A Chinese manufacturing gauge rose to a five-month high in May, sending Asian stocks higher on optimism the economy is stabilizing after government moves to counter a slowdown. A preliminary purchasing managers’ index from HSBC Holdings Plc and Markit Economics was at 49.7, exceeding the 48.3 median estimate of analysts surveyed by Bloomberg News and a final reading of 48.1 in April. The number remained below the expansion-contraction line of 50. Communist Party leaders are betting that measures

A pedestrian walks outside Google’s headquarters in Mountain View, California. (Bloomberg)PARIS (AFP) ― U.S. search engine Google has overtaken rival technology titan Apple as the world’s top brand in terms of value, global market research agency Millward Brown said Wednesday.Google’s brand value shot up 40 percent in a year to $158.84 billion, Millward Brown said in its 2014 100 Top BrandZ report.“Google has been extremely innovative this year with Google Glass, investments in artificial intell

DETROIT (AP) ― Another day, another recall from General Motors.At least that’s the way it seems as the automaker reviews safety issues across its line-up of cars and trucks in the wake of a mishandled recall of millions of older small cars.The number of recalls issued this year by the nation’s top carmaker rose Tuesday to 29 as GM announced four separate actions affecting 2.4 million cars and trucks. While no fatalities were involved in the latest recalls, the problems were serious enough that G

WASHINGTON (AP) ― President Barack Obama played the role of business pitchman Tuesday, saluting executives whose companies have chosen to gain or expand their footprint in the United States.Obama, at the White House, welcomed leaders of 11 foreign and U.S.-based firms that have opened new plants in the United States or brought back overseas operations.Obama cited low energy costs, a productive workforce and a “dynamic economy” as major U.S. attractions for corporate investment.“We want folks to

Japan’s central bank refrained from boosting stimulus and raised its view of business investment as the economy shows signs of weathering the impact of the first sales-tax increase since 1997. The Bank of Japan will continue to expand the monetary base at a pace of 60 trillion yen to 70 trillion yen ($595 billion to $694 billion) per year, it said in a statement Wednesday in Tokyo, in line with forecasts of all 32 economists in a Bloomberg News survey. While an economic contraction is projected

WASHINGTON (AP) ― Swiss bank Credit Suisse AG pleaded guilty Monday to helping wealthy Americans avoid paying taxes through secret offshore accounts and agreed to pay about $2.6 billion.The U.S. Justice Department said it was the largest penalty imposed in any criminal tax case. It is also the largest bank to plead guilty in more than 20 years.The settlement resolves a yearslong criminal investigation into allegations that Credit Suisse, Switzerland’s second-largest bank, recruited U.S. clients

Premier taps Robert Shiller on how to make Japanese less depressed

LONDON (AFP) ― British drugs giant AstraZeneca on Monday rejected a final takeover bid from U.S. rival Pfizer worth $117 billion, saying it undervalued the firm.Pfizer on Sunday made an improved and final offer worth 69 billion pounds, pitched at 55 pounds per share, but added that it would not proceed without a recommendation from AstraZeneca’s management.“We have rejected Pfizer’s final proposal because it is inadequate and would present significant risks for shareholders, while also having se

SAN FRANCISCO (AFP) ― Google and Apple, the two technology titans behind the world’s top smartphone platforms, called a truce Friday in a long-running patent war.“Apple and Google have agreed to dismiss all the current lawsuits that exist directly between the two companies,” the companies said in a joint statement.“Apple and Google have also agreed to work together in some areas of patent reform.”The companies made it clear that the detente does not include licensing their technology to each oth

Toyota Motor’s i-ROAD electric personal mobility vehicle (Bloomberg)TOKYO (AFP) ― Japan’s eight carmakers have joined forces to develop environmentally friendly engines to stave off fierce competition from foreign rivals, a press report said Sunday.Two of Japan’s leading universities will join Toyota, Honda, Nissan, Suzuki, Mazda, Mitsubishi, Daihatsu and Fuji Heavy in the project, which is mainly aimed at slashing engine emissions to meet tougher environmental standards, the business daily Nikk

LISBON (AP) ― Portugal is emerging from the painful economic constraints imposed by a three-year bailout that saved the country from collapse, but EU officials are warning that tough controls must continue to create stable employment. With the government taking control of its finances once again, Portugal on Saturday became the second eurozone country after Ireland to free itself from the austerity and oversight imposed by its European partners and the International Monetary Fund as part of the