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By Che Pan and Brenda Goh BEIJING (Reuters) -Nexperia said on Sunday that its employees in China still have access to company platforms and are receiving salaries as usual, a day after its China unit asserted that it had the right to operate independently of the Dutch parent. "We are aware of a message circulated by individuals at Nexperia China falsely claiming that Nexperia and the Dutch government have abandoned the Chinese market and that the factory is now operating under a new entity," the Dutch chipmaker told Reuters. The company said any statements about salaries not being paid are "factually incorrect and misleading." On Saturday, Nexperia's China unit said it complies with Chinese laws and has the right to operate independently, a day after the Netherlands said talks had begun to try to ease tensions over export controls. A notice on its official WeChat account said all of its employees continue to work under the unit's instructions, and may reject any "external instructions" not approved by its Chinese legal representative. It said salaries and bonuses will continue to be paid out by Nexperia China, not Nexperia Netherlands. Amid the United States and China trade tensions, the Dutch government took control of Nexperia on September 30 and removed its Chinese CEO, Zhang Xuezheng. The Dutch government cited the possible transfer of technology to Nexperia's Chinese parent company, Wingtech. Nexperia makes chips for carmakers and for consumer electronics. Days later, China's commerce ministry on October 4 blocked Nexperia from exporting chips from China. "This situation has arisen from the unauthorised actions of our former CEO Wing Zhang (Xuezheng), who has been formally suspended by a competent court…and has no authority to represent Nexperia," the Dutch chipmaker said. Nexperia has reported Zhang's actions to Dutch authorities and said it remains committed to employees and customers in China. Nexperia did not specify what unauthorised actions its former CEO had taken. Wingtech and Nexperia China did not immediately respond to requests for comment.  The dispute has raised fears in the global automotive and electronic industries of possible chip shortages that could disrupt production.   Nexperia's chips, though not technically sophisticated, are widely used in high volumes.  Its biggest manufacturing site is in Hamburg, Germany, but according to two sources briefed on the matter, more than 70% of Nexperia's chips are shipped back to China to be packaged in Dongguan, a manufacturing hub in China's southern Guangdong province. Volkswagen and BMW both said they were working to identify potential supply risks, but that production in Europe had not been impacted yet. ($1 = 7.1264 Chinese yuan renminbi) (Reporting by Che Pan and Brenda Goh; editing by Barbara Lewis and Michael Perry)

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(Reuters) -Chinese tech giants, including Alibaba-backed Ant Group and e-commerce group JD.com, have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday. Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, FT reported, citing people familiar with the matter. Hong Kong's legislature passed a stablecoin bill in May that established a licencing regime for fiat-referenced stablecoin issuers in Hong Kong, providing regulatory clarity for future participants. Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority. Fin tech giant Ant Group said in June it would be participating in the pilot stablecoin programme. JD.com has also said it would take part in the pilot, according to the FT. PBC officials advised against participating in the initial rollout of stablecoins over concerns about allowing tech groups and brokerages to issue any type of currency, the FT report said. Reuters could not immediately verify the report. Ant Group and JD.com did not respond to requests for comment. The PBC, CAC and HKMA could not be reached for comment. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens. (Reporting by Chandni Shah in Bengaluru, Editing by Franklin Paul and Michael Perry)

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(Reuters) -Chinese tech giants including Alibaba-backed Ant Group and e-commerce group JD.com have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday. Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China (PBoC) and Cyberspace Administration of China (CAC), not to move ahead, FT reported, citing people familiar with the matter. Reuters could not immediately verify the report. (Reporting by Chandni Shah in Bengaluru, Editing by Franklin Paul)

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By Karen Freifeld (Reuters) -U.S.-based electronic components distributor Arrow Electronics said on Saturday the U.S. government was reversing trade restrictions placed on Arrow's China-based affiliates for facilitating the sale of U.S. components found in weaponized drones used by Iran-backed groups like the Houthis. Arrow (China) Electronics Trading Co and another Arrow entity with six aliases in Hong Kong were added to the Commerce Department's Entity List on October 8 in a Federal Register posting. Licenses are required to export goods and technology to companies on the list and are likely to be denied. Firms are placed on the list over U.S. national security or foreign policy interests. On October 8, Commerce said that drones operated by Iran-backed groups and their debris recovered in the Middle East since 2017 had U.S. components traced to sales tied to these Arrow-related entities. Arrow said on Saturday the Commerce Department told it the department would soon publish the reversal in the U.S. Federal Register and sent a letter Friday removing the restrictions in the meantime. "We have received official communication from the U.S. Commerce Department," Arrow spokesman John Hourigan said in an email. "Arrow is authorized to resume shipping to and from these entities under the same conditions that applied prior to October 8."  Asked about the matter, a spokesperson for the U.S. Department of Commerce's Bureau of Industry and Security said in an email: "BIS is committed to ensuring that export restrictions are appropriately targeted to protect national security." Hourigan said the company operates in compliance with all laws and regulations. Centennial, Colorado-based Arrow Electronics had global 2024 sales of $28 billion. Hourigan said that Arrow Electronics (Hong Kong) Co. Ltd, which he described as a subsidiary when it was added to the Entity List, was not actually affiliated with Arrow Electronics.  However, the six aliases tied to the Hong Kong company in the Federal Register posting are affiliated with Arrow and, the company said, would be removed from the Entity List. (Reporting by Karen Freifeld; Editing by Cynthia Osterman)

