RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Latvia points at Russia on banking crisis; Amazon partners with BofAML

And UK Labour leader accuses banks of taking the economy hostage.

From Bloomberg: The banking crisis engulfing the tiny nation of Latvia has turned into a potential diplomatic incident, with a statement from Riga that points the finger at Moscow. “There is a high probability that an externally organized widespread information operation is being carried out that, by its structure and execution, is identical to those observed in pre-election periods in the U.S., France and Germany,” Latvia’s Defense Ministry said in an emailed statement on Tuesday.

From CNBC: In his shareholder letter two years ago, Amazon CEO Jeff Bezos said he was looking to team up with banks that could help his company expand its lending program for small businesses that sell on Amazon's websites. CNBC has learned that Amazon Lending, which launched in 2011, ultimately found a partner in Bank of America Merrill Lynch, according to people familiar with the matter who asked not to be named because the alliance is confidential. Partnering with Bank of America allows Amazon to reduce its risk and access capital specifically to provide credit to more merchants so they can acquire inventory.

From Reuters: Britain’s financial sector will be “the servant of industry not the masters of all” if the opposition Labour Party gets into power, its leader Jeremy Corbyn said on Tuesday, accusing bankers of taking the economy hostage. Corbyn, a socialist who has won over many voters with promises to renationalize services and increase public spending, has long targeted London’s lucrative financial sector, saying politicians have been in thrall to money-makers for too long.

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