Tietoevry Corporation (Tieto1)) has received an announcement pursuant to the Securities Market Act regarding a change in its shareholding. Silchester International Investors LLP has announced that its holding has decreased to 17 754841 shares, representing 14,97% of the total number of shares.
Silchester acts as investment manager for certain commingled funds (“Clients”). In acting for its Clients, Silchester is given full discretion over their investments and is empowered to vote on their behalf. One of the Clients, the Silchester International Investors International Value Equity Trust, holds 6.3% of the shares.
Target company: Tietoevry Corporation, Business Identity Code: 0101138-5
Date on which threshold was crossed or reached: 24 November 2025
The registered number of shares of the company is 118 640 150, which entitle to a total of 118 640 150 votes.
1) Tietoevry has adopted the new brand name Tieto as from November 2025. The change of the Parent company’s name, Tietoevry Corporation, is subject to the decision of the Annual General meeting.
For further information, please contact
Tommi Järvenpää, Head of Investor Relations, tel. +358 40576 0288, tommi.jarvenpaa (at) tietoevry.com
TIETOEVRY CORPORATION
DISTRIBUTION
NASDAQ Helsinki
NASDAQ Stockholm
Oslo Børs
Principal Media
Tietois a leading software and digital engineering services company with global market reach and capabilities. We provide customers across different industries with mission-critical solutions through our specialized software businesses Tieto Caretech, Tieto Banktech and Tieto Indtech as well as TietoTech Consulting business. Our around 15 000 talented vertical software, design, cloud and AI experts are dedicated to empowering our customers to succeed and innovate with latest technology.
Tieto’s annual revenue is approximately EUR 2 billion. The company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Børs.www.tietoevry.com
The Marshall Islands’ recent decision to use a US dollar-backed stablecoin as one of the mechanisms for delivering a universal basic income (UBI) reflects the practical challenges of providing financial services across one of the world’s most geographically dispersed nations, where many households lack reliable access to banks.
The new Lomalo digital wallet will distribute welfare payments in USDM1, a tokenised instrument issued on behalf of the Marshall Islands government and fully collateralised by short-term US Treasuries under a New York law indenture. Whether it qualifies as a “stablecoin” – the shorthand used in public reporting – is disputable because stablecoins are, by definition, privately issued instruments, whereas USDM1 is a sovereign obligation issued through a government-mandated structure. The International Monetary Fund (IMF) has characterised its structure as that of a “digital sovereign bond”, aligning more closely with sovereign debt, even if it operates like a stablecoin in practice.
Services taken for granted elsewhere, such as bank branches, ATMs, foreign-exchange dealers and even the ability to open an account, remain inaccessible for large parts of the population.
This is an unusual development, but not an isolated one. Palau, Solomon Islands and other Pacific states have also begun experimenting with digital payment systems as traditional banking networks recede. What is emerging in the region is not a story of crypto hype but a response to the erosion of banking infrastructure that has left Pacific states searching for viable mechanisms to deliver core financial services.
Within this context of financial fragility, the IMF notes that the Marshall Islands’ newly established UBI initiative is intended to cushion households from rising cost-of-living pressures and provide predictable support in an economy marked by limited formal employment and financial access. The scheme is also framed as a way to help stem heavy out-migration by offering a more stable social safety net in a setting of structural fragility and demographic loss.
While the broad objectives are clear, the precise funding architecture remains only partially specified. Current plans rely on annual drawdowns from the Compact Trust Fund (backed primarily by US contributions) and, to a lesser extent, revenue associated with USDM1.
Pacific financial systems have been under pressure for some time. Commercial banks have steadily withdrawn correspondent relationships across the region, citing low profitability and the cost of meeting global anti-money-laundering standards. Those withdrawals have weakened the ability of states to clear international payments, maintain remittance channels and distribute government funds to remote areas. Banking is expensive and inefficient for many small island states because it is geographically sparse, capacity-constrained and increasingly unreliable. Services taken for granted elsewhere, such as bank branches, ATMs, foreign-exchange dealers and even the ability to open an account, remain inaccessible for large parts of the population.
