Recession starts to bite

If Warren Buffet thinks that the US is in a recession already, who am I to argue. The evidence seems to mount daily. See Sunday Times – Britain shivers as US hits recession. This is now clearly affecting the US SITS sector.

Last Friday Tata Consultancy Services (TCS) disclosed that two Wall Street banks (believed to be Citibank and Merrill Lynch according to The Times) had cancelled projects due to start this quarter. See TCS feels US pinch (my first link to The Calcutta Telegraph). TCS shares slumped 3.3% on the news to $847 – now some 35% lower than their 2007 high reached in Apr 07.