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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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

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NATIONAL NEWS

Members of Congress, Federal Judges, Staffers Exempt From Vaccine Mandate

By Joseph Lord On Thursday evening, President Joe Biden unveiled two executive orders that could mandate vaccinations for the CCP (Chinese Communist Party) virus for ...

Biden’s New Vaccine Mandate ‘Fascist’: Rep. Donalds

By Masooma Haq In response to President Joe Biden announcing his vaccine mandate for federal workers, Republican members of Congress have criticized the new rule ...

Florida’s Ban on School Mask Mandates Reinstated

By Zachary Stieber Gov. Ron DeSantis’s ban on school mask mandates is back in effect after an appeals court ruled in favor of the governor on Friday. The ...

Texas Governor Signs Law Allowing Users to Sue Social Media Companies Over Suspensions

By Jack Phillips Texas Gov. Greg Abbott signed a bill passed by the GOP-led legislature that is designed to stop social media companies from censoring ...

Tucson Pauses COVID-19 Vaccine Mandate After Arizona Attorney General Deems It Illegal

By Zachary Stieber The city of Tucson, Arizona, has paused a mandate that ordered employees to get a COVID-19 vaccine or face five days of suspension ...

Undeliverable Ballots in Georgia Were Double Biden’s Official Margin of Victory, Report Says

By Matthew Vadum Although President Joe Biden may have been declared the official winner of Georgia’s electoral votes in the 2020 election by close to ...

Third Vermont State Trooper Resigns Amid Probe Into Fake COVID-19 Vaccination Cards

By Ivan Pentchoukov Three Vermont State Police troopers have resigned as a result of an investigation into fraudulent vaccination cards, the state’s Department of Public ...

House Ethics Committee Reviewing Rep. Malinowski’s Stock Trades

By Isabel Van Brugen The House Ethics Committee on Tuesday said that it is reviewing whether Rep. Tom Malinowski (D-N.J.), the vice-chair of the U.S. ...

Michigan Health System Employees Sue Over Vaccine Mandate

By Ivan Pentchoukov A group of 51 employees of a Detroit health care organization filed a lawsuit on Monday challenging their employer’s COVID-19 vaccine mandate. The lawsuit ...

South Dakota Governor Restricts Access to Abortion Drugs in Executive Order

By Mimi Nguyen Ly South Dakota Gov. Kristi Noem issued an executive order on Tuesday to restrict telemedicine abortion and chemical abortions in the state. The executive order ...

Federal Prosecutors Ordered to Identify Ghislaine Maxwell’s Co-Conspirators

By Zachary Stieber Federal prosecutors were ordered Friday to name the alleged co-conspirators of Jeffrey Epstein’s former girlfriend ahead of her trial on sex trafficking charges. Prosecutors must ...

Oregon Police and Firefighters Sue Governor Over COVID-19 Vaccine Mandate

By Tom Ozimek A coalition of Oregon police officers and firefighters have sued Gov. Kate Brown over a COVID-19 vaccine mandate for state employees. The plaintiffs—including the Oregon Fraternal Order ...