In today’s news from Europe, the Middle East and Africa (EMEA), Turkish banking regulations are causing banks to pull back on corporate lending, Electrolux is facing weak demand for home appliances and more.
Turkish Banks Reduce Corporate Lending Due to New Banking Regulations
Turkish banks are reportedly pulling back on corporate lending, due to regulations that aimed to keep the cost of credit low for small to medium-sized businesses (SMBs) and exporters.
The regulations aim to provide cheaper credit to small businesses, but they have reportedly saddled Turkish banks with higher costs and more risk. An unnamed official at the country’s central bank told Reuters that since the beginning of the year, the share of loans going to SMBs has risen from 5% to 25%.
Electrolux Says Consumers and Retailers Are Scaling Back Appliance Orders
Due to weaker-than-expected consumer demand in Europe and North America, Swedish home appliance company Electrolux is cutting costs in both regions and launching a turnaround program in North America.
In a press release, the company said that high inventory levels at retailers, production inefficiencies and high costs caused by continuing supply chain problems are adding to these challenges.
Ikea looks to Drive in-Store Traffic With 5% Loyalty Discount
As it reinvents its retail presence, Ikea is also expanding the perks of its free loyalty club, with the Ikea Family club now offering 5% off on select purchases made at any of the company’s 474 physical stores across the U.S.
“By enhancing our IKEA Family benefits, we are able to show greater appreciation for our customers in a meaningful way with everyday discounts while inspiring them to live a better everyday life at home,” Ikea U.S. CEO and Chief Sustainability Officer Javier Quiñones said.
Uber Direct, Bringg Team on Last-Mile Delivery
Delivery management platform provider Bringg and package delivery service Uber Direct have partnered in France, aiming to help retailers provide speedy product delivery to local customers.
Through the collaboration, Bringg will expand its capacity across multiple EMEA regions. The Uber Direct-Bringg partnership dates back to January 2021, when the companies initially announced a deal that would give Bringg’s corporate customers “seamless access” to Uber Direct drivers.
Jordan-Based P2P Lending Platform Raises $18.5M
Jordanian FinTech liwwa has closed an $18.5 million pre-Series B round of equity and debt funding, which included $4.5 million in equity investment led by existing investors DASH Ventures, Dutch Entrepreneurial Development Bank FMO, Edgo and Bank al Etihad.
The round also included debt contributions from a network of local banks and international development finance institutions. Liwwa said it will use the new capital to fund its growth and expansion plans.
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