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By Alan Baldwin AUSTIN, Texas (Reuters) -When Bernie Ecclestone was asked about a group of guests receiving VIP treatment at a Formula One race nine years ago, the commercial supremo said they were representatives of "a fruit company". The explanation reflected his particular sense of humour, and secretive way of working, rather than any disparagement of Apple Inc . Friday's announcement of Apple's five-year deal for Formula One's U.S. broadcast rights, replacing Walt Disney's ESPN, was seen as a logical follow-on from the box office success of Apple's F1 movie, starring Brad Pitt. The California-based company's interest in the sport, at a senior level, goes back much further than the last couple of years however. THINKING ABOUT THIS FOR A LONG TIME Eddy Cue, senior vice president of services with 36 years at Apple, is a long-time board member of Ferrari — where Stefano Domenicali, now chief executive of Liberty Media-owned Formula One, was team boss from 2008-14 — and a lifelong F1 fan. "I already knew Stefano very well… but knowing and having our team and their team working that closely together for a long period of time (with the movie) I think gave both sides confidence of the kinds of things that we could do together," he told reporters after the deal was announced. "But yes, I've personally thought about this for a long time." Tommy Baker, a friend and associate of Ecclestone since the 1981 Long Beach Grand Prix, told Reuters he had a meeting in London in August 2016 with Cue and the now 94-year-old. The American said they discussed a 12-part 'From The Grid' show Baker had pitched after a failed previous attempt to produce an F1 lifestyle series in the 1990s, with Ecclestone supportive. "Apple was ready to go with it in 2017… they were going to buy the NBC rights for the Formula One broadcast in the States and have this as a tag-on show for a few years as they built towards their streaming," he told Reuters. NBC held the U.S. rights from 2013 to 2017, before ESPN took over. "That show was way in advance of 'Drive to Survive'," added Baker, referring to the Netflix docu-series credited with turbo-charging Formula One's popularity with a new and younger audience. "At the (October 2016) Mexico Grand Prix… we had a bunch of people from Apple touring the event for production. They wanted to, one month later, film a pilot (for the series) in Abu Dhabi that they then wanted to air." Baker said they were guests of Red Bull but with access to Ecclestone's office. Chase Carey, who would become Ecclestone's replacement after Liberty's takeover announced in September 2016, was also in attendance and asked the Briton who the six individuals were. "Bernie goes 'Oh, they're a fruit company'," recalled Baker. "He didn't want them immediately exposed to Chase and everyone getting confused."   Ecclestone was shunted aside in January 2017 and the proposed series was never made. A well-informed Formula One source told Reuters "there was no near deal". Ecclestone, contacted at his home in Switzerland, told Reuters he had known Baker 'forever' and had no problem with him talking about the episode. "He was the one that got involved with Apple and got me involved in as far as what I could do to help them," said the Briton, who later introduced Apple to former Liberty Media chief executive Greg Maffei. (Reporting by Alan BaldwinEditing by Toby Davis)

