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Chevrolet unveiled its first electrified Corvette, called the E-Ray, on Tuesday. Seventy years and eight generations later, the fabled, mesomorphic Corvette will join the world of electrification with the "E-Ray," a hybrid Sports car that bolts from 0-60 mph in 2.5 seconds, making it the quickest production Corvette in History . Chevrolet unveiled the new model on Tuesday, 70 years to the day when the Corvette made its world debut on Jan. 17, 1953, at the Waldorf Astoria in midtown Manhattan. The $104,295 E-Ray, available as a coupe or hardtop convertible, goes into production later this year at the Bowling Green Assembly facility in Kentucky. The car's naturally aspirated 6.2L LT2 small block V8 engine is paired with an electric motor that produces a combined 655 horsepower and 595 lb-ft of torque. A 1.9 kWh battery pack is located between the seats. The advanced electrified propulsion and eAWD system -- another first for Corvette -- deliver intense straight-line perfo...

A Qantas flight traveling from New Zealand to Sydney has landed safely on a single engine after it issued a mayday call over the Pacific Ocean SYDNEY -- A Qantas flight Travel ing from New Zealand to Sydney landed safely on a single engine after it issued a mayday call over the Pacific Ocean on Wednesday. Qantas Flight 144 with 145 passengers aboard landed at Sydney Airport from Auckland, New Zealand, after a 3.5-hour flight between the neighboring nations' most populous cities. The Boeing 737-838 “experienced an issue” with one of its two engines about an hour from Sydney, a Qantas statement said. The mayday , which is issued when a flight is in grave and imminent danger and needs immediate assistance, was downgraded to a PAN-PAN -- possible assistance needed — before the flight landed. Qantas said the pilot shut down the engine, but did not specify the problem. “While inflight engine shutdowns are rare, and would naturally be concerning for passengers, our pilots are trained to...

The price of the fuel surged last year after a jump in demand following extreme weather forced consumers to run heat and air conditioning more than usual. Even as U.S. households begin to enjoy relief from inflation woes, a spike in heating bills could crunch budgets this winter due to a rise in natural gas prices. Nearly half of the nation's households rely on natural gas for warmth. The price of the fuel surged last year following a jump in demand after extreme weather forced consumers to run heat and air conditioning more than usual, analysts told ABC News. Exacerbating the greater need for natural gas, the U.S. suffered a dearth of supply as gas exports soared, analysts told ABC News. Last year, the average price of natural gas reached its highest point since 2008, according to the U.S. Energy Information Administration, or EIA, a federal agency that tracks gas data. The price was expected to climb even further this winter, increasing nearly 30% above where it stood a year...

Federal Reserve Chair Jerome Powell has tested positive for COVID-19 and is experiencing “mild symptoms,” the Federal Reserve announced WASHINGTON -- Federal Reserve Chair Jerome Powell tested positive Wednesday for COVID-19 and is experiencing “mild symptoms ," the Federal Reserve announced. Powell, 69, is “up to date” with all COVID vaccines and boosters, the Fed said, and is working from home. “Following Centers for Disease Control and Prevention guidance, he is working remotely while isolating at home,” the central bank said in a statement. The Fed's next interest rate-setting meeting is Jan. 31-Feb. 1, a timetable that could allow Powell to recover in time to participate in person. If not, an alternative plan would be to return to a virtual meeting, which the Fed held for months during the height of the pandemic. The Fed is in the midst of an aggressive drive to tame high inflation, though there are growing signs that price pressures are gradually easing. The central ban...

The U.S. government is fining British airline Virgin Atlantic up to $1.05 million for flying over restricted airspace in Iraq WASHINGTON -- The U.S. Transportation Department has fined British airline Virgin Atlantic up to $1.05 million for flying over restricted airspace in Iraq while operating flights in a partnership with Delta Air Lines. The federal agency said the flights occurred between September 2020 and September 2021 while the Federal Aviation Administration had told U.S. airlines to avoid the area. Atlanta-based Delta owns 49% of Virgin Atlantic. The airlines have a so-called code-sharing agreement in which Delta put its own “code” on some Virgin Atlantic flights and sold seats as if they were Delta airplanes. The department said that arrangement brought the U.K. carrier under FAA restrictions covering U.S. airlines when a “significant number” of its flights between the United Kingdom and India passed over Iraq. From March 2020 until October 2021, the FAA barred U.S. ai...

