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Weinstein Company files for bankruptcy in ‘new beginning’

NEW YORK: Harvey Weinstein's former production company announced late Monday it had filed for bankruptcy, less than six months after the Hollywood mogul was beset by avalanching sexual assault allegations. The studio also said it was immediately releasing accusers from non-disclosure agreements which Weinstein had used to silence them, allowing women to speak up without fear of retaliation. "Even as the company heads into bankruptcy, the company remains committed to doing whatever it can to maximize value for its…

Weinstein Company inches toward bankruptcy after #MeToo storm

NEW YORK: Disgraced Hollywood mogul Harvey Weinstein's former studio appeared to inch closer toward bankruptcy Monday over complaints that talks to buy the troubled production house had collapsed, leaving it with "no choice" but to go to the wall. The Weinstein Company said that it had failed to reach a deal with an investor group led by Maria Contreras-Sweet, who served in Barack Obama's administration, for a reported $500 million despite battling to make it palatable to prosecutors. Contreras-Sweet, a Mexican…

Weinstein Company told to include more funds for victims

NEW YORK: New York’s attorney general said on Monday a deal for the Weinstein Company should include a bigger compensation fund for victims of ex-chairman Harvey Weinstein, speaking a day after the state’s lawsuit scuttled a deal. The film and TV studio was close to inking a deal on Sunday to sell itself for more than $500 million (£361.4 million) to an investor group led by Maria Contreras-Sweet, a former official in President Barack Obama’s administration, when New York Attorney General Eric Schneiderman filed a civil…

Will step down as PSL chairman in 2017, says Sethi

LAHORE: Chairman Pakistan Super League (PSL) Najam Sethi has announced that he will step down from his position in 2017, ARY News reported on Wednesday. He made the announcement while talking to media here. Sethi added that he will step down from his post in 2017 and a person from outside will take over the charge of the Chairman PSL. The PSL chairman said the cricket tournament will be a separate company from the next month and its directors will be hired from outside of the Pakistan Cricket Board (PCB). He…

Karachi: Three die by drowning in factory chemical tank

KARACHI: Three labourers of a textile factory died by drowning in a tank full of chemicals and dirty water in Karachi's Port Qasim area, ARY News reported on Tuesday. According to area police, five workers of the textile factory fell in chemical tank of the textile factory in Karachi on Monday evening. Divers were called at the scene of the incident to rescue the drowning victims. Two labourers were saved in the rescue operation whereas three dead bodies were recovered from the tank, police sources said. Three deceased…

German retailer to pay $5.15m to Baldia factory fire victims

KARACHI: German discount clothes retailer KiK has agreed to pay another $5.15 million in compensation to victims of one of Pakistan's worst-ever industrial accidents, the company said in a statement. The sum will come on top of the $1 million (890,000 euros) KiK paid out in late 2012 in the wake of the devastating fire at the Ali Enterprises factory in Karachi that killed at least 255 people, the company said. "KiK has voluntarily taken on responsibility for those affected, because this aid was a real concern for us,"…