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By Maggie Fick and Stine Jacobsen LONDON/COPENHAGEN (Reuters) -Novo Nordisk has appointed U.S. pharmaceutical executive Greg Miley as its new global head of corporate affairs, as the obesity drugmaker faces growing pressure from U.S. President Donald Trump on drug pricing. Miley recently served as senior vice president of government affairs at U.S. pharmaceutical giant AbbVie. He posted a statement about his appointment on LinkedIn on Friday and Novo Nordisk shared the statement with Reuters. A Novo spokesperson said on Saturday that Miley would join the company in early November, overseeing global communication and global public affairs.  Novo is turning to an American executive with deep U.S. pharmaceutical experience to help navigate political risks under the Trump administration in the United States, its largest market.  NEW HIRE TO FOCUS ON RELATIONS WITH TRUMP ADMINISTRATION The appointment comes as new CEO Mike Doustdar tries to revive investor confidence through a restructuring to sharpen Novo's focus in a fierce obesity drug battle against U.S. rival Eli Lilly. The overhaul includes cutting 9,000 jobs, with 5,000 positions being eliminated in Denmark and layoffs under way across multiple U.S. departments.     "In this new role, I see great potential to strengthen our Global Communication and Public Affairs efforts," Miley wrote on LinkedIn, adding that he would relocate to Denmark, Novo's home market. Miley's urgent priority will be improving Novo's relations with the Trump administration, said a source familiar with the matter who spoke on condition of anonymity to discuss confidential information. Other big pharmaceutical companies have hired public affairs experts with long backgrounds in Republican circles in order to navigate the administration's pressures on the industry, a source at a European drugmaker told Reuters on Friday.  TRUMP SAYS OZEMPIC PRICE IN US WILL BE LOWERED Shares of Novo and Lilly fell on Friday after Trump said that the price of Novo's Ozempic diabetes treatment would be lowered. Ozempic contains the same active ingredient as its weight-loss drug Wegovy. Miley spent the past decade at AbbVie in Chicago and was promoted two years ago to senior vice president of government affairs, according to his LinkedIn profile. He has worked in the pharmaceutical industry since 2004, building his career at U.S. drugmakers including more than four years in public affairs at Abbott and nearly five years at Pfizer. AbbVie did not immediately reply to a request for comment. Miley did not reply when contacted by Reuters earlier on Friday.  (Reporting by Maggie Fick in London and Stine Jacobsen in Copenhagen, Editing by Louise Heavens, Kirsten Donovan and Cynthia Osterman)

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(Corrects to clarify role is global in paragraph 1; removes for lack of relevance former paragraphs 7 and 8 which referred to company's U.S. communications executive and her work experience in government) By Maggie Fick and Stine Jacobsen LONDON/COPENHAGEN (Reuters) -Novo Nordisk has appointed U.S. pharmaceutical executive Greg Miley as its new global head of corporate affairs, as the obesity drugmaker faces growing pressure from U.S. President Donald Trump on drug pricing. Miley recently served as senior vice president of government affairs at U.S. pharmaceutical giant AbbVie. He posted a statement on LinkedIn on Friday and Novo Nordisk shared the statement with Reuters. Novo is turning to an American executive with deep U.S. pharmaceutical experience to help navigate political risks under the Trump administration in the United States, its largest market.  NEW HIRE TO FOCUS ON RELATIONS WITH TRUMP ADMINISTRATION The appointment comes as new CEO Mike Doustdar tries to revive investor confidence through a restructuring to sharpen Novo's focus in a fierce obesity drug battle against U.S. rival Eli Lilly. The overhaul includes cutting 9,000 jobs, with 5,000 positions being eliminated in Denmark and layoffs underway across multiple U.S. departments.     "In this new role, I see great potential to strengthen our Global Communication and Public Affairs efforts," Miley wrote on LinkedIn, adding that he would begin his new role next month and would relocate to Denmark, Novo's home market. Miley's urgent priority will be improving Novo's relations with the Trump administration, said a source familiar with the matter who spoke on condition of anonymity to discuss confidential information. Other big pharmaceutical companies have hired public affairs experts with long backgrounds in Republican circles in order to navigate the administration's pressures on the industry, a source at a European drugmaker told Reuters on Friday.  TRUMP SAYS OZEMPIC PRICE IN US WILL BE LOWERED Shares of Novo and Lilly fell on Friday after Trump said that the price of Novo's Ozempic diabetes treatment would be lowered. Ozempic contains the same active ingredient as its weight-loss drug Wegovy. Miley spent the past decade at AbbVie in Chicago and was promoted two years ago to senior vice president of government affairs, according to his LinkedIn profile. He has worked in the pharmaceutical industry since 2004, building his career at U.S. drugmakers including more than four years in public affairs at Abbott and nearly five years at Pfizer. AbbVie did not immediately reply to a request for comment. Miley did not reply when contacted by Reuters earlier on Friday.  (Reporting by Maggie Fick in London and Stine Jacobsen in Copenhagen, Editing by Louise Heavens, Kirsten Donovan)