The Marshall Islands has recently decided to use a US dollar-backed stablecoin as one of the mechanisms for delivering a universal basic income (Neill Cowles/Flickr)
This is the context in which digital wallets and stablecoins have become attractive. Majuro’s interest in USDM1 reflects logistical realities rather than crypto enthusiasm as it enables direct transfers to citizens without bank accounts, reduces the burden of moving physical cash across dispersed atolls, and provides a payment channel that is not dependent on increasingly fragile correspondent-banking links through the Lomalo wallet.
USDM1 does not resemble the speculative tokens that dominate cryptocurrency markets. The government emphasises that it is issued under New York law, backed by short-term US Treasuries, held in a bankruptcy-remote structure by a US-based custodian, and designed with redemption mechanics that mirror sovereign-debt obligations. In functional terms, it is closer to a tokenised Treasury bill than to a conventional crypto asset.
Stablecoins may appear unnecessary from the vantage point of mature banking systems, but that assumption breaks down in the Pacific.
These innovations come with risks. The IMF has repeatedly warned that digital-asset projects in the Pacific could generate macro-financial vulnerabilities, particularly where supervisory capacity is limited. Concerns include fiscal pressures from expanded liabilities, financial integrity risks arising from weak anti-money-laundering/know your customer frameworks, shocks from redemption flows, and operational vulnerabilities in digital systems. The IMF has also advised that the Marshall Islands’ UBI scheme be more narrowly targeted to maintain fiscal sustainability.
Stablecoins may appear unnecessary from the vantage point of mature banking systems, but that assumption breaks down in the Pacific, where infrastructure is thin, uneven and deteriorating. With limited access to banks, weakening correspondent links and high cash-distribution costs, digital payment systems fill a real gap. They are emerging not as a technological novelty but as a substitute for banking infrastructure that can no longer meet basic needs.
For Australia, the significance lies not in the Marshall Islands itself, which sits within the US compact system, but in the precedent it sets. Other Pacific governments facing similar banking constraints may turn to digital payment rails as traditional banking deteriorates. Canberra has already invested in maintaining regional banking access, working with the United States and the World Bank through the Pacific Banking Forum to address de-risking and correspondent-bank withdrawals.
The forthcoming Australian digital assets framework, expected to introduce licensing requirements, reserve standards and governance rules, could become a useful tool for regional engagement. Rather than treating stablecoins solely as a domestic regulatory matter, Australia could share elements of its framework with Pacific partners, support supervisory capacity-building and work with central banks to test digital payment systems. The aim would not be to promote stablecoins but to ensure that their adoption does not outpace regulatory oversight or undermine financial stability.
The Marshall Islands’ UBI program signals a shift that could accelerate across the region. As banking networks continue to contract, digital payment systems will become increasingly attractive to Pacific governments confronted with shrinking banking access and the need for workable alternatives. Key for Australia is to approach this change not through the lens of cryptocurrency optimism or scepticism but as a potential structural transformation in the region’s financial architecture.
The fight between Nvidia and one of its loudest naysayers, investor Michael Burry, is escalating.
Following the “Big Short” investor’s series of social media posts arguing that the artificial intelligence investment boom is replaying the dotcom bubble from the 1990s, with Nvidia at the center of it, the chipmaker quietly circulated a private memo to analysts that explicitly namechecked Burry to push back on many of his claims.
“Nvidia emailed a memo to Wall Street sell side analysts to push back on my arguments on SBC and Depreciation. I stand by my analysis,” Burry said in a post on Substack, referring to stock-based compensation. “I am not claiming Nvidia is Enron. It is clearly Cisco.”
Burry has repeatedly warned that today’s AI infrastructure frenzy mirrors the late-1990s telecom buildout far more than the dot-com wipeouts investors remember. He pointed to massive capex plans, extended depreciation schedules and soaring valuations as evidence that markets are again mistaking a supply boom for durable demand.
