The daily business briefing: June 17, 2016

(Image credit: JOEL SAGET/AFP/Getty Images)

Jump to category:

1. Brexit campaign suspended after UK lawmaker's murder
2. Redstone replaces five Viacom board members
3. Microsoft partners with software firm serving legal marijuana industry
4. Revlon to buy fellow cosmetics maker Elizabeth Arden
5. Philadelphia becomes first big city to approve soda tax

published 17 June 2016

1. Brexit campaign suspended after UK lawmaker's murder

The UK's Brexit campaign was halted on Thursday after the murder of Labour lawmaker Jo Cox, and remained suspended on Friday, a week ahead of the scheduled referendum on whether Britain should exit the European Union. Cox was an outspoken advocate of staying in the EU, and a champion of Syrian war victims. Witnesses said the man who shot and stabbed Cox shouted "Britain first" or "Put Britain first" during the attack. The latest opinion polls gave the "Vote Leave" side a lead of several percentage points after an increasingly bitter debate.

Sumner Redstone moved to remove Viacom Chairman and CEO Philippe Dauman and four others from the company's governing board, the Redstone family's National Amusements Inc. announced Thursday. National Amusements said that the five ousted directors were being replaced by five newly elected directors, none of them affiliated with Redstone. The media company's non-voting stock soared on hopes the news signaled an end to boardroom infighting. One of the fired directors filed a lawsuit saying the ailing Redstone's daughter, Shari, orchestrated the move like a "puppet master" to "improperly seize control of Viacom."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

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.

Microsoft announced Thursday that it was partnering with software firm Kind Financial, which makes "seed to sale" software for cannabis growers. Tech startups have rushed to get a piece of the booming legal marijuana industry, but Microsoft is the first major tech company to get involved. "Nobody has really come out of the closet, if you will,” said Matthew A. Karnes, the founder of marijuana data company Green Wave Advisors. "It's very telling that a company of this caliber is taking the risk of coming out and engaging with a company that is focused on the cannabis business."

Revlon said Thursday it will buy rival cosmetics giant Elizabeth Arden for about $419 million in a cash deal that represents a 50 percent premium over Elizabeth Arden's closing stock price. Revlon also will take on the unprofitable Elizabeth Arden's debt, making the deal worth about $870 million. Elizabeth Arden's celebrity-branded fragrances are not selling like they used to, but Revlon, which is controlled by billionaire Ron Perelman, is betting it can boost both aging companies' brands.

Philadelphia's City Council approved a 1.5 cent-per-ounce tax on sugary and diet drinks on Thursday, becoming the first major U.S. city to do so. Two previous efforts to impose a local soda tax failed. This time, Mayor Jim Kenney (D) told the council the estimated $91 million in new tax revenues would pay for pre-K programs, community schools, and recreation centers. The beverage industry spent millions of dollars on a campaign to block the tax, and is expected to sue if it is enacted.

Explore More

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.