Economy

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TRIPOLI (Reuters) – The United Nations Support Mission in Libya (UNSMIL) issued a statement late on Monday expressing deep concern “over the deteriorating situation in Libya resulting from unilateral decisions.”Disputes over control of Libya’s Central Bank have raised alarms about the potential misuse of the country’s financial resources.”UNSMIL is convening an emergency meeting for all parties involved in the Central Bank of Libya crisis in order to reach a consensus based on political agreements, applicable laws, and the principle of the central bank’s independence,” the statement said.The UN mission has called for the suspension of unilateral decisions, the lifting of force majeure on oil fields, the halting of escalations and use of force, and the protection of Central Bank employees.Libya’s economy is heavily reliant on oil revenue, and there have been moves to impose force majeure on oil fields, effectively cutting off the country’s primary source of income. Earlier on Monday, Libya’s eastern-based administration ordered the closure of oilfields in eastern Libya, which account for almost all the country’s production, halting both production and exports after tensions flared over the Central Bank’s leadership.There has been no confirmation of these actions from the internationally recognized government in Tripoli or from the National Oil Corp (NOC), which controls the country’s oil resources. More

$75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print edition More

The Federal Trade Commission, which is trying to block Kroger’s plan to acquire Albertsons, said in court that the merger of grocery giants would also hurt workers’ pay and benefits.A trial that could determine whether the two largest supermarket chains in the United States can merge opened in Portland, Ore., on Monday, pitting the grocery giant Kroger against regulators who argue that its takeover of Albertsons would eliminate competition at the expense of consumers and workers.Before Judge Adrienne Nelson of U.S. District Court, the Federal Trade Commission and the supermarket chains laid out their arguments in court for the first time, as union representatives and workers protested the deal on the courthouse steps. Less competition, the agency’s lawyers said, would give Kroger more leverage to raise prices on millions of consumers.The highly anticipated proceedings, set to last three weeks, come as high food prices have become a critical focus in the presidential race. Vice President Kamala Harris, the Democratic presidential nominee, has backed a federal ban on price-gouging in the food and grocery industries to combat high grocery costs.Kroger and Albertsons defended the $24.6 billion deal, which would be the biggest supermarket merger in U.S. history, saying it would bolster their leverage with suppliers and improve competition against major retailers like Costco, Amazon and Walmart. But the F.T.C. — backed by a chorus of unions, consumer advocates, politicians and independent grocery chains — reiterated its position that the merger would probably result in higher prices for groceries and worse conditions for workers.The deal “would eliminate the competition that shoppers and workers depend on in one fell swoop,” Susan Musser, the F.T.C.’s chief trial counsel, said in her opening statement. “This lawsuit is part of an effort aimed at helping Americans feed their families.”In bringing the case, the F.T.C. has been joined by the attorneys general of eight states, including California and Illinois, as well as the District of Columbia. It’s part of a regulatory push under the Biden administration to rein in corporate consolidation in an array of industries, including airlines, Big Tech, book publishing and pharmaceuticals.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

(Reuters) – A look at the day ahead in Asian markets.World markets are entering a period of nervous uncertainty as investors try to determine whether upcoming U.S. interest rate cuts will be benign and in tandem with a “soft landing,” or mitigation against a more damaging economic downturn.Asian markets leaned towards the former on Monday and traded positively. But risk appetite steadily whittled away as the day progressed, pushing Wall Street into the red and setting the tone for a more jittery session on Tuesday.The Asia and Pacific calendar on Tuesday is light, with Japanese producer prices and trade figures from Hong Kong and Thailand the major economic indicators on tap. Australian mining giant BHP’s annual results are the main corporate highlight. Global market dynamics will therefore be the more important drivers for Asia as investors continue to digest the implications of Fed Chair Jerome Powell’s policy pivot at Jackson Hole on Friday.Fears of U.S. recession and a continued rise in unemployment are keeping a 50 basis point rate cut from the Fed next month on the table. This is putting U.S. stocks on the defensive and fueling demand for Treasuries, although bonds and the dollar were generally flat on Monday.World stocks ended slightly lower on Monday, but not before hitting a new record high. Nvidia (NASDAQ:NVDA) shares slid ahead of the AI darling’s quarterly results on Wednesday, pushing Wall Street lower but not before registering a fresh six-week high.Gold hugged recent record peaks, while oil prices rose again on Monday as production cuts in Libya added to supply concerns stemming from reports of escalating conflict in the Middle East. Oil is now up 8% in three days.So it is a mixed bag for Asia on Tuesday. This is the backdrop to a re-emergence of trade tensions between China and the West, as the Biden administration prepares to announce final implementation plans for steep tariff increases on certain Chinese imports. U.S. manufacturers have asked for the higher tariff rates on a range of goods from electric vehicles to electric utility equipment to be reduced, delayed or abandoned, and for potential exclusions to be greatly expanded.The White House had said initially the new tariffs would take effect on Aug. 1 but that was delayed. The politically-loaded decision on what form they will take will be made by the end of the week.Canada’s Prime Minister Justin Trudeau on Monday said that Canada will impose a 100% tariff on the import of Chinese electric vehicles, including Teslas, and will also impose a 25% tariff on imported steel and aluminum from China.Here are key developments that could provide more direction to Asian markets on Monday:- Japan services PPI (July)- Thailand and Hong Kong trade (July)- Australia BHP annual results More

