Category: 3. Business

No major bank has yet committed to stop funding new oil and gas fields or coal capacity, research has found.

Most banks that have recently updated their climate policies have weakened them, according to the research by the TPI Global Climate Transition Centre (TPI) at the London School of Economics and Political Science (LSE).

The centre analysed 36 of the largest banks by market capitalisation and total assets, and found “banks are still at an early stage of their transition with decarbonisation targets that cover a limited set of sectors and business activities.”

The researchers evaluated banks’ climate policies using 77 sub-indicators grouped into 10 areas, called the net zero banking assessment framework (NZBAF).

They found 95% of the scores remained unchanged year on year, and those banks that had shifted had weakened their policies. On average, banks score on only 18% of the 77 sub-indicators and the best-performing bank scores on about one-third of the sub-indicators.

The report said banks have “weakened their disclosures in areas such as net zero commitments, financing conditions for high-emission sectors and fossil fuel policies”. Some banks either fully withdrew or weakened their net zero commitments, substituting firm language such as “commitment” or “target” with less precise wording such as “ambition” or “aspiration”.

Algirdas Brochard, banking project lead at TPI, said: “Given banks’ central role in the economy and their far-reaching influence on climate, their slow progress on the climate transition coupled with the recent dissolution of the Net Zero Banking Alliance suggest that the objectives of the Paris agreement are slipping further out of reach.”

As well as failing to stop funding fossil fuel projects, many banks are also not funding climate solutions and the green transition. Of the 36 banks TPI assessed, 17 have financing targets for climate solutions, but the activities eligible for this financing vary from bank to bank.

Another recent study found the world’s big banks have handed nearly $7tn (£5.6tn) in funding to the fossil fuel industry since the Paris agreement to limit carbon emissions.

This year, the Net Zero Banking Alliance shut down completely after leading banks quit it following the election of the US president, Donald Trump. It had encouraged members to cut the carbon footprint of their investments and help drive the transition to net zero emissions by 2050.

Stay informed with free updates

Simply sign up to the Renewable energy myFT Digest — delivered directly to your inbox.

Developing large-scale tidal power stations in the UK would be likely to push up electricity costs, according to a study that marks the latest attempt to assess whether Britain should be making more of its geography by harnessing the tides.

While tidal technology could lead to a lower wholesale cost of electricity, that would be outweighed by subsidies and other costs, modelling by the state-owned National Energy System Operator found. 

“The results show that when the total cost to the consumer is considered, including wholesale market costs, subsidy requirements and the impact on existing subsidies . . . the counterfactual scenario where no tidal range is included is the cheapest,” it said. 

The report, published on Wednesday, recommends further exploration of financing models for the technology as well as a “strategic approach” to where any projects are developed, to get value for money.  

Neso was taken over by the government in 2024 and given a wider remit including advising the government on energy policy. 

The government is trying to develop new sources of low carbon power to meet its goal of decarbonising the power system by 2030 and the whole economy by 2050. 

Electricity demand is projected to at least double by 2050 compared with 2023 levels, boosted by consumers buying more electric cars and heat pumps and more data centres being developed. 

So far, Britain has taken advantage of its climate and its coastlines to become the world’s second-largest offshore wind market. But there have been persistent questions over whether it should be making more of its tides. 

Neso’s report, undertaken in conjunction with Arup, looks at tidal range technology — barrages or lagoons that use high tides to drive a turbine. Tidal stream technology, by contrast, uses tidal currents to spin turbines underwater. 

Both involve high costs and technological complications that have held back large-scale deployment in Britain. 

In January 2018, Greg Clark, then business secretary, refused to approve taxpayer subsidies for a planned £1.3bn tidal lagoon in Swansea Bay, saying it would not deliver value for money. 

That was despite an independent review into tidal lagoons published by former energy minister Charles Hendry in 2017, which concluded they could “deliver low carbon power in a way that is very competitive with other low carbon sources”. 

Neso’s report compared scenarios involving different amounts of tidal range deployed in the 2030s and 2040s with a scenario without any tidal range at all. It found that total electricity system costs were more expensive than the counterfactual across all scenarios. 

However, the effect was muted if the projects were built under a regulated asset base funding model, in which consumers start paying for the technology during construction. The idea is to reduce developers’ risks and therefore cut finance costs. This model is currently being used to develop the Sizewell C nuclear power station in Suffolk.

Electricity system costs are a major issue for the current Labour government. It has pledged to bring household bills down by £300 a year by 2030, despite widespread scepticism in the industry over whether this is possible. 