German airline Lufthansa says it has submitted an offer for a minority stake in Italy’s ITA Airways Spa, formerly Alitalia MILAN -- German airline Lufthansa said it submitted an offer Wednesday for a minority stake in Italy’s ITA Airways Spa, formerly Alitalia. The Italian finance ministry said in a statement that the Lufthansa offer was the only one submitted by Wednesday's deadline. No financial terms were disclosed. Lufthansa said it would have the option to buy remaining shares at a later date. ITA Airlines, and before it Alitalia, has been looking for an industrial partner as its domestic Business has suffered under com Pet ition from low-cost airline s. Other offer s have fallen by the wayside. ITA officially launched in October 2021 after bankrupt flag carrier Alitalia landed its final flight, ending a 74-year business history with a series of inglorious deals that never managed to restore the carrier to health. Already, Lufthansa operates Air Dolomiti in northern Italy, wh...

Amazon is ending a charity donation program it ran for a decade in its latest cost-cutting move Amazon is ending a charity donation program it ran for a decade in its latest cost-cutting move. In a blog post on Wednesday, the company said the program , called AmazonSmile, will shut down by February 20 because it had “not grown to create the impact” the retailer had hoped. The program allowed Amazon to donate a small percentage of eligible purchases to a charity selected by shoppers. "With so many eligible organizations—more than 1 million globally—our ability to have an impact was often spread too thin,” the company said. The decision also comes as the Seattle-based company is laying off workers and axing different areas of its Business in an effort to trim costs. Other tech companies, such as Facebook parent Meta and Salesforce, are also letting workers go after ramping up hiring over the past couple of years, when the pandemic made consumers increasingly reliant on the tech s...

The Agriculture Department issued new requirements for foods labeled organic, a move aimed at cracking down on fraud and boosting oversight The Agriculture Department on Thursday issued new requirements for foods labeled organic, a move aimed at cracking down on fraud and boosting oversight. The rule strengthens enforcement of the USDA’s strict definitions of organic , which must rely on “natural substances and physical, mechanical or biologically based farming methods to the fullest extent possible.” The rule requires USDA’s National Organic Program certification for all imported organic food, increases certifications of more businesses in the supply chain and boosts authority for inspections, record-keeping, traceability and fraud prevention practices. The Organic Trade Association, which lobbied for rule, said it represents the biggest change to organic regulations since the creation of the USDA organic food program. OTA officials said in a statement the regulation “will do much t...

Elon Musk has taken the witness stand to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening SAN FRANCISCO -- Elon Musk took the witness stand Friday to defend a 2018 tweet claiming he had lined up the financing to take Tesla private in a deal that never came close to happening. The tweet resulted in a $40 million settlement with securities regulators. It also led to a class-action lawsuit alleging he misled investors, pulling him into court Friday. The mercurial billionaire took the witness stand wearing a dark suit on the third day of a civil trial in San Francisco that his lawyer unsuccessfully tried to move to Texas, where Tesla is now headquartered, on the premise that media coverage of his tumultuous takeover of Twitter had tainted the jury pool. The nine-person jury assembled earlier this week will be responsible for deciding whether a pair of tweets that Musk posted on Aug. 7, 2018 damaged Tesla share...

Shares of Nordstrom are slumping in premarket trading Friday after the upscale department store chain cut its annual profit outlook amid lackluster holiday sales that forced it to slash prices NEW YORK -- Shares of Nordstrom are slipping in early trading after the upscale department store chain cut its annual profit outlook amid lackluster holiday sales that forced it to slash prices. The disappointing report is the latest evidence that shoppers, including the well-heeled, have pulled back buying during the critical holiday season as they confront higher prices and borrowing costs. Meanwhile, online furniture retailer Wayfair announced on Friday a round of layoffs as it deals with slowing sales after a pandemic-infused surge. It said it was cutting 1,750 workers, representing 10% of its global workforce as of Dec. 31. That number includes 1,200 or 18% of its corporate employees. The Boston-based company said the reorganization is meant to remove management layers and become more agil...

