National: Breaking US News from The Wall Street Journal

Here is the latest National News from The Wall Street Journal.

Jack Ma Couldn’t Get a Job at KFC
How the boy who failed his college entry exams became a billionaire. Tom Nagorski reviews “Alibaba: The House That Jack Ma Built” by Duncan Clark.

Victoria’s Secret Shelves Its Catalog
Victoria’s Secret will stop mailing out its famous catalogs of scantily clad models.

Lawsuit Over GM Defect Is Dropped
Yet another lawsuit filed against General Motors Co. over defective ignition switches has ended prematurely, further lessening the likelihood that a series of planned trials will frame broader settlements.

SpaceX Lands Portion of Spent Rocket on Floating Platform
Entrepreneur Elon Musk’s space company takes a step toward its long-term goal of reusing rockets with a successful landing after several near misses.

Tom Coughlin Was Seen as Champion of Wal-Mart’s Rank and File: 1949-2016
After rising to vice chairman of Wal-Mart, Tom Coughlin ended his 27-year career at the retailer in disgrace. Yet Mr. Coughlin, who died at age 66 last week, retained legions of admirers and friends inside the company and out.

Housing Tracks Rise and Fall of Generation X
The group of Americans known as Generation X has suffered more than any other age cohort from the housing bust, according to an analysis of federal data, suggesting homeownership rates for that group could remain depressed for years to come.

Sears Taps Bill Gates’s Fortune in Latest Borrowing
Hedge-fund manager Eddie Lampert continues to pump money into Sears Holdings Corp. but for the retailer’s latest financing it also tapped another billionaire’s fortune: Bill Gates.

FDA Moves to Withdraw Approval of Swine Drug
The FDA took steps to withdraw its approval of Phibro Animal Health’s antibiotic drug that has several uses in swine, as the regulator said the drug might leave trace amounts of a carcinogenic residue.

U.S. to Push Apple to Unlock iPhone in N.Y. Case
The Justice Department will keep trying to force Apple Inc. to help open a locked iPhone seized as part of a New York drug investigation, according to a new court filing.

Why Activists Aren’t Done With United
Hedge funds prodding for change at United Continental approve of the airline’s recent recruitment of former industry executives to join its board, but say the choices don’t go far enough, setting the stage for more jousting.

Apple Stores See Shrinking Share of iPhone Sales
Fewer U.S. iPhone buyers are purchasing directly from Apple Inc., as more deal with telecom carriers, according to a new report.

Vivendi Close to Acquiring Mediaset’s Pay-TV Business
French media firm Vivendi is close to acquiring the pay-TV business of Italy’s Mediaset, moving to snap up more assets to create a European rival to U.S. streaming video giant Netflix.

Twitter Names Two, Including PepsiCo CFO, to Board
Twitter said it named two new members to its board this week, the latest management change at the social media company, as it tries to more clearly market the purpose of its service and grow its user base.

Former Finmeccanica CEO Sentenced to 4½ Years in Jail
An appeals court overturned a previous ruling and sentenced Giuseppe Orsi, the former chief executive of Italian defense firm Finmeccanica, to 4½ years in prison for international corruption.

AstraZeneca, Eli Lilly in Final Stage of Testing Alzheimer’s Drug
AstraZeneca and Eli Lilly said they would progress a clinical trial for an Alzheimer’s drug after initial human testing showed it didn’t have harmful side effects.

Long-Haul Flights Get Longer
Airlines are looking again at a distinction that had almost become dubious in recent years—the world’s longest flights.

The Unraveling of a Wall Street Scion
Andrew Caspersen, son of a pedigreed family, lost millions feeding a compulsive trading habit, including money raised from college friends, his brothers and even his mother.

Obama Readies Flurry of Regulations
Burst of rule making follows weeks in which the administration targeted tax inversions, imposed new rules on brokers and advanced restrictions on corporate relations with union organizers

FDA Panel Backs Approval of Liver-Disease Drug
A U.S. Food and Drug Administration advisory panel recommended the agency approve a new drug for the treatment of a rare liver condition—the latest milestone in a rapidly growing market for liver-disease drugs.

Demand for Skilled-Worker Visas Exceeds U.S. Supply Within 5 Days
U.S. demand for foreign skilled-worker visas surpassed the entire year’s mandated supply within five days, prompting the government to say it will award them through a lottery.