One route would be to move the costs of subsidies and other policies off electricity bills and put them into general taxation, but that would be controversial given concerns about high costs across the economy.

The Department for Energy Security and Net Zero said: “We are open to considering well-developed proposals for harnessing tidal range energy in the bays and estuaries around our coastlines, which demonstrate value for money.”

Vietnam’s economic rise is causing ripples around Asia, especially in Thailand. Any mention of the “V word” in Bangkok causes hand-wringing and furrowed brows among the city’s business executives. Vietnam is on track to overtake Thailand by the end of the decade to become Southeast Asia’s second-largest economy. Last week, Hanoi signed a new deal with Apple to expand production of smart-home devices in Vietnam – the latest in a series of big-money technology-sector deals.
 
Meanwhile, many Chinese tourists have been holidaying in Hạ Long Bay, Da Nang and Phú Quốc this year, rather than Bangkok, Chiang Mai and Phuket. This trend is likely to be temporary; besides, losing low-spending tour groups can be seen as a sign of Thailand’s increasing maturity as a destination. Even so, Bangkok’s business community needs its government to come up with a big idea to kick-start a slowing economy, attract new investment and deliver a much-needed injection of confidence.

Thailand’s prime minister, Anutin Charnvirakul, recently spoke about the “nightmare” of Vietnam surpassing his country. Though he deserves credit for addressing the elephant in Bangkok’s boardrooms, his administration is short on flagship projects. Somewhat surprisingly, it backed a controversial scheme to build a Panama/Suez-style canal through the country’s Kra Isthmus. This centuries-old idea, which has evolved from being about an actual canal into a proposal to construct a so-called land bridge, is probably a placeholder until strategists and policy wonks can come up with something better. 
 
To fully understand the depths of Thai leaders’ despair requires some historical context. The country has long been one of the region’s top dogs: decades of Cold War-era investment and infrastructure from the US military arrived at a time when neighbours Myanmar, Laos, Cambodia and Vietnam struggled with various conflicts. Thailand’s good fortune – or clever diplomacy – created a comfortable consumer class and an era of complacency. Any early warning signals that did go off this century were drowned out by an influx of Chinese money. Fifty years after the Vietnam War ended, Thailand has slipped behind in manufacturing and is becoming more and more reliant on tourism. Bangkok might host a Formula 1 race in 2028 – something that Hanoi failed to achieve amid a corruption crackdown – but there’s little to rev up interest outside of the Thai capital. 
 
The previous Pheu Thai-led government staked its future and that of the country on legalising casinos. It botched the public-consultation process and ended up losing everything, including power, but I have been surprised in recent months by the level of support that the idea still has among business owners. No one is pro gambling per se – far from it. They just want to see their government acting and creating momentum. The casino idea elicited plenty of overseas interest; corporate lawyers and dealmakers were busy travelling to Macau, Singapore and the Philippines to do due diligence on behalf of major foreign financiers. However, because of the Thai government’s refusal to take a gamble, political flip-flopping and a revolving cast of prime ministers, those investors will be looking elsewhere.
 
Thailand’s next election could happen as soon as March and it’s likely to be fought on the economy. All of the leading parties will need to think hard and bring grand ideas to the table that can deliver real change to make the country richer and less indebted. Now is not the time to become bogged down in idealism. Elitist debates about democracy or constitutional reform might win fans abroad but usually meet heavy resistance at home. Instead, parties need to inspire hope and start talking up the country on the campaign trail. Thailand continues to enjoy incredible advantages and has a huge head start over its neighbours that might never be closed even when Vietnam’s economic output eventually surpasses it. A prosperous Vietnam is good for a rising region still troubled by conflict – and it doesn’t need to come at Thailand’s expense.
 
James Chambers is Monocle’s Asia editor. You can read his lesson in cross-border communication in Southeast Asia here. Visiting and need big plans for Bangkok yourself? Check out our City Guide. 

This story originally appeared in The Monocle Minute

…Monocle’s free-to-read daily newsletter. Sign up to get insight from Monocle in your inbox every day.

Samsung Electronics has been leading display innovation for years — most notably by pioneering the world’s first commercialization of cadmium-free quantum dot materials. This groundbreaking technology has since become the cornerstone of achieving precise color reproduction and exceptional picture quality. Touted as the next-generation material, it has also drawn attention not just in the TV industry, but also in other sectors like medical devices and solar cells.

