Zohran Mamdani stands poised to become the first Muslim mayor of New York City after winning the Democratic primary in June. The 34-year-old state assembly member from Queens has captured attention through his progressive platform focused on making the city affordable for its 8.5 million residents. Born in Uganda to Indian parents, Mamdani moved to…
The Federal Reserve plans to reduce interest rates by a quarter point on Wednesday, bringing the benchmark range down to 3.75 percent to 4.00 percent. This marks the second rate reduction of the year, though officials face challenges from a government shutdown that has halted most economic data releases for weeks. The central bank must…
French legislators postponed debate on a wealth tax proposal until next week while working toward a year-end budget deadline. Prime Minister Sebastien Lecornu faces demands from leftist parties for higher levies targeting affluent citizens as part of deficit reduction efforts. Socialist lawmakers want a 3% minimum tax on assets exceeding 10 million euros, while protecting…
South Korea’s Hana Financial Group will create a board-level consumer protection committee and adopt firmwide safeguards for customers. Chairman Ham Young-joo said on Sunday the changes will establish industry standards for protecting consumers beyond basic compliance requirements. The board will replace its risk management panel with the Consumer Protection Committee after shareholders approve governance amendments…
A South Korean investment firm won recognition from the labor ministry on Sunday for environmental and social governance practices. Hanwha Asset Management received the Minister of Employment and Labor Award at the 2025 K-ESG Management Awards. The company has published annual stewardship reports since 2021 and, this year, became the first private asset manager in…
South Korea’s HD Hyundai partnered with America’s largest military shipbuilder to construct support vessels for the Navy. The companies signed their agreement on Sunday at a hotel in Gyeongju ahead of the Asia-Pacific Economic Cooperation summit. Huntington Ingalls Industries operates major yards in Virginia and Mississippi that will receive Korean-made modules and components. The partnership…
A South Korean builder won its first contract to design large atomic plants in America. Hyundai Engineering & Construction will handle initial planning for four reactors as part of a $500 billion energy project in Texas. Fermi America will develop the massive facility near Amarillo to power artificial intelligence systems. The complex will combine atomic…
Lotte Group Chairman Shin Dong-bin will attend the Asia-Pacific Economic Cooperation CEO Summit in Gyeongju, North Gyeongsang Province, from Oct. 28 to 31. The conglomerate announced on Sunday that several senior executives will join him to discuss economic cooperation with international leaders and business figures. Kim Sang-hyun will address digital transformation in retail alongside representatives…
Hyundai Motor Company launched the Ioniq 6 N electric sedan to make high-performance driving accessible at a lower cost. The Korea Herald tested the vehicle on Thursday at the HMG Driving Experience Center in Taean-gun, South Chungcheong Province, where it demonstrated 609 horsepower and reached 100 kilometers per hour in 3.2 seconds. The sedan maintains…
South Korean banks recorded sharp withdrawals from deposits as customers redirected funds into real estate and equities. The five largest banks lost 20.19 trillion won in demand deposits between late September and Thursday, with daily outflows averaging 877.9 billion won. Officials project total withdrawals could reach 27 trillion won by month’s end, the largest decline…
