SpaceX founder and owner Elon Musk has called the situation with the development of the Raptor rocket engine "appalling" and warned of possible bankruptcy over the problem, CNBC reported, citing the content of a corporate email from the businessman. The businessman said that he had planned to go on a long holiday after Thanksgiving, which was celebrated in the US on 25 November, but after...

The US Federal Trade Commission (FTC) has begun an inquiry into the origins of the country's supply chain disruption. According to the commission's chairperson, Lina Khan, the supply chain problems cause issues with the supply of a variety of items to customers, ranging from chips and pharmaceuticals to beef and lumber. Major retailers, distributors, and consumer products suppliers are targeted,...

Samsung has announced that it will build a new semiconductor plant in the US for $17bn. Earlier, the US Senate approved direct subsidies worth $52bn for the establishment of chip production. Samsung Electronics will build a new semiconductor plant in Texas for $17bn, the South Korean giant's press office said. "By increasing production capacity, we will be able to better meet the needs of our...

US-based HP Inc reported net profit of $6.503 billion for fiscal year 2020-2021, up 2.3 times from the previous fiscal year, the company said on October 31. Diluted net profit per share for the reporting period was $5.33, compared with $2 for the previous year. The company's revenues rose 12.1 percent to $63.487 billion for the fiscal year. The company's net profit for the fourth quarter jumped...

Ford has decided to enter the semiconductor and processor market. The company has signed an agreement that it will participate in chip development and may even manufacture them in the future. Under the agreement, GlobalFoundries will be able to supply components for Ford's car lineup. The companies will jointly research and develop the processors.  Ford and GlobalFoundries will also look...

Steel giant ArcelorMittal intends to buy back shares worth a total of $1 billion as part of its fifth share buyback programme, the company said. "ArcelorMittal will start a new $1 billion share buyback programme today," the company said. The programme is scheduled to end in February 2022. The company previously completed its fourth asset buyback programme, launched on 29 July 2021, under...

Dubai has started issuing five-year entry permits to employees of foreign companies. Work-related foreigners account for more than 90% of the city's population. Dubai has started issuing multi-entry permits to employees of international companies. The permits are valid for five years, wrote Crown Prince of Dubai Hamdan bin Mohammed on Twitter. "Our aim is to help organisations and allow their...

Oil and gas company Royal Dutch Shell has decided to change its shareholding structure, becoming a UK tax resident instead of the Netherlands and shortening its name simply to Shell. These are the most significant changes to the company since its formation in 2005. The board of directors of Royal Dutch Shell, one of the largest oil and gas companies in the world, has proposed changing its...

Several low-cost carriers have ordered 255 aircraft from Airbus. The deal is valued at more than $30bn without discounts. Airbus received an order for 255 narrow-body aircraft from four airlines - JetSMART (Chile and Argentina), Frontier (USA), Wizz Air (Hungary) and Volaris (Mexico), according to a statement on the aircraft manufacturer's website. The agreement was concluded at the Dubai...