1 ZANDANSHATAR GOMBOJAV APPOINTED AS PRIME MINISTER OF MONGOLIA WWW.MONTSAME.MN PUBLISHED:2025/06/13      2 WHAT MONGOLIA’S NEW PRIME MINISTER MEANS FOR ITS DEMOCRACY WWW.TIME.COM PUBLISHED:2025/06/13      3 ULAANBAATAR DIALOGUE SHOWS MONGOLIA’S FOREIGN POLICY CONTINUITY AMID POLITICAL UNREST WWW.THEDIPLOMAT.COM PUBLISHED:2025/06/13      4 THE UNITED NATIONS CHILDREN’S FUND (UNICEF) IN MONGOLIA, THE NATIONAL FOUNDATION FOR SUPPORTING THE BILLION TREES MOVEMENT, AND CREDITECH STM NBFI LLC HAVE JOINTLY LAUNCHED THE “ONE CHILD – ONE TREE” INITIATIVE WWW.BILLIONTREE.MN PUBLISHED:2025/06/13      5 NEW MONGOLIAN PM TAKES OFFICE AFTER CORRUPTION PROTESTS WWW.AFP.MN PUBLISHED:2025/06/13      6 GOLD, MINED BY ARTISANAL AND SMALL-SCALE MINERS OF MONGOLIA TO BE SUPPLIED TO INTERNATIONAL JEWELRY COMPANIES WWW.MONTSAME.MN PUBLISHED:2025/06/13      7 AUSTRIA PUBLISHES SYNTHESIZED TEXTS OF TAX TREATIES WITH ICELAND, KAZAKHSTAN AND MONGOLIA AS IMPACTED BY BEPS MLI WWW.ORBITAX.COM  PUBLISHED:2025/06/13      8 THE UNITED STATES AND MONGOLIA OPEN THE CENTER OF EXCELLENCE FOR ENGLISH LANGUAGE TEACHING IN ULAANBAATAR WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/12      9 MONGOLIA'S 'DRAGON PRINCE' DINOSAUR WAS FORERUNNER OF T. REX WWW.REUTERS.COM PUBLISHED:2025/06/12      10 MONGOLIA’S PIVOT TO CENTRAL ASIA AND THE CAUCASUS: STRATEGIC REALIGNMENTS AND REGIONAL IMPLICATIONS WWW.CACIANALYST.ORG  PUBLISHED:2025/06/12      БӨӨРӨЛЖҮҮТИЙН ЦАХИЛГААН СТАНЦЫН II БЛОКИЙГ 12 ДУГААР САРД АШИГЛАЛТАД ОРУУЛНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/15     ОРОН СУУЦНЫ ҮНЭ 14.3 ХУВИАР ӨСЖЭЭ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/15     МОНГОЛ УЛСЫН 34 ДЭХ ЕРӨНХИЙ САЙДААР Г.ЗАНДАНШАТАРЫГ ТОМИЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     SXCOAL: МОНГОЛЫН НҮҮРСНИЙ ЭКСПОРТ ЗАХ ЗЭЭЛИЙН ХҮНДРЭЛИЙН СҮҮДЭРТ ХУМИГДАЖ БАЙНА WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ БАНК: ТЭТГЭВРИЙН ЗЭЭЛД ТАВИХ ӨР ОРЛОГЫН ХАРЬЦААГ 50:50 БОЛГОЛОО WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     МОНГОЛ ДАХЬ НҮБ-ЫН ХҮҮХДИЙН САН, ТЭРБУМ МОД ҮНДЭСНИЙ ХӨДӨЛГӨӨНИЙГ ДЭМЖИХ САН, КРЕДИТЕХ СТМ ББСБ ХХК “ХҮҮХЭД БҮРД – НЭГ МОД” САНААЧИЛГЫГ ХАМТРАН ХЭРЭГЖҮҮЛНЭ WWW.BILLIONTREE.MN НИЙТЭЛСЭН:2025/06/13     ЕРӨНХИЙЛӨГЧИЙН ТАМГЫН ГАЗРЫН ДАРГААР А.ҮЙЛСТӨГӨЛДӨР АЖИЛЛАНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/06/13     34 ДЭХ ЕРӨНХИЙ САЙД Г.ЗАНДАНШАТАР ХЭРХЭН АЖИЛЛАНА ГЭЖ АМЛАВ? WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/13     “АНГЛИ ХЭЛНИЙ МЭРГЭШЛИЙН ТӨВ”-ИЙГ МУИС-Д НЭЭЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/13     Г.ЗАНДАНШАТАР БАЯЛГИЙН САНГИЙН БОДЛОГЫГ ҮРГЭЛЖЛҮҮЛНЭ ГЭЖ АМЛАЛАА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/12    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

