Business Briefing
REAL ESTATE
Burkle to leave board of KB Home
KB Home, a Los Angeles home builder that sells to first-time buyers, said billionaire Ron Burkle is leaving its board after more than 15 years to devote more time to other business interests.
Burkle won’t stand for reelection at KB Home’s next annual shareholders meeting, scheduled for April 1, the company said.
The investor, 57, is managing partner of Los Angeles-based Yucaipa Cos., an investment company he founded in 1986.
Burkle has been involved in a fight to increase his stake in book retailer Barnes & Noble Inc.
INTERNATIONAL
Europe’s key rate is left unchanged
The European Central Bank left its benchmark interest rate unchanged at 1% and confirmed that it would continue to scale back special lending measures it introduced during the financial crisis, even though the economy in the 16 countries that use the euro is only barely growing.
Bank President Jean-Claude Trichet said that the economic recovery in the Eurozone was “on track” but that it would probably “remain uneven.”
The Eurozone grew by only 0.1% in the last three months of 2009 as the recovery in Germany stalled.
The European Central Bank’s latest rate decision came after the Bank of England decided to keep its main interest rate on hold at the record low of 0.5% and held back from asking the government for the ability to pump more cash into the economy.
ENERGY
OPEC to cut oil shipments 2.3%
The Organization of the Petroleum Exporting Countries will cut shipments by 2.3% in the month ending March 20 as winter demand ebbs and refiners prepare for maintenance, according to tanker tracker Oil Movements.
OPEC, which supplies about 40% of the world’s crude, will ship 22.87 million barrels a day in the four-week period, compared with 23.42 million barrels in the month that ended Feb. 20, the Halifax, England-based consultant said in a report.
The data exclude Ecuador and Angola.
EARNINGS
Wendy’s/Arby’s loss narrows
Wendy’s/Arby’s Group Inc., the fast-food chain that owns Wendy’s and Arby’s, said Thursday that its fourth-quarter loss narrowed, even though one-time costs continued to drag down results.
For the three-month period, the Atlanta company lost $13.6 million, or 3 cents per share.
That compares with a loss of $393.2 million, or 84 cents per share, during the previous year.
INQUIRY
Gospel musician accused of fraud
Michigan regulators said a member of the Winans gospel-music family led a fraudulent, multimillion-dollar investment program by promoting bogus Saudi Arabia oil bonds.
The Office of Financial and Insurance Regulation issued a cease-and-desist order Thursday, although Commissioner Ken Ross said the alleged scheme probably stopped in late 2008.
Ross said Michael Winans Jr. told investors they could double their money in 60 days, and police identified at least 180 investors.
Winans couldn’t immediately be reached for comment.
-- times wire reports
