Sky News: Bridgepoint brings in banks to push Burger King UK's IPO

ISTANBUL, Nov 12 (Reuters) – Turkey’s lira touched its third all-time low in as many days on Friday, trading below 10 to the dollar, with concerns looming that the central bank will again slash interest rates at a meeting next week despite high inflation.

The currency is the worst performer in emerging markets again this year, having shed two-thirds of its value website in five years, eating into the incomes of Turks along with annual inflation near 20%.

Governor Sahap Kavcioglu has said curbing the current account deficit is key to price stability and boosting the weak lira, forecasting that the balance of payments (BoP) will improve in the rest of 2021.

Bridgepoint currently owns the exclusive right to the Burger King brand in the UK and has around 150 of the hamburger chain’s outlets under its control, including 17 it bought from Essex-based franchisee Zing Leisure back in May.

In addition, the group purchased restaurant brands ASK Italian and Zizzi, took a minority stake in East Asian-inspired dining chain Itsu earlier this year and has put money into takeaway firm Deliveroo.

TIPS yield has been deeply negative all year. After a notable rise at the end of the first quarter, it has slumped back, hitting a new low of -1.24% this week. Although still low by historical standards, the nominal 10-year yield has risen 65 basis points this year.

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It had initially been looking to sell the business and began a process earlier in the summer to find a buyer, something Sky also first reported, but the news channel said it had spoken to sources in the City who believe an IPO is more likely. 

With a 5-7, 7-6 (5), 6-4 win, the 24-year-old Paul followed up his victory over Andy Murray in the quarterfinals in what is proving to be a breakthrough tournament for the former junior French Open champion.

inflation data on Wednesday, which boosted the dollar due to possible earlier Federal Reserve policy tightening. Rising U.S. rates tend to pull funds from emerging economies with high foreign debt, like that of Turkey.

„The BoP may have looked good through the summer months, but this will not prevent a lira slide now, especially if CBT were to continue cutting interest rates,“ said Tatha Ghose, an analyst at Commerzbank.

Inflation-adjusted yields on TIPS have diverged from yields on conventional Treasury bonds in recent months. The difference between the two, the ‚breakeven‘ rate and a closely-watched measure of inflation expectations, has risen sharply.

As well as the UK franchise, Bridgepoint holds a stake in the French franchise of the chain from Restaurant Brands International (RBI), a holding company formed in 2014 from the merger of Burger King and Canadian brand Tim Hortons. 

Burger King UK has benefited significantly this year from its partnerships with delivery firms such as Just Eat, which have themselves seen orders made on their Situs Judi Slot Online Jackpot platforms soar through the roof during the pandemic.

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There are bumps in the road, but equity markets march on. Low long-term bond yields lower the discount rate that’s used to value companies‘ future cash flows in today’s stock price – any backup in the discount rate redraws the map for equity along with the damage from related tightening of credit.

Bridgepoint has a long history of investing in hospitality businesses, including being the owner of Pret a Manger, which it sold to Krispy Kreme owner JAB Holdings for £1.5billion just seven years after buying it for £364million.  

Gargi Chaudhuri, head of iShares investment strategy at Blackrock, says we are in a „new environment“ in which the old assumptions that rising interest rates and nominal bond yields are bad for equities has to be challenged.

With worsening climate change, „there will be a never-ending flow of projects, especially for adaptation,“ said Gareth Phillips, manager of climate and environmental finance at the African Development Bank (AfDB), who is working with Dutch firm SLAMdam to attract investors.

Chase has nearly 4,700 branches in the US, second only to Wells Fargo, and 16,000 ATM locations, more than any other US bank. If branch access is a priority — whether for making transactions or speaking with someone — Chase, a traditional bank, is a great option. But you’ll want to make sure you can easily meet the requirements (listed above) to waive that pesky $12 monthly maintenance fee. 

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