Tsering Topgyal / AP

Google has surpassed Apple as the world's most valuable brand, according to the latest Brand Finance Global 500 report, per MarketWatch. Google, which hasn't been in the No. 1 spot since 2011, saw its brand value rise 24% to $109.5 billion in 2017 from $88.2 billion in 2016. Brand Finance cites its "unchallenged" search business as the leading source of its successful advertising income.

Meanwhile, Apple has slipped into the second spot with a 2017 brand value of $107.1 billion, down 27% from $145.9 billion in 2016. The report says that Apple has lost its "luster" and is now forced to compete on a higher playing field with a number of new Chinese brands.

"Put simply, Apple has over-exploited the goodwill of its customers, it has failed to generate significant revenues from newer products such as the Apple Watch and cannot demonstrate that genuinely innovative technologies are in the pipeline" wrote Brand Finance.

Go deeper

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 31,175,205 — Total deaths: 962,076— Total recoveries: 21,294,229Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 6,829,956 — Total deaths: 199,690 — Total recoveries: 2,590,695 — Total tests: 95,121,596Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

McConnell: Senate has "more than sufficient time" to process Supreme Court nomination

Senate Majority Leader Mitch McConnell (R-Ky.) said in a floor speech Monday that the chamber has "more than sufficient time" to confirm a replacement for Supreme Court Justice Ruth Bader Ginsburg before the election, and accused Democrats of preparing "an even more appalling sequel" to the fight over Brett Kavanaugh's confirmation.

Why it matters: Senate Minority Leader Chuck Schumer (D-N.Y.) has said "nothing is off the table next year" if Republicans push ahead with the confirmation vote before November, vowing alongside Rep. Alexandria Ocasio-Cortez (D-N.Y.) to use "every procedural tool available to us to ensure that we buy ourselves the time necessary."

House Democrats file legislation to fund government through Dec. 11

House Speaker Nancy Pelosi (D-Calif.). Photo: Chip Somodevilla/Getty Images

House Democrats on Monday released their proposal for short-term legislation to fund the government through December 11.

Why it matters: This is Congress' chief legislative focus before the election. They must pass a continuing resolution (CR) before midnight on Oct. 1 to avoid a government shutdown — something both Hill leaders and the White House have claimed is off the table.