Business News at a Glance

Trump Administration Stalls Largest Tech Merger in New Sign of Protectionism

In a rare intervention by the government, the Trump administration moved Sunday night to stall the potential takeover of Qualcomm, the leading U.S. chipmaker, by Singapore-based Broadcom on national security grounds. The action, by a little-known and secretive government panel, represents a newly aggressive posture by the administration to scrutinize acquisitions by overseas companies. The heightened scrutiny reflects the growing concern by President Donald Trump and lawmakers over the flurry of deals in the United States by foreign companies. The worry is that the United States is giving up an edge in areas like technology.

Puerto Rico’s Positive Business Slogans Can’t Keep the Lights On

The message coming out of an investment conference in San Juan in February was simple and optimistic: “Puerto Rico is open for business.” Attendees noted San Juan’s crowded restaurants and traffic-choked streets. The capital city seemed to be bustling. But more than five months after Hurricane Maria plowed through Puerto Rico, some parts of the island are still in the dark. It is a long, long way from being back in business. The annual conference itself — designed to showcase the territory’s business opportunities — was rescheduled because of the slow recovery. As it was, attendance was down.

Net Neutrality Revived in Washington State

Residents of Washington state are getting net neutrality rules back, with the nation’s first state law that prevents internet service providers from blocking and slowing down content online. The law, signed Monday by Gov. Jay Inslee, a Democrat, is the most sweeping state action so far against new federal rules that strip away regulations on how high-speed internet providers handle digital data. The dismantling of the nationwide rules, approved by the Federal Communications Commission in 2017, set off a fierce outcry from consumers and tech companies.

Nordstrom Family’s Bid to Buy the Retailer Is Rejected

Nordstrom’s long, winding attempt to move into private ownership took another turn Monday when a special committee of the retailer’s board rejected a roughly $8.4 billion offer from the Nordstrom family to buy the company. In a statement late Monday, the committee said the cash offer of $50 a share was “inadequate,” and it threatened to cut off further discussions with the family group, which includes a granddaughter of one of its founders. Known for its stylish high-end clothing and successful discount stores, Nordstrom has been seeking a respite from the public stock market and its harsh scrutiny of brick-and-mortar retailers.

United Airlines Pauses Lottery for Bonuses After Employees Rebel Online

Faced with a backlash from employees, United Airlines said Monday it was “pressing the pause button” on a plan to replace its modest monthly bonuses with a lottery system that would have offered large rewards to a few workers at random. Last week, an internal United Airlines memo, first obtained by The Chicago Business Journal, announced that the company was doing away with a performance incentive program that awarded workers up to $375 for each quarter that the airline met operational goals. Instead, employees would enter a lottery system that doled out big prizes, including $100,000 cash and a Mercedes-Benz.

Shkreli’s Wu-Tang Album Could Be Seized by Government

Martin Shkreli’s prized Wu-Tang Clan album might end up on a government auction block. A judge Monday authorized the federal government to seize rare Wu-Tang and Lil Wayne albums owned by Shkreli, the former pharmaceutical executive convicted of fraud, if he cannot come up with the $7.36 million he owes the government. Judge Kiyo A. Matsumoto of U.S. District Court in Brooklyn ruled Monday that Shkreli owes the money to pay back what he made from his fraud. Shkreli’s lawyers had argued that he owed nothing. Last summer, jurors found him guilty of fraud after a five-week trial.