News On Japan

Panasonic to Cut 10,000 Jobs Globally in Major Restructuring Drive

TOKYO, May 09 (News On Japan) - Panasonic Holdings announced on May 9th that it will cut around 10,000 jobs globally as part of a major restructuring effort aimed at strengthening its management foundation for long-term growth.

"It is with a deep sense of regret that we have to touch on employment. I sincerely apologize," said President Yuki Kusumi during an online press conference. "But unless we fundamentally reform the foundation of our business now, we will not be able to ensure sustainable growth 10 or 20 years from now."

The company stated that the layoffs will take place over the current and next fiscal years, amounting to about 4% of its total workforce. Panasonic aims to improve earnings by more than 150 billion yen by the end of March two years from now.

In February, the company announced plans to dissolve its core subsidiary, Panasonic Corporation, which handles consumer electronics and air conditioning, and reorganize it into three separate businesses. It also plans to withdraw from unprofitable operations and consolidate domestic and overseas sites as part of the ongoing reform.

Source: YOMIURI

News On Japan
POPULAR NEWS

A palm tree collapsed near the venue of the Cannes International Film Festival in France on May 17th, seriously injuring a Japanese film industry professional in his 30s.

Two foreign tourists were rescued by helicopter on May 13th after becoming stranded due to the cold on Mt. Yotei in Kutchan, Hokkaido’s Shiribeshi region, where snow still remains at higher elevations.

Spring has brought a wave of newborn animals to North Safari Sapporo, a privately run zoo in Minami Ward, Sapporo City, even as the facility remains under pressure to remove illegal structures and relocate its animals.

Southern Kyushu has entered the rainy season, marking the first time in 49 years that it has done so earlier than Okinawa. It is also the earliest rainy season start for any region in Japan since the Meteorological Agency began keeping records. Authorities are warning of heavy rainfall not only in Kyushu but across other parts of the country as well.

A road collapse in Yashio City, Saitama Prefecture is expected to take five to seven years to fully restore, local officials said on Friday, following the recovery of a truck cab that had remained lodged in the sewer system since the January accident.

MEDIA CHANNELS
         

MORE Business NEWS

U.S. investment fund Dalton Investments has issued a statement criticizing Fuji Media Holdings for rejecting its proposed board nominees, calling the move "regrettable" and stating it "does not appear to have been seriously considered."

Toyota Group unions have secured the highest average wage increase since 2000, with 123 manufacturing unions achieving pay hikes averaging 16,430 yen and a 5.72% increase, according to the All Toyota Labor Federation, which represents about 362,000 members across 307 unions.

A Japanese man in his 50s was sentenced to 12 years in prison by a Chinese court on May 13 under the anti-espionage law, following his December 2021 detention in Shanghai and formal arrest in June 2022 after six months of interrogation.

Nissan's plan to shut down several of its production facilities has drawn concern from Kitakyushu Mayor Kenji Takeuchi, who said at a press conference on May 15th that the move is "a matter directly linked to citizens' employment and livelihoods."

Japan’s three largest banking groups have all reported record net profits for the past fiscal year, with their combined earnings nearing 4 trillion yen.

Toshiba announced that it returned to profitability in its earnings report for the fiscal year ending March 2025, posting a net profit of 279 billion yen. Operating profit, a key indicator of core business performance, surged nearly fivefold from the previous year to 198.5 billion yen, driven in part by increased sales of hard disk drives for data centers.

Sony Group announced on May 14th that its net profit for the year ending March 2025 rose 17.6% year-on-year to a record 1.1416 trillion yen. The strong performance was driven by brisk sales in its gaming division, including the PlayStation 5, as well as continued growth in its music and film business.

Kadoya Sesame Mills and Takemoto Oil & Fat have been accused of forming a cartel over the wholesale pricing of sesame oil and related products, prompting Japan’s Fair Trade Commission to issue an elimination order against the two companies.