EMEA Daily: Turkish banks face new regulations

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In today’s news from Europe, the Middle East and Africa (EMEA), Turkish banking regulations are pushing banks to pull out of business lending, Electrolux faces weak demand for appliances and more.

Turkish banks reduce business loans due to new banking regulations

Turkish banks are reportedly cutting business lending, due to regulations aimed at keeping the cost of credit low for small and medium-sized enterprises (SMEs) and exporters.

The regulations aim to provide cheaper credit to small businesses, but they would have imposed higher costs and more risk on Turkish banks. An unnamed official from the country’s central bank told Reuters that since the start of the year, the share of loans to SMEs has risen from 5% to 25%.

Electrolux says consumers and retailers are reducing 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 high inventory levels at retailers, production inefficiencies and high costs caused by ongoing supply chain issues add to these challenges.

Ikea seeks to drive in-store traffic with 5% loyalty discount

As it reinvents its retail presence, Ikea is also expanding the benefits of its free loyalty club, with the Ikea Family club now offering 5% off select purchases at any of the 474 physical stores in the country. company in the United States.

“By enhancing our IKEA Family benefits, we are able to show greater appreciation for our customers in meaningful ways with daily discounts while motivating them to live a better everyday life at home,” said Javier Quiñones, CEO and director of sustainability for Ikea US.

Uber Direct and the Bringg team on last mile delivery

Delivery management platform provider Bringg and parcel delivery service Uber Direct have teamed up in France, with the aim of helping retailers provide fast product delivery to local customers.

Through this collaboration, Bringg will expand its capacity in several EMEA regions. The Uber Direct-Bringg partnership dates back to January 2021, when the companies initially announced an agreement 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 $18.5m pre-Series B equity and debt financing round, which included $4.5m in equity investments led by existing investors DASH Ventures, the 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 would use the new capital to fund its growth and expansion plans.

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