With the introduction of QLED TVs, Samsung has redefined the television landscape, integrating this innovative quantum dot technology into its products. By leveraging the properties of these ultra-fine quantum dots, QLED displays achieve a broader color gamut and higher brightness, elevating picture quality to levels that traditional LED TVs cannot match.

What sets Samsung QLED TVs apart from conventional LED TVs? Samsung Newsroom had the opportunity to meet with researchers Kevin Cha and Jang Nae-won from the Visual Display Business and disassemble a Samsung QLED TV to reveal the secrets behind its stunning performance — literally behind the screen.

1. Operating Module: The Brain of TV

1) Rear Cover

The back panel of a TV serves more than just a structural frame; it protects internal components and effectively manages heat. It houses speakers for audio support and facilitates easy device connections, improving the overall user experience.

2) Main PCB (Printed Circuit Board)

The main PCB acts as the brain of the TV, overseeing functions such as power supply, remote control reception and SmartThings connectivity. This critical component controls the entire system, ensuring the television operates smoothly.

3) TV Tuner

The TV tuner is responsible for receiving and converting broadcast signals for display on the screen. The rise of streaming services and increased use of external device connections has led many users to prefer smart monitors without tuners. However, by definition, a “television” must include this component.

4) AI Processor

At the heart of the Samsung QLED TV is the Q4 AI Processor chip. This advanced component manages AI functionalities such as picture and audio optimization and AI assistants. By automatically adjusting both image and sound based on the surrounding environment, the AI processor makes the viewing experience more immersive.

5) Speakers

Speakers are more than simple output devices. With high-resolution audio and a room-filling sense of space, Samsung QLED TV speakers greatly enhance the viewing experience.

2. Panel

1) Liquid Crystal Display (LCD) Layer and Color Filter

The panel’s structure comprises several intriguing components. The liquid crystal layer and color filter are essential parts of the panel’s basic structure. The liquid crystal layer controls light passage, while the color filter separates colors and creates images at a pixel level. The PCB, which is attached to the panel, precisely controls each pixel, fine-tuning the image.

2) Optical Sheet

The optical sheet concentrates light from the backlight, ensuring a brighter and more uniform image across the display. By gathering light, it elevates the general brightness of the display.

3) QD (Quantum Dot) Layer

The next step reveals the QD layer, perhaps the most important, core component of Samsung QLED TVs. The layer actually utilizes quantum dot materials to convert light sources. This ensures more precise and vibrant colors than conventional technologies, resulting in lifelike visuals. The QD materials in this layer are certified No-Cadmium, enabling safer quantum dot TVs that do not contain harmful substances.

4) Diffuser Plate

This diffuser plate scatters light emitted from the backlight and spread it evenly across the panel to eliminate excessively bright spots and maintain natural illumination.

5) Blue LED Backlight

Samsung QLED TVs use a bright and efficient blue LED backlight. When paired with the QD layer, this backlight produces highly pure colors and achieves greater light efficiency than traditional white LEDs in standard LCD TVs, leading to enhanced overall luminance.

3. Three Key Requirements for a Real Quantum Dot TV

To qualify as a real quantum dot TV, three conditions must be met: the presence of a QD layer, sufficient quantum dot concentration and a blue backlight. Once a TV meets all three conditions, it can be considered a real quantum dot TV.

Samsung QLED TVs are the only models in the world to satisfy these criteria, earning the ‘Real Quantum Dot Display’ certification from TÜV Rheinland, a prominent international certification body based in Germany. This recognition underscores the excellence of Samsung’s QLED technology.

4. Striking Difference Between QLED and LCD

The differences between Samsung QLED and traditional LCD TVs are evident even to the naked eye, but especially striking when measured with professional tools.

For Samsung QLED TVs, the wavelengths of red, green and blue colors exhibit narrow bandwidths and distinct peaks in their emission spectrum, resulting in meticulous color representation. Viewers can see natural visuals and exceptional picture quality with rich, deep colors.

In contrast, LCD TVs without QD layers display generally lower peaks, a wider bandwidth in green as well as multiple peaks in red, hindering accurate color reproduction. To compensate, these TVs often require multiple layers for color correction, ultimately reducing light efficiency.

The in-depth teardown reveals that Samsung QLED TVs are built with sophisticated technology that goes beyond basic explanations. Every component that manages light works in harmony, culminating in breathtaking image quality. The QD layer, in particular, significantly enhances the richness and vibrancy of colors. The intricate technology behind these displays makes a substantial difference in overall picture quality.

