- Wall Street leaders concerned about Mamdani’s policies impacting NYC competitiveness
- Some finance heavyweights including Ackman oppose Mamdani
- Mamdani has engaged with business leaders
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Wall Street has misgivings about Mamdani as mayor, but prepares for collaboration
NEW YORK, Oct 31 (Reuters) – Wall Street and the finance industry have broad misgivings about the prospect of frontrunner Zohran Mamdani becoming New York City’s mayor, but many are hopeful he moderates his positions as they prepare to try and work alongside him.
Mamdani’s policies range from hiking taxes on New York City’s wealthiest, raising the corporation tax, freezing stabilized apartment rental rates and increasing publicly subsidized housing, raising worries among the finance community that the city’s competitiveness will suffer.
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“There are a whole bunch of ideas that are well-intentioned. What I agree with is that he has attracted real passion,” said Cromwell Coulson, chief executive at Manhattan-based markets data and trading platform OTC Markets Group. Still, Coulson cited concerns, saying that some people could be driven to leave the city if it becomes an unfriendly place for commerce.
“It won’t be day one, but you will see where our hiring footprints go,” said Coulson, who said he ultimately supports Mamdani’s top rival in the race, former Governor Andrew Cuomo, a moderate Democrat. Republican Curtis Sliwa is also on the ballot in the November 4 election.
Reuters spoke to more than half a dozen other members of the finance community, including executives or representatives of financial firms or industry sectors, who declined to be named talking about politics.
“If the election turns out the way the polls suggest, … let’s hope that the worst fears of what might occur thereafter are not realized and that the new mayor, whoever it might be, continues to realize the importance of the business community to the city,” Peter Orszag, CEO of financial advisory and asset management firm Lazard CEO, said on a recent earnings conference call. Orszag had served under Democratic former President Barack Obama as director of the Office of Management and Budget.
Some heavyweights in finance have poured money into efforts to defeat Mamdani. High-profile investor Bill Ackman posted on X on Sunday that Mamdani’s “anti-business policies including higher corporate taxes will kill NYC jobs and cause companies to flee.” Ackman has donated $1 million to Defend NYC, which describes itself as a “bipartisan group of New Yorkers united by a shared concern over the policies and record of Zohran Mamdani,” and $750,000 to Fix the City, which supports Cuomo, according to data on the New York City Campaign Finance Board website.
Billionaire investor Dan Loeb has donated $600,000 to Fix the City and $100,000 to Defend NYC. Representatives for both Ackman and Loeb declined comment.
Still, with betting website Polymarket having the odds of Mamdani winning at 95%, Wall Street leaders are increasingly focusing on how to work with him. Indeed, Mamdani has been engaged directly with business leaders. He spoke with CEOs in meetings organized by the Partnership for New York City, whose members include Wall Street banks, private equity firms and law firms, according to Kathryn Wylde, CEO of the organization. In the summer, he spoke by phone with JPMorgan Chase (JPM.N) CEO Jamie Dimon, who offered help if Mamdani becomes mayor, one of the sources said. Another of the sources said Mamdani has been engaged with the real estate industry.
The call with Dimon was previously reported by Bloomberg.
Yasser Salem, CEO of OneNYC, an independent expenditure committee that backs Mamdani, told Reuters in an interview that he is assembling an advisory council of business leaders to work with Mamdani if he prevails.
“We are highly focused on building specific instances and demonstrations of trust” with the business community, Salem said.
Representatives for Mamdani and Cuomo did not respond to requests for comment.
While the mayor of New York does not have direct oversight on Wall Street, the mayor sets the tone on whether the global heart of capitalism is perceived as business friendly. Governor Kathy Hochul in September endorsed Mamdani in an opinion piece in The New York Times, while saying that she wants to keep New York the center of the global economy.
Christina Greer, a political science professor at Fordham University in New York, noted that for tax hikes to be enacted Mamdani would have to work in conjunction with Albany, which must approve any city tax hikes.
“Whatever process will happen will be incredibly slow and may never actually affect” wealthy residents, said Greer.
