The idea that US interest rates will stay higher for longer is probably wrong 
Shein Joins Facebook, Amazon in EU Digital Regulations Compliance 
Inflation is slowly falling, while student debt is climbing: 6 graphs that explain today’s CPI 
Rishi Sunak wants to cut the cost of ‘sicknote’ Britain 
Hertz to Offload 30K EVs This Year, Deepens Cuts Amid Mounting Fleet Losses 
Toyota Motor Launches Trial for EV Pickups in Thailand 
Inditex Re-enters Venezuelan Market with Zara Store Opening 
Samsung Galaxy S24 FE Details Leak: Model Numbers, Name Uncovered 
PepsiCo Recalls Another Popular Soda Brand 
China’s new world order: looking for clues from Xi’s recent meetings with foreign leaders 
The Future of Gold Trading: Technological Advances and Market Predictions in the Philippines 
US SEC Set to Reject Spot Ether ETFs in May Amid Regulatory Hurdles 
Huawei Leaks: Next-Gen Kirin CPU to Rival Apple's M3 Processor 
Tesla Debuts Enhanced Autopilot in China for Just $98 Monthly 
Walmart’s Director and Heir Rob Walton to Step Down From Board 
Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing 
Burger King has kept its stake in its Russian franchisee through Burger King Russia Ltd., a joint venture with VTB Bank, known as Russian President Vladimir Putin’s “piggy bank,” leaked documents show.
Toronto-based Restaurant Brands International Inc., Burger King’s parent company, owns a 15 percent stake in the Cyprus joint venture, Burger King Russia, through a Switzerland-based unit.
The other partners in the Cyprus-registered joint venture Burger King Russia Ltd. is VTB Bank, a state-owned Russian bank, and Investment Capital Ukraine (ICU), once accused of helping Ukraine’s extravagantly corrupt former leader.
ICU owns a 35 percent stake in Burger King Russia through another Cyprus-registered firm.
Another shareholder was a Cypriot company of Russian restaurant mogul Alexander Kolobov who runs Burger King’s operations in the country.
The documents leaked to ICIJ show that all four joint venture shareholders of owned their stakes at times through shell companies in tax havens.
Burger King Russia Ltd. partly owns the Russian franchisee, Burger Rus LLC, which Toronto-based Restaurant Brands International Inc., Burger King’s parent company, has no control over.
Restaurant Brands International Inc. acknowledged the stake in response to queries by the International Consortium of Investigative Journalists (ICJ) and said it is trying to sell the shares but said it can’t be done quickly.
According to Burger King, while it would like to do sell the shares immediately, it will take some time to do so based on its joint venture agreement.
Burger King rival McDonald’s and other fast-food multinationals have ceased operations in Russia in response to its invasion of Ukraine.
Meanwhile, Burger King ceased operations in Russia in response to its invasion of Ukraine and has instead suspended “corporate support” for the restaurants while redirecting profits from its 800 Russian outlets to relief efforts for Ukraine.
In an emailed response to ICIJ, Restaurant Brands said it had asked the master franchisee to suspend the Russian business with immediate effect, but the latter refused. The company added that due to the franchise structure and current agreements, it cannot force the master franchisee to close.
