Financial Update

The best thing about 2008 is that there is only 8 ½ months left-top investment banker, name withheld


· TSX -226.55 Canadian Press The Toronto stock market ended with a triple-digit loss
Friday as disappointing earnings from usually reliable General Electric Co. cast a shadow
over stock markets and made investors fret over the quality of upcoming quarterly
results

· Dow -256.66 Wall Street index futures were negative and overseas stock markets were
down after big U.S. bank Wachovia Corp. announced it is cutting its dividend and raising $7
billion in new capital after a first-quarter net loss of $350 million. Canadian Press

· Dollar -.44c to $ $97.71US

· Oil +$0.03 to $110.14 US per barrel demand for oil will slip in the coming months amid a
global economic downturn, but prices may remain high because of uncertainty over supply.

· Gold -$4.70 to $923.60US

Bond Rates: http://www.bankofcanada.ca/en/rates/bonds.html <http://www.bankofcanada.ca/en/rates/bonds.html>


Bloomberg news Subprime Mortgages have proved to be a bigger catastrophe for captains of the insurance industry than any natural disaster. American International Group Inc cut the 2007 cash bonus for chief executive Martin Sullivan by 42% as the world’s largest insurer reported its biggest quarterly loss in 89 years. Ambac Financial Group Inc denied Robert Genader any bonus, slashed his cash compensation by 71% and then replaced him in Jan. Boards are holding CEO’s accountable for US$38 billion of subprime losses by slicing their salaries and bonuses by an average 20%. That compares with an average 8.2% increase for the CEO’s in 2005, when directors excused them for US$41.1 billion of costs from Hurricane Katrina


Housing prices inch up 0.3% in February: StatsCan


Last Updated: Friday, April 11, 2008 10:05 AM ET


CBC News <http://www.cbc.ca/news/credit.html>


New housing prices across Canada increased 0.3 per cent in February owing to rising labour and material costs, Statistics Canada reported Friday.

On a year-over-year basis, contractors' selling prices increased 6.2 per cent, down from the 6.5 per cent increase observed in February.

"The increase in new housing prices in Canada slowed in February, following two consecutive months in which the rate of growth was gaining speed," the federal agency said. "This deceleration continues the downward trend that started in September 2006."

Saskatchewan's strong housing market led the country, with builders citing the high cost of materials and a notable labour shortage, Statistics Canada said. Saskatoon recorded an annual price increase of 58.3 per cent — the city's largest recorded increase.

In monthly comparisons, new home prices in Saskatoon rose 4.3 per cent in February over January. Regina's new housing prices in February climbed seven per cent over January.

New February home prices dropped 0.9 per cent in Edmonton and 0.3 per cent in Calgary from the previous month. The federal agency said the slowing housing market is shifting.

"With some migrants leaving the province, there are many resale houses on the market, making for slower new housing sales," Statistics Canada said.

Material, labour and land development costs helped drive up new home prices in Nova Scotia and Newfoundland and Labrador to record levels. St. John's recorded a year-over-year increase of 12.2 per cent while Halifax prices climbed 11.4 per cent.

New housing price increases


February 2007 - February 2008 (%)

January 2008 - February 2008 (%)


Canada

6.2

0.3


St. John's

12.2

2.9


Halifax

11.4

0


Charlottetown

2.4

0


Saint John, Fredericton and Moncton

2.1

-0.4


Quebec

4.0

0.5


Montreal

4.7

1.0


Ottawa–Gatineau

3.3

1.3


Toronto and Oshawa

4.4

0.3


Hamilton

3.6

0.8


St. Catharines–Niagara

5.3

1.9


Kitchener

2.0

-0.1


London

3.7

0


Windsor

0.3

0.3


Greater Sudbury and Thunder Bay

6.3

1.2


Winnipeg

14.5

0.1


Regina

28.6

7.0


Saskatoon

58.3

4.3


Calgary

5.2

-0.3


Edmonton

14.8

-0.9


Vancouver

6.6

0.2


Victoria

1.6

0