RIPPLE EFFECTS THROUGH CITY
Real estate could see a ripple effect, with Mamdani pushing for a rent freeze on rent-stabilized apartments, a measure undertaken by former Mayor Bill de Blasio but reversed by the current outgoing mayor, Eric Adams.
A potential rent freeze has spooked many landlords and lenders, said Paul Rahimian, CEO of Parkview Financial, a Los Angeles real estate lender which has a New York City office. Rahimian said the firm was taking a “hold and see” attitude to extending new loans to real estate developers and projects in New York until after the election.
“There are a lot of landlords that are now no longer making money but whose properties are costing them money every year,” he said.
Isaac Toledano, founder and CEO of Miami-based real estate investment firm BH Group, said he anticipated that 2026 would be busy with relocations from New York to Florida if Mamdani wins.
“There are a lot of people that do not agree with what he’s going to do,” said Toledano.
Reporting by Anirban Sen, Tatiana Bautzer, Lananh Nguyen, Suzanne McGee; additional reporting by Maria Tsvetkova, Matt Tracy, Megan Davies; Writing by Megan Davies; Editing by Leslie Adler
Our Standards: The Thomson Reuters Trust Principles.
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World
FACT FOCUS: RFK Jr. says the US is limiting measles outbreaks better than the rest of the world
Health Secretary Robert F. Kennedy Jr. has said that the U.S., under his leadership, is limiting the spread of measles better than any other country in the world.
His most recent comments came Friday as he testified in his first congressional hearings in months, in which he sought to defend a more than 12% proposed cut to his department’s budget.
THE CLAIM: “The measles outbreak is not an American phenomenon. It is global. It’s happening all over the world. And we’ve done better under my leadership than any country in the world in limiting it.”
THE FACTS: Measles is surging around the world, and other countries have seen bigger outbreaks in 2025 and 2026 than the U.S., including neighboring Mexico and Canada. Overseas, most world regions logged higher case counts than the Americas did in 2025, and an ongoing outbreak in Bangladesh has killed more than 100 children.
But the U.S. is getting worse, not better, at protecting people against the spread of measles, because vaccination rates have been falling. And public health experts have been critical of Kennedy’s response to the rise in measles cases because, instead of forcefully advocating for more vaccinations, he has been reluctant to promote them, cast doubt on their safety and promoted other, untested remedies.
Declining vaccination rates have helped fuel the nation’s biggest surge in measles cases since 1991. And the 2026 case count is already trending higher than last year’s record-breaking total. The U.S. is on the verge of losing its 26-year-old measles elimination status.
Measles is so contagious that it takes a 95% vaccination rate to prevent outbreaks. Nationally, vaccination rates have fallen in recent years from 95.2% in the 2019-20 school year to 92.5% in 2024-25, according to data from the U.S. Centers for Disease Control and Prevention.
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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.
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Find AP Fact Checks here: https://apnews.com/APFactCheck.
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Escaped wolf Neukgu returned to South Korean zoo after nine-day search involving thermal imaging drones
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A wolf who escaped a South Korean zoo nine days ago, captivating international attention, has been found and safely returned.
Neukgu burrowed his way out of the O-World zoo and theme park in Daejeon, south of Seoul, April 8.
The search for Neukgu kept the country on edge, and many worried about the 2-year-old wolf eight years after a puma named Bbo-rong was shot and killed hours after it escaped from the same zoo.
Neukgu was seen several times before he was captured, including on surveillance video.
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Neukgu was on the run for nine days before he was captured. (Daejeon Municipality via AP; Daejeon City Corporation/Reuters)
He was also seen near a highway nearly 3 miles from the zoo, a zoo official said.
The animal was captured just after midnight Friday after he was shot by a veterinarian using a tranquilizer gun.
His vital signs were normal after a health check, but a fishhook was removed from his stomach, zoo officials said.
Neukgu after he was captured. (Daejeon City Corporation/Reuters)
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Neukgu, born in captivity in 2024, is part of a breeding program to bring up the numbers of the Korean wolf, which is considered extinct in the wild.
A veterinarian examines the condition of a male wolf named Neukgu at Daejeon O-World theme park in Daejeon, South Korea, April 17, 2026. (Daejeon Municipality/AP)
He is of the third generation of wolves brought to South Korea from Russia to reintroduce an animal similar to the Korean wolf, which went extinct in the 1960s.