The Nvidia memo, first reported by Barron’s, disputed Burry’s claims around depreciation life.
To Burry’s charge that customers are overstating the useful lives of Nvidia’s Graphics Processing Units in order to justify runaway capex, Nvidia counters that its customers depreciate GPUs over four to six years based on real-world longevity and utilization patterns.
Nvidia added that older GPUs such as A100s (released in 2020) continue to run at high utilization rates and retain meaningful economic value well beyond the two to three years claimed by critics.
The memo also rejects Burry’s suggestion of “circular financing,” saying Nvidia’s strategic investments represent a small fraction of revenue and that AI start-ups raise capital predominantly from outside investors.
Today’s Cisco
Burry believes Nvidia now occupies the exact same position as Cisco, the key hardware supplier that powered a massive capital investment cycle, held in 1999–2000.
Just as telecommunication companies spent tens of billions of dollars laying fiber optic cable and buying Cisco gear based on forecasts that “internet traffic doubles every 100 days,” today’s hyperscalers are promising nearly $3 trillion in AI infrastructure spending over the next three years, Burry said in a Substack newsletter.
The heart of his Cisco analogy is overbuilt supply meeting far less demand than expected. In the early 2000s, less than 5% of U.S. fiber capacity was operational, Burry said. Today, he believes the industry’s belief in boundless AI demand rests on similarly optimistic assumptions about data center power and GPU longevity.
“And once again there is a Cisco at the center of it all, with the picks and shovels for all and the expansive vision to go with it. Its name is Nvidia,” Burry wrote.
Industry Minister Chris McDonald said the critical minerals industry to offer a lot of value to the South West
Minerals from the South West could play a big part in a strategy to reduce the UK’s reliance on using foreign material, the government says.
Industry Minister Chris McDonald visited Cornwall to launch the Critical Minerals Strategy, which aims to produce 10% of the UK’s mineral needs domestically, along with a further 20% through recycling products by 2035.
Sites such as a repurposed quarry near St Austell being used by Cornish Lithium to produce lithium hydroxide monohydrate for lithium-ion batteries have been earmarked as being important to the strategy.
McDonald said both Devon and Cornwall had a “huge amount” to offer the industry and hoped it would provide a boost to the region’s economy.
The government, which has set aside about £200m funding for the strategy, said China currently dominated global critical mineral production.
It said the strategy aimed to prevent the UK becoming “vulnerable from overreliance” on exporters for its supplies.
Demand for critical minerals such as lithium, copper and tungsten is set to increase over the coming years due to their use in items including mobile phones, laptops and cars.
‘Cornish Celtic tiger’
McDonald, a minister for the Department for Energy Security and Net Zero, said it was not a good idea to “only buy things from one shop” and the government wanted to increase the nation’s options.
“Both Cornwall, Devon and the whole South West region have a huge amount to offer for critical minerals,” he added.
“From the resources alone, we’ve got Europe’s biggest lithium deposit in Cornwall and one of the world’s largest tungsten deposits in Devon, along with great expertise and skills.
“It’s an industry I know will add a lot of value to the local economy, but also provide really great opportunities for young people as well.”
Perran Moon, Labour MP for Camborne and Redruth, said the strategy could help “unlock the Cornish Celtic tiger”.
Camborne and Redruth MP Perran Moon said the strategy could “unleash the Cornish Celtic tiger”
He said: “We do sit on a unique geology here that could drive jobs and security for decades to come.”
Jamie Airnes, chief executive of Cornish Lithium, said securing a domestic supply of minerals such as lithium would help create “high-quality jobs”.
“The strategy highlights the need to accelerate domestic capability, unlock investment, and build strategic partnerships – all of which are essential to delivering lithium production at scale,” he said.
Elon Musk attends the U.S.-Saudi Investment Forum in Washington, D.C., U.S., November 19, 2025.
