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Wall Street has misgivings about Mamdani as mayor, but prepares for collaboration 

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Wall Street has misgivings about Mamdani as mayor, but prepares for collaboration 
  • Wall Street leaders concerned about Mamdani’s policies impacting NYC competitiveness
  • Some finance heavyweights including Ackman oppose Mamdani
  • Mamdani has engaged with business leaders

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, opens new tab 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.

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Some heavyweights in finance have poured money into efforts to defeat Mamdani. High-profile investor Bill Ackman posted on X on Sunday, opens new tab 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, opens new tab, 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, opens new tab, 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%, opens new tab, 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), opens new tab 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.

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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, opens new tab, 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.

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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

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Escaped wolf Neukgu returned to South Korean zoo after nine-day search involving thermal imaging drones

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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.

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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.

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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.

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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.

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Pressure mounts on Peru’s election authorities amid presidential race delay

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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.

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.

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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.

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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.

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European Union election observers said this week that they found no evidence of fraud.

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Australia’s most decorated veteran walks free on bail on war crimes charges related to Afghan deaths

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Australia’s most decorated veteran walks free on bail on war crimes charges related to Afghan deaths

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MELBOURNE, Australia (AP) — Australia’s most decorated living veteran, Ben Roberts-Smith, walked free on bail from a Sydney prison on Friday, 10 days after he was charged with war crimes in the killings of five people while serving in Afghanistan.

Judge Greg Grogin granted Roberts-Smith bail in a Sydney court around five hours earlier, ruling the former Special Air Service Regiment corporal had established exceptional circumstances to justify his release from custody. Prosecutors had opposed bail and argued there was a risk that Roberts-Smith would flee Australia or interfere with witnesses and evidence.

Roberts-Smith, 47, was arrested on April 7 and charged with five counts of war crime murder involving the deaths of five Afghans in Uruzgan province in 2009 and 2012.

AUSTRALIA’S MOST DECORATED LIVING SOLDIER CHARGED AMID FIERCE DEBATE OVER WAR CRIMES ALLEGATIONS

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SYDNEY, AUSTRALIA – JUNE 07: Ben Roberts-Smith departs the Federal Court of Australia in Sydney on June 07, 2021 in Sydney, Australia. Ben Roberts-Smith is suing three Fairfax newspapers for defamation over reports he committed war crimes while serving in the Australian Special Air Services in Afghanistan. Ben Roberts-Smith is Australia’s most decorated living soldier and a Victoria Cross recipient. (Sam Mooy / Getty Images)

Australian law defines war crime murder as the intentional killing in a context of armed conflict of a person who is not taking an active part in the hostilities, such as a civilian, prisoner of war or a wounded soldier.

Roberts-Smith was driven away from Sydney’s Silverwater Correctional Complex late Friday apparently wearing the same clothes he wore when police escorted him from a commercial airliner at Sydney Airport last week, news media images showed.

Roberts-Smith was awarded both the Victoria Cross and Medal of Gallantry for his service in Afghanistan and is only the second Australian veteran of the Afghanistan campaign to be charged with a war crime.

The charges follow a military report released in 2020 that found evidence elite SAS and commando regiment troops unlawfully killed 39 Afghan prisoners, farmers and other noncombatants. Around 40,000 Australian military personnel served in Afghanistan between 2001 and 2021, of whom 41 were killed.

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Similar allegations against Roberts-Smith were found credible in a civil court case in 2023 when a judge rejected his claims that newspaper articles defamed him.

AUSTRALIA’S MOST DECORATED WAR VETERAN APPEALS COURT RULING THAT BLAMED HIM FOR UNLAWFUL KILLING OF AFGHANS

At that trial, Roberts-Smith testified he had never killed an unarmed Afghan and denied ever committing a war crime. He claimed he has the victim of spiteful fellow soldiers’ lies and of others’ envy of his medals.

Corporal Ben Roberts-Smith VC, MG attends a Victoria Cross and George Cross Association Reunion Service at St. Martin-in-the-Fields Church on May 30, 2012 in London, England. (Max Mumby / Indigo / Getty Images)

But while the civil court found the war crimes allegations were mostly proven on a balance of probabilities, the war crime murder charges would have to be proved in a criminal court to a higher standard of beyond reasonable doubt.

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Roberts-Smith is accused of personally shooting dead two victims. He allegedly ordered subordinates to shoot the other three victims.

In opposing bail, prosecutor Simon Buchen described the charges against Roberts-Smith as “among the most serious known to the criminal law.”

Buchen said Roberts-Smith had been “on the cusp of relocating overseas” without telling authorities when he became aware that prosectors were considering charges.

Roberts-Smith had made “advanced plans to relocate overseas. Consideration was being given to moving to various destinations overseas,” Buchen told the court.

Roberts-Smith faces a potential maximum sentence of life in prison on each conviction. He has yet to enter pleas.

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JUDGE RULES AUSTRALIA’S MOST DECORATED WAR VETERAN UNLAWFULLY KILLED POWS, COMMITTED WAR CRIMES IN AFGHANISTAN

Defense lawyer Slade Howell told the bail hearing Roberts-Smith’s case “may properly be described as exceptional in the sense that it is out of the ordinary.”

“The use of domestic courts to prosecute alleged war crimes committed by a highly decorated Australian soldier deployed overseas repeatedly by the Australian government to fight a war on its behalf is unprecedented and is uncharted legal territory of the common law of this country,” Howell said.

FILE – Ben Roberts-Smith arrives at the Federal Court in Sydney on June 9, 2021. Australia’s most decorated living war veteran lodged an appeal on Tuesday, July 11, 2023, against a civil court ruling that blamed him for the unlawful killings of four Afghans. (AP Photo/Rick Rycroft, File) (AP Photo/Rick Rycroft, File)

Howell also said Roberts-Smith’s “proceedings will be beset by a multitude of delays, many of which are peculiar to these proceeding.”

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Potential delays could arise if prosecutors decide to charge one or more of Roberts-Smith’s fellow veterans, some of whom now live overseas, Howell said.

Roberts-Smith took part in the bail hearing by video link from prison and spoke only when asked by the judge to confirm that he could see and hear proceedings.

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