NEWS

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Dasin Retail Trust set to become Singapore's first IPO in 2017 www.asia.nikkei.com

 
SINGAPORE (NewsRise) -- Dasin Retail Trust is looking to raise around 150 million Singapore dollars ($105 million) from investors in Singapore in what will be the city-state's first initial public offering for 2017.
 
Dasin, which owns three shopping malls in the southern Chinese city of Zhongshan, has begun the book-building process and hopes to price the units on offer by Thursday, two bankers familiar with the deal said on Wednesday. The units will be offered to investors at 80 Singapore cents each, which works out to a dividend yield of around 8.5%.
 
Together with units held by the sponsor Zhongshan Dasin Real Estate Co., a developer, and cornerstone investors, the trust is expected to have a market value of around S$440 million when it starts trading, according to a draft prospectus dated Dec. 28 filed on the Monetary Authority of Singapore's Opera website.
 
Dasin hopes to publish its final prospectus by the end of this week, the sources added.
 
DBS is the lead manager for the IPO.
 
Singapore Exchange (SGX) is a popular listing venue for real estate investment trusts (REITs) and other property trust structures that pay regular dividends out of the rents received. Last year, property trusts accounted for three of the four largest new listings on SGX.
 
However, the bourse has also been hurt by a spate of de-listings, due in part to low valuations in recent years. Departures from the bourse last year included household names like Neptune Orient Lines, subway operator SMRT, Tiger Airways and massage chair and lifestyle products firm OSIM International.
 
Dasin's planned IPO comes amid a rally in global equities, with Singapore's benchmark Straits Times Index currently trading at 14-month highs.
 
Despite concerns that rising interest rates would make REITs less attractive by narrowing the yield differential, some analysts say the products remain a good investment for investors in search of steady dividends.
 
For example, UBS's private banking arm said in a recent report that central banks "are likely to err on the loose side of monetary policy, even if it comes at the cost of higher inflation. "
 
"REITs provide greater dividend certainty in an uncertain economic climate where earnings uncertainty puts some dividends at risk," the Swiss bank added.
 
Singapore-listed REITs with China properties offer yields around 7.5% based on current prices.
 
According to Dasin's draft prospectus, the initial portfolio will comprise the three Zhongshan-based malls that are valued at 4.6 billion yuan ($660 million). The three properties - Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour - have a combined gross floor area around 315,000 square meters.
 
A fourth property, Shiqi Metro Mall, will be added to the portfolio next year.
 
Zhongshan, located in China's wealthy Guangdong province, is known for the manufacturing of products such as lights, rosewood furniture, metal fittings and electronic acoustics.
 
The city is named after Sun Yat-sen, the founding father of modern China, whose name in Mandarin is Sun Zhongshan.
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Mark Carney signals Bank of England may raise forecast for UK economy www.theguardian.com

 
The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded.
 
Giving evidence to the Treasury select committee, governor Mark Carney said the Bank’s actions to avoid a market meltdown after the referendum were a key reason why Threadneedle Street might be raising its forecasts for a second time.
 
Carney also said the government needed to agree a transition deal for quitting the EU and insisted that Brexit posed a greater risk to the remaining members of the EU than the UK.
 
The Bank will publish its latest report on the economy next month and will take on board the stronger than expected performance in the second half of 2016.
 
“I would say, and I’ll say this very lightly, which is that recent data would be consistent with some further upgrade of the forecast but that process has not yet started,” said Carney.
 
In November, the Bank raised its growth forecast from 2% to 2.2% for 2016 and from 0.8% to 1.4% for 2017. Carney said the Bank had helped to “make the weather” through its emergency actions to boost growth taken in six weeks after the referendum.
 
His testimony coincided with another strong performance by the UK’s leading stock-market quoted companies, with the FTSE 100 closing at a record high for a tenth successive day. Share prices for companies which are dependent on their US dollar earnings have been boosted by the continued weakness of the pound, which on Wednesday hit a near 32-year-low against the American currency of just over $1.20.
 
