The daily business briefing: June 13, 2016
Microsoft to buy LinkedIn, Brexit concerns weigh down stocks, and more
1. Microsoft to buy LinkedIn for $26.2 billion
Microsoft announced Monday that it will acquire professional social networking site LinkedIn for $26.2 billion in cash. "Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet," Microsoft CEO Satya Nadella said in a statement. LinkedIn, which has more than 400 million members across the globe, will become part of Microsoft's productivity and business processes segment but its site and branding will remain intact.
2. Brexit concerns weigh down stocks
Mounting fears over a British exit from the European Union dragged down overseas stocks on Monday. European shares fell for the fourth straight day, and the MSCI Asia Pacific Index fell by the most in two months. U.S. stock index futures also slipped, pointing to a lower open for Wall Street. Polls indicate Britain's June 23 "Brexit" referendum will be close. "Everyone's scared," said Tokyo Securities strategist Ryuta Otsuka. "There are too many events coming up for investors to take a plunge."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Symantec to buy Blue Coat for $4.65 billion
Symantec, the biggest security software maker, announced Monday that it would acquire web security provider Blue Coat for $4.65 billion. The deal, which is expected to close by the third quarter, will give the combined companies a broader offering of security technologies as customers shift to cloud services. Blue Coat CEO Greg Clark will lead the company. Symantec's chief, Mike Brown, will step down as has long been expected.
4. Apple unveiling software innovations
Apple executives will reveal a new round of tech innovations at their annual World Wide Developers Conference on Monday. The announcement is not expected to feature any new gadgets, like a new iPhone or tablet, but instead will focus on changes to software products such as Siri, Apple Music, Apple Pay, Apple TV, and the Apple operating system. Siri, facing growing competition from other virtual assistants, is expected to get some upgrades and be opened up to third-party developers.
5. Walgreens ends relationship with blood-tester Theranos
Walgreens said Sunday that it was cutting ties with Theranos in a potentially devastating blow to the troubled blood-testing company. Walgreens said it was closing all 40 testing centers in its Arizona stores, effective immediately. Those centers have accounted for most of Theranos' customers. The testing company had promised to revolutionize the industry with simple finger prick tests at far lower costs than conventional ones, but it has faced extensive bad publicity since regulators uncovered problems at its California flagship lab.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Kim Kardashian's Met Gala corset: designed for drama but a step too far?
In The Spotlight Reality TV star shocks with 'impossibly tiny waist' at this year's fashion event, echoing controversies from previous outfits
By Harriet Marsden, The Week UK Published
-
The Buddha of Suburbia: an 'orgiastic odyssey'
The Week Recommends Emma Rice brings Hanif Kureishi's 1990 novel to the stage
By The Week UK Published
-
'US tests ties with Israelis'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
The daily business briefing: January 24, 2024
Business Briefing The S&P 500 sets a third straight record, Netflix adds more subscribers than expected, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 23, 2024
Business Briefing The Dow and S&P 500 set fresh records, Bitcoin falls as ETF enthusiasm fades, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 22, 2024
Business Briefing FAA recommends inspections of a second Boeing 737 model, Macy's rejects Arkhouse bid, and more
By Harold Maass, The Week US Published
-
Geopolitics and the economy in 2024
Talking Point The West is banking on a year of falling inflation. Don't rule out a shock
By The Week UK Published
-
The daily business briefing: January 19, 2024
Business Briefing Macy's to cut 2,350 jobs, Congress averts a government shutdown, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 18, 2024
Business Briefing Shell suspends shipments in the Red Sea, December retail sales beat expectations, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 17, 2024
Business Briefing Judge blocks JetBlue-Spirit merger plan, Goldman Sachs beats expectations with wealth-management boost, and more
By Harold Maass, The Week US Published
-
The daily business briefing: January 16, 2024
Business Briefing Boeing steps up inspections on 737 Max 9 jets, Zelenskyy fights for world leaders' attention at Davos, and more
By Harold Maass, The Week US Published