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Top 5 economic news, May 10-16 week, 2010

May 10rd - 16th week most important economics news compilation:

1) Greece Considering Legal Action Against U.S. Banks for Crisis

Greece is considering taking legal action against U.S. investment banks that might have contributed to the country’s debt crisis, Prime Minister George Papandreou said this 16th Sunday.

2) Schwarzenegger’s Budget Addresses Few Structural Issues

Proposing a budget that would eliminate the state's welfare-to-work program and most child care for the poor, Gov. Arnold Schwarzenegger on Friday outlined a stark vision of a California that would sharply limit aid to some of its poorest and neediest citizens.

His $83.4-billion plan would also freeze funding for local schools, further cut state workers' pay and take away 60% of state money for local mental health programs. State parks and higher education are among the few areas the governor's proposal would spare.

3) A rise on US retail sales and employment, boost American hope

Retail sales rose by 0.4% in April, following an increase in March of 2'1%, said Commerce Department. April was the seventh month in row to have a retail sales increasing, making possible believe that the trend will keep in same direction.

The figures have increased hope that consumer spending, which accounts for two thirds of the US economy, will keep the recovery on track in coming months.

4) Growth, rate worries drive euro near 4-year low

The euro slid to a 19-month low of $1.2355 in late trading in New York, close to what would have been the lowest point in four years against the dollar.

Economists said the tumbling euro could reflect fears that the European debt crisis will turn into a replay of the Lehman Brothers disaster. The collapse of the New York investment bank in September 2008 spread panic through the financial system. Credit froze as a result.

5) Toyota miracle: $2.2 billion profit in 2009

After a year of security issues, global crisis and more, Toyota managed to made a profit of $2.2/€1.73 bn in 2009. Despite the global crisis, a series of recalls that brought a lack of trust on the company, even fines from U.S. government, Toyota managed to made a profit of $2.2 bn in 2009, and $1.2 bn on Q1, a breath of fresh air after 2008, when the company lost $4.73 bn.

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