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Amazon closing warehouses

Amazon.com Inc. is closing distribution centers in three states, including one in Chambersburg.

About 210 workers at the centers in Chambersburg, Munster, Ind. and Red Rock, Nev. will receive up to eight weeks of severance pay and the opportunity to transfer to nearby Amazon warehouse operations, spokeswoman Patty Smith said.

Last year Amazon opened a distribution center in the Humboldt Industrial Park, Hazle Township, that the company said could employ 1,100 within three years.

Homebuilder sees gains

KB Home slashed its first quarter losses by 78 percent as first-time buyers flocked to the builder’s smaller and more affordable homes, but the company warned Friday the U.S. housing market has yet to hit bottom.

The Los Angeles-based builder reported a 26 percent increase in new home orders — the first year-over-year increase in more than three years.

First-time buyers accounted for 70 percent of its sales in the first quarter, up from 53 percent in the first quarter of 2008.

Automaker terms to tighten

The Obama administration is likely to impose deeper concessions on Chrysler LLC and General Motors Corp. in exchange for additional federal loans, a person briefed on the government’s plan said Friday.

The concessions could go beyond the requirements imposed by the Bush administration when it agreed to loan the automakers money last year, said the person, who asked not to be identified.

Both automakers are operating on a total of $17.4 billion in government loans, trying to weather the worst auto sales downturn in 27 years.

In addition, GM is seeking another $16.6 billion, while Chrysler wants $5 billion more.

Irving R. Levine dies

Irving R. Levine, the bow-tied NBC newsman who explained the fine points of economics to millions of viewers for nearly a quarter century, has died.

He was 86.

Known for his dry, measured delivery and trademark bow ties, Levine was a presence at NBC since 1950 when he began covering the Korean War until his retirement in 1995.

Lawsuit against AIG

A lawsuit filed on behalf of shareholders of American International Group Inc. is demanding company executives return millions of dollars in bonuses, dividends and other perks.

The lawsuit, which seeks class-action status, also seeks unspecified damages as well as the removal of AIG’s top brass.

It claims shareholders have lost $200 billion because of AIG’s gross mismanagement and corporate waste over the past 8 years.

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