Saudi Arabia keeps control of oil market despite production increase

Prince Abdulaziz bin Salman, Saudi Arabia’s oil minister, has urged fellow producers to tighten the amount of oil released into the market. He fears that additional oil flowing into the market could cause prices to drop. Especially during the pandemic, oil prices have declined due to an increase in the number of people staying home. T

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President Biden Proposes Raising the Corporate Tax Rate to 28%

To fund his $2 trillion infrastructure plan, President Joe Biden has proposed to raise the corporate tax to 28%. According to the New York Times, corporations will be required to pay fifteen years of taxes at the 28% rate. This is an increase from President Trump’s previous tax cuts, which decreased the corporate tax from 35% to 21%. Not all companies will be taxed the same amount, however.

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Janet Yellen Calls on G-20 to Take Action

Janet Yellen’s G-20 letter served as an urgent call for a multilateral effort to tackle key issues. The primary focus was to call on countries to act quickly on COVID-19, stating that a global vaccination effort is the strongest stimulus the global economy could receive. She also suggested that the IMF allocate SDRs to enhance liquidity for low-income countries.

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Rotation out of Treasuries Accelerates

Major indexes faltered this week while Treasury Yields soared. The 10Y Treasury yield has passed 1.3%. In theory, these two should move in the same direction. Treasury yields rise because investors are rotating out of them and into riskier assets like equities. This is known as risk-on.

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Regal Cinemas Remain Closed: What is the Future of the Movie Theater Industry?

Recently, Regal Cinemas, the second-largest theater chain in the country, chose to close all their theaters in the US indefinitely due to rising COVID-19 cases. This closure will affect 45,000 jobs, with 40,000 of them in the US. Movie theaters run off of foot traffic, and with the rise in online streaming services, they are already struggling.

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