Carney was quizzed by MPs about the forecasting record of the Bank following remarks last week by Threadneedle Street’s chief economist, Andy Haldane, in which he described the collapse of Lehman Brothers as the economics profession’s “Michael Fish moment” – the UK weather forecaster who in 1987 failed to predict a gigantic storm coming.
 
The governor said the Bank’s overly-pessimistic forecast for the economy in the immediate wake of the Brexit vote was less serious than its failure to spot the financial crisis of 2007-08.
 
“This is about the near-term strength of the economy which is absolutely welcome,” the governor said. “Missing the financial crisis is a big deal ... a different order of magnitude.”
 
Carney defended the Bank, saying it had helped the UK through the potentially difficult post-referendum period in two ways: by cutting interest rates and by ensuring the banking system was “rock solid”.
 
While admitting that Brexit still posed financial stability risks, Carney said the other 27 members of the EU now faced a bigger threat than the UK.
 
“I’m not saying there are not financial stability risks to the UK ... but there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK.”
 
Carney said other EU nations relied heavily on the City for their financial needs and could face major problems if international banks based in London are no longer able to gain easy access to European countries and corporations. “If you rely on a jurisdiction for three-quarters of your hedging activities, three-quarters of your foreign exchange activity, half your lending and half your securities transactions you should think very carefully about the transition from where you are today to where the new equilibrium will be.”
 
Andrew Tyrie, the Conservative MP who chairs the committee, said the governor had given advice to both the government and the EU about the need for transition arrangements. “And he’s also told the UK’s negotiating counterparts in the EU that they, more than the UK, are vulnerable to financial stability risks during the period of transition. I hope they are all listening,” said Tyrie.
 
Carney agreed with the analogy made earlier this week by HSBC bank chief Douglas Flint that the risk posed by Brexit to the financial markets was like a Jenga tower in which it was difficult to know which pieces could be removed without endangering the structure.
 
“I think it’s a decent analogy. I think just like when you play Jenga and you start early on, there are some pretty obvious pieces you can take out without imperilling the tower,” he said.
 
“At some point, losing elements of that has outsized – could have outsized – effects, and these are some of the judgements that the government will have to make,” he added.
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Microsoft staff 'suffering from PTSD' www.bbc.com

 
Two former Microsoft employees are suing the company for not protecting them from the psychological effects of viewing disturbing material.
The two men were left with Post-traumatic Stress Disorder (PTSD) after working at the firm, the lawsuit alleged.
Their jobs involved viewing and reporting material, communicated via Microsoft services, that had been flagged by automated software as being potentially illegal.
Microsoft told the BBC it disputed the claims, and that it offered industry-leading support.
"Microsoft takes seriously its responsibility to remove and report imagery of child sexual exploitation and abuse being shared on its services, as well as the health and resiliency of the employees who do this important work."
It said the balance of protecting internet users while minimising the impact on its employees was a continued learning process.
Saving children’s lives
Henry Soto and Greg Blauert worked for Microsoft’s Online Safety Team, a division responsible for upholding the firm’s legal obligation to pass on any illegal images to the US National Center for Missing and Exploited Children.
When an image is reported, or automated software has “spotted” an issue, a human being is required to view the material and forward it on to the authorities, a Microsoft spokeswoman said.
The company said people with this role are only required to do this particular task for a short period of time - and that they are kept in a “different building” from other staff.
But in papers filed on 30 December 2016, the two men said the company did little to warn or prepare them for the disturbing images they were required to view.
The lawsuit says both men’s efforts were “instrumental” in saving children’s lives and securing prosecutions, but that both were paying a serious psychological toll.
But the documents described Mr Blauert as suffering greatly from this work, contributing to a mental breakdown in 2013. When he expressed his discomfort, it is alleged that he was told to "smoke", "go for walk" or "play video games" as a distraction.
'Horrible and inhumane'
Mr Soto viewed "many thousands of photographs and videos of the most horrible, inhumane and disgusting content one can imagine," the papers said.
"Many people simply cannot imagine what Mr Soto had to view on a daily basis as most people do not understand how horrible and inhumane the worst people in the world can be."
In an internal employee review, Mr Soto was praised by his bosses for having "courage". However, he said the work resulted in him suffering "panic attacks, disassociation, depression, visual hallucinations" as well as the inability to be around young children, including his own son.
Doing so would remind him of "horribly violent acts against children that he had witnessed," the court papers said.
Mr Soto alleged that when he requested a transfer out of the team in 2014, he was told he would have to apply for a new job within Microsoft "just like any other employee". When he was eventually moved to a different section of the safety team, he said he was still being asked questions related to his prior role.
Microsoft disputed this particular detail, saying: "If an employee no longer wishes to do this work, he or she will be assigned other responsibilities."
Wellness
Employees on the Online Safety Team are automatically put on a “Wellness program”, Microsoft said, which included mandatory monthly one-on-one sessions with a counsellor to combat what is referred to as "compassion fatigue".
The company said many measures are taken to minimise the psychological impact on people viewing the material.
The measures include efforts to reduce the "realism" of the content.
Microsoft’s software automatically blurs imagery, lowers the resolution, makes it black and white and separates the audio from video. Images are only seen as thumbnails, not full size.
Furthermore: "Employees are limited in how long they may do this work per day and must go to a separate, dedicated office to do it; they can’t do this work at home or on personal equipment.”
However, a spokeswoman could not speak to whether employees undergo any psychological assessment prior to taking on the work.
Collaboration
Technology companies, particularly those offering web storage or social networking, are under continued pressure to do more to remove images depicting a variety of problems - from terrorist propaganda to child abuse.
The companies are working on better ways to share data so that an image flagged by one company would automatically be removed by another, minimising the number of people exposed to the material.
The lawsuit in this case is suing for an unspecified amount in damages, but also for its suggestions on how to improve the Online Safety Team to be taken on board.
Microsoft confirmed to the BBC it will oppose the lawsuit, but has not yet made its response to the court.
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8th MBD Business Networking: Tax disputes

