Llyods also losses.

One of London's biggest bank Llyods TBS posted a huge loss, becuase of its liability HBOS, It had taken over HBOS a year back. HBOs had a loss of 10.8 billion. Major loss was in loan department where they finance huge projects.

Fed cuts rates to near zero percent

The US Federal Reserve slashed its target for overnight interest rates to a record low of 0-0.25%. In a statement, the Fed stated that it would employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. It said weak economic conditions are likely to warrant exceptionally low levels of Federal funds rate for sometime.
Deflation is not now a major concern, the Fed was expecting a period of deflation. The Fed believes a bigger part of the spreads, the reason why the spreads are actually high is liquidity concerns which is why it feels it is justified in going in and buying these assets right now through this process.

It is a historic decision followed by an historic briefing by the Federal Reserve to explain as clearly as it can why the Fed is doing what it is doing

Obama is not bad news for your IT stocks

The Finance Minister P Chidambaram has welcomed Obama’s election as US President. He said that Obama’s comments on outsourcing would not affect Indo-US economic ties. "I am confident that the US India relations will only strengthen in the future, a comment about outsourcing etc shouldn’t bother us. Once he is in office, he will realise that in this interconnected world, countries have to work together and the US is the world’s largest economy and India is the world’s largest free-market democracy have to work together and I think we will gain by the new administration.”

"I cannot speak for the government but I can speak as an individual, and as an individual I think this election is a transformational change in the United States. Many ghosts in the US have been exorcised by this election. It is a tribute to the US Democracy that a young, forward looking change agent, a black American has been elected."

“IT is one sector that is facing the maximum challenges at this point in time.” He advices investors to be slightly underweight in that segment and buy the stock only when they are at extremely attractive.