GM Settles Third Bellwether Ignition-Switch Case
General Motors Co. settled the third ignition-switch case set for trial in consolidated litigation over the safety defect linked to 124 deaths.

Utilities Seek to Stockpile Essential Parts for Disasters
Large U.S. utilities are joining forces to stockpile critical pieces of electrical equipment and rush them to power companies hit by terrorist attacks, earthquakes or other disasters that could cause extended blackouts.

Apartment-Rental Market Is Losing Steam
The apartment-rental market cooled in the first quarter, according to three research companies, suggesting a six-year housing boom might be coming to an end.

Fed’s Yellen Joins With Predecessors to Calm Recession Fears
Four living Federal Reserve leaders—including current Chairwoman Janet Yellen—sought to dispel worries the U.S. is heading back toward recession despite concerns about slow global growth and the expansion’s advancing age.

Uber Settles With California Regulators for Up to $25 Million
Uber Technologies Inc. agreed to pay up to $25 million to settle a lawsuit brought by the district attorneys of San Francisco and Los Angeles in 2014.

CEO Pay Shrank Most Since Financial Crisis
Compensation for the chief executives of the biggest U.S. companies fell more sharply last year than any year since the financial crisis, as weaker corporate performance slowed cash bonuses and accounting rules pared back pension growth.

ECB Officials Open to More Stimulus, but Divisions Remain
Top European Central Bank officials underlined their willingness to launch fresh stimulus if needed to bolster the eurozone’s weak economy, but the minutes of the bank’s latest policy meeting laid bare divisions over just how to do that.

Consumer Borrowing Ticks Up
Borrowing by U.S. consumers picked up a little in February, a sign steady job creation is helping underpin household finances.

Live: Janet Yellen and Former Fed Leaders in Conversation
Fed Chairwoman Janet Yellen appears with predecessors Ben Bernanke, Alan Greenspan and Paul Volcker for a panel discussion aimed at students. Topics will include the independence of the central bank from politics and the role of monetary policy, organizers said.

Cargill’s New Place in the Food Chain
Cargill CEO David MacLennan is reshaping the 151-year-old food giant after two years of declining profits as a result of changing consumer preferences and market pressures. In an interview, he charts the family-owned Minnesota company’s course as the agricultural sector faces pressure from low crop prices.

Allergan Completes Licensing Deal After Pfizer Bid Collapses
Allergan PLC completed a licensing deal to develop drugs for Alzheimer’s and other neurological conditions just hours after the collapse of its $150 billion tie-up with Pfizer Inc., underlining its determination to move on as a stand-alone company.

Sparkling-Water Race Bubbles Up
A 35-year-old sparkling water is suddenly afire with U.S. consumers largely because of what it doesn’t contain: calories, sweeteners, sodium or anything artificial, tapping into growing concerns about sugary and diet soft drinks.

Roots of Apple-FBI Standoff Reach Back to 2008 Case
The roots of the current standoff between Apple and the FBI reach back to a 2008 child sex-abuse case in Watertown, N.Y. It is believed to be the first case of a federal judge ordering Apple to assist the government in unlocking an iPhone.

Cargill Profit Rises
Cargill said profits rose 8% in the agricultural conglomerate’s latest quarter, although its top executive warned of continued tough times in agricultural markets.

Victoria’s Secret Restructures
L Brands will restructure Victoria’s Secret in an attempt to streamline operations and focus more on core merchandise, resulting in the elimination of about 200 jobs.

U.S. Jobless Claims Fall
The number of U.S. workers who applied for new unemployment benefits fell last week, the latest sign of a healthy labor market.

Economists Trim Estimates for Growth
Forecasters in The Wall Street Journal’s monthly survey of economists trimmed their estimates for 2016 employment gains and for economic growth amid market volatility and signs of a cautious consumer.

Samsung Makes Aggressive Play for Emerging Markets
Last year, Samsung began to focus in emerging markets on just few lines of aggressively-priced smartphones—which boast some of the same features of its premium devices—in a bid to regain global market share.

ZTE Plunges as Continuing U.S. Investigation Sparks Uncertainties
ZTE’s shares plunged as much as 16% upon resuming trading following a month-long suspension, as the Chinese telecommunications giant continues to face uncertainties after allegedly violating U.S. trade laws.

