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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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Video: Deadly Storm Causes Massive Flooding Across Gaza

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Video: Deadly Storm Causes Massive Flooding Across Gaza

new video loaded: Deadly Storm Causes Massive Flooding Across Gaza

Nearly 795,000 displaced people in Gaza were at risk of dangerous floodwaters, according to the United Nations. The heavy rain and strong winds flooded makeshift shelters and collapsed several buildings, according to the Gaza Civil Defense.

By Jorge Mitssunaga, Nader Ibrahim and Saher Alghorra

December 12, 2025

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Archaeologists uncover rare fresco of Jesus in town Pope Leo XIV recently visited

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Archaeologists uncover rare fresco of Jesus in town Pope Leo XIV recently visited

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Archaeologists in Turkey have discovered a fresco of a Roman-looking Jesus as the “Good Shepherd,” which is being hailed as one of the most important finds from Anatolia’s early Christian era.

The work of art was found in August in an underground tomb near the town of Iznik, where the Nicene Creed, a foundational statement of Christian belief, was adopted in A.D. 325. The tomb itself is believed to date back to the third century, when the area was still under the Roman Empire and Christians faced persecution.

POPE LEO XIV OPENS FIRST FOREIGN TRIP IN TURKEY WITH A VISIT TO CHRISTIANITY’S EARLY HEARTLANDS

Archaeologists clean and restore frescoes inside a 3rd-century tomb where a rare early Christian depiction of Jesus as the “Good Shepherd” was discovered, in Iznik, Turkey, Friday, Dec. 12, 2025. (Khalil Hamra/AP Photo)

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The fresco shows a youthful, clean-shaven Jesus dressed in a toga and carrying a goat on his shoulders, according to The Associated Press, which was the first international media organization given access to the tomb. The outlet noted that researchers say the fresco represents one of the rare instances in Anatolia in which Jesus is portrayed with Roman attributes.

The lead archaeologist on the project believes the artwork could be the “only example of its kind in Anatolia,” the AP reported.

A fresco depicting Jesus as the “Good Shepherd” adorns the wall of a 3rd-century tomb in Hisardere, where archaeologists uncovered one of Anatolia’s best-preserved early Christian artworks, in Iznik, Turkey, Friday, Dec. 12, 2025. (Khalil Hamra/AP Phto)

POPE LEO XIV CALLS FOR ‘DIVINE GIFT OF PEACE’ IN MAIDEN VISIT TO MIDDLE EAST

Pope Leo XIV recently visited the town as part of his first overseas trip since taking the helm of the Vatican. While in Iznik, Pope Leo XIV marked the 1,700th anniversary of the Council of Nicaea, which set forth the Nicene Creed that millions of Christians still read today.

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Turkish President Recep Tayyip Erdogan (L) welcomes Pope Leo XIV (R) with an official welcoming ceremony at the Presidential Complex in Ankara, Turkiye, on Nov. 27, 2025.  (Utku Ucrak/Anadolu via Getty Images)

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Turkish President Recep Tayyip Erdoğan presented a tile painting of the “Good Shepherd” discovery to the pope, according to the AP.

While in Turkey, Pope Leo XIV was joined by Eastern and Western patriarchs and priests as they prayed that Christians would one day be united once again. They prayed together over the site where the council produced the Nicene Creed. The men recited the creed, which the pope said was “of fundamental importance in the journey that Christians are making toward full communion,” according to the AP.

The Associated Press contributed to this report.

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Three years on, former MEP Kaili remains in limbo still awaiting trial

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Three years on, former MEP Kaili remains in limbo still awaiting trial

The detention of former EU foreign policy chief Federica Mogherini earlier this month in a fraud investigation in Belgium has raised fresh questions about why suspects in the European Parliament’s corruption scandal still have not faced trial, three years after arrests that shocked Brussels.

Mogherini, who led the EU’s diplomatic service from 2014 to 2019 and then served as rector of the prestigious College of Europe, was questioned alongside two others on suspicion of alleged procurement fraud, corruption and conflict of interest related to an EU-funded diplomatic training programme.

The Italian top diplomat, who was eventually released pending charges, has since resigned from her post at the College of Europe.

Meanwhile, the protracted European Parliament corruption scandal investigation, which began with raids across Brussels on 9 December 2022, has moved at a glacial pace.

Greek MEP Eva Kaili became the face of the scandal when Belgian police revealed it had discovered €150,000 in cash — purportedly in large bags — at her Brussels residence during the raids.

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Since then, Kaili has spent the intervening years in a legal purgatory, or what some have since dubbed “Belgiangate”.

Brussels rocked by Parliament sting

Authorities said they discovered a total of €1.5 million in cash during the 2022 sting, including €600,000 at the home of former Italian MEP Antonio Panzeri and the money found at the Brussels residence of Kaili, who was also serving as one of 14 vice presidents of the European Parliament at the time.

Kaili’s father Alexandros was apprehended at the Sofitel hotel at Place Jourdan with a suitcase containing “several hundred thousand euros,” according to authorities.

