[FT News Briefing: Glencore-Rio Tinto Merger Talks, Iran's Economic Unrest, and the Art of CEO Succession]-[Iranians protest over economic pain]

1. Mining Giants Explore Mega-Merger

The corporate deal-making momentum of 2025 appears to be carrying into 2026, with the most significant development being Glencore’s restart of "preliminary merger talks" with Rio Tinto. Such a union would establish the world’s largest mining company, boasting an "enterprise value of more than $260 billion." The strategic impetus for this move is the surging global demand for copper, a critical material for the "booming construction of AI data centers." As major mines globally face declining productivity due to aging infrastructure, the industry is under pressure to invest heavily in new resources. Notably, Glencore has recently "rebranded itself as a copper growth company," signaling its aggressive focus on this sector.

2. Iran’s Economic Crisis Sparks Widespread Protests

Iran is currently experiencing its most severe civil unrest in several years, driven by a crumbling economy. According to FT correspondent Najmeh Bozorgmer, the protests began in electronics markets due to the "sharp fall in the parity rate of the national currency" against the US dollar and subsequently spread to poorer neighborhoods. The economic data is staggering: the national currency, the Rial, has lost approximately 40% of its value since the conflict with Israel began in June. This has led to "economic stagnation" and an inflation rate of 42%, with "food inflation" reaching 72% and "bread inflation" hitting 113%.

The government, led by Massoud Pezeshkian, has attempted to intervene by replacing the central bank governor and ending subsidies for basic commodity importers—a move intended to curb "large-scale corruption" and inflation. However, the proposed "monthly payment of about $7 per person" has been widely dismissed by citizens as "too little, too late." While the government distinguishes between "legitimate economic protests" and "rioting," reports indicate at least 17 deaths. The situation is further complicated by the "foreign factor," specifically President Donald Trump’s unexpected public offer to "rescue Iranian protesters," which has introduced a new layer of uncertainty and heightened tension compared to previous uprisings.

3. U.S. Trade Deficit and Economic Outlook

In a boost to Donald Trump’s economic agenda, U.S. trade data for October showed the trade deficit narrowing to its lowest point since 2009. This trend was largely driven by a reduction in imports, specifically in the pharmaceutical sector, where companies had previously "boosted their imports" in anticipation of potential tariffs. The Federal Reserve’s Atlanta branch now estimates a robust "real GDP growth" of 5.4% for the fourth quarter, up from 4.3% in the previous period, suggesting that trade policy may be acting as a "tailwind" for the economy.

4. The Complexity of CEO Succession

As 2026 begins, several major corporations—including Spotify, GlaxoSmithKline, Diageo, and Berkshire Hathaway—are transitioning to new leadership. This shift highlights the perennial challenge of how CEOs should exit their roles. FT management editor Anjali Raval notes that while experts advocate for early planning to ensure the "right skills are in the room," the process is often hampered by the "big egos" of leaders who find it difficult to remove themselves from the "trappings" of the job, such as "private jet access" and the prestige of their positions.

Successful succession, such as the transition at Shell from Ben van Beurden to Wael Sawan, relies on "well-orchestrated" handovers where successors are "groomed" over a long period through various divisional roles. Ultimately, companies are "run by people," and human tendencies often lead to CEOs overstaying their welcome, making succession planning an "unbelievably tricky" and inherently human challenge that companies must navigate with transparency and foresight.