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Mining mogul Anil Agