Economy - USNN World News

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

by USNN World NewsMay 9, 2025May 9, 2025

Economy

Cox Automotive Says Tariffs Impacted Wholesale Used Car Prices in April

by USNN World NewsMay 8, 2025May 12, 2025

Economy

How Major US Stock Indexes Fared May 7

by USNN World NewsMay 7, 2025May 7, 2025

Economy

How Major US Stock Indexes Fared May 6

by USNN World NewsMay 6, 2025May 6, 2025

Economy

Oil Prices Sink After OPEC+ Agrees to Boost Production in June

by USNN World NewsMay 5, 2025May 5, 2025

Economy

Market Review: S&P 500 and Dow Achieve Nine-Day Rally

by USNN World NewsMay 3, 2025May 3, 2025

Economy

Trump Says Americans Should Be Patient After US Economy Contracts

by USNN World NewsApril 30, 2025June 5, 2025

Economy

US Job Openings Slide to 6-Month Low, Layoffs Fall

by USNN World NewsApril 29, 2025April 29, 2025

Economy

US Homeownership Rate Falls to Lowest Level in 5 Years

by USNN World NewsApril 29, 2025April 29, 2025

U.S. stocks drifted to a mixed, quiet finish Monday ahead of a week with several potential flashpoints that could bring more sharp swings for financial markets. Later this week will come earnings reports from some of Wall Street’s most influential companies, including Amazon, Apple, Meta Platforms and Microsoft. Reports will also show how the U.S. economy performed during the first three months of the year and how many workers employers hired during April. On Monday: The S&P 500 rose 3.54 points, or 0.1 percent, to 5,528.75. The Dow Jones Industrial Average rose 114.09 points, or 0.3 percent, to 40,227.59. The Nasdaq composite fell 16.81 points, or 0.1 percent, to 17,366.13. The Russell 2000 index of smaller companies rose 7.93 points, or 0.4 percent, to 1,965.55. For the year: The S&P 500 is down 352.88 points, or 6 percent. The Dow is down 2,316.63 points, or 5.4 percent. The Nasdaq is down 1,944.66, or 10 percent. The Russell 2000 is down 264.61 points, or 11.9 percent. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.

Economy

How Major US Stock Indexes Fared April 28

by USNN World NewsApril 28, 2025April 28, 2025

Economy

New Oil Drilling Permits in California Drop 97 Percent in 5 Years: What to Know

by USNN World NewsApril 27, 2025April 27, 2025

Economy

Home Prices Fall in 11 of the 50 Most Populous US Metros: Report

by USNN World NewsApril 25, 2025June 5, 2025

NATIONAL NEWS

Dow adds 1,167 points as Trump talks economic initiatives

By Jonathan Garber FOXBusiness U.S. equity markets ebbed and flowed on Tuesday before breaking away with the Dow Jones Industrial Average adding over 1,167 points clawing back ...

Sanders fights for another Rust Belt upset to regain momentum against Biden

By Paul Steinhauser | Fox News Underscoring what’s at stake for his White House bid when Michigan and five other states hold Democratic presidential nomination contests on Tuesday, Sen. ...

Mark Meadows, Trump’s incoming chief of staff, to self-quarantine over coronavirus fears

By Edmund DeMarche | Fox News Mark Meadows, President Trump’s incoming White House chief of staff, may have come in contact with the Conservative Political Action Conference attendee who ...

Trump camp fires back after Twitter labels Biden video ‘manipulated’

By Gregg Re | Fox News EXCLUSIVE: The Trump campaign has sent a scathing letter to Twitter’s leadership after the platform took the unprecedented step of labeling one of its ...

Bernie Sanders, at Fox News Town Hall, hits Clinton for efforts to ‘relive’ 2016, Biden for backing ‘crooks’

By Gregg Re | Fox News As his struggling campaign seeks a big win in Michigan’s Tuesday primary, Bernie Sanders took the stage at a Fox News Town Hall ...

Biden’s brother facing fraud allegations, used family ties to advance business interests: report

By Ronn Blitzer | Fox News A new report reveals legal problems and allegations of possible fraud involving former Vice President Joe Biden’s brother James, in the latest ...

New Jersey security guard arrested over licensed gun, legal ammo

By Stephen Gutkowski | Washington Free Beacon A New Jersey gun owner is fighting charges for carrying a firearm for which he had a permit and ammunition state police ...

Klobuchar ‘ticket’ slip-up at Biden event in Michigan sparks speculation she’ll be his VP pick

By Brie Stimson | Fox News Is her “ticket” punched for a ride on the Biden train? Sen. Amy Klobuchar, D-Minn., sparked vice-presidential speculation Saturday when she said she ...

GOP Rep. Elise Stefanik blasts ‘radical Far-Left’ after finding ‘vile’ note on car while grocery shopping

By Dom Calicchio | Fox News U.S. Rep. Elise Stefanik, a third-term congresswoman from New York State who drew national attention for defending President Trump during impeachment hearings on Capitol Hill last year, ...

CPAC attendee tests positive for coronavirus; White House says Trump, Pence not in close proximity

By Melissa Leon | Fox News The American Conservative Union (ACU), which hosts the high-profile Conservative Political Action Conference (CPAC), confirmed Saturday that one of this year’s conference attendees has ...

‘Squad’ renews calls to abolish death penalty after execution of convicted Alabama cop killer

By Adam Shaw | Fox News The left-wing congresswomen known as the “Squad” are renewing their calls for the abolition of the death penalty after the execution this week ...

Charlie Kirk: This is why millennials will flee Bernie Sanders

By Julia Musto | Fox News EXCLUSIVE: The youth of America is turning away from the radical left and Democratic socialists like Vermont Sen. Bernie Sanders in favor of conservative ideals, Turning Point USA President Charlie ...