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TORONTO, Dec. 2, 2025 /PRNewswire/ – Manulife Financial Corporation (NYSE: MFC) (the “Company”) today announced that it has priced a public offering in the United States of U.S.$1,000,000,000 aggregate principal amount of 4.986% senior notes due 2035 (the “Notes”) at a public offering price of 100%.  The offering was made pursuant to a preliminary prospectus supplement, dated December 2, 2025, to the Company’s registration statement declared effective by the Securities and Exchange Commission (the “SEC”) on September 29, 2025.

The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include future refinancing requirements.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.

This release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  A prospectus supplement and the accompanying prospectus related to the offering have been filed with the SEC and are available on its website at www.sec.gov.  Copies of the prospectus supplement and accompanying prospectus, when available, may be obtained by contacting BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001; Attention: Prospectus Department; Email: [email protected]; Telephone: 1-800-294-1322; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; Email: [email protected]; Telephone: 1-800-831-9146; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717; Email: [email protected]; Telephone: 1-212-834-4533; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department; Email: [email protected]; Telephone: 1-866-718-1649.

The securities will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.

About Manulife Financial Corporation

Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.

Media Relations:
Fiona McLean
Manulife
437-441-7491
[email protected]

Investor Relations:
Derek Theobalds
Manulife
416-254-1774
[email protected]

SOURCE Manulife Financial Corporation

A tech billionaire and his wife said on Tuesday they would pour $6.25bn into individual investment accounts for 25 million children under 10, prompting a wave of new questions about how these so-called “Trump accounts” will work.

The creation of these accounts was included as part of Donald Trump’s massive tax and spending bill, which he signed into law in July. Every child born between 1 January 2025 and 31 December 2028, can receive a Trump account that includes a $1,000 initial deposit from the administration. The money will then be invested.

“Trump accounts will be the first – I guess you could say – first real trust funds for every American child, allowing family members, employers, corporations, generous donors to contribute money that will be invested and grow,” Trump said in a press conference at the White House that focused on the $6.25bn donation.

As part of the press conference, the White House on Tuesday provided further information about the future of Trump accounts. Many details, however, remain scarce.

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Who is eligible for a Trump account?

Anyone who has a social security number and is under the age of 18 may open a Trump account. However, the Trump accounts will not go live until 4 July 2026.

Parents and guardians are responsible for setting up and managing the accounts.

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Who can contribute to a Trump account? And how much can they give?

Children, parents or guardians, family members, friends, and employers may contribute up to $5,000 per year per child. The $1,000 contribution from the US government will not count against that limit.

Philanthropists, charities and some government entities – such as states or tribes – may also contribute without limit.

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What about that $6.52bn contribution?

That money, gifted by Michael Dell and his wife, Susan, will go to children who live in zip codes where the median household income is below $150,000 per year. Each qualifying child is set to receive about $250.

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What happens to the money in Trump accounts?

It will be invested in a diversified, low-cost stock index fund that tracks the overall stock market. Private companies will manage those funds.

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When can you take money out of a Trump account?

Withdrawals are only permitted once a child turns 18. However, those withdrawals come with a big asterisk: at that point, a Trump account effectively functions like a traditional retirement account, which means that any withdrawals could come with a hefty tax penalty.

The White House said Tuesday that there will be some exceptions to that rule, such as “higher education expenses or first home purchases”. Charles Schwab, the brokerage firm, has created an explainer with further details about Trump accounts and taxes.

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Will Trump accounts help lift more US children out of poverty?

Not immediately, if at all. The Trump administration’s tax and spending bill included sweeping cuts to programs such as Medicaid and Supplemental Nutrition Assistance Program (Snap), or food stamps. Experts fear that, without the help of programs, low-income families will be unable to provide for their children or help them succeed.

Critics have also argued that Trump accounts are designed to incentivize people into having more children, since the administration has reportedly toyed with various pronatalist policies, such as giving $5,000 “baby bonuses” to women who give birth.

“As currently structured, these accounts will just become another tax shelter for the wealthiest, while the overwhelming majority of American families, who are struggling to cover basic costs like food, child care, and housing, will be hard pressed to find the extra money that could turn the seed money into a meaningful investment,” Amy Matsui, vice-president of income security and child care at National Women’s Law Center, said in a statement ahead of the Tuesday press conference.

