Jury told board knew of Black's payments

(Reuters) - But Fred Creasey, an accountant who oversaw Black's Canadian holding company, Hollinger Inc., testified how directors of Hollinger Inc. and its U.S. subsidiary, Hollinger International Inc., became increasingly suspicious of so-called non-compete payments to Black and his fellow executives.

Creasey wrote Black a note saying Hollinger Inc.'s audit committee and its chairman, Maureen Sabia, would not approve the payments if they were not reported in a timely manner.


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UPDATE 1-IMF warns of spillover if U.S. slowdown spreads

(Reuters) - WASHINGTON, April 4 - The U.S. economic slowdown is still being driven largely by a cooling housing market, but any spillover into the rest of the world should be limited as European economies are strengthening, the International Monetary Fund said on Wednesday.

However, if the downturn in the U.S. housing market spreads to consumer spending and business investment, then larger cross-border repercussions can be expected, the IMF said in initial chapters of its semi-annual World Economic Outlook, due to be released in full on April 11.


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UPDATE 1-Subprime problems clouding US outlook-Fed's Fisher

(Reuters) - AUSTIN, Texas, April 4 - The problems in the subprime mortgage market remained contained but were clouding the outlook for the wider housing market, and the U.S. economy as a whole, Federal Reserve Bank of Dallas President Richard Fisher said on Wednesday.

"Thus far, the damage from the subprime market has been largely contained. ... Quality problems have arisen primarily for adjustable-rate subprime loans, which are only about 8.5 percent of home mortgage debt outstanding," he told the Austin Mortgage Bankers Association in prepared remarks.


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UPDATE 2-Ameristar to buy Chicago-area casino

(Reuters) - NEW YORK, April 4 - Ameristar Casinos Inc. said on Wednesday it planned to pay $675 million for a casino complex near Chicago, which it intends to double in size, as it seeks to tap into the third-largest gaming market in the United States.

Some industry analysts said the price appeared to be high and saw mounting competition in the region, particularly from Harrah's Entertainment Inc. . Ameristar shares were down 4.1 percent to $31.14 in afternoon trading on Nasdaq.


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US STOCKS-Wall St inches up as Altria, Microsoft gain

(Reuters) - NEW YORK, April 4 - U.S. stocks inched higher on Wednesday, led by advances in shares of companies seen positioned to withstand slowing economic growth, including tobacco maker Altria Group Inc. .

A drop in crude oil prices after Iran said it would free the British sailors and marines it has detained also cushioned the stock market after data pointing to services sector weakness and slower-than-expected growth in factory orders revived concerns about the economy.


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Brazil replaces Finance Ministry officials

(Reuters) - Finance Minister Guido Mantega said in Brasilia the appointments were part of changes of his team and that Tarcisio Godoy will remain as treasury secretary for the time being.




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Silicon Valley's "best brains" work on energy

(Reuters) - Although commercial success could take years, venture capitalists are pouring cash into solar power, fuel cells, wind energy, biofuels, new lighting microchips, "smart" power grids, and other innovative energies.

"The best brains in the country are no longer working on the next pharmaceutical drug or the next Silicon Revolution. They want to work on energy," said Vinod Khosla, a top venture capitalists in Silicon Valley.


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