8th MBD Business Networking:
“Implementation and current situation of disputed tax issues in compliance with Tax Laws of Mongolia for business life: Challenges and opportunities”

mongolianbusinessdatabase.com 2017 01 12

We are pleased to invite you to the 7th MBD Business Networking which will be target in "Implementation and current situation of disputed tax issues in compliance with Tax Laws of Mongolia for business life: Challenges and opportunities" subject on Monday 30, January 2017 between 14.00-17.00 at Executive Excellence Center www.eeibcmongolia.com Galaxy Tower 1003. The following guest speakers will give a short presentation and have close discussion with the participants.

S.Tuul, Director of EDTN tin TMZ, Former member of Tax Dispute Committee, Former Head of Tax Policy, Methodology and Tax collection Department of Моngolian Tax Authority who involved in many different tax laws drafting and developing team since the very first in 1990's.

G.Uuriintuya Founder and Director of Intor Finance TMZ.(CPTA), (CPA), (Certified Auditor) has been worked as an accountant in international mining companies, Head of Financial Department of International organization, internal auditor of group companies before.

For guests interested in attending this event and registration process please contact at tel:77109911, 98994787 e mail contact@mongolianbusinessdatabase.com.

Please register by 5.00pm 28 Jan, 2017 via email providing your full name, company position, tel number and e mail address.
EEIBC's meeting room capacity is limited, so it will be “first come and first serve” basis. (The fee is 20.000 tugrug per person. Will serve by coffee/tea and light food.

Please confirm your registration by your payment to TBD Bank's MBD 427001964 account before your arrival

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Egypt opens gold assets to foreign companies, first time since 2009 www.mining.com

 
Egypt will hold this Sunday its first international tender for gold mining concessions, most of which are located in Sinai and the Eastern Desert, the Egyptian Mineral Resources Authority (EMRA) said.
 
In a statement quoted by Ahram Online, the body said the cost of participating in the bidding round, scheduled to end mid-April, is $1,000. An additional $5,000 will be charged for documents containing detailed information and technical data for each of the five areas up for grabs.
 
The precious metals-rich country, which has had to contend with a severe dollar shortage since tourists and investors fled after the country’s 2011 uprising, said last year that it would hold a bidding round for new mining concessions, the first one since 2009. But the tender was delayed multiple times.
 
Currently, Centamin (LON:CEY) (TSE:CEE) operates the country’s only active gold mine — Sukari. The firm’s shares more than doubled last year as production increased and gold prices rallied.
 
