FINANCE - 15 JUN 2020

Daily Briefing: Beijing imposes new partial lockdown

Daily Briefing: Beijing imposes new partial lockdown
Empty highway in China. Source: Marcus Wong via Flickr
Economy

Beijing imposes new partial lockdown

After 10 weeks of reopening China, Beijing has imposed a partial lockdown; shutting down schools, compounds and suspending tourism activities. This was due to a surge in cases to 55 on Saturday from less than 30 since April 22. Prior to this, new cases were only recorded by citizens just coming into the country, but the new cases are all local and connected to a food market. 

 

Energy

NNPC orders reduction of oil production costs

The Nigerian National Petroleum Corporation (NNPC) has ordered firms in the oil production industry to reduce the average cost of production to $10 a barrel.  Oil production costs are typically between $17 and $30 a barrel in Nigeria. A reduction in oil production costs could increase the profits declared by the oil producers, and, hence the tax revenue to the Federal Government. 

 

Film

Netflix signs new deal with Ebonylife films

Netflix and Ebonylife signed a partnership to produce two original series and multiple films. This includes a film-adaptation of Wole Soyinka’s ‘Death and The King's Horseman’ (1975) and the series-adaptation of Lola Shoneyin’s ‘The Secret Life of Baba Segi’ (2010). The American streamer increased investment in African storytelling since its official arrival on the continent this year. Earlier, it announced a partnership with John Boyega's UpperRoom Productions for three films, two from Nigeria and one from Egypt.

 

 

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