Category: 3. Business

In the Cape York community of Wujal Wujal, local service providers used to hold their breath every time a big storm rolled in. Cloud cover could knock out their satellite internet just when they needed it most.

Since installing Starlink’s low Earth orbit (LEO) satellite service, however, everything from video calls to uploading files has become far more reliable – even in heavy rain. People report there is now no lag, whereas with the previous service, Sky Muster, even cloud cover could cause the internet to stop working.

Reliable connectivity is crucial in an emergency. When nearly half the buildings in Wujal Wujal were destroyed by the December 2023 flood following Cyclone Jasper, and the fibre-optic cable was broken, Starlink provided the only reliable communications in the aftermath.

Examples like this help explain why Starlink has grown so quickly in remote Australia. With high speeds, low latency and data that works in wet weather, it has become the preferred option for agencies and businesses frustrated with older technologies. There are now more than 200,000 Starlink subscriptions in Australia, compared with about 80,000 NBN Sky Muster services.

But our research as part of the Mapping the Digital Gap project shows Starlink is creating a new kind of digital divide in remote First Nations communities – not just between cities and the bush, but within communities themselves. A small minority now enjoy fast, reliable Starlink, while First Nations households predominantly use prepaid mobile services, where mobile is available, with high-priced but limited data.

Twice the rate of digital exclusion – and worse in remote communities

The new Mapping the Digital Gap 2025 outcomes report finds First Nations Australians are twice as likely as other Australians to be digitally excluded.

Nationally, using the Australian Digital Inclusion Index measure out of 100, First Nations score on average 63.4, where non–First Nations Australians average 73.9 – a “digital gap” of 10.5 points. In the very remote communities we visited, this gap more than doubles to 24.2, with three in four people digitally excluded.

Access to reliable and affordable connectivity and devices is the biggest driver. Access scores in very remote First Nations communities sit 42.4 points below those of non-First Nations Australians – far larger than gaps for affordability or digital ability.

There is some good news. Digital ability has improved by nearly nine points in two years, and daily internet use has risen from 44% to 62%. But this still lags far behind other Australians, 95% of whom go online daily.

In short, people are trying harder than ever to get online – but face barriers of infrastructure, pricing and limited digital support.

Starlink for agencies, prepaid mobiles for everyone else

Starlink arrived in northern Australia in late 2022 and spread quickly across our research sites. Schools, councils, health services and police adopted it to get around mobile congestion and weather-related dropouts.

As one coordinator in Wadeye said, “We used to just stop working at three … 1764719613 we’ve all been Elon Musked.”

The rapid uptake shows remote communities are often early adopters. In Wilcannia, café owner Shona Cook says they “went straight to Starlink because we know that it works out in regional areas […] everything you need” now runs on it.

But Starlink remains out of reach for most First Nations households. Across sites such as Wilcannia and Wujal Wujal, only 1–2% had adopted it by 2024. Upfront equipment costs of A$500 to A$600 and monthly fees of A$139 are simply unaffordable.

Instead, nearly everyone relies on mobile phones. In 2024, 99% of First Nations mobile users in remote communities were on prepaid plans.

Many households reported spending more than A$280 a month on data, with large households often exceeding A$400 – for slow speeds, data limits and patchy coverage. Those spending the most, relative to income, often get the worst internet.

A new ‘elite’ infrastructure

This pattern is creating a localised divide. Agencies, contractors and a few higher-income residents enjoy fast Starlink. At the same time, most others are left with congested 4G, legacy satellite services and costly, limited prepaid data.

One Wilcannia resident can now send “massive files within two minutes” and stream reliably, but said: “If there was a cheaper way […] we’d definitely look at that.”

Without intervention, Starlink risks becoming “elite” infrastructure: a premium service for those who can pay, while others juggle multiple prepaid services, share phones, and sacrifice speed and reliability just to stay connected.

How to make Starlink part of the solution

Other low Earth orbit satellite internet businesses are entering the market, too. From 2026, the NBN will be using Amazon’s satellites, and Telstra is providing Starlink services and small-cell mobile services via OneWeb. These may improve reliability, but risk widening the divide if plans aren’t affordable.