Pacific Sunwear Files for Bankruptcy
Struggling teen retailer Pacific Sunwear of California Inc. filed for bankruptcy in an effort to reduce its long-term debt by 65% and lower operating costs to “better match the shifting retail landscape.”

7-Eleven CEO Resigns After Loeb Wins Japan Board Fight
An 83-year-old convenience-store pioneer who built the Tokyo-based 7-Eleven empire said he would step down after losing a boardroom clash that pitted him against U.S. hedge-fund operator Daniel Loeb.

ITC Probe Could Pave the Way for Aluminum Import Tariffs
The U.S. International Trade Commission said Wednesday that it will investigate the global aluminum trade and its impact on the U.S. aluminum industry, an inquiry that could help pave the way for new import tariffs.

New Tax Rules on Inversion Deals Are Met With Protest
Pfizer, Allergan and others are critical of new Treasury Department rules aimed at limiting companies’ ability to move their tax addresses overseas.

Succession Tests Venture-Capital Firms
The decision by John Doerr, one of Silicon Valley’s most prominent investors, to step aside as frontman of Kleiner Perkins Caufield & Byers reflects the battle venture-capital firms face to stay relevant.

Angola to Seek IMF Bailout
Angola will turn to the International Monetary Fund for a bailout to help cope with the oil-price rout that has hit its economy hard, joining a growing list of commodity-dependent African economies seeking assistance.

Sprint to Raise $2.2 Billion in Asset Sale, Leaseback Transaction
Sprint Corp. said Wednesday it would take another step to address its cash crunch by selling some network assets and leasing them back.

More Than 40% of Student Borrowers Aren’t Making Payments
Some 43% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay.

Pfizer, Allergan to Hunt for Deals of Their Own
Now that their $150 billion deal with each other is over, Pfizer and Allergan will look to do deals of their own.

Car Makers, Tech Firms in the HERE and Now
The talks between Germany’s three big luxury-auto makers and several tech firms about joining the HERE venture highlights the importance of digital maps to the development of driverless cars and other innovations.

Chinese Internet Users Voice Frustration Over ‘Great Firewall’
Average Chinese are taking advantage of a public comment period of a draft Internet regulation to express their frustration with intensified blocking of foreign websites, writes Li Yuan.

Redstone Case Spotlights Rise in Competency Litigation
A high-profile legal dispute over the mental health of media mogul Sumner Redstone is shedding light on what many legal and medical experts say is a growing trend: messy litigation over the competency of the elderly.

Dow Chemical Settles ‘Opt-Out’ Price-Fixing Claims for $400 Million
Dow Chemical Co. has agreed to pay about $400 million to settle additional claims from some large customers over alleged price fixing.

Treasury Has Outsize Legal Leverage on Inversions
Pfizer’s quick abandonment of its merger with Allergan shows just how tough it is to challenge a Treasury Department determined to clamp down on corporate inversions with increasingly ambitious regulations.

Europe’s Car Boom Leaves Auto Makers Hunting for Profits
In the midst of their biggest sales boom in years, auto makers in Europe are seeing the payoff of recent cost-cutting: break-even at best.

Fiat Chrysler to Cut 1,300 Jobs at Sedan Factory
Fiat Chrysler will cut 1,300 jobs this summer at its Chrysler 200 sedan assembly plant amid recent comments by the chief executive indicating the nameplate will be phased out.

Huawei’s $700 Smartphone to Challenge Apple, Samsung
Huawei has released its latest phone, the P9, as the Chinese firm mounts its most serious foray yet into the high-end device market dominated by Apple and Samsung.

What Happened When a Business School Made Tuition Free
Arizona State University’s W. P. Carey School of Business received a lot more applicants than it bargained for after announcing last year that it would make its two-year M.B.A. program free starting this fall.

As Dollar Falls, World Perks Up
The weaker dollar and a commodities rally appear to mark the bottom for the global economy. Growth won’t be great, but a recession has likely been averted, Greg Ip writes.

FOMC Minutes Show Fed Officials Leaning Against Rate Rise in April
Several participants in the March meeting expressed concerned an April increase would signal inappropriate urgency, minutes from the gathering show.

Amazon Struts Its Fashion Sense, Challenging Traditional Stores
Amazon.com has crushed rivals by offering cut-rate prices on everything from books and electronics to diapers. But to attract fashion brands, it has employed a new strategy: promising full price.

