Chicago Breaking Business - chicagotribune.com

Accenture buying Acquity for $316 million

By Robert Channick, Tribune reporter — Fri, 17 May 2013 23:43:00 GMT

Global consulting firm Accenture has agreed to buy digital marketing company Acquity Group for $316 million, the companies announced Friday.

McDonald's seen overhauling U.S. menu

By Leslie Patton, Bloomberg News — Fri, 17 May 2013 22:20:00 GMT

CHICAGO — The Angus burger is going away, and it may not be the only McDonald's dish on the chopping block.

Dow, S&P end at records, stocks mark fourth week of gains

Ryan Vlastelica — Fri, 17 May 2013 22:02:02 GMT

Stocks continued their climb into uncharted territory on Friday, racking up the fourth week of gains in a row as encouraging economic data prompted investors to pick up shares of growth companies.

'Test arguments,' Dodgers owner and alum tells NU law grads

By Becky Yerak — Fri, 17 May 2013 21:46:00 GMT

Mark Walter said he learned to test arguments as a Northwestern University law school graduate in 1985.

SEC asked to review shareholder voting rules over JPMorgan move

Fri, 17 May 2013 21:21:00 GMT

The Council of Institutional Investors, which represents managers of pensions, endowments, and foundations with more than $3 trillion of assets total, has asked the Securities and Exchange Commission to review rules for shareholder voting.

DirecTV interested in buying video website Hulu

Liana B. Baker — Fri, 17 May 2013 21:10:00 GMT

(Reuters) - The largest U.S. satellite video provider, DirecTV, is one of the companies considering a bid for online video website Hulu, according to a source familiar with the situation.

Sprint offers up to $150 in credits to keep U.S. Cellular customers

By Wailin Wong — Fri, 17 May 2013 21:10:00 GMT

Chicago-area U.S. Cellular customers that sign up with Sprint and purchase new smartphones will receive at least $150 in credits, an offer that Sprint officials hope will ease the pain of switching carriers as U.S. Cellular exits the local market.

Fake Chrome ad from Microsoft mocks Google

By Salvador Rodriguez — Fri, 17 May 2013 20:35:00 GMT

For months, Microsoft has been going after Google with its Scroogled ad campaign , but a new ad that reportedly came from Microsoft is the harshest yet.

Today's retirees face declining standard of living, study says

By Walter Hamilton — Fri, 17 May 2013 19:46:00 GMT

The retirement crisis is deepening, with recent generations of Americans less financially prepared for their golden years than their parents or grandparents, according to a new study.

Illinois 1 of only 6 states with higher April unemployment

By Samantha Bomkamp — Fri, 17 May 2013 18:54:00 GMT

The state unemployment rate fell in April from the month before but was still higher than a year ago, according to date released jointly by Illinois and the U.S. government.

Will Yahoo splurge on $1-billion acquisition of Tumblr?

By Jessica Guynn — Fri, 17 May 2013 17:31:00 GMT

SAN FRANCISCO -- Will Yahoo buy Tumblr?

Austrian Airlines resumes O'Hare service Friday

By Samantha Bomkamp — Fri, 17 May 2013 16:39:00 GMT

Austrian Airlines begins nonstop service between Chicago O'Hare and Vienna on Friday after a five-year absence, the Chicago Department of Aviation said.

Gold falls to one-month low as Fed comments lift dollar

Jan Harvey — Fri, 17 May 2013 16:35:04 GMT

LONDON (Reuters) - Gold fell for a seventh straight session on Friday, its longest losing streak in four years, as speculation that the Federal Reserve may soon rein in monetary easing lifted the dollar.

United targets small business with new frequent flier program

By Gregory Karp — Fri, 17 May 2013 16:31:00 GMT

Chicago-based United Airlines, which has been expanding ways passengers can earn and use its frequent-flier miles, on Friday announced a new program allowing small businesses to rack up miles for making every-day purchases, such as office supplies, credit card processing and printing and shipping services.

IRS scandal: Lawmakers accuse IRS officials of lying

Fri, 17 May 2013 16:21:00 GMT

WASHINGTON -- Lawmakers accused leaders of the Internal Revenue Service of lying on Friday as they opened the first in a series of investigative hearings about the tax collection agency's targeting of conservative groups.