Canadian miner Alexander Nubia International has also a presence in the country’s Eastern Desert, about 800 kilometers (497 miles) southeast of Cairo. The Vancouver-based firm has been exploring in the region for year and it may open its first mine by 2019.
 
Gold could help Egypt boost exports and generate foreign reserves, but it’s now up to investors, who have complained in the past over the commercial terms offered in previous tenders, saying they were unattractive and the main reason the sector remains underdeveloped.
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Amazon halts sales of Indian flag doormat after visa threat www.reuters.com

 
Amazon.com (AMZN.O) removed doormats resembling the Indian tri-color flag from its Canadian website on Wednesday, after an Indian government threat to rescind visas of the U.S. company's employees if they did not stop selling the product.
 
"Amazon must tender unconditional apology," India's external affairs minister Sushma Swaraj said on Twitter. "They must withdraw all products insulting our national flag immediately."
 
"If this is not done forthwith, we will not grant Indian Visa to any Amazon official," she added. "We will also rescind the Visas issued earlier."
 
The doormat, sold by a third-party on Amazon's Canadian portal, was taken down late on Wednesday.
 
"The item is no longer available for sale on the site," a spokeswoman for Amazon said in an email.
 
Amazon's portal in Canada sells doormats fashioned around other national flags, but under Indian law any desecration of its flag is punishable with fines and imprisonment.
 
Amazon's official support account on Twitter had earlier responded to angry user comments on Twitter by saying the mats were not being sold on their Indian portal and the concerns had been escalated.
 
Swaraj tweeted that she had asked the Indian High Commission in Canada to take up the issue with Amazon, after it was brought to her attention by a Twitter user from India's financial capital of Mumbai.
 
Swaraj is a prolific user of the social media website and often responds to tweets directed at her.
 
Amazon is making a huge bet on India and has vowed to invest more than $5 billion as it takes on home-grown Flipkart and Snapdeal for a bigger share of the world's fastest growing internet services market.
 
In an event attended by Indian premier Narendra Modi in Washington last year, Amazon Chief Executive Jeff Bezos said India was the company's fastest growing region.
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Tigerair cancels Bali flights amid 'new requirements' from Indonesia www.bbc.com

 
Hundreds of passengers have been stranded in Bali after Indonesia imposed "new requirements" on Tigerair flights to Australia, the airline said.
All flights between Bali and Australia will be cancelled until at least Friday morning, Tigerair said in a statement.
The budget carrier said Virgin Australia would operate two replacement flights from Bali on Thursday.
More than one million Australians visit Indonesia each year, with most heading to popular holiday island.
About 700 passengers were affected by the cancellations on Wednesday, while a similar number will be grounded on Thursday, the airline said.
"We are working constructively with the Indonesian government to commence flying to Bali again as soon as possible and to work through the new requirements they have given us this week," Tigerair Australia CEO Rob Sharp said in a statement to the BBC.
"If the Indonesian government does not wish to honour the current agreement, we are asking them to give us a grace period so that we can continue to fly while we work through the new requirements together."
A spokesman for Indonesia's transport ministry told Reuters they suspended three chartered flights to Bali from Melbourne, Perth and Adelaide.
"(Tigerair) did not meet the rule for chartered flights. They should not sell tickets in the territories of Indonesia," Agoes Soebagio said.
Tigerair said its current cancellations were made "to provide certainty and notice to our customers", but added its five remaining flights on Friday were under review.
Passenger frustration
Australian traveller Sophie Kealley said she was stranded in Bali after her return flight to Perth was cancelled.
"We went to obviously check into our flight and they hadn't even sent us an SMS," she told the Australian Broadcasting Corp.
"We tried to get on the next Jetstar flight but they boarded the plane and then everyone was evacuated off the plane anyway."
Other passengers told of their frustration on Tigerair's Facebook page.
Mr Sharp said the airline would provide accommodation and refunds to affected passengers.
Tigerair Australia is owned by Virgin Australia and based in Melbourne.
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Bitcoin plunges on Beijing plan to bring cryptocurrency exchanges to heel www.rt.com

 
The price of the bitcoin digital currency plummeted more than eleven percent on Wednesday after China's central bank announced plans to investigate cryptocurrency exchanges over fears of capital flight.
 
The People's Bank of China (PBoC) said on its website that the investigation of bitcoin exchanges, including BTCC, Huobi and OKCoin, aims to reveal possible market manipulation, money laundering, unauthorized financing and other issues.
 