“Moreover, the law prevents many children in immigrant families from benefiting altogether.”

Changes OPEC+ is making to its oil production quota system will likely spark a wave of upstream investments among members, particularly in low-cost Gulf producers, diminishing concerns of long-term supply shortages.

The Organization of the Petroleum Exporting Countries and other major producing nations, including Russia and Kazakhstan, collectively known as OPEC+, approved on Sunday a new mechanism to assess members’ maximum production capacity, which will be used to set output baselines from 2027.

This may seem a highly technical matter. But it could, in theory, mark a welcome change from recent years’ turmoil that saw some members flagrantly exceed production quotas as OPEC de facto leader Saudi Arabia struggled to impose discipline, confounding the oil market.

Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday the new mechanism will help to stabilise markets and reward those who invest in production. OPEC+ accounts for nearly half of the world’s oil supply of 106 million barrels per day in 2025, according to the International Energy Agency.

First, it is important to understand the new Maximum Sustainable Capacity (MSC) mechanism.

The capacity assessment will be done between January and September using a reputable U.S. auditor for 19 out of the 22 group members. It will involve a review of each country’s oilfields and infrastructure to assess how much oil it can bring on stream within 90 days and maintain for one year.

Among the three countries facing U.S. sanctions, Russia and Venezuela will use a non-U.S. auditor while Iran opted to set its baseline using an average production over the three months to October.

Members’ capacities will be approved in a November meeting, where OPEC+ will also agree on its 2027 output quotas, which will represent an equal percentage of capacity for each member. The MSC will be reviewed on an annual basis going forward.

A WAVE OF GULF INVESTMENTS

The system appears primed to spark a wave of investments among members wanting to increase their own production and revenue.

It nevertheless favours wealthy members that have low development and production costs such as Saudi Arabia, the United Arab Emirates and Kuwait.

Indeed, Gulf producers are already looking beyond near-term oversupply concerns and downplaying questions about future oil demand as the world shifts away from fossil fuels.

The UAE targets growing its production capacity to 5 million bpd by 2027 from 4.85 million bpd today, though there is speculation it could increase its capacity to as much as 6 million bpd. Its investments suggest that may well be the case.

Abu Dhabi’s national oil company ADNOC said on November 24 it plans to invest $150 billion over the next five years to expand operations. It also increased the UAE’s conventional oil reserve base by 6% to 120 billion barrels following new discoveries. ADNOC further seeks to unlock so-called unconventional shale reserves, which it estimates contain 22 billion barrels of oil.

Saudi Arabia, the world’s top oil exporter, has a production capacity of 12 million bpd and by far the group’s largest spare capacity, which reached 2.2 million bpd in October, 60% of total OPEC+ spare capacity, according to the IEA. The country’s national oil company Aramco 2222 extracts oil at $2 per barrel, its CEO Amin Nasser recently said, among the lowest in the world.

Aramco, whose capital expenditure is set to reach $52 billion to $55 billion this year, will bring two new fields on stream by year-end, adding 550,000 bpd of production capacity, it said in its third-quarter results.

Kuwait and Iraq could also now seek to accelerate investment plans.

Kuwait aims to increase capacity to 4 million bpd by 2035 from 2.9 million bpd today, based on IEA figures. Iraq is trying to attract foreign investors, including BP BP. and Exxon Mobil XOM, to boost its production capacity by around 1 million bpd to 6 million bpd by 2028.

SOME OPEC+ MEMBERS TO STRUGGLE

The new system, however, puts members whose production is concentrated in more expensive geological structures or offshore, such as Nigeria and Kazakhstan, at a disadvantage as they will require more time and money in order to grow capacity.

Russia, Venezuela and Iran may also struggle to increase investments and production capacity due to international sanctions that severely restrict supplies of vital drilling equipment and access to Western technologies.
The new investments will nevertheless serve OPEC’s intrinsic goal of growing its market share, in particular after losing ground in recent years as production in the U.S., Brazil, Canada and elsewhere soared.

The spending will also ease growing concerns that the oil industry could face a supply crunch towards the end of the decade and beyond due to lower global spending and the slowdown in production in U.S. shale basins and elsewhere.

THE SYSTEM STILL HAS WEAKNESSES

The new capacity measurement system appears more equitable and transparent, offering members and external market participants a better understanding of OPEC+ policies.