The leadership change comes ahead of Apple’s multiple product launch this fall season, which analysts have called the biggest software upgrade for the iPhone. It includes artificial intelligence features, which are crucial for Apple as it looks to reverse a slowdown in global sales, particularly in China, and better compete with rivals who have rolled out AI upgrades. Parekh, who has been with Apple for more than a decade and will join the company’s executive committee, most recently served as vice president of financial planning and analysis. “It appears that the transition to the new CFO is planned and orderly, which is the most important question. Maestri staying on with Apple is also very important, as it removes the risk of financial questions,” D.A. Davidson analyst Gil Luria said. “(Parekh) will need to continue the prudent capital management, but may also be tasked with restarting Apple’s exploration of complimentary acquisitions.” Before Apple, Parekh held senior leadership roles at Thomson Reuters (NYSE:TRI) and General Motors (NYSE:GM). Apple said Maestri will continue to lead the corporate services teams, including information systems and technology, information security and real estate and development, reporting to CEO Tim Cook.During Maestri’s tenure, Apple more than doubled its revenue, with services revenue growing more than five times.”Apple filling the role with an internal candidate should make the transition a bit smoother… any change of this magnitude does create some level of uncertainty, especially given the consistency and the history of execution from Maestri,” Piper Sandler analysts said in a note. Earlier this month, Apple said its third-quarter iPhone sales were better than expected and forecast more gains as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed.In recent years, iPhone sales have slowed due to a lack of significant upgrades in newer models and competition from Android-based smartphone brands offering high-end specifications at lower prices.At its developers conference in June, Apple announced a slew of AI features under the umbrella “Apple Intelligence”, including a revamped Siri and an integration with ChatGPT.The iPhone maker’s shares were last down nearly 1% in extended trading. More

A meat counter showing a variety of sausages at a Fred Meyer grocery store, a sub of Kroger, in Palmer, Alaska.
Michael Siluk | UCG | Universal Images Group | Getty Images

An uptick in sausage demand can offer the latest sign of consumers tightening their belts as they continue grappling with high prices.
There has been “modest growth” in the dinner sausage category for one producer, according to the Dallas Federal Reserve’s Texas Manufacturing Outlook Survey released Monday. This underscores the trends of shoppers opting for cheaper products and pulling back spending all together as cumulative inflation bites into purchasing power.

“This category tends to grow when the economy weakens,” the respondent said, according to edited comments included in the Dallas Fed’s report. That is because “sausage is a good protein substitute for higher-priced proteins and can ‘stretch’ consumers’ food budgets.”
This anecdote pointed out by eagle-eyed Bespoke Investment Group on social media site X comes as grocery prices remain top of mind for consumers. While the rate of annualized inflation has fallen closer to levels deemed healthy by economic policymakers, the collective increase in prices compared to just a few years ago has left everyday Americans feeling sour about the state of the national economy.
Additionally, it bolsters two themes emerging as hallmarks of today’s post-pandemic economy.
A growing chorus of corporate executives, including those leading some of the largest restaurant chains, have warned that the consumer is starting to slow down. In particular, they have pointed to stress on lower-income tax brackets as they attempt to make their dollars go further.
The shift to sausage also highlights an action experts call the “trade down.” Carefree customers may select protein that is typically more expensive such as steak or chicken. On the other hand, price-conscious shoppers will hunt for sausage or other lower-cost alternatives.

Other food manufacturers who responded to the Dallas Fed’s survey also raised concern about their economic health. One said agriculture as a whole was “hurting,” citing challenges from factors such as weather and higher costs.
Another put it more plainly, saying it was “preparing for the recession.”

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Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF’s three deputy managing directors at the end of October. Clarke “is an exceptional public servant and policymaker,” Georgieva said in a statement, adding he had “stewarded his country’s economy to a stronger and more sustainable position.” Clarke had been key in negotiating credit lines with the IMF, starting in 2016 as ambassador of economic affairs before being appointed finance minister two years later.During his tenure, Jamaica’s central bank became an autonomous body and an independent fiscal commission was created. He also spearheaded policy coming out of the COVID-19 pandemic, allowing the nation’s economy to recover quickly.Last year, Moody’s (NYSE:MCO) Ratings upgraded the government’s rating to B1 and changed its outlook to “positive.” In June, the island was removed from the watchdog Financial Action Task Force’s so-called “gray list” of countries deemed to be doing too little to combat money laundering, one of Clarke’s signature achievements as minister. Prime Minister Andrew Holness said in a release that he had already drawn up a shortlist of potential successors to Clarke as both finance minister and parliamentarian. More