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By Lisa Jucca and Abigail Summerville MILAN/NEW YORK (Reuters) -French luxury group Kering, owner of fashion brand Gucci, is nearing a sale of its beauty division to L’Oreal, according to two people familiar with the situation. One of the sources confirmed the deal would be worth around $4 billion, as per an earlier report by the Wall Street Journal, which was first to report the development. L’Oreal, the world's biggest dedicated cosmetics and beauty player, would acquire fragrance brand Creed and gain rights to develop beauty products tied to Kering’s fashion labels, including Bottega Veneta, Balenciaga, and McQueen, the WSJ reported, adding the deal could be announced next week. Kering, controlled by the French Pinault family, launched its beauty division in 2023, the year it acquired high-end fragrance label Creed for 3.5 billion euros ($4 billion) in cash. Kering declined to comment and L'Oreal did not immediately respond to a Reuters request for comment. A sale would be a major step forward by new CEO Luca De Meo, who officially took office in September, to address a high-debt issue that had sparked investor anxiety. Kering's net debt was 9.5 billion euros at the end of June. The company has struggled to reverse slowing sales at its largest brand Gucci as the luxury market has been hard hit by lower consumer demand, especially in China, which had led growth in the sector for more than a decade. Since Kering announced De Meo's appointment in mid-June, shares in the company have surged by around 60%. L'Oreal has also been approached by representatives of Armani Group, Reuters reported this month, after the beauty conglomerate was named in the will of late designer Giorgio Armani as one of the preferred buyers for a minority stake in his fashion house.  ($1 = 0.8583 euros) (Reporting by Lisa Jucca in Milan, Abigail Summerville in New York and Rajveer Singh Pardesi in Bengaluru; Editing by Jan Harvey, Barbara Lewis and Alison Williams)

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By Lisa Jucca and Abigail Summerville MILAN/NEW YORK (Reuters) -French luxury group Kering, owner of fashion brand Gucci, is nearing a sale of its beauty division to L’Oreal, according to two people familiar with the situation. One of the sources confirmed the deal would be worth around $4 billion, as per an earlier report by the Wall Street Journal, which was first to report the development. L’Oreal, the world's biggest dedicated cosmetics and beauty player, would acquire fragrance brand Creed and gain rights to develop beauty products tied to Kering’s fashion labels, including Bottega Veneta, Balenciaga, and McQueen, the WSJ reported, adding the deal could be announced next week. Kering, controlled by the French Pinault family, launched its beauty division in 2023, the year it acquired high-end fragrance label Creed for 3.5 billion euros ($4 billion) in cash. Kering declined to comment and L'Oreal did not immediately respond to a Reuters request for comment. A sale would be a major step forward by new CEO Luca De Meo, who officially took office in September, to address a high-debt issue that had sparked investor anxiety. Kering's net debt was 9.5 billion euros at the end of June. The company has struggled to reverse slowing sales at its largest brand Gucci as the luxury market has been hard hit by lower consumer demand, especially in China, which had led growth in the sector for more than a decade. Since Kering announced De Meo's appointment in mid-June, shares in the company have surged by around 60%. L'Oreal has also been approached by representatives of Armani Group, Reuters reported this month, after the beauty conglomerate was named in the will of late designer Giorgio Armani as one of the preferred buyers for a minority stake in his fashion house.  ($1 = 0.8583 euros) (Reporting by Lisa Jucca in Milan, Abigail Summerville in New York and Rajveer Singh Pardesi in Bengaluru; Editing by Jan Harvey, Barbara Lewis and Alison Williams)

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By Lisa Jucca and Abigail Summerville MILAN/NEW YORK (Reuters) -French luxury group Kering, owner of fashion brand Gucci, is nearing a sale of its beauty division to L’Oreal, according to two people familiar with the situation. One of the sources confirmed the deal would be worth around $4 billion, as per an earlier report by the Wall Street Journal, which was first to report the development. L’Oreal, the world's biggest dedicated cosmetics and beauty player, would acquire fragrance brand Creed and gain rights to develop beauty products tied to Kering’s fashion labels, including Bottega Veneta, Balenciaga, and McQueen, the WSJ reported, adding the deal could be announced next week. Kering, controlled by the French Pinault family, launched its beauty division in 2023, the year it acquired high-end fragrance label Creed for 3.5 billion euros ($4 billion) in cash. Kering declined to comment and L'Oreal did not immediately respond to a Reuters request for comment. A sale would be a major step forward by new CEO Luca De Meo, who officially took office in September, to address a high-debt issue that had sparked investor anxiety. Kering's net debt was 9.5 billion euros at the end of June. The company has struggled to reverse slowing sales at its largest brand Gucci as the luxury market has been hard hit by lower consumer demand, especially in China, which had led growth in the sector for more than a decade. Since Kering announced De Meo's appointment in mid-June, shares in the company have surged by around 60%. L'Oreal has also been approached by representatives of Armani Group, Reuters reported this month, after the beauty conglomerate was named in the will of late designer Giorgio Armani as one of the preferred buyers for a minority stake in his fashion house.  ($1 = 0.8583 euros) (Reporting by Lisa Jucca in Milan, Abigail Summerville in New York and Rajveer Singh Pardesi in Bengaluru; Editing by Jan Harvey, Barbara Lewis and Alison Williams)

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