A special police team accompanied by investigating judge Michel Claise then raided Kaili’s home that evening, arresting her in front of her two-year-old daughter.

Stripped of her parliamentary immunity, Kaili spent four months in pre-trial detention followed by house arrest with an electronic bracelet until May 2023, all while maintaining her innocence in what prosecutors allege was a scheme by three non-EU countries to buy influence in the European Parliament.

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She remains charged with participation in a criminal organisation, corruption and money laundering.

The 47-year-old former MEP has consistently denied all charges. Her partner Francesco Giorgi, a parliamentary assistant and former aide to Panzeri, admitted accepting bribes but alleged Kaili was not directly involved in the corruption scheme. He is the father of Kaili’s daughter.

Byzantine court drama

The case centres on allegations that Qatar, Morocco and Mauritania sought to influence European Parliament decisions through bribes paid to MEPs and staff. Authorities say the scheme aimed to kill off parliamentary resolutions condemning Qatar’s human rights record and secure visa liberalisation for Qatari citizens. Both Qatar and Morocco deny the allegations.

Panzeri struck a deal with prosecutors in January 2023 to become a cooperating witness in exchange for a reduced sentence. Under the agreement, he committed to revealing “the identity of the persons he admits to having bribed.”

Defence lawyers have challenged Panzeri’s credibility and the methods used to secure his confession.

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The case took another hit after Claise, the investigating judge who ordered Kaili’s arrest, was forced to recuse himself in June 2023 after it emerged his son was a business partner of Belgian MEP Marie Arena’s son — Arena herself later charged in the scandal.

Defence lawyers claim Claise knew about these connections and should have recused himself earlier, and that he protected Arena by delaying her indictment.

Marie Arena was charged only in January with participation in a criminal organisation but not with corruption or money laundering. Police found €280,000 in cash at her son’s home, according to Belgian media reports.

Another significant development came in September 2024 when a Brussels judge ordered Committee R, an independent body overseeing Belgian intelligence, to review the legality of “specific and exceptional methods” used by Belgian secret service VSSE in the investigation.

“It’s a very important and extraordinary decision that the appeal court made,” Kaili’s lawyer Sven Mary told Euronews at the time, adding that the finding could open a “new Pandora’s box” about the role Belgian intelligence played.

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The Committee had issued an opinion in January confirming that the VSSE acted within the law. However, defence lawyers pointed out that Belgium’s penal code was not amended to criminalise foreign interference until April 2024 — a year and a half after the raids. At the time of the original investigation, only military espionage qualified as a prosecutable offence of interference.

Kaili has also challenged other parts of the investigation, arguing that Belgian authorities subjected her to “medieval” conditions during detention.

Her lawyers claimed she was held in solitary confinement for three days in January 2023 without adequate blankets, with lights on continuously, which they described as “torture”. Belgian prosecutors disputed these claims.

Case known as Belgiangate?

The procedural challenges facing the investigation are substantial. Defence lawyers have questioned the case on multiple fronts, including how Kaili’s immunity was lifted, the role of Belgian intelligence services, and the credibility of key witness Antonio Panzeri.

A crucial dispute centres on whether investigators artificially created a flagrant delicto situation. When Kaili’s father was arrested carrying a suitcase of cash on 9 December 2022, Judge Claise used this to justify an immediate search of Kaili’s home.

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Defence lawyers argue immunity can only be lifted when someone is caught in the act, and that investigators manufactured these conditions specifically to bypass her parliamentary protections.

Questions about Panzeri’s reliability intensified after Giorgi secretly recorded an investigator saying, “Panzeri is lying.”

The recording, revealed by Belgian outlet La Libre, is said to have captured the investigator repeatedly questioning the credibility of the man Belgian authorities consider the scheme’s mastermind.

Prosecutors want the recording excluded, citing “unclear” circumstances. Defence lawyers insist it proves Panzeri’s cooperation agreement was granted too hastily and should have required court approval.

In September 2024, Kaili and Giorgi filed a defamation complaint against Panzeri with prosecutors in Milan.

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In July of this year, Kaili won a legal victory when the EU’s General Court ruled that the European Parliament had wrongly denied her access to documents about her alleged mismanagement of parliamentary assistant allowances, part of an EPPO claim.

All still in limbo

The case has expanded significantly since the initial arrests. In March, prosecutors requested that parliamentary immunity be waived for Italian S&D MEPs Elisabetta Gualmini and Alessandra Moretti.

In total, at least 10 people now face charges, including former MEPs Panzeri, Cozzolino and Marc Tarabella, as well as lobbyist Niccolò Figà-Talamanca and Luca Visentini, general secretary of the International Trade Union Confederation.

The Brussels Chamber of Indictment only began reviewing the legality of the investigation this week, with hearings involving more than 20 parties to the case.

Kaili, who did not seek re-election in 2024, now lives in Italy and Greece, where authorities froze her assets shortly after her arrest, while it remains unlikely a trial will begin before late 2026 at the earliest.

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