents over their concerns about homosexual and transgender indoctrination at ...