Fed tells Bank of Montreal to fight money laundering harder

Emily Flitter — Fri, 17 May 2013 15:49:02 GMT

The U.S. Federal Reserve Board said it has told Bank of Montreal to step up efforts to detect and prevent money laundering at the Canadian bank's Chicago branch. The warning puts Bank of Montreal in a growing category of financial institutions under pressure to do a better job of adhering to strict U.S. requirements for identifying potentially illegal activity by their customers. The Fed entered into a written agreement requiring Bank of Montreal to strengthen its compliance after a recent inspection by the central bank's examiners found deficiencies in Bank of Montreal's anti-money laundering program. The Fed made the agreement public on Friday. A spokeswoman for the Fed declined to describe the problems it found, saying its policy prohibits discussion of specific institutions. "Our remediation activities are well underway," said BMO spokesman Paul Deegan. "BMO is fully committed to the highest standards of regulatory compliance with Bank Secrecy Act/Anti-Money Laundering requirements and expectations in each of the jurisdictions in which we operate." The agreement said the Fed found Bank of Montreal's Chicago branch "lacked effective systems of governance and internal controls to adequately oversee the activities of Bank of Montreal's U.S. operations with respect to legal, compliance, and reputational risks." Banks operating in the United States, whether they are American or foreign, must closely monitor customer activity for signs of money laundering or other illegal acts. They must report unusual behavior in the form of "suspicious activity reports" to the U.S. Treasury Department. The Treasury uses the reports - sharing them with the Federal Bureau of Investigation and other law enforcement agencies - to help track down criminals and terrorists. The U.S. Treasury is currently building a system to more broadly share the banks' reports with U.S. spy agencies as well. The anti-money laundering rules were first defined by the Bank Secrecy Act and later strengthened by the USA Patriot Act after the attacks of September 11, 2001. Scrutiny of these programs may get tougher this year, according to an April 5 note by Fitch. Citing heavy fines the U.S. levied against HSBC and Standard Chartered for lapses in anti-money laundering controls last year, Fitch analysts predicted banks could spend more this year on anti-money laundering compliance. "For customers of affected banks, tougher AML scrutiny will likely lead to longer transaction times, increased documentation requirements, and potentially higher fees," the analysts wrote. JPMorgan Chase & Co and Citigroup have also run into trouble recently with anti-money laundering requirements. JPMorgan is under fire from another regulator, the Office of the Comptroller of the Currency, which expected to issue a "cease-and-desist" order - a more serious citation than the Fed's warning to Bank of Montreal - in the coming months. The Fed told Citi in March to improve its money-laundering monitoring program. (Reporting by Emily Flitter; Editing by Lisa Von Ahn and Peter Galloway)

Yahoo reportedly in talks to buy Tumblr

Fri, 17 May 2013 15:30:00 GMT

Adweek reports: Yahoo reportedly is in negotiations to Tumblr. Though no deal is done, sources say the pricetag could reach $1 billion for the social blogging site that has positioned itself well for brand advertising.

Harris Bank to pay $400K to settle 2012 suit by disabled workers

By Becky Yerak — Fri, 17 May 2013 14:35:00 GMT

BMO Harris Bank will pay $400,000 to 14 former workers to resolve a disability lawsuit filed by the U.S. Equal Employment Opportunity Commission.

Cat to pay less for Chinese firm mired in accounting woes

Fri, 17 May 2013 14:24:00 GMT

Caterpillar Inc. has reached a deal with Mining Machinery Ltd., reducing the price it will pay to buy mining equipment firm ERA and its Siwei unit.

May consumer sentiment leaps to 6-year high

Fri, 17 May 2013 14:19:00 GMT

The preliminary reading on the Thomson Reuters/University of Michigan's consumer sentiment for May rose to 83.7 from 76.4 in April, topping economists' expectations for 78 and the highest level since July 2007.

Transmission engineers are shifting to higher gears

By Jerry Hirsch, Los Angeles Times — Fri, 17 May 2013 14:00:00 GMT

In the next few years, many new vehicles will have transmissions with up to 10 speeds. The change will help meet stricter fuel economy and pollution standards.

Automakers are spending billions of dollars to squeeze efficiency from a car part most people never think twice about — the transmission.

Navy Pier remake would add urban park elements

By Kathy Bergen — Fri, 17 May 2013 12:25:00 GMT

Array of upgrades planned for Illinois' most-visited tourist attraction

Navy Pier, the highly commercialized tourist attraction jutting into Lake Michigan, will take on a more park-like feel under the first phase of redevelopment plans to be formally announced Friday morning.

Bitcoin concept is gaining currency

By Chris O'Brien, Los Angeles Times — Fri, 17 May 2013 12:00:00 GMT

This weekend's San Jose conference is a sign that Silicon Valley is taking the enigmatic virtual currency seriously. Keynote speakers: the Winklevosses.

Not that long ago, the virtual currency Bitcoin was one of the Internet's great rebel causes, a digital form of money embraced by libertarians and anti-establishment types who saw it as a way to diminish the power of big governments and big corporations.

Big banks get boost under new swap rules

Fri, 17 May 2013 11:20:00 GMT

The top U.S. regulator adopted watered-down rules to bring swaps onto exchange-like trading platforms in the $640 billion derivatives market, giving big banks a boost.

The day ahead in business

Fri, 17 May 2013 10:30:00 GMT

Reports: Michigan consumer sentiment for May, 8:55 a.m.; Leading indicators for April, 9 a.m.