Trump says no new deals while in office; sons will run company

[WASHINGTON] President-elect Donald Trump gave his first clues as to how he'll step away from his businesses, saying he would put his two sons Don and Eric in charge by Inauguration Day Jan 20 but offering no information about his own role.

In a series of tweets late Monday night, Mr Trump said he would make no new business deals during his time in the White House. The tweets came on the same day Bloomberg first reported he was postponing a Dec 15 news conference to announce his business plan. Source said he would make an announcement sometime next month.

He also promised he would hold a press conference "in the near future to discuss the business, Cabinet picks and all other topics of interest. Busy times!" Mr Trump had planned to make the announcement this week but wants more time because he's been occupied with filling out his Cabinet and top administration posts, according to the officials, who spoke on condition of anonymity to discuss internal deliberations.

The president-elect has consulted various legal specialists as well as Don McGahn, his pick for White House counsel, about how to deal with his organization, the officials said. A new date for the announcement hasn't been set, but it will be before his inauguration on Jan 20, they said."Even though I am not mandated by law to do so, I will be leaving my busineses before January 20th so that I can focus full time on the Presidency," Trump said on Twitter on Monday night. "Two of my children, Don and Eric, plus executives, will manage them. No new deals will be done during my term(s) in office." Mr Trump has about US$3.6 billion of assets and US$630 million of debt held in more than 500 companies, according to a July analysis by Bloomberg. His golf developments, tenant rosters, loans and licensing arrangements tie him to businesses and governments in 20 countries. Those ties risk hobbling his presidency with questions about motives for his policy and may raise constitutional issues.

BLOOMBERG