- Wall Street leaders concerned about Mamdani’s policies impacting NYC competitiveness
- Some finance heavyweights including Ackman oppose Mamdani
- Mamdani has engaged with business leaders
World
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.
Sign up here.
“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.
Continue Reading
World
‘Irregular’ armed guards aboard Russian shadow tankers alarm Nordic-Baltic governments
NEWYou can now listen to Fox News articles!
The seizure of a Russian-linked oil tanker in the North Atlantic has highlighted “worry” among NATO and Nordic-Baltic governments over dark fleet vessels and the type of crews onboard, according to a maritime intelligence analyst.
U.S. military and Coast Guard personnel boarded the Marinera between Iceland and the U.K. Wednesday as it operated under deceptive shipping practices, including flying a false flag and violating sanctions.
According to Reuters, Russian authorities demanded the humane treatment and repatriation of the crew members.
Windward maritime intelligence analyst Michelle Wiese Bockmann claimed the Marinera’s ownership had just been transferred to Burevestmarin LLC, a Russian company.
TREASURY TARGETS OIL TRADERS, TANKERS ACCUSED OF HELPING MADURO EVADE U.S. SANCTIONS
U.S. forces seized the Russian-flagged Marinera oil tanker in the North Atlantic Sea Wednesday, Jan. 7, 2026, according to the U.S. military. (US European Command)
“We do not know the status of these sailors and seafarers, who are Russian nationals,” Wiese Bockmann told Fox News Digital. “That lack of clarity is common with dark fleet tankers.
“The Marinera did have its ownership transferred to a newly formed Russian company, with the registered owner, ship manager and commercial manager being Burevestmarin LLC.”
She also suggested NATO and the Nordic-Baltic 8+ group of governments have been “worried” about sanctioned oil tankers with unauthorized personnel onboard, including “armed guards.”
WORLD’S BIGGEST OIL RESERVE HOLDER FACES US CHOKEHOLD AS TRUMP TARGETS VENEZUELA’S SHADOW TANKER FLEET
U.S. forces seized the Russian-flagged Marinera oil tanker in the North Atlantic Sea Wednesday, Jan. 7, 2026, according to the U.S. military. (US European Command)
“Increasingly, and I know the Nordic Baltic 8+ governments are worried about the fact that you are having unauthorized people also on board, also known as armed guards,” Wiese Bockmann said. “But it is highly irregular.
“Armed guards are rarely seen and typically used on ships that are transiting the Gulf of Aden or the Red Sea and are therefore assessed as at risk from attack by Houthis or pirates,” she added.
After the seizure, White House press secretary Karoline Leavitt rejected Russian demands for special treatment of the Marinera’s crew during her regular briefing Wednesday.
“This was a Venezuelan shadow fleet vessel that had transported sanctioned oil,” Leavitt said.
“The vessel was deemed stateless after flying a false flag, and it had a judicial seizure order. And that’s why the crew will be subject to prosecution.”
Russia’s Foreign Ministry said it was “closely following” the situation, according to the state-run TASS news agency.
US COAST GUARD PURSUES THIRD ‘DARK FLEET’ OIL TANKER AS TRUMP TARGETS VENEZUELAN SANCTIONS EVASION NETWORK
A crude oil tanker waits its turn to be loaded with crude oil at Lake Maracaibo in Maracaibo, Zulia State, Venezuela, May 9, 2025. (Federico Parra/AFP/Getty Images)
Wiese Bockmann noted that dark fleet crews are often multinational, typically involving a Russian master with Chinese, Indian or Filipino crew members.
“There is a blurring of commercial and military shipping around the dark fleet,” she said. “What we’re seeing now is something that has really only emerged in the last six or seven months.”
European authorities have also begun holding crews accountable, particularly when captains are “facilitating dangerous deceptive shipping practices, such as spoofing and going dark,” she explained.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
“The EU recently sanctioned the captain of a tanker who refused orders from the Estonian navy (Jaguar) to be stopped for inspection last May. And the French charged a captain over his refusal to comply with orders and failure to justify a flag’s nationality after authorities intercepted a dark fleet tanker in the Atlantic last October,” Wiese Bockmann added.
