Alibaba Group Holding Ltd. is preparing to file for an initial public offering in the next few days that reflects an evolution of China’s economy: The high-tech vision of executives like Alibaba’s Jack Ma is edging out Mao Zedong’s dream of a nation covered in smokestacks. The world’s second-largest economy has reached a tipping point in its drive to become a global technology giant to rival the U.S. or South Korea. Last year, for the first time, electronics surpassed steel as the largest indust

BEIJING (AFP) ― Air that’s cleaner inside your car than on the outside ― in smog-weary China it’s an attractive sales pitch, and the world’s biggest automakers are racing to cash in.To drive the point home, thick smog blanketed the Chinese capital when the Beijing auto show opened to the public in the past week, showcasing more than 1,000 vehicles in the globe’s largest car market.The grey haze is a familiar sight over Chinese cities, where an explosion of traffic in recent years has further wor

Toyota Motor Corp. is moving substantial parts of its U.S. headquarters in Torrance, California, to suburban Dallas as the world’s largest automaker seeks savings from its U.S. sales unit, said people familiar with the matter. Employees will be informed of the plan Tuesday, said the people, who asked not to be identified disclosing private conversations. Steve Curtis, a Toyota spokesman, didn’t immediately return a call on the matter. The surprise move is a blow to the Golden State, the biggest

LONDON (AFP) ― U.S. drugs giant Pfizer wants to form a blockbuster merger with British rival AstraZeneca after confirming on Monday that an informal approach worth almost $100 billion had been rejected.Pfizer chairman and chief executive Ian Read said a tie-up between two of the world’s biggest pharmaceutical groups would “help to fight some of the world’s most feared diseases, such as cancer,” as well as benefiting shareholders of both companies.AstraZeneca had yet to respond to Pfizer’s statem

Asian policy makers must push ahead with structural changes to ensure the region continues to lead global growth and withstand volatility as the U.S. reduces monetary stimulus, the International Monetary Fund said. Asian economies will face higher interest rates and bouts of volatility in capital flows and asset prices as global liquidity tightens amid a recovery in advanced nations, the Washington-based lender said in its Regional Economic Outlook for Asia and Pacific released Monday. Tightenin

HELSINKI (AP) ― Nokia says it has completed the 5.44 billion euro ($7.5 billion) sale of its troubled cellphone and services division to Microsoft, ending a chapter in the former world leading cellphone maker’s history that began with paper making in 1865.The Friday closure of the deal, which includes a license to a portfolio of Nokia patents to Microsoft Corp., follows delays in global regulatory approvals and ends the production of mobile phones by the Finnish company, which had led the field

NEW YORK (AFP) ― Facebook profits tripled to $642 million in the first quarter on a 72 percent surge in revenues helped by strong gains in mobile users and mobile advertising.Demonstrating that it is successfully following the shift from personal computers to mobile devices ― which a year ago appeared to pose a huge challenge for the company ― Facebook said Wednesday that advertising revenues were up 82 percent to $2.27 billion from a year ago.Of that, earnings from mobile ads comprised 59 perce

International Monetary Fund staff endorsed a $17 billion loan to Ukraine to help the government pay its debts amid a projected economic contraction of 5 percent this year, according to government officials who have seen the recommendations. The staff’s report was delivered to members of the IMF’s 24-seat board late on April 22, according to the officials, who spoke on condition of anonymity to discuss internal documents. The staff proposed an April 30 board meeting to consider the loan package,

BRUSSELS (AFP) ― Eurozone public finances improved in 2013 as the economy finally turned the corner on a record recession but total debt levels remained dangerously high, official data showed on Wednesday.The average eurozone government deficit ― the shortfall between revenue and spending ― came in at 3 percent of output last year.That was in line with the European Union ceiling and down from 3.7 percent in 2012, the Eurostat statistics agency said.The overall figures are broadly in line with gr

NEW YORK (AP) ― Drugmakers eager to satisfy shareholders by boosting profits and share prices are wheeling, dealing and in one case even making trades like a pro sports team looking to shake up its roster. The moves could spur more mergers and acquisitions in the industry.Swiss drugmaker Novartis AG on Tuesday said it’s trading its vaccine business for GlaxoSmithKline Plc’s cancer drug business and selling its veterinary drug business to Eli Lilly and Co. Meanwhile, Canadian drugmaker Valeant Ph