Changes at the top of Deutsche Bank and the box office. Read about these and more of the day's top business news stories.
“Spy” Rocks “San Andreas” with $30 Million Opening
“Spy,” the R-rated espionage comedy starring Melissa McCarthy, dislodged last week’s No. 1 film, “San Andreas” with a less-than-anticipated $30 million opening weekend. “San Andreas” came in second with $26.4 million. “Spy” is the third collaboration between McCarthy and Paul Feig, who directed her in “Bridesmaids” and “The Heat.” The lower-budget horror film “Insidious: Chapter 3” came in third with $23 million, while “Entourage,” the long-awaited feature film based on the HBO series, that opened last Wednesday, did not crack $20 million in its first five days in theatres. “Mad Max: Fury Road” came in fifth with $8 million. Warner Bros. announced Saturday the film had grossed $300 million worldwide.
Deutsche Bank Co-CEOS to Step Down
John Cryan will replace Anshu Jain and Juergen Fitschen, who will step down early as co-CEOs of Deutsche Bank, which has struggled with legal issues and disappointing profits, the Associated Press reports. Cryan is a British member of the company's supervisory board who has worked for Switzerland's UBS in the past. Jain and Fitschen became joint chief executives of Germany's biggest bank in 2012, succeeding Josef Ackermann, and had contracts running through March 2017. Jain reportedly will step down June 30 but has been asked to remain with the company as a consultant until January. The bank's supervisory board asked Fitschen to stay in his job until the next annual general meeting in May 2016 "to ensure a smooth transition."
EU Chief Exec Rebukes Greece
European Commission President Jean-Claude Juncker rebuked Greece’s leftist Prime Minister Alexis Tsipras and warned that time was running out to conclude a debt deal to avert a damaging Greek default, Reuters reports. Juncker accused Tsipras of distorting proposals by international creditors for a cash-for-reform agreement and of dragging his feet in offering an alternative. He urged Athens to offer its own ideas to enable talks to resume on the sidelines of an EU-Latin America summit on Wednesday in Brussels.
In Athens, a government official said Greece wanted to continue to negotiate "at a political level" to find convergence with the lenders. However, the euro zone and the International Monetary Fund have made clear the numbers must first add up in technical negotiations before there can be a political deal.
G-7 Leaders to Russia: We Stand United
German Chancellor Angela Merkel said Sunday she expects a meeting of the Group of Seven industrialized democracies to present a “unified signal” that sanctions against Russia can only be softened if a February peace accord for Ukraine is fully implemented, the Associated Press reports. This year’s meeting was the second in a row without Russia, which was ejected last year from what was the G-8 over its aggression toward Ukraine.
Social Security Overpaid Almost Half of Disability Recipients
A government watchdog 10-year study released Sunday stated that Social Security overpaid nearly half the people receiving disability payments by nearly $17 billion over the past decade. Many payments went to people who earned too much money to qualify for benefits, or to those no longer disabled, the Associated Press. People who had died or who were in prison also received payments. The agency was able to recoup almost half of the money ($8.1 billion), but it often took years to get the money back, the study said. Social Security is projected to run out of money in late 2016, triggering automatic benefit cuts, unless Congress acts.
Spanish Air Controllers Affirm Strike Threat
Spain's air traffic controllers indicate they are upholding their threat to hold a partial strike this month just as the summer vacation season gets underway, the Associated Press reports. The strike is expected to cause major travel disruptions. The USCA controllers' trade union, which called the strike last month over penalties imposed on members who held a strike in 2010, said Sunday that the stoppage will affects flights between 10 a.m.-to-noon and 6-8 p.m. on June 8, 10, 12 and 14. The strike threatens 5,300 flights that week.