As previously reported by Fox News Digital, a second vessel, the M. Sophia, was also boarded in international waters near the Caribbean while en route to Venezuela.
Fox News Digital has reached out to the White House for comment.
World
Saudi-led coalition says STC’s al-Zubaidi fled to UAE via Somaliland
DEVELOPING STORYDEVELOPING STORY,
Secessionist leader took a boat to Berbera and then boarded a plane that flew to Abu Dhabi via Mogadishu, coalition says.
Published On 8 Jan 2026
The Saudi Arabia-led coalition in Yemen has announced that the leader of the secessionist Southern Transitional Council (STC) has fled to the United Arab Emirates via Somaliland after skipping planned peace talks in Riyadh.
In a statement on Thursday, the coalition said Aidarous al-Zubaidi “escaped in the dead of night” on Wednesday on board a vessel that departed Aden in Yemen for the port of Berbera in Somaliland.
list of 4 itemsend of listRecommended Stories
Al-Zubaidi then boarded a plane along with UAE officers and flew to Somalia’s capital, Mogadishu. “The plane turned off its identification systems over the Gulf of Oman, then turned it back on 10 minutes prior to arrival at Al Reef military airport in Abu Dhabi,” the statement said.
There was no immediate comment from the STC or the UAE.
If confirmed, the move could deepen the feud between Saudi Arabia and the UAE that came to light after the Abu Dhabi-backed STC launched an offensive against the Riyadh-backed Yemeni government troops in December.
The STC – which initially supported Yemen’s internationally recognised government against the Houthi rebels in northern Yemen – is seeking an independent state in southern Yemen. It seized the provinces of Hadramout and Mahra, which border Saudi Arabia, in a campaign that Riyadh described as a red line for its national security.
The Saudi-led coalition responded with air strikes on the Yemeni port of Mukalla on December 30, targeting what it called a UAE-linked weapons shipment, and backed a call by Yemen’s internationally recognised government for Emirati forces to withdraw from the country.
For its part, Abu Dhabi denied that the shipment contained weapons and expressed a commitment to ensure Riyadh’s security. On the same day, it announced an end to what it called its “counterterrorism mission” in Yemen.
Yemeni government troops, backed by Saudi Arabian air attacks, went on to reclaim Hadramout and Mahra, and the STC said on Saturday that it would attend peace talks hosted by Saudi Arabia.
But the coalition said al-Zubaidi was not on board the Yemeni Air flight that took the STC delegation to Riyadh on Wednesday.
It launched strikes on al-Zubaidi’s forces in Yemen’s Dhale governorate, while Yemeni government’s ground forces moved on the STC controlled Aden and seized the presidential palace in the city.
The head of the internationally recognised government’s Presidential Leadership Council, Rashad al-Alimi, has meanwhile announced that al-Zubaidi has been removed from the council for “committing high treason”.
Al-Alimi said he has asked the country’s attorney general to launch an investigation against al-Zubaidi and take legal action.
World
Live updates: Tracking Venezuela oil tankers as US seizes Russian-flagged vessel
Our Standards: The Thomson Reuters Trust Principles.
-
News1 week agoFor those who help the poor, 2025 goes down as a year of chaos
-
Detroit, MI4 days ago2 hospitalized after shooting on Lodge Freeway in Detroit
-
Georgia1 week ago
Best in Georgia: 2025 AJC Varsity high school football all-state teams
-
Dallas, TX3 days agoDefensive coordinator candidates who could improve Cowboys’ brutal secondary in 2026
-
Detroit, MI1 week agoWith 46k outages around Michigan, Metro Detroit prepares for power loss
-
Southeast1 week agoMurder in small-town America: The crimes that tore quiet communities apart in 2025
-
Miami, FL1 week agoMiami-Dade sheriff’s deputy opens fire on vehicle after altercation during traffic stop, officials say
-
Midwest1 week agoMcDonald’s locks doors to keep out individuals who present ‘a risk’ in crime-ridden Minneapolis area