Following the announcement, the value of bitcoin dropped from around $915 to as low as $804.
 
PBoC’s announcement was a "ratcheting of the rhetoric" from the Chinese authorities, according to Charles Hayter, chief executive and founder of digital currency comparison website CryptoCompare.
 
"Instead of we're watching you it's now we're investigating you," he told CNBC.
 
Bitcoin's rally to become last year’s best performing currency has caught the attention of Chinese regulators concerned that the virtual asset was contributing to capital outflow.
 
Bitcoin more than doubled its value in 2016, skyrocketing 126 percent on the year. The Chinese yuan, on the contrary, suffered its worst year on record, weakening 6.5 percent.
 
China accounts for about 90 percent of all bitcoin trading on exchanges. The country has strict capital controls, which makes it difficult for the Chinese to convert the yuan into foreign currency, and limits the amount of cash investors can move abroad. That pushes Chinese investors to use the digital currency as a way to circumvent capital controls and minimize risks from the falling yuan.
 
Last week, Chinese regulators met with the country’s three largest bitcoin exchanges to remind them to “strictly” follow relevant regulations.
 
The existing regulations in China make the virtual currency impractical for facilitating large-scale asset transfers. The country’s bitcoin platforms require investors to link a domestic bank card to their accounts, which means transactions are not anonymous.
 
"The intentions of the Chinese state are clearer and it looks like they're trying to bring the Chinese bitcoin exchanges to heel - whether they are looking to make an example is yet to be seen," said Hayter.
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Taiwan passes bill to end nuclear power by 2025 www.nhk.or.jp

Taiwan's parliament has amended a law to terminate nuclear power generation by 2025.

Three nuclear power stations are operating in Taiwan, accounting for 16 percent of the island's power generation in 2015.

But with increased anti-nuclear opinion following the 2011 accident at the Fukushima Daiichi plant in Japan, Tsai Ing-wen won the presidential election with a pledge to phase out nuclear power.

Her administration submitted amendments to the electricity act to end the use of nuclear power by 2025.

The legislature passed the amendments on Wednesday.

The amendments call for greater use of renewable energy resources, such as solar and wind energy, and allow private companies to sell electricity to the main utility company.

Taiwan's administration wants to raise the percentage of renewable energy from the current 4 percent to 20 percent.

But critics say the end of nuclear power is likely to destabilize energy supply and raise utility charges.

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Trump hands over business empire to sons www.bbc.com

US President-elect Donald Trump says he is handing over his business empire to his sons, Donald Jr and Eric.
He told a news conference he had formally given "complete and total" control to them in a bid to avoid conflicts of interest.
Mr Trump's lawyer said the President-elect had "isolated" himself from his businesses.
Sheri Dillon said Mr Trump wanted to be clear that he was not using his presidency for his personal benefit.

Speaking at Mr Trump's first news conference since he was elected in November, Ms Dillon explained that all of the Trump Organization's businesses would be transferred to a trust controlled by his sons and the chief financial officer, Allen Weisselberg, before Mr Trump takes power on January 20.
"Together, Don, Eric, and Allen will have the authority to manage the Trump Organization and will make decisions for the duration of the presidency without any involvement whatsoever by President-elect Trump," said Ms Dillon, whose firm Morgan, Lewis and Bockius has been instructed by Mr Trump to draw up a structure to keep his business interests separate.
Ms Dillon added that an ethics adviser would be appointed to the management board of the trust to oversee any potential conflicts of interest.
Turning down deals
No new foreign deals will be made during Mr Trump's presidency, according to Ms Dillon, and domestic deals will be subject to a "rigorous vetting process".
And she said the group has cancelled more than 30 pending deals in recent weeks, in order to avoid potential conflicts of interest.
Earlier in the news conference Mr Trump said he had rejected a $2bn deal in Dubai last weekend, demonstrating he was putting his business activities behind him.
Previous presidents have relinquished control of their business assets by putting them into what is known as a blind trust, run by independent trustees.
Mr Trump spoke last year about dealing with his holdings in this way. However, he then questioned whether it would be a blind trust if his children were in charge of the company.
His daughter Ivanka, whose husband has been named as a senior adviser to the President-elect, will not be involved with the Trump Organization in the future, said Ms Dillon.

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