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San Francisco Federal Reserve Bank President John Williams on Tuesday called for gradual U.S. interest-rate hikes over the next few years to keep the economy from overheating and ultimately falling into recession. With the unemployment rate at 4.7 percent, the U.S. economy has reached full employment, Williams said, adding that inflation is on track to reach the Fed's 2-percent goal over the next couple of years. "Looking ahead, further gradual increases in the target fed funds rate will likely be appropriate to bring monetary policy back to a more normal setting consistent with an economy at full strength," Williams said in remarks prepared for delivery at Sacramento State University.
United Continental Holdings Inc on Tuesday reported a 1.6 percent decline in its fourth-quarter passenger unit revenue, a closely watched metric, outperforming the airline company's initial guidance on the measure as its net profit slipped 39.8 percent. Crediting the better-than-expected results to stronger last-minute bookings and ticket yields in November, United posted a pretax margin excluding special items of 9.5 percent, compared with 10.4 percent for the same quarter of 2015, on track with an updated prediction of the company's profitability issued last week. The No. 3 U.S. airline by passenger traffic reported fourth-quarter net income excluding special items of $562 million, down from $934 million in the same period in 2015.
WASHINGTON (Reuters) - Botox maker Allergan plc will pay a $15 million penalty and admit to wrongdoing, after U.S. regulators on Tuesday accused the company of failing to disclose merger talks with Actavis, the U.S. Securities and Exchange Commission said.
Jay Y. Lee, the 48-year-old leader of the Samsung Group, is due to appear at a court hearing on Wednesday when a judge will decide whether to issue an arrest warrant over his alleged role in a corruption scandal that has rocked South Korea. A special prosecutor on Monday said it would seek a warrant to arrest the third-generation leader of the country's largest conglomerate on suspicion of bribery, embezzlement and perjury. Lee, questioned last week for 22 straight hours at the prosecutor's office in Seoul, has denied wrongdoing.