AIG approachesWells Fargo on buybacks
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.
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.