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Amazon’s ‘Lord of the Rings’ will cost at least $465 million

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Still from “Lord of the Rings: The Fellowship of the Ring.”

New Line Cinema

Amazon’s ‘Lord of the Rings’ television show is shaping up to be a costly endeavor for the tech company.

On Friday, New Zealand’s minister for economic development and tourism revealed that the fantasy drama will be one of the most costly television series ever made, with its season one price tag coming in at around $465 million.

“But what I can tell you is Amazon is going to spend about $650 million in season one alone,” Stuart Nash told Morning Report. The figure he provided was in local currency.

The production figure is massive and likely the largest sum any studio has spent to produce a single season of television. For comparison, HBO’s “Game of Thrones” cost around $100 million per season. Season one episodes cost around $6 million each and eventually rose to around $15 million by season eight.

Amazon shelled out around $250 million for the rights to the Tolkien property in 2017.

“This will be the largest television series ever made,” Nash said.

The figures, released as part of the New Zealand government’s Official Information Act, were first reported by the New Zealand-based outlet Stuff. Their report indicated that Amazon is looking to film five seasons in the country and possibly produce a spin-off series.

Amazon’s spending in New Zealand will trigger a tax rebate of around $114 million and has been flagged as a “significant financial risk” by the country’s treasury. There’s no cap on how much Amazon is allowed to spend, and therefore, New Zealand could be on the hook for hundreds of millions of dollars to help subsidize the project.

However, the production will likely bring a large financial boost to the local economy, as Amazon pays for local labor, hotels and food, among other things. Then there is the future tourism bump. Peter Jackson’s “Lord of the Rings” and “Hobbit” trilogies were a big boon to New Zealand, as they brought in travelers from around the world.

The “Lord of the Rings” series is currently in production and expected to debut in late 2021.

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Nio plans to start delivering cars to Norway in September

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Bin Li, CEO of Chinese electric vehicle start-up NIO Inc., celebrates after ringing a bell as NIO stock begins trading on the floor of the New York Stock Exchange (NYSE) during the company’s initial public offering (IPO) at the NYSE in New York, September 12, 2018.

Brendan McDermid | Reuters

BEIJING — Chinese electric car start-up Nio announced Thursday it plans to begin deliveries in Norway in September, for the company’s first entry into a market outside China.

Nio plans to first launch its ES8 SUV to the new market this year, followed by its ET7 sedan in 2022. The company anticipates expanding its local staff of 15 people to 50 by the end of the year.

The Norway venture will begin with a flagship “Nio House” store in Oslo that’s slated to open in the third quarter. Four smaller showrooms are set to open in other parts of Norway next year.

More than half the new cars sold in Norway last year were battery-powered electric vehicles, according to the Norwegian Road Federation. The 54.3% proportion marked a rapid increase from 42% the prior year.

Chinese EV startup Nio aims to become the Tesla of China

Electric vehicles have dominated new passenger car sales in Norway for the last three years, with Volkswagen‘s Audi e-tron leading last year, Tesla‘s Model 3 in 2019 and Nissan‘s Leaf in 2018, according to the federation.

Other Chinese electric car makers are already selling to Norway. U.S.-listed Xpeng delivered 100 units of its G3 electric SUV in December.

Later this year, Xpeng hopes to see how customers in northern Europe respond to its P7 electric sedan, Chairman and CEO He Xiaopeng said on the sidelines of the the Shanghai auto show last month. He is recruiting new staff and plans to set up a company in the region, before looking at western and eastern Europe.

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Cases, fatalities rise as oxygen shortage persists

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A Covid-19 coronavirus patient breathes with the help of oxygen provided by a Gurdwara, a place of worship for Sikhs, under a tent installed along the roadside in Ghaziabad on May 6, 2021.

Prakash Singh | AFP | Getty Images

India once again reported a record number of cases and fatalities on Thursday as it faces a devastating second wave of Covid-19 infections that has pushed its health-care system to the brink of collapse.

Health ministry data showed there were 412,262 new reported cases of infections over a 24-hour period, pushing the total tally to over 21 million — days after crossing the 20 million mark on Tuesday.