Evelyn Hockstein | Reuters
Elon Musk’s artificial intelligence startup xAI is expected to close a $15 billion round at a $230 billion pre-money valuation next month, sources familiar with the matter told CNBC’s David Faber.
The deadline for allocation is the end of day on Tuesday, with the round expected to close on Dec. 19, the sources said.
This confirms earlier CNBC reporting that the company was raising $15 billion. The Tesla CEO later called the report on the round “False” in a post on the social media platform X.
At the time, sources told CNBC that xAI would use a large portion of the money for funding graphics processing units responsible for powering large language models.
CNBC had previously reported in September that the startup was looking to raise $10 billion at a $200 billion valuation.
The funding round is yet another sign of the insatiable demand for AI tools. Companies, including OpenAI and Anthropic, have raised billions and reached sky-high valuations as investors pour more money into companies building foundational AI models.
Sam Altman’s OpenAI finalized a $6.6 billion-share sale at a $500 billion valuation last month, and Reuters recently reported that the ChatGPT maker was eying a $1 trillion initial public offering.
Anthropic closed a $13 billion funding round in September that roughly tripled its valuation from March.
Musk’s xAI is responsible for creating the Grok chatbot that has come under fire for disseminating hate speech, including antisemitic content. The company recently debuted Grokipedia, an AI-powered competitor to Wikipedia.
In March, Musk announced the merger of xAI with X in a deal valuing the social media platform at $33 billion.
Tommaso Mancini-Griffoli will join the BIS on 1 March 2026.
Tommaso Mancini-Griffoli, currently Assistant Director, Payments, Currencies, and Infrastructure, at the International Monetary Fund (IMF), has been appointed to head the BIS Innovation Hub.
Mr Mancini-Griffoli will join the BIS on 1 March 2026 and lead work to explore technological solutions within the central bank community on innovation.
He will drive stakeholder collaboration and support the overall delivery of the BIS mandate as a senior member of the BIS leadership team.
The Board of Directors of the Bank for International Settlements (BIS) has appointed Tommaso Mancini-Griffoli as Head of the BIS Innovation Hub (BISIH). He will lead the BIS Innovation Hub in its mission to foster international collaboration among central banks on innovative financial technology.
He is currently Assistant Director in the Monetary and Capital Markets Department of the IMF, responsible for payments, currencies and financial market infrastructures. He will join the BIS on 1 March 2026 for a five-year term. As Head of the BIS Innovation Hub, he will be a member of the Executive Committee of the BIS.
The BIS Innovation Hub has a global footprint across seven centres around the world – in Frankfurt/Paris (for the Eurosystem), Hong Kong SAR, London, Singapore, Stockholm (for the Nordic countries), Switzerland and Toronto. The BIS Innovation Hub also has in place a strategic partnership with the Federal Reserve System.
Through its broad project portfolio, the BIS Innovation Hub works together with central bank partners to explore projects that have the potential to enhance the resilience and efficiency of the global financial system. It also monitors critical trends in technology affecting central banking, works closely to complement the research work of the BIS and serves as a focal point for a network of over 200 central bank experts on innovation.
Mr Mancini-Griffoli joined the IMF in 2011 and has held a number of leadership roles covering monetary policy and central banking operations as well as payments and financial market infrastructures. He is currently the Chair of the IMF coordination group on digital money and represents the IMF in international forums.
Prior to joining the IMF, Mr Mancini-Griffoli was a senior economist advising the board of the Swiss National Bank on monetary policy. He previously held roles at Goldman Sachs, the Boston Consulting Group and a technology startup in Silicon Valley.
He holds a PhD in economics from the Graduate Institute in Geneva, an MA in economics from the London School of Economics and a double BA in economics and international relations from Stanford University.
He succeeds Cecilia Skingsley, who was appointed County Governor of the County Administrative Board of Stockholm, Sweden in June. The Deputy General Manager of the BIS, Andréa M Maechler, is the Acting Head of the Innovation Hub until Mr Mancini-Griffoli joins the BIS in March 2026.
