Months after its founder, Harvey Weinstein, was accused of serial sexual harassment, Weinstein Company will file for Chapter 11. According to The New York Post:
The Weinstein Co. said late Sunday that it will file for bankruptcy after the troubled studio founded by Harvey Weinstein ended talks to sell the company outside of chapter 11 to a group led by businesswoman Maria Contreras-Sweet.
The decision comes two weeks after New York Attorney General Eric Schneiderman filed a lawsuit against the studio alleging sexual harassment and civil-rights violations. The studio had been close to a deal with Ms. Contreras-Sweet’s group before the lawsuit was filed and parties continued to discuss a deal after the legal action was taken. The studio said in an email that it would prepare a bankruptcy filing “in the coming days.”
Apple Inc. (NASDAQ: AAPL) will start to store encrypted information in China. According to The Wall Street Journal:
When Apple Inc. next week begins shifting the iCloud accounts of its China-based customers to a local partner’s servers, it also will take an unprecedented step for the company that alarms some privacy specialists: storing the encryption keys for those accounts in China.
The keys are complex strings of random characters that can unlock the photos, notes and messages that users store in iCloud. Until now, Apple has stored the codes only in the U.S. for all global users, the company said, in keeping with its emphasis on customer privacy and security.
“Black Panther” had another huge ticket sales weekend. The Walt Disney Co. (NYSE: DIS) film set new milestones, according to Box Office Mojo:
Disney and Marvel’s Black Panther continued its box office domination this weekend, becoming only the fourth film to ever deliver over $100 million in its second weekend as well as joining Jurassic World as the second fastest film to top $400 million domestically
Samsung has launched a new phone to challenge Apple. According to Bloomberg:
Samsung Electronics Co. grabbed center stage in Barcelona at Mobile World Congress with the unveiling of its latest flagship handset: the Galaxy S9.
The South Korea-based technology giant is banking on new features such as augmented reality-based emojis, camera upgrades, and stereo speakers in a form-factor similar to last year’s model to take on Apple Inc.’s iPhone X. It also wants to calm concerns about a possible slowdown of its component business, and Vice Chairman Jay Y. Lee’s ability to manage the company following his legal saga.
Hulu is up against stiff competition as it grows, particularly from Netflix Inc. (NASDAQ: NFLX) and Amazon.com Inc. (NASDAQ: AMZN), according to The New York Times.
General Electric Co. (NYSE: GE) will restate earnings for the past two years. According to CNNMoney:
General Electric’s already awful performance just got worse.
The struggling conglomerate plans to restate the last two years of results, it said in a filing on Friday night.
GE (GE) said the restated results will slash its 2016 profits by about 13 cents per share and last year’s profits by approximately 16 cents per share.