Daejeon Mayor Lee Jang-woo expressed his gratitude to those involved in the search for bringing Neukgu back safely and pledged on Facebook to “prepare measures for animal welfare and civil safety in the process of reorganising (the zoo).”
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The extensive search included drones with thermal image cameras.
Neukgu escaped an earlier attempt at capture when he evaded a perimeter set for him on a mountain near the zoo.
South Koreans were enthralled by Neukgu’s escape, with some calling him an “honorary ambassador for the zoo.” He even sparked an eponymous cryptocurrency meme.
Veterinarians and staff examine Neukgu at Daejeon O-World theme park in Daejeon, South Korea, April 17, 2026. (Daejeon Municipality/AP)
Fans of the wolf lit up social media after his rescue, writing, “welcome back” and “Neukgu, it’s dangerous outside the house.”
After Neukgu’s escape last week, South Korean President Lee Jae Myung wrote on X, “Currently, the police, fire services, and military are mobilizing their full resources to ensure a safe capture and return. I sincerely hope that no casualties occur, and I pray that Neukgu, too, returns safely and unharmed.”
O-World remains closed after Neukgu’s return, and it faces scrutiny after as series of animal escapes. A nearby elementary school also briefly closed after the wolf’s escape for safety reasons.
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Lee Kwan Jong, director of O-World, said Neukgu will be kept separate from the other animals until he has recovered.
Zoo officials said they aren’t sure when O-World will reopen as they review security measures, and the director added that Neukgu’s health will take precedence.
Reuters and The Associated Press contributed to this report.
World
Pressure mounts on Peru’s election authorities amid presidential race delay
The vote count continues to determine who will join conservative Keiko Fujimori in Peru’s presidential run-off in June.
Published On 17 Apr 2026
Calls to remove the head of Peru’s electoral authority have intensified as delays and alleged irregularities clouded the presidential vote count.
As of Friday, no clear challenger has emerged to face conservative frontrunner Keiko Fujimori in the June 7 run-off.
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The general election was held on Sunday, but an extension was granted to accommodate for the difficulties in ballot distribution.
Pressure has mounted against the head of Peru’s National Office of Electoral Processes (ONPE), Piero Corvetto. Complaints over errors and logistical problems during Sunday’s election have been compounded by a slow tally that has rattled investor confidence and heightened uncertainty.
According to the ONPE, leftist Roberto Sanchez and ultraconservative former Lima Mayor Rafael Lopez Aliaga remain locked in a close battle for second place, separated by about 13,000 votes as of Friday.
With 93.3 percent of the ballots counted, Sanchez held 12.0 percent of the vote and Lopez Aliaga 11.9 percent.
Fujimori, meanwhile, remained firmly in first place with 17 percent, positioning her for the run-off. Final results could take up to two weeks, according to local election-monitoring group Transparencia.
The vote counting has been further delayed by the roughly 5 percent of ballots that were identified for review due to missing information or errors in polling station records, according to ONPE data. Those ballots will be reviewed by a special electoral jury before being included in the final count, officials said.
Business leaders and lawmakers from across the political spectrum have called on Corvetto to step down, arguing that a replacement should oversee the second round.
“Errors this serious have consequences,” Jorge Zapata, head of business chamber CONFIEP, told local radio station RPP.
Earlier this week, Corvetto acknowledged that there had been some logistical delays that forced voting to be extended by a day, mainly in Lima. Those delays triggered fraud allegations, notably from Lopez Aliaga, who has called for counting to be suspended. Corvetto has denied that any irregularities took place.
Even so, Peru’s top electoral court, the National Jury of Elections, filed a criminal complaint with prosecutors against Corvetto, citing alleged offences, including violations of voting rights. Representatives for Corvetto did not immediately respond to a Reuters request for comment.
An investigation is also under way after materials from four polling stations were found on a public road in Lima on Thursday, the police said. ONPE said on the social media platform X that the votes from those stations had already been recorded for counting.
European Union election observers said this week that they found no evidence of fraud.
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