China has replaced its commerce minister and the head of its top economic planning body, state media said Friday, as the country grapples with mounting financial pressures.

Huge debt, plunging outbound investment and capital flight are troubling the world's second largest economy.

China is also having to contend with hawkish rhetoric of US President Donald Trump, who has repeatedly accused it of currency manipulation and stealing American jobs.

Zhong Shan will become minister of commerce and He Lifeng takes the reins at the National Development and Reform Commission (NDRC), the official Xinhua news agency said, without giving further details.

Zhong was deputy governor of Zhejiang when he grew close to Xi, who was the province's Communist Party chief between 2002 and 2007.

Five years later Zhong went to Beijing to be vice commerce minister.

He's ties to Xi go back decades, to the 1980s, when the now head of state was deputy mayor of Xiamen.

Standard Chartered reports profit of $409 mn
Hong Kong (AFP) Feb 24, 2017 - Asia-focused bank Standard Chartered on Friday announced it swung back to profitability, after it was able dampen the effect of bad loans.

Chief executive Bill Winters described the results as "good progress", but said the figures were still not up to scratch.

"Our financial returns are not yet where they need to be and do not reflect the Group's earnings potential.

"Having worked hard to secure our foundations we are now focused on realising that potential," said Winters, who has been in the job for a year-and-a-half.

He replaced former CEO Peter Sands after shareholder calls for a boardroom cull following profit warnings.

Pre-tax profits were back in the black at $409 million, compared to the previous year's loss of $1.52 billion, the London-based company said in a filing to the Hong Kong stock exchange.

The bank's underlying loan impairment was brought down by 40 percent at $2.382 billion, compared to the year before.

But operating profit, which excludes one-time items, was at $1.09 billion, missing the average of 13 analysts' estimates polled by Bloomberg, who had predicted $1.42 billion.

The company also still saw a net loss of $247 million, an improvement from last year's net loss of $2.19 billion.

The bank's London shares fell 4.6 percent in Friday morning trade on the London Stock Exchange after the results were published.

Its 2015 results saw its first annual loss since 1989, after it battled global financial turmoil that sent stocks and commodities plunging.

Standard Chartered in late 2015 announced it was re-focusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure $100 billion of assets.

It also said in 2015 it would cut 15,000 jobs around the world.

Winters, in Friday's statement, also vowed to improve conduct at the bank, which has faced multiple investigations.

"We have sharpened our focus on all aspects of conduct, not simply on combating financial crime," Winters said.

Hong Kong's stock market regulator filed a lawsuit against the bank over "market misconduct" for a 2009 initial public offering on the city's bourse in January.

In August 2014, the bank was hit by US regulators with a $300 million fine and restrictions on its dollar-clearing business for failing to detect possible money-laundering.

It paid $667 million in 2012 to settle charges it violated US sanctions by handling thousands of money transactions involving Iran, Myanmar, Libya and Sudan.

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US Treasury's Mnuchin dials back Trump economic promises
Washington (AFP) Feb 23, 2017
US Treasury Secretary Steven Mnuchin on Thursday dialed back some of President Donald Trump's economic policy pledges, including on growth and China's currency. While he reaffirmed the promise to push through tax cuts by August, and pursue deregulation on companies and banks, Mnuchin added a dose of reality to what can be achieved. Trump during the campaign promised economic growth of fo ... read more

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