Trump tariffs: Singapore will continue to be subject to a 10% rate, says MTI
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Manulife buys Comvest to build US$18.4 billion private credit unit
[TORONTO] Manulife Financial agreed to buy a majority stake in Comvest Credit Partners, creating a US$18.4 billion private credit platform as the insurer accelerates its expansion into alternative investments. The company will acquire 75 per cent of the middle-market lender for about US$938 million, according to a statement on Wednesday (Aug 6). The deal includes a potential earnout of as much as US$337.5 million, contingent on performance, and gives Manulife the option to acquire the remaining 25 per cent stake. Comvest, which was founded in 2000, specialises in lending to middle-market companies not backed by private equity and speciality finance. Earlier this year, the firm had been weighing options, including a stake sale, Bloomberg News reported. The deal is expected to be immediately accretive to Manulife's core earnings per share, return on equity, and margins, according to the statement. 'We are really excited about this acquisition,' Manulife chief financial officer Colin Simpson said in an interview, adding that Comvest has a proven track record in private markets. 'It's in a space that itself has grown, and the private credit market is really enjoying fantastic growth, and as far as we are concerned, it's here to stay.' The transaction is expected to close in the fourth quarter, pending regulatory approvals. Morgan Stanley is acting as financial adviser to Manulife, while Skadden Arps Slate Meagher & Flom is providing legal counsel. Manulife shares have slipped 2.6 per cent so far this year to Wednesday's close, giving the Toronto-based firm a market capitalisation of about C$73 billion (S$68 billion). Separately, the insurer reported core earnings of 95 Canadian cents per share in the second quarter, missing the 97 Canadian cents expected by a survey of Bloomberg analysts. Manulife's core earnings dropped 2 per cent from last year to C$1.7 billion, according to a statement. BLOOMBERG
CNA
28 minutes ago
- CNA
Chip-related stocks fall after US tariff announcement
TOKYO: Chip-related shares were down in early Asian trade on Thursday (Aug 7), after US President Donald Trump said he planned to impose a 100 per cent tariff on imported semiconductors. Tokyo Electron, a major Japanese producer of chipmaking equipment, plunged 3.4 per cent as markets opened in Tokyo, and chipmaker Renesas was down 2.5 per cent. In Seoul, chip giant SK Hynix plunged 2.9 per cent, while traders awaited the market's opening bell in Taipei, where TSMC - the world's largest contract maker of chips - is listed. Trump said on Wednesday at the White House that "we're going to be putting a very large tariff on chips and semiconductors". The level would be "100 percent", he told reporters, although he did not offer a timetable for the new levy being enacted. "But the good news for companies like Apple is, if you're building in the United States, or have committed to build ... in the United States, there will be no charge," Trump said. Apple announced on Wednesday that it will invest an additional US$100 billion in the United States, taking its total pledge to US$600 billion over the next four years. Governments around the world are bracing as new waves of US tariffs are due to take effect this week. They hit many products from Brazil on Wednesday and are set to hit dozens of other economies - including the European Union and Taiwan - beginning on Thursday.
CNA
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Cathay Pacific shares fall more than 4%, a day after results
HONG KONG :Shares of Cathay Pacific Airways fell 4.5 per cent in early trade on Thursday after the Hong Kong flagship carrier warned of declining airfares, challenges at its budget carrier and uncertain cargo market conditions. Stock of the airline fell to HK$10.36 per share, the lowest level since June 24. That compared to a 0.3 per cent gain in the broader market.