After Shein, Temu, and Alibaba, another major Chinese online retailer is making inroads into France: JD.com. The e-commerce heavyweight has set its sights on Fnac Darty, one of France’s best-known cultural and electronics retailers.
In late October, JD.com also launched its JoyBuy shopping platform in France and several other European markets, positioning itself to compete not only with other Chinese platforms but with Amazon, which still dominates online retail in the region.
JD.com, known in China as Jingdong, was founded in Beijing in 1998 by entrepreneur Liu Qiangdong, also called Richard Liu. It began as a small physical shop before expanding online.
Today, it is one of China’s biggest e-commerce companies, generating nearly $160 billion (€138.36bn) in sales in 2024 and ranking as the country’s third-largest online retailer, behind Alibaba and Temu owner PDD Holdings.
Employees sort parcels at a distribution centre of the JD.com e-commerce platform in Beijing. – Andy Wong/Copyright 2025 The AP. All rights reserved
Czech billionaire Daniel Křetínský, through his firm Vesa Equity Investment, is currently the largest shareholder in Fnac Darty with around 28.3% of the company.
His position gives him significant influence over what happens next and he is effectively the main counterweight to JD.com’s arrival. Křetínský can either increase his stake to keep the retailer under European control, or use the Chinese interest as an opportunity to sell part of his holding and cash out.
The second-largest shareholder is Ceconomy AG, the German group behind MediaMarkt and Saturn, which owns about 22% of the capital. The rest of the company is split among various investment funds, smaller shareholders, employees and the group itself, with the remainder traded on the stock market.
This summer, JD.com launched a takeover bid for Ceconomy. If successful, the €2.2 billion deal would give JD.com indirect control of Ceconomy’s stake in Fnac Darty, strengthening its foothold in the European retail sector. The acquisition is currently being finalised in Germany.
Fnac Darty, best known for its electronics, books and household appliances, operates mainly in France but also has stores in Spain, Portugal, Belgium, Switzerland, Luxembourg and a number of African and Middle Eastern countries.
Customers entering a Fnac shop – AP Photo
The French Ministry of the Economy — known as Bercy — closely monitors all foreign investments in French companies and projects involving Chinese firms are subject to even tighter scrutiny.
The government is not only assessing the financial implications of such deals, it is also examining possible risks to France’s cultural sovereignty and its ability to maintain control over how cultural content is created, distributed, and curated.
This heightened vigilance reflects a broader government strategy that increasingly treats cultural industries as strategic assets, on a par with energy, defence, and other sensitive technologies.
According to sources familiar with the discussions, JD.com’s leadership has met officials at the Ministry to offer reassurances, stressing that the company intends to comply fully with French regulations and does not plan to increase its stake further. Economy Minister Roland Lescure recently confirmed that talks are ongoing.
JD.com has formally requested that Bercy review the deal. Under French investment-screening rules, the Ministry now has between one and three months to issue a decision.
Bercy, the French Ministry of the Economy, Finance and Industry – AP Photo
A major concern in JD.com’s case is the possibility that data belonging to Fnac Darty’s roughly two million customers could, in certain circumstances, be accessed by China.
The issue centres on China’s National Intelligence Law, introduced in 2017 and expanded several times since, which obliges Chinese organisations and citizens to assist the country’s intelligence services and hand over information deemed relevant to national security.
In practice, this means that a Chinese parent company such as JD.com could, at least in theory, be required to share data held by its subsidiaries or business partners abroad — a scenario that alarms French officials.
Related
Fnac Darty holds a significant amount of data on the cultural and technology habits of French and European consumers — information that could be highly valuable to any major digital player, and a source of concern for authorities focused on protecting France’s digital sovereignty.
The potential deal, which would make JD.com the second-largest shareholder in the retailer, raises a wider question that European governments are increasingly confronting: how far should China be allowed to expand its presence in the continent’s commercial and digital infrastructure — from warehouses and delivery networks to sensitive customer databases — without Europe losing control over sectors it considers strategic?
