Podcast Summary: Marketplace Morning Report — "Iran's government cuts internet access"
Date: January 9, 2026
Host: Guy Kilty (BBC World Service for Marketplace)
Main Topics: Iran’s protests and internet shutdown, Nestle’s global formula recall, major business headlines, and the volatile outlook for cryptocurrencies in 2025–26.
Episode Overview
This episode covers critical overnight developments in global economics, with breaking news from Iran as the government responds to mass protests with an internet blackout. Key business headlines include a massive infant formula recall by Nestle and updates on the cryptocurrency market, including regulatory changes and future prospects. The tone is brisk, informative, and global, aimed at providing listeners with urgent, need-to-know financial news.
Key Discussion Points & Insights
1. Protests and Internet Shutdown in Iran
Segment: 00:02 – 01:25
- Mass Protests: Tens of thousands are marching in Tehran and across Iran, triggering a nationwide internet shutdown by the government.
- Origins: The protests began two weeks prior, sparked by shopkeepers reacting to a sharp currency devaluation (Iranian rial crashing against the dollar).
- Demands: Initial economic grievances have broadened, with calls now for the removal of Iran’s Supreme Leader.
- Casualties: At least 40 protesters and 5 security personnel have been killed.
- Insights from J.R. Gol (BBC Persian Service):
- "The U.S.-led sanction has crippled the economy. The value of Iranian currency rials has sharply fallen against US dollar and this has created an unsustainable situation for so many people." (00:44)
- Economic hardship, social restrictions, corruption, and political unaccountability are fueling broad public frustration.
- "It feels many of them have little to lose." (01:23)
2. Nestle Expands Infant Formula Recall Globally
Segment: 01:25 – 03:36
- Recall Details: Nestle is recalling popular baby formula brands (SMA, NAN, BIBA, AlphaMino) across Africa, Asia, and the Americas, following earlier recalls in Europe.
- Reason: Potential contamination with "cellulite, a toxin created by bacteria," which could cause food poisoning-like symptoms (nausea, vomiting).
- Countries Affected: At least 37, including Australia, Brazil, Mexico, China, and South Africa.
- Reputational and Financial Risks:
- Nick Marsh (BBC): “The damage potentially could be more reputational than financial... if there are no reported cases of sickness and this is done efficiently... Nestle will probably be able to overcome that challenge as well.” (03:17)
3. Major Business Headlines
Segment: 03:37 – 04:27
- Mining Megamerger Talks: Rio Tinto and Glencore have resumed discussions; potential to create a $260 billion global mining powerhouse after a previous deal collapsed.
- China Tech IPO: Minimax, a Shanghai-based AI company, saw shares soar 87% on its stock market debut.
- Crypto Review: Transition to a retrospective and forecast on cryptocurrencies after a wild 2025.
4. 2025–26 Cryptocurrency Volatility & Deregulation
Segment: 04:27 – 07:29
Guest: Susanna Streeter, Independent Investment Analyst
- Market Rollercoaster:
- Trump’s reelection boosted pro-crypto sentiment and deregulation (“pledges for the US to become the crypto capital of the world”), but markets experienced sharp swings: an April crash, record highs in August, and an October plunge.
- "Since the summer highs, you've seen crypto decline by around 30%." (04:58, Susanna Streeter)
- Investor Sentiment:
- Rising wariness and “risk-off” attitudes amid frequent volatility and an emerging AI investment bubble.
- Regulatory Developments:
- Notable move: the "GENIUS Act" passed in 2025, marking a milestone for U.S. crypto regulation. (05:24)
- Legislative progress on federal market structure oversight delayed to 2026.
- Mainstreaming Outlook:
- Crypto remains “relatively niche” for most investors.
- “You're probably likely to see more wariness in 2026 after all of this volatility... If they bought in at the peak in the summer and now seen their holdings decline by 30%, I think it may well scare some off.” (06:03, Susanna Streeter)
- Institutional interest confined to "the fringes" of investment strategies.
- Future Trends:
- Anticipation of further U.S. Senate activity on crypto regulation in 2026.
- Key innovation areas: stablecoins, central bank digital currencies. “There is a lot of evolution still in the industry to come.” (07:18, Susanna Streeter)
Notable Quotes & Memorable Moments
- J.R. Gol on Iran:
"So many people are struggling to make ends meet... There are a combination of so many different reasons people are coming to the street." (00:48) - Nick Marsh on Nestle Recall:
“I think the damage potentially could be more reputational than financial... if this is dealt with quickly...” (03:10) - Susanna Streeter on Cryptocurrencies:
"It certainly has been a rollercoaster... you've seen crypto decline by around 30%. I think what you're seeing now is a lot more wariness creep back into the crypto market." (04:27) "Crypto is a speculative asset. As investors become a bit more wary, fewer may dip their toe into the water." (06:12) “There is a lot of evolution still in the industry to come.” (07:18)
Timestamps for Key Segments
- 00:02 — Iran’s Protests and Internet Shutdown
- 00:44 — J.R. Gol explains the roots and mood of Iran’s unrest
- 01:25 — Nestle global formula recall
- 03:37 — Headline business news: mining merger, Minimax IPO
- 04:27 — The tumultuous year in crypto; regulatory response
- 06:35 — Prediction and regulatory outlook for crypto in 2026
Conclusion
This brisk episode delivers urgent updates on mass protests in Iran, highlighting how economic struggles and government action (like internet blackouts) can quickly escalate. Listeners also get a global business sweep—from a major infant formula recall (potentially affecting millions of families) to the dizzying fortunes of cryptocurrency markets, with expert insight into policy, risks, and what may come next. Marketplace’s global reach and expert guests ensure you start your day informed about the economic forces shaping headlines around the world.