At IFA 2025, Samsung Electronics showcased its technological prowess by establishing a “Real QLED Zone,” promoting the concept of “Buy Real, Not Fake.” Samsung QLED TVs represent the pinnacle of cutting-edge technology, pushing the boundaries of premium viewing experiences. With Samsung’s QLED TVs, viewers can truly appreciate the remarkable difference that quantum dot technology delivers.

Northern Data said in a statement that the forecast withdrawal is partially offset by improved utilization of its GPU capacity driven by customer traction after the second-quarter technology upgrade.

Sign up here.

The company said that its Taiga cloud business initiated an upgrade of its infrastructure in March to enable access to its GPU estate, which led to improving the company’s ability to serve existing customers and added a new and diversified customer base.

Currently, more than 15,000 GPUs of Northern Data’s 22,000 H100 and H200 GPU estate have been allocated to customers, Northern Data added.

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Walmart will pause hiring candidates who require H-1B visas, the BBC understands, in response to the Trump administration’s new $100,000 (£74,000) fee that has roiled US employers.

US President Donald Trump last month signed an executive order imposing the fee for H-1B applicants, citing “abuse” of the programme for skilled foreign workers that undercuts the American workforce.

Walmart tops the list of retail chains that use the programme, with more than 2,000 H-1B visas approved in the first half of 2025.

The retail giant is “committed to hiring and investing in the best talent to serve our customers, while remaining thoughtful about our H-1B hiring approach,” a Walmart spokesperson said.

Walmart’s decision to pause H-1B hirings was first reported by Bloomberg News.

The retailer is the largest private employer in the US. It employs roughly 1.6 million people across the country. But while Walmart is the largest beneficiary of the H-1B visas in the retail sector, the programme is often associated with the giants of the US tech sector.

Amazon tops the list of beneficiaries, with more than 10,000 H-1B visas approved in the first half of 2025. Microsoft, Meta, Apple and Google each secured more than 4,000 visas through the programme through June, according to US government data.

Startups, as well as smaller firms beyond tech, also employ workers through H-1B visas.

Trump’s order only applies to new visa requests in the programme and vows to restrict entry unless a payment is made.

Critics have long argued that H-1Bs undercut the American workforce, while supporters – including billionaire Elon Musk – argue it allows the US to attract top talent from around the world.

India dominates the H-1B programme, making up more than 70% of the recipients in recent years. China was the second-largest source, comprising about 12% of recipients.

“The company needs to decide… is the person valuable enough to have a $100,000-a-year payment to the government, or they should head home, and they should go hire an American,” US Commerce Secretary Howard Lutnick said last month, when Trump signed the order imposing the $100,000 fee.

But business groups has voiced opposition to Trump’s order.

The US Chamber of Commerce last week filed a lawsuit against the Trump administration. The fee will make it “cost-prohibitive” for US employers to use the H-1B programme, said Neil Bradley, the pro-business group’s chief policy officer.

The group argued in its complaint that if implemented, the fee would harm American businesses, forcing them to either increase their labor costs or hire fewer highly skilled employees.

The White House responded to the suit by calling the fee lawful and a “necessary, initial, incremental step towards necessary reforms” to the programme.

Mitch Mayne: What should we know at a glance?

Justin Moore: Shai-Hulud is a fast-moving supply chain attack that quickly affected hundreds of organizations. The attack targeted everyday development activities and trusted software processes to reach its targets, demonstrating just how quickly risk can move inside business operations.

MM: What makes this attack stand out?

JM: Unlike typical malware, Shai-Hulud spreads autonomously. Once the attackers gained access to a developer’s account, they used automation to insert malicious code across that developer’s other software packages and push the compromised versions live—spreading the threat across the software supply chain almost instantly. By combining automation with artificial intelligence, the attackers were able to generate, adapt, and deploy malicious code at scale, far faster than human operators could. This approach marks a shift in the threat landscape: AI-driven supply chain attacks are becoming more efficient, more scalable, and significantly harder to detect, accelerating every stage from initial compromise to evasion.

MM: What should CISOs take away from this research?

JM: Securing the developer environment should be top priority. The initial compromise of this attack likely starts with phishing a developer’s highly privileged account, which illustrates the importance of zero trust. Rotate all developer and cloud credentials immediately. Conduct a thorough audit of third-party software dependencies. Review developer accounts for unusual changes or unexpected public repositories. Multi-factor authentication is essential, but so is strong phishing awareness and educating teams on credential safety. Finally, treat vendor policies, incident response plans, and frequent supply chain risk reviews as ongoing leadership responsibilities, not just technical tasks.