AIG ap­proach­esWells Fargo on buy­backs

China Daily (Canada) - - BUSINESS -

Amer­i­can In­ter­na­tional Group Inc, the in­surer that is sell­ing as­sets to sim­plify the com­pany, has passed JPMor­gan Chase & Co on the list of fi­nan­cial firms spend­ing the most on share buy­backs. AIG has re­pur­chased $9.18 bil­lion in the 12 months ended Sept 30 and will re­lease a ful­lyear tally next month. That com­pares with $5.61 bil­lion forNew York-based JPMor­gan in 2015. Among the 88 com­pa­nies in the S&P 500 Fi­nan­cials In­dex on­lyWells Fargo & Co has spent more on buy­backs in its most re­cently dis­closed 12-month pe­riod, at $9.45 bil­lion.

LONG WEI / FOR CHINA DAILY

Cus­tomers at a her­bal-medicine coffee bar in Hangzhou, cap­i­tal of Zhe­jiang prov­ince. The bar, the first of its kind in China, was opened by Huqingyu­tang, a tra­di­tional Chi­nese medicine com­pany es­tab­lished in 1874. The newly de­vel­oped coffee, blended with more than 20 kinds of her­bal medicines, is claimed to be an ef­fec­tive health drink.

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