India also reported its highest daily death toll, with 3,980 fatalities. But media reports suggest that the death rate is being underreported.

Prime Minister Narendra Modi’s government is facing criticism for allowing large crowds to gather for election rallies and religious festivals earlier this year as well as for failing to anticipate or prepare for a second wave.

India’s oxygen crisis

“That means essentially the requirement for oxygen (is) also moving up,” he said Tuesday on CNBC’s “Street Signs Asia.

“Typically an ICU requires two-and-a-half to three times the amount of oxygen a ward or a patient in a bed requires. So, as criticality moves up, as mortality moves up, you are going to see the requirement of oxygen also move up,” he said.

Soi explained that Max Healthcare conducts about 4,000 RT-PCR tests in the Delhi area per day and about a week ago, those Covid-19 tests had a positivity rate of over 50%, which has since come down to about 31%.

“So what you are going to see right now is people who were infected about seven, eight days ago, coming into hospitals,” he said, adding these patients need a host of medicines and support, including oxygen.

Courts step in

On Wednesday, India’s Supreme Court ordered the central government to present a comprehensive plan by Thursday outlining steps it will take to meet medical oxygen requirements for hospitals in Delhi, including sources of supply and transport provisions. The country’s top court also stayed a contempt notice issued by the High Court of Delhi on May 4 to the central government for not complying with its orders to supply sufficient oxygen to hospitals in Delhi.

Delhi high court justices Vipin Sanghi and Rekha Palli noted on Tuesday that hospitals and nursing homes have had to reduce the number of beds offered because they are unable to service their existing capacities due to a shortage of medical oxygen.

The National Capital Territory of Delhi, which includes India’s capital New Delhi, is one of several areas that saw a rapid surge in cases, forcing the local government to step up restrictions to try and break the chain of transmission.

Logistics issue

India has sufficient oxygen available, but the main issue lies around logistics, according to Siddharth Jain, director of Inox Air Products, one of India’s prominent industrial and medical gases manufacturers.

Jain told CNBC’s “Street Signs Asia” on Wednesday that the country’s oxygen manufacturers have stepped up production by more than 30% in recent weeks. He said over 9,000 tons of oxygen is available in India per day while consumption of medical oxygen is slightly higher than 7,500 tons.

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Vaccinated people who had Covid may have more protection against variants

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Dr. Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases, speaks during a White House press briefing, at the James Brady Press Briefing Room of the White House January 21, 2021 in Washington, DC.

Alex Wong | Getty Images

People who have had Covid-19 and later got vaccinated may have more protection against highly contagious variants, White House chief medical officer Dr. Anthony Fauci said Wednesday.

Fauci cited a study published in late April that found that after one dose of the PfizerBioNTech vaccine, people with prior coronavirus infections had better immune responses against B.1.1.7 and B.1.351, the variants first identified in the U.K. and South Africa, compared with those who hadn’t had Covid.

He cited an additional study, which was published online and not yet peer-reviewed, that found people with prior infections who were later boosted with two doses of an mRNA vaccine had “increased protection” protection against variants.

The studies provide more evidence on the benefits of getting vaccinated, Fauci said.

“Vaccines are highly efficacious,” Fauci said during a White House Covid briefing. “They are better than the response you get from natural infection.”

His comments come amid the Biden administration’s push to get 70% of U.S. adults partially vaccinated and 160 million adults fully vaccinated by the Fourth of July, a date the administration hopes will be a turning point in the pandemic.

In recent weeks, the pace of individuals receiving their first vaccine doses has fallen, though U.S. health officials say they are working to improve access to the shots as well as encourage more hesitant Americans to get vaccinated.

Earlier Wednesday, the Centers for Disease Control and Prevention published a new report that projected Covid-19 cases would surge through May before sharply declining by July as vaccinations drive down infections.

Highly contagious variants, namely the highly contagious B.1.1.7 first identified in the U.K., remain a wild card, U.S. health officials said, urging Americans to get vaccinated and practice pandemic safety measures.

“We are seeing that our current vaccines are protecting against the contaminant variants circulating in the country. Simply put, the sooner we get more and more people vaccinated, the sooner we will all get back to normal,”  CDC Director Dr. Rochelle Walensky said during the press briefing.

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