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US food company Campbell’s has dismissed an executive who was recorded criticising its food as made for “poor people” and disparaging its Indian employees.

Martin Bally was a vice-president in Campbell’s information technology department. An audio recording of his alleged comments was released by another former employee who claims Campbell’s fired him in retaliation for speaking up about Bally.

Campbell’s, known for its canned soups, made “highly processed food” for “poor people”, Bally told former employee Robert Garza, according to the lawsuit Garza filed in Michigan last week. Bally also claimed that Indian workers at Campbell’s were “idiots”, the suit alleged.

Garza said he had met Bally about a year ago to discuss his salary. There, Garza heard “several racist comments that shocked” him, the lawsuit said. Soon after reporting the comments to his manager, Garza was terminated.

Bally, whose LinkedIn profile described him as vice-president as well as chief information security officer at Campbell’s, could not immediately be reached for comment.

Campbell’s said it first learned of the litigation and heard segments of the audio recording last Thursday. Campbell’s believes that the voice on the recording is Bally’s.

“The comments were vulgar, offensive and false, and we apologise for the hurt they have caused. This behaviour does not reflect our values and the culture of our company, and we will not tolerate that kind of language under any circumstances,” Campbell’s said, adding that Bally left the company on Tuesday.

Campbell’s, established in 1869 in Camden, New Jersey, changed its name from Campbell Soup in 2024 after it diversified into snacks and other foods. Its revenue totalled $10.3bn in the latest fiscal year.

Like other packaged food companies, Campbell’s profits and sales volumes have declined as consumers pull back in the face of higher food prices. It is also contending with renewed scrutiny of food ingredients as the so-called Make America Healthy Again movement is embraced by the Trump administration.

In audio aired by a local Michigan television station, Bally is recorded saying he does not want to eat Campbell’s “bioengineered meat” or “a piece of chicken that came from a 3D printer”.

“Campbell’s does not use 3D-printed chicken, lab-grown chicken, or any form of artificial or bioengineered meat in our soups,” the company said.

(Bloomberg) — Asian equities were set to open higher Thursday after US stocks notched a fourth straight gain ahead of the Thanksgiving break, lifted by growing expectations for interest-rate cuts.

Equity futures for Japan, Australia and mainland China signaled early gains, while Hong Kong looked flat. The S&P 500 rose 0.7% Wednesday, extending its advance after reclaiming its 50-day moving average — a key technical support level. The tech-heavy Nasdaq 100 added 0.9%.

The gains tracked firming expectations for Federal Reserve easing, with money markets pricing in a roughly 80% chance of a Fed quarter-point cut next month and three more by the end of 2026. A week ago, traders expected only three cuts in total.

The release of the US central bank’s Beige Book showed US employment declined slightly and prices rose moderately, according to the survey of regional business contacts. Spending also declined further, except among higher-end shoppers. Separate initial jobless claims fell slightly, defying expectations for a modest increase.

The US data “reinforced the notion that there are crosscurrents and mixed performance in the real economy,” said Ian Lyngen at BMO Capital Markets. “That being said, there is nothing within the reports that will derail the FOMC from cutting by 25 basis points on Dec. 10.”

Long bonds rallied slightly while the shorter end of the curve ended Wednesday’s session lower. An index of the dollar fell 0.3%, while gold and Bitcoin advanced. Australian yields fell in early Thursday trading.

The cross-asset moves signal cautious optimism across global markets after concerns around tech valuations hammered US stocks earlier in the month. Sentiment has since improved as dovish remarks by Fed officials revived bets on a December rate cut.

Those expectations strengthened after it emerged that White House National Economic Council Director Kevin Hassett is the leading contender for the next Fed chair — a choice investors see aligning with President Donald Trump’s push for lower rates.

In Asia, data set for release Thursday includes business confidence in New Zealand, industrial profits for China and an interest rate decision in South Korea. Bank of Japan official Asahi Noguchi is also set to speak. US markets will be closed Thursday for Thanksgiving.

In Japan, Prime Minister Sanae Takaichi’s government plans to issue more new bonds to fund its economic package, according to people familiar with the matter.

UK Budget

Elsewhere, China Vanke Co. proposed delaying repayment on a local bond for the first time, while Hong Kong property group New World Development Co. received additional bondholder support in its debt swap plan, a filing showed.

Hong Kong rescue workers are seeking to contain a major blaze at a high-rise complex that’s killed at least 36 people and resulted in 279 people missing.

In the UK, Chancellor of the Exchequer Rachel Reeves expanded her fiscal buffer to £22 billion ($29 billion) in her latest budget. She funded the increase with £29.8 billion in new taxes, including levies on gambling and prime real estate.

The pound and gilts gained as she delivered her speech in Parliament. They had earlier swung after a premature release of an Office for Budget Responsibility analysis gave traders plenty to parse.

Oil bounced off a one-month low as the White House signaled optimism about a peace deal between Russia and Ukraine, which could bring back Moscow’s barrels into an already saturated market.

Some of the main moves in markets:

Stocks

Hang Seng futures were little changed as of 7:23 a.m. Tokyo time S&P/ASX 200 futures rose 0.2% Nikkei 225 futures rose 0.9% Currencies

The Bloomberg Dollar Spot Index fell 0.3% The euro was little changed at $1.1596 The Japanese yen was little changed at 156.47 per dollar The offshore yuan was little changed at 7.0699 per dollar Cryptocurrencies

Bitcoin was little changed at $90,246.73 Ether fell 0.1% to $3,019.89 Bonds

Australia’s 10-year yield declined four basis points to 4.48% This story was produced with the assistance of Bloomberg Automation.

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