Environmentalists, Indigenous people and voters sympathetic to their causes were important to Luiz Inácio da Silva's election to a third term as Brazil's president RIO DE JANEIRO -- Shaking a traditional rattle, Brazil’s incoming head of Indigenous affairs recently walked through every corner of the agency’s headquarters — even its coffee room — as she invoked help from ancestors during a ritual cleansing. The ritual carried extra meaning for Joenia Wapichana, Brazil’s first Indigenous woman to command the agency charged with protecting the Amazon rainforest and its people. Once she is sworn in next month under newly inaugurated President Luiz Inácio da Silva, Wapichana promises to clean house at an agency that critics say has allowed the Amazon's resources to be exploited at the expense of the environment. As Wapichana performed the ritual, Indigenous people and government officials enthusiastically chanted “Yoohoo! Funai is ours!’’ — a reference to the agency she will l...

U.S. Treasury Secretary Janet Yellen says on the second leg on her African tour it's “critically important” to address Zambia's debt crisis LUSAKA, Zambia -- U.S. Treasury Secretary Janet Yellen, on the second leg of an African tour aimed at promoting American investment and ties, said on Monday it's crucial to immediately address Zambia's heavy debt burden with China. Yellen was in Lusaka, a capital city that's visibly dominated by Chinese financing. Visitors to Lusaka arriving at the renovated Kenneth Kaunda International Airport see a facility expanded in 2015 with Chinese money. A ride into the city passes billboards and newly built firms bearing Chinese signage, more evidence of Beijing's influence and increasing competition with the United States. But the growth that the country has experienced has come with a heavier debt burden . Zambia became Africa’s first coronavirus pandemic-era sovereign nation to default when it failed to make a $42.5 million ...

World stocks are mixed after gains on Wall Street driven by heavy buying of tech shares as investors bet the Federal Reserve will trim its rate hikes as it makes headway in tamping down inflation BANGKOK -- World stocks were mixed Tuesday after a Wall Street rally driven by heavy buying of tech shares as investors bet the Federal Reserve will trim its rate hikes as it makes headway in tamping down inflation. Germany's DAX edged 0.1% lower to 15,086.68 while the CAC 40 in Paris gained 0.2% to 7,024.63. Britain's FTSE 100 slipped 0.4% to 7,751.06. The futures for the S &P 500 and the Dow industrials were 0.1% lower. A preliminary reading for manufacturing in Japan remained steady in January at its lowest level in over two years, with exports declining faster. But the strength in Technology shares helped spur buying of manufacturers like electronics maker Omron, which gained 2.7%, and robot supplier Fanuc Corp., which gained 1.6%. Tokyo's Nikkei 225 index gained 1.5...

Department of Justice prosecutors want the federal judge overseeing the case against FTX crypto exchange co-founder Sam Bankman-Fried to make him stop contacting former or current employees, alleging possible witness tampering. Prosecutors claim in a letter filed Jan. 27 in federal court that Bankman-Fried contacted FTX attorney Ryne Miller — a possible witness in the trial — and many other employees using Signal, an encrypted messaging app, CNBC reported. The government claims that Bankman-Fried wrote to Miller on Signal on Jan. 15, days after bankruptcy officials at FTX disclosed the recovery of more than $5 billion in FTX assets. “I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other,” Bankman-Fried allegedly told Miller. SBF’s ex-girlfriend Caroline Ellison, former CEO of his compan...

Elon Musk has returned to federal court in San Francisco to testify in a class action lawsuit filed by Tesla investors alleging he misled them with a tweet SAN FRANCISCO -- Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund — although no specific funding amount or price was discussed. The 51-year-old billionaire Tesla CEO and Twitter owner is facing a class action lawsuit filed by Tesla investors alleging he misled them with a tweet saying funding was secured to take his electric car company private — for $420 per share. But the deal never came close to happening, and the tweet resulted in a $40 million settlement with securities regulators. The trial hinges on the question of whether a pair of tweets that Musk posted on Aug. 7, 2018, damaged Tesla shareholders during a 10-day period leading up to Musk's...