Yet it still has weak spots. For one thing, members will likely still be able to produce and export more than their stated quota, as some, including Kazakhstan and the UAE, appear to have done in recent years.

Furthermore, some members will struggle to grow capacity and production due to sanctions and conflict, creating tensions with other countries that will be able to gain market share.

But overall, OPEC+’s drive will encourage further investments in the oil market that could lead to increased supplies and keep prices relatively low.
Source: Reuters

Budget 2025 signals that the federal government will use government contracting for defence, national interest and national security infrastructure projects, and general infrastructure projects, as a core tool to counter the economic impacts of global trade disruptions and tariffs. Central to this approach is implementing a robust Buy Canadian Policy, which places a strong emphasis on prioritizing Canadian suppliers, goods, and services in federal contracting, subject to limited exceptions.

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Three areas of increased spending 

Defence spending 

Budget 2025 outlines a multi-year plan to strengthen Canada’s defence capabilities and build a domestic defence industrial base. The budget states Canada will meet NATO’s 2% defence spending target this year and will fulfill the NATO Defence Investment Pledge by 2035. Key initiatives include a new Defence Industrial Strategy, a Defence Investment Agency to streamline procurement, and targeted investments in advanced technologies and critical sectors. These measures are designed to create opportunities for Canadian manufacturers and suppliers across industries.

For more information, refer to our article on Canada’s New Defence Policy. 

National interest and national security infrastructure projects  

Through the Building Canada Act and the new Major Projects Office (MPO), the federal government will fast‑track the development of infrastructure projects deemed to be in Canada’s national interest. Budget 2025 identifies these “national interest infrastructure projects” as typical transportation, energy, communications, and public‑safety projects deemed vital because they strengthen Canada’s sovereignty and resilience, provide economic benefits, advance the interests of Indigenous Peoples, and contribute to Canada’s climate goals of clean growth. 

Generally, these projects involve some degree of civil works, including the construction or expansion of ports, airports, rail and road corridors, northern all‑weather routes, and energy infrastructure. In the coming months and years, suppliers will be able to bid on significant national interest projects, alone or as part of a consortium, including the following announced nation-building infrastructure projects:   

• Northwest Critical Conservation Corridor¹
• Critical minerals projects, including Canada Nickel’s Crawford Project, Nouveau Monde Graphite’s Matawinie Mine and Northcliff Resources’ Sisson Mine²
• Iqaluit Nukkiksautiit Hydro Project³
• Arctic Economic and Security Corridor⁴
• Port of Churchill Plus⁵
• Alto High-Speed Rail (Ontario–Quebec Corridor)⁶
• Energy projects, including Pathways Plus and Wind West Atlantic Energy⁷

Budget 2025 also creates new funding vehicles targeted at national security-related trade infrastructure. The following funds will be deployed through competitive procurements led by Transport Canada and partnering sponsors, covering planning, design, engineering, construction, and digital systems: 

• Trade Diversification Corridors Fund: $5 billion over seven years to Transport Canada for port, airport, rail, road, and digital trade infrastructure across priority regions (e.g., Great Lakes–St. Lawrence and West Coast), including projects such as additional container port designations (e.g., Quebec City and Hamilton) to catalyze investment and increase supply chain resilience.
• Arctic Infrastructure Fund: $1 billion over four years for major northern transportation assets with dual civilian military applications (airports, seaports, highways, and all season roads), supported by additional funding to accelerate northern regulatory processes in partnership with Indigenous governments and communities.

Budget 2025 lastly invests in national systems that underpin safety, security, and continuity of operations. For government contractors, this translates into tenders for systems integration, civil works, and technology upgrades projects including the modernization of the Meteorological Service of Canada’s high performance computing platform, renewal of Canada’s National Public Alerting, and targeted airport safety and dual use upgrades through the Airports Capital Assistance Program.

General infrastructure projects 

Beyond national interest and national security-oriented builds, the budget advances broad infrastructure and housing programs designed to mobilize private capital and increase domestic demand for Canadian inputs. Measures include the new Build Communities Strong Fund, capital increases and authorities for the Canada Infrastructure Bank, and the Build Canada Homes agency to scale homebuilding and industrialize modern methods of construction. The government’s new Capital Budgeting Framework reorients fiscal planning toward long lived productive assets and third party capital formation, with annual capital investments rising substantially over the forecast horizon.

