GM shows off new Corvette

Updated: Monday, January 14 2013, 08:19 PM EST
GM shows off new Corvette story image
DETROIT (NEWSCHANNEL 3) - General Motors is showing off a brand new Corvette model--its first major redesign in nine years--and it's stealing the spotlight at this year's auto show in Detroit.

The new Corvette is badged with an iconic nameplate--the Stingray.

Company leaders say the car is an icon, representing GM's comeback.

The new Corvette is the fastest, most powerful one that's ever rolled off the line at GM.

It packs 450 horsepower and can go from 0 to 60 in less than four seconds.
GM shows off new Corvette
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WASHINGTON (AP) -- The Labor Department will report today on the number of people who applied for unemployment benefits last week. Also, Freddie Mac will release the weekly mortgage rates.

The Federal Reserve will release minutes from its September interest-rate meeting as well.


DETROIT (AP) -- Fiat Chrysler has avoided an expensive strike at its U.S. plants after reaching a tentative agreement with the United Auto Workers union.

UAW announced the agreement just after 11:59 p.m. Wednesday, which was the deadline the union had set to reach a new deal or possibly go on strike.

Details of the agreement weren't immediately released. Local union leaders will vote on the tentative agreement this Friday at a meeting in Detroit.

This is the second agreement FCA and the union have reached. Last week, UAW members overwhelmingly rejected a previous tentative agreement, saying it didn't go far enough in restoring benefits workers lost in previous contracts.

The UAW represents around 40,000 FCA factory workers at 23 U.S. plants.


BERLIN (AP) -- Germany's transport minister says some of the Volkswagen vehicles with engines containing suspect software will need a hardware fix that won't be ready until September 2016.

Minister Alexander Dobrindt spoke Wednesday evening after the automaker replied to German authorities' demand to present a timetable for a solution. He said it spoke of a recall for vehicles with 2-liter, 1.6-liter and 1.2-liter engines.

Dobrindt says VW said the 2-liter engines will need a software update that should be ready before the year's end and be installed from the beginning of 2016. He says 1.6-liter vehicles will need "an engineering modification that according to Volkswagen shouldn't be expected before September 2016."

The minister says there are some 3.6 million 1.6-liter cars in Europe. He didn't say what fix 1.2-liter cars will require.


WASHINGTON (AP) -- The Congressional Budget Office estimates that the federal government ran a budget deficit of $435 billion in the just-completed budget year.

That's the smallest deficit since 2007 and well below the record deficits of President Barack Obama's first term.

The improved deficit figures come as Washington is grappling with the need to increase the government's borrowing cap in early November and as the White House and lawmakers on Capitol Hill are seeking a separate agreement on a budget to keep the government open past a Dec. 11 deadline.

During Obama's first term, the deficit registered $1.4 trillion in the wake of the Wall Street bailout and a major recession.


WASHINGTON (AP) -- President Barack Obama has signed legislation aimed at preventing premium increases that some smaller businesses were expecting next year under his signature health care law.

The White House says Obama signed the bill into law Wednesday. It represents an uncommon instance in which both parties rallied behind an effort to revamp part of the Affordable Care Act.

Under Obama's health care law, companies considered small businesses must offer certain required benefits. Business groups had complained that many employers' health care costs would increase.

Previously, small businesses were defined as those having up to 50 employees. But that number was set to expand to 100 on January 1.

The new law keeps the small business definition at 50 workers but allows states to increase the number if they choose.


LIMA, Peru (AP) -- International Monetary Fund chief Christine Lagarde says failure to take urgent action on global warming will condemn humanity to the same fate as the Peruvian poultry that so many at the group's annual meeting are enjoying this week in a country famed for its cuisine.

Said Lagarde: "If we collectively chicken out of this we'll all turn into chickens and we'll all be fried, grilled, toasted and roasted."

Her comments Wednesday came in a discussion involving World Bank President Jim Kim and U.N. climate talks chief Christiana Figueres.

Lagarde and Kim argued strongly for removing subsidies on fossil fuels that are worth more than $5 trillion a year and on the immediate need for carbon taxes so that the burning of fossil fuels can fund clean energy replacements.


ATHENS, Greece (AP) -- Greece's left-wing prime minister is pledging to usher the bailout-reliant country out of its financial crisis by 2019, mitigating creditor-mandated austerity with support for the poor.

Alexis Tsipras told lawmakers early Thursday that his newly-elected government expects to be able to tap bond markets in early 2017 -- a key condition for Greece to make ends meet without further rescue loans from its European partners and the International Monetary Fund.

Tsipras(hash) speech concluded a three-day debate on his policy platform, which was to be immediately followed by a confidence vote.

As the governing coalition controls 155 of Parliament's 300 seats, it is expected to easily win the vote.

Tsipras was elected on a four-year mandate Sept. 20, despite ditching the anti-austerity rhetoric that first got him elected in January.


MILWAUKEE (AP) -- Company officials say Gannett Co. is buying newspaper company Journal Media Group for $280 million.

Journal Media publications dot the Midwest and South and include the Milwaukee Journal-Sentinel and Memphis (Tennessee) Commercial-Appeal. Gannett and Journal Media announced the deal in a news release Wednesday.

Industry experts say the publications are a natural fit for Gannett's strategy of maximizing short-term profits through centralization and managing the decline of publications in less competitive markets.

Gannett this summer became a company that runs newspapers exclusively, having moved all of its television companies into a separate company, Tenga Inc.

Gannett's flagship publication is USA Today.


COLUMBUS, Ohio (AP) -- An Ohio woman has been awarded $1.6 million in the trial of a lawsuit that alleged a chemical from a DuPont Co. plant contaminated drinking water and contributed to her contracting kidney cancer.

A jury awarded the damages Wednesday to 59-year-old Carla Bartlett in one of two cases that could influence thousands of similar lawsuits over the chemical giant's discharge of C8 (perfluorooctanoic acid). The chemical is used to make Teflon.

Some 3,500 people say they became ill after the company dumped C8 into the Ohio River and their drinking water from its Washington Works plant near Parkersburg, West Virginia.

Washington Times