Former Massey Energy CEO Sentenced to 12 Months in Prison
A federal judge sentenced former Massey Energy Chief Executive Don Blankenship to the maximum 12 months in prison, closing another chapter on the deadliest U.S. coal mining accident in more than four decades.

Alibaba Makes China Newspaper Free Online
In one of its first moves as the owner of the South China Morning Post, Alibaba removed the newspaper’s online paywall, signaling an emphasis on generating more traffic.

Monsanto Reports Worse-than-Expected Earnings, Sales Declines
Monsanto CEO Hugh Grant said he wouldn’t pursue big deals after the company’s failure to snare Syngenta, focusing instead on partnerships amid a downturn in the agricultural business.

ZTE Says U.S. Trade Probe Could Lead to Criminal Charges
Chinese telecommunications equipment maker ZTE said the U.S. government’s investigations into its alleged violation of trade rules could result in U.S. criminal and civil charges.

IMF Warns of Possible Crises for Emerging Markets Hit by Outflows
An exodus of cash from emerging markets in recent years is closely tied to developing economies’ slower growth rates and could end with financial crises in the countries involved, the International Monetary Fund says.

U.S. Sues to Block Halliburton From Acquiring Baker Hughes
The Justice Department filed an antitrust lawsuit challenging Halliburton’s planned acquisition of rival Baker Hughes, alleging that the deal would lead to higher prices and less innovation in the oil-field services industry.

Verizon Takes Stake in DreamWorks’ AwesomenessTV Venture
Verizon Communications Inc. has agreed to buy a 24.5% stake in AwesomenessTV in a deal that values the online video startup at $650 million.

New Inversion Rules Force Pfizer to End Deal With Allergan
Pfizer said it would walk away from its planned $150 billion takeover of Allergan, after the Obama administration took aim at a deal that would have moved the biggest drug company in the U.S. to Ireland to lower its taxes.

Robots Gain Traction With Supply Chain Managers
Over half of supply chain managers surveyed by Deloitte and MHI expect robotics and automation to have a significant impact on their business

Upstart Brewers Rise Against Craft-Beer Founding Father Sam Adams
Boston Beer Co. faces a raft of small competitors which are taking tap handles, shelf space and sales, making it harder for its Sam Adams products to stand out.

Pinterest Begins Overseas Ad Push
Pinterest said on Wednesday it will start selling advertising in the U.K., marking the first effort to make money from its more than 45 million users who reside outside the U.S.

H&M Profit Hurt by Strong Dollar
Fashion retailer Hennes & Mauritz said currency losses contributed to a 30% profit decline in its fiscal first quarter and continued to pressure purchases in the second quarter.

Anbang to Buy Allianz’s Korean Units After Dropping Starwood Bid
Anbang Insurance Group reached a deal to buy the South Korean operations of Germany’s Allianz days after it walked away from a $14 billion bid for Starwood Hotels.

Glencore to Sell 40% of Agricultural Arm for $2.5 Billion
Commodities titan Glencore has agreed a cash deal to sell a major stake in its agricultural business to Canada’s largest pension fund, Canada Pension Plan Investment Board.

Daimler Confirms Microsoft, Amazon in Talks to Invest in HERE Location Service
Germany’s premium car makers Audi, BMW and Daimler are in talks with Amazon.com and Microsoft that could lead to the tech giants taking minority stakes in the HERE digital mapping service.

Air France-KLM CEO to Take Top Industry Job
Alexandre de Juniac, the chief executive of Air France-KLM, will step down in July to take the top job at the air-transportation industry group International Air Transport Association.

Pfizer to Walk Away From Allergan Deal
Pfizer has decided to kill its planned $150 billion takeover of Allergan, after the Obama Administration took aim at a deal that would have moved the biggest drug company in the U.S. to Ireland in order to lower its taxes.

Lumber Liquidators Stock Rises After Favorable California Ruling
Shares in Lumber Liquidators rose 11% after the hardwood-flooring company received a favorable ruling in a civil case that had accused it of violating a California health code.

Some Asking If Disney CEO Will Extend Tenure
The surprise news that Chief Operating Officer Thomas Staggs, widely viewed as heir apparent to Chief Executive Robert Iger, will step down calls into question whether anyone will be ready to take over the world’s largest media conglomerate by June 2018.

Ford to Build Plant in Mexico for Small Car Production
Ford Motor said it would build a $1.6 billion factory in Mexico for small-car output, a move aimed at cutting production costs in the wake of a new U.S. labor contract signed in 2015 and soft demand for compact cars amid low fuel prices.