The best way to avoid this is policies that treat connectivity as an essential service and design solutions around the realities of remote First Nations households. That could include:

• targeted subsidies or concessional plans for low-income households

• prepaid-style broadband products

• community-based access models, such as mesh Wi-Fi or shared infrastructure

• ongoing digital skills support within community organisations.

The new First Nations Digital Inclusion Dashboard gives communities and policymakers a powerful tool to track progress and push for change.

Closing the Gap Target 17 aims for equal digital inclusion by 2026. Starlink and other low Earth orbit services could play a transformative role – but only if the benefits are shared equitably, not reserved for the few who can pay.

This outlook has guided his contribution to sport and entertainment venue design. 

Kyle joined Populous in 2019 and is currently completing a Master of Architecture at the Queensland University of Technology. 

Based in our Brisbane studio where he is an Architectural Assistant, Kyle is passionate about designing immersive spaces that elevate how people feel and experience live events. Outside of work, he’s all about sports and live music, chasing the same energy he aims to build into projects. 

Chris Paterson, Senior Principal and Director at Populous, said Kyle has already begun to make an impact on venue design, not only in Australia but internationally, extending his expertise to projects such as the Las Vegas Sands Arena in Singapore and Kai Tak Sports Park in Hong Kong.  

The city of San Francisco on Tuesday sued ten leading food makers over their ultra-processed products, accusing the industry’s giants of knowingly selling foods that have been linked to a rise in serious diseases.

City officials claim the companies’ tactics resemble those of the tobacco industry. Local governments, they argue, have to shoulder the public health care costs.

Firms including Kraft Heinz, Mondelez and Coca-Cola have intentionally marketed addictive, unhealthy products in violation of California laws on public nuisance and unfair competition, according to the complaint.

Kraft, Mondelez and the other companies named as defendants did not immediately respond to requests for comment

Their products range from cookies and sweets to cereal and granola bars.

“These companies engineered a public health crisis, they profited handsomely, and now they need to take responsibility for the harm they have caused,” said San Francisco City Attorney David Chiu said in a statement.

Sarah Gallo, senior vice president of product policy at the Consumer Brands Association, an industry trade group, said an “agreed upon scientific definition” of ultra-processed foods does not exist.

“Attempting to classify foods as unhealthy simply because they are processed, or demonizing food by ignoring its full nutrient content, misleads consumers and exacerbates health disparities,” Ms Gallo said in a statement.

Food and beverage manufacturers, she added, are introducing new products with more protein and fibre, less sugar and sodium and without synthetic colour additives.

The lawsuit, filed in San Francisco Superior Court and one of the first of its kind, argues that the growing availability of ultra-processed foods has coincided with a “dramatic increase” in obesity, diabetes, heart disease, cancers and other chronic illnesses.

“This case is about food products with hidden health harms,” the complaint states.

The city is requesting monetary penalties and a statewide order forcing the food giants to change their “deceptive” marketing tactics.

Concern about ultra-processed foods has emerged as an area of consensus among some left-leaning officials and the Trump administration, even as they remain divided over Health Secretary Robert F Kennedy Jr’s other positions, including his scepticism of vaccines.

In April, Kennedy announced that the US would, for example, ban eight commonly used artificial food dyes.

The US health secretary and his Make America Healthy Again movement have also called for companies to remove ingredients such as corn syrup, seed oils and artificial dyes from their products, linking them to health problems.

Some food companies have announced changes to their products since Trump’s return to the White House. Coca-Cola this summer agreed to use real cane sugar in its drinks sold in the US.

San Francisco’s lawsuit is the first filed by a government entity over food companies’ intentional marketing of ultra-processed foods.

But this year, a judge in Pennsylvania dismissed a separate complaint brought by an individual who claimed ultra-processed foods contributed to his diabetes and liver disease diagnoses.

TSX/NYSE/PSE: MFC      SEHK:945

C$ unless otherwise stated

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.