Buy Canadian policy

Scope and institutional reach 

Budget 2025 confirms the importance of the Buy Canadian Policy as a lever to stimulate domestic production, reinforce strategic industries, and crowd in private investment. The policy intends to achieve this objective by requiring the government to move from “best efforts” to an obligation for the government to select Canadian suppliers by default, wherever possible. Budget 2025 indicates the Buy Canadian Policy will likely apply across federal departments, agencies, and Crown corporations, leveraging all public spending to strengthen Canadian supply chains. 

To date, the government has not published the specifics of the Buy Canadian Policy, which replaces the Interim Policy on government procurement.⁸ However, on November 26, 2025, the Prime Minister’s Office (PMO) announced the policy will prioritize Canadian materials in all contracts over $25 million. It will also apply to all Government of Canada grants and contributions programs, including federal infrastructure funding programs.⁹

The PMO’s announcement further indicates the Buy Canadian Policy will be focused on supply chains: while it does not require the contracted supplier to be Canadian, it will require Canadian steel, aluminum, and softwood lumber when the value exceeds $250,000.

How will buy Canadian be implemented?   

Budget 2025 also indicates the government will pursue regulatory amendments to ensure buy Canadian aspects of federal procurement are not subject to review by the Canadian International Trade Tribunal (CITT), while continuing to respect Canada’s trade obligations and the proper use of national security exceptions provided for in applicable agreements. 

The government has not yet released these regulatory amendments, but they are expected in the coming weeks. It is unclear how the government’s proposal to limit CITT review of procurements for buy Canadian issues will address the concurrent jurisdiction of Canadian courts to entertain judicial review or actions for damages relating to the fairness of procurement processes.  

Practical implications for Canadian suppliers

Budget 2025’s combination of a strengthened Buy Canadian Policy, large defence and national security infrastructure spending, and streamlined major‑project approvals expands opportunities for Canadian companies not only in relation to core defence spending but also in relation to national interest and national security infrastructure projects.  

To take advantage of the initiatives announced in Budget 2025, suppliers should monitor regulatory amendments and program‑specific procurement guidance that will clarify how the Buy Canadian Policy will be implemented.

The Luxury Line Reveals Two Chef-Driven Passion Projects That Mark a Bold New Chapter in the Line’s Epicurean Evolution: La Table par Maîtres Cuisiniers de France and Nikkei Kitchen

MIAMI, Dec. 2, 2025 /PRNewswire/ — Oceania Cruises^®, the world’s leading culinary- and destination-focused luxury cruise line, has unveiled two brand-new culinary concepts aboard Oceania Sonata, the first vessel in its next generation Sonata Class launching in August 2027, during a press conference at ILTM Cannes.

Debuting aboard Oceania Sonata will be the most exclusive fine-dining restaurant at sea, La Table par Maîtres Cuisiniers de France, and Nikkei Kitchen, an evening venue focused on a vibrant fusion of Peruvian flavors and refined Japanese culinary techniques and tastes.

La Table will be the only restaurant at sea to be launched with the seal of approval by the fabled Maîtres Cuisiniers de France (Master Chefs of France, MCF), a globally revered institution dedicated to promoting the French culinary arts.

The partnership with MCF to launch La Table is a world-first for a cruise line and further deepens the relationship between the line and this prestigious association. Oceania Cruises’ two Executive Culinary Directors, Chefs Alexis Quaretti and Eric Barale, have both been inducted into its glittering echelons, making this the only cruise line in the world to have two MCF members overseeing its culinary program.

La Table will seat just 18 guests and offer an intimate and elegant dining experience, featuring a rotation of exquisite menus which will be created by Chefs Quaretti and Barale in tandem with a selection of specially invited Master Chefs of France from around the world. La Table will also be the venue for the reprisal of Oceania Cruises’ famed Dom Pérignon Experience, a six-course tasting menu paired with three vintage Champagnes.

Nikkei Kitchen will join La Table as a new culinary experience aboard Oceania Sonata, bringing guests the chance to indulge in dishes inspired by this intriguing and ever-evolving culinary movement. Born from the blending of Peruvian ingredients and Japanese technique which traces its origins to the late 19th century, when Japanese immigrants settled in Peru and began adapting traditional Japanese recipes with native Peruvian ingredients, Nikkei cuisine is identified through distinctive dishes marked by fresh seafood, bright citrus, soy-based sauces and spicy peppers.