NCAA Championship Audience Falls to 17.8 Million in Cable Debut
The NCAA men’s basketball final, in which Villanova’s Kris Jenkins sank a last-second 3-pointer to beat North Carolina, brought in 17.8 million viewers across TBS, TNT and truTV, according to Nielsen data cited by Turner.

FBI Analyzing Data From San Bernardino iPhone for Leads
The Federal Bureau of Investigation is still analyzing data on the iPhone used by a San Bernardino, Calif., terrorist and won’t decide whether to talk about what it has found until after that examination is complete.

Activists Reap Olive Garden Bounty
Stock of the chain’s parent company Darden Restaurants Inc. is up 48% since a rare shareholder coup 18 months ago.

Glencore in Advanced Talks to Sell Stake in Agriculture Unit
Glencore is in advanced talks to sell a stake in its agricultural business to Canada’s largest pension fund that would value the unit at $6 billion.

Amazon to Release New Kindle With Rechargeable Protective Case
Amazon will soon sell a higher-end Kindle with a rechargeable protective case for extended battery life

U.S. Prepares Suit to Block Halliburton-Baker Hughes Deal
The Justice Department is preparing to file an antitrust lawsuit to block a proposed merger between Halliburton and Baker Hughes, according to a person familiar with the matter.

Huawei Makes Push to Get Ahead of Apple, Samsung
Huawei is expected to unveil a new high-end smartphone with a dual-lens camera, people familiar with the matter said, beating Apple and Samsung to the market with the feature that promises better color and sharper contrasts even in lowlight conditions.

Japan’s Abe Defends U.S. Alliance, Warns Against Nationalism
With Japan’s security ties to the U.S. called into question in the presidential campaign, Prime Minister Shinzo Abe offered a stout defense of the alliance’s role in protecting the globe and warned against “naked nationalism.”

U.S. Food Shippers Face New Rules
Federal regulators on Tuesday introduced rules for food transportation that require shippers to ensure vehicles are properly cleaned and refrigerated.

Boss Talk: Lyft’s Logan Green on Building Uber’s ‘Happier’ U.S. Rival
Logan Green, co-founded ride-hailing company Lyft as a funky, friendlier alternative to the luxury-focused Uber Technologies. But many of the lines between their services have blurred, and Lyft’s chief talks of the road ahead for the company.

New Inversion Rules Test Pending Deals
While Treasury’s new inversion rules pose problems for Pfizer’s pending takeover of Allergan, they are less likely to affect similar deals that have yet to close.

Staples Seeks Antitrust Ruling Without Presenting Its Defense
A lawyer for Staples said the government had failed to prove its case against merger with Office Depot and asked the judge to rule on the government’s request without the company presenting a defense.

WhatsApp Turns on Encryption by Default
Facebook’s WhatsApp texting service said it had strengthened its encryption so that only the sender and receiver are able to read the contents of messages.

Twitter Gets Deal to Stream NFL Thursday Games
Twitter secured the rights to stream the National Football League’s Thursday night games online.

Marvell Tech Fires Husband-and-Wife Team That Led Company
The husband-and-wife team running Marvell Technology were terminated by the board, a month after an audit-committee investigation identified “tone at the top” issues that led to a number of accounting problems.

Sumner Redstone in Settlement Talks Over Competency
Representatives of Sumner Redstone have entered talks to settle a legal dispute with a former companion who challenged the media mogul’s mental competency.

U.S. Service Sector Gained in March
U.S. service industries reported higher economic activity in March, a sign the economy’s underlying health remains intact as Americans get more jobs and their incomes slowly rise.

U.S. Trade Gap Widened 2.6% in February
The trade deficit widened in February to a six-month high as imports increased more than exports, a sign that weakness overseas and the strong dollar may continue to weigh on U.S. economic growth.

Valeant Finishes Philidor Review, Finds No Further Problems
Valeant Pharmaceuticals said its review of how it accounted for revenue through mail-order pharmacy Philidor didn’t find additional problems requiring restatement.

Darden’s Activist Chairman Exits After Improved Quarter
Darden Restaurants said the activist investor who led the revolt on its board is stepping down as chairman after the operator of Olive Garden and LongHorn Steakhouse posted better-than-expected third-quarter results.