Spending sags

Consumer spending unexpectedly stagnated in May as job prospects dimmed and rising infla tion caused Americans to cut back. It was the weak est outcome since June 2010.

Greece

Deutsche Bank’s CEO, Josef Ackermann, de scribed the situation in Greece as critical and warned contagion to other euro zone members could lead to a crisis big ger than the one sparked by the collapse of Leh man Brothers.

Fellow Paulson

Henry M. Paulson Jr., former US Treasury sec retary, will join the Uni versity of Chicago as a senior fellow.

Cloud move

Microsoft is going after online software rival Google and moving into ‘cloud’ computing with a new Web version of its Office software. Mi crosoft’s CEO Steve Ballmer will unveil Office 365 at an event today in New York City.

RIM roles

Research In Motion’s investors should back a proposal to split the roles of chief executive officer and chairman, said Insti tutional Shareholder Services.