Working alongside Chefs Quaretti and Barale on the development of the menu for Nikkei Kitchen is Chef Gustavo Sugay, who brings more than 20 years of experience in preparing this dynamic cuisine. Chef Sugay has worked alongside the Oceania Cruises team to bring a collection of 12 innovative Nikkei dishes to the line’s signature pan-Asian restaurant, Red Ginger, to great guest acclaim, in the past 12 months.

The menu at Nikkei Kitchen aboard Oceania Sonata will celebrate the time-honored customs of both Peruvian and Japanese cultures while simultaneously embracing experimentation, an ethos that aligns perfectly with Oceania Cruises. Nikkei Kitchen’s bright and airy interior, complete with a modern, open kitchen, will echo the fresh and light dishes served each evening.

“Oceania Sonata represents an incredible opportunity to reimagine the future of our culinary program, while still offering the culinary concepts our guests know and love,” said Jason Montague, Chief Luxury Officer of Oceania Cruises. “La Table and Nikkei Kitchen are emblematic of what sets Oceania Cruises apart, thanks to our ability to pair world-class culinary talent with the creative freedom that results in unforgettable dining experiences. These new culinary concepts reflect our continued commitment to innovation, and our commitment to serve The Finest Cuisine at Sea.”

Chef Quaretti commented: “These restaurants are not just simply new onboard venues; they are the embodiment of Chef Barale’s and my shared dedication to our culinary craft, and we are so excited to share more about these special experiences in the coming months. La Table has allowed us to create a dining experience that honors the heritage of French gastronomy, a cuisine that we are passionate about, and propels it forward. With the addition of Nikkei Kitchen, we’re able to celebrate bold, global flavors in unexpected, fresh ways.”

La Table will be a reservations-only venue limited to 18 guests per evening and a wine experience surcharge will apply. Nikkei Kitchen will be a capacity-controlled experience that is part of the line’s always-included specialty dining options, available on a first-come basis with no reservations required. Additional details of these two extraordinary new concepts, including menus, will be revealed next year.

In addition to La Table and Nikkei Kitchen, Oceania Sonata will feature ten best-in-class culinary experiences, which have become synonymous with Oceania Cruises, including the elegant Grand Dining Room, as well as signature specialty dining venues Jacques, the line’s sophisticated French restaurant; pan-Asian Red Ginger; Polo Grill steakhouse; and Toscana, serving Italian specialties.

Marking the ninth vessel in the Oceania Cruises fleet, Oceania Sonata will be the first of four 1,390-guest ships in the new Sonata Class. Set to debut in August 2027, the new ship will be the most spacious and amenity-rich to date, with 30% of all accommodations composed of suites. A true masterpiece of design, she will deliver a symphony of unforgettable experiences at sea, anchored by the brand’s hallmark passion for gastronomy and its legacy of serving The Finest Cuisine at Sea^®.

For additional information on Oceania Cruises’ exquisitely crafted cuisine and expertly refined travel experiences, visit OceaniaCruises.com, call 855-OCEANIA, or speak with a professional travel advisor.

About Oceania Cruises
Oceania Cruises^® is the world’s leading culinary- and destination-focused luxury cruise line. The line’s eight small, luxurious ships carry a maximum of 1,250 guests and feature The Finest Cuisine at Sea^® and destination-rich itineraries that span the globe. Expertly curated travel experiences are available aboard the designer-inspired, small ships, which call on more than 600 marquee and boutique ports in more than 100 countries on seven continents, on voyages that range from seven to more than 200 days. Oceania Cruises® has four Sonata Class ships on order scheduled for delivery in 2027, 2029, 2032, and 2035. Oceania Cruises^® is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH). To learn more, visit www.nclhltd.com.

About Maîtres Cuisiniers de France
Founded more than 70 years ago, the Maîtres Cuisiniers de France is one of the world’s most prestigious gastronomic associations, dedicated to upholding the excellence, creativity and heritage of French gastronomy.

Membership is by invitation only and awarded to chefs recognized for exceptional mastery, innovation and unwavering adherence to the highest standards.

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SOURCE Oceania Cruises