Friday, 9 January 2026
Glencore and Rio Tinto are in preliminary merger discussions that could create the world's largest mining company, with a combined market value exceeding $200 billion. The talks, which follow a previous collapse over a year ago, involve options for an all-share takeover, although analysts express skepticism about Rio's interest in Glencore's coal assets. Rio Tinto has until February 5 to make a formal offer under UK takeover rules.
Federal Reserve Governor Stephen Miran stated he is advocating for a reduction of 150 basis points in interest rates this year to support the labor market, citing a restrictive monetary policy and an underlying inflation rate of approximately 2.3%. This comes as the Congressional Budget Office also forecasts a slight decrease in rates later this year, amid a divided stance among Fed officials regarding the pace of rate cuts following three reductions in 2025.
General Motors Co. announced a $6 billion writedown related to its electric vehicle and battery operations, bringing total charges from its EV investments to $7.6 billion. This decision follows a 43% decline in EV sales in the fourth quarter and is part of a broader trend among automakers, including Ford, to reduce production amid weakening demand and changes in federal tax incentives. GM stated that the writedown, primarily due to contract cancellations with suppliers, will not affect its existing lineup of EV models.
Merck is in negotiations to acquire Revolution Medicines, a cancer drugmaker, in a deal valued at up to $32 billion, aiming to enhance its portfolio in treatments for pancreatic cancer. This comes amid a volatile market for Revolution, which recently received FDA Breakthrough Therapy Designation for its G12D-selective inhibitor, zoldonrasib, while also being the subject of acquisition speculation following reports of interest from AbbVie.
Paramount Skydance Corp. has reaffirmed its $30-per-share cash bid for Warner Bros. Discovery Inc., appealing directly to shareholders after Warner's board unanimously rejected the offer. Paramount's chairman, David Ellison, argued that their proposal provides greater value compared to Netflix's competing bid of $27.75 per share, which Warner's board has endorsed despite concerns about its uncertain components and decreased value. Paramount maintains that it has addressed all concerns raised by Warner, including providing a personal guarantee from Ellison for the equity financing.
William Pulte, Director of the Federal Housing Finance Agency, announced that President Donald Trump is expected to decide within the next month or two on the potential initial public offerings of government-sponsored enterprises Fannie Mae and Freddie Mac. Pulte indicated that the agency has prepared various options for the president, who will ultimately determine the course of action regarding the IPOs, which have been under consideration as part of a broader strategy to address housing affordability.
Stablecoin transactions surged to a record $33 trillion in 2025, marking a 72% increase from the previous year, driven by the popularity of USD Coin (USDC) and supportive pro-crypto policies in the United States under President Donald Trump. USDC accounted for approximately $18.3 trillion of the total transactions, while Tether's USDT recorded around $13.3 trillion, reflecting a growing trend of adoption among both institutional and retail sectors.
China's Commerce Ministry has initiated a review of Meta Platforms Inc.'s acquisition of Manus, a Singapore-based AI startup with Chinese origins, valued at over $2 billion. The investigation will assess compliance with Chinese laws regarding technology export and cross-border mergers, reflecting ongoing tensions between the U.S. and China in the tech sector. Meta has stated that following the acquisition, Manus will operate independently in Singapore and will not retain any Chinese ownership interests.
Sinopec Group and China National Aviation Fuel Group Limited (CNAF) are set to undergo a corporate restructuring following approval from the State-owned Assets Supervision and Administration Council, as announced on January 8, 2026. This merger aims to create a more vertically integrated system in China's aviation fuel sector, potentially lowering costs and enhancing global competitiveness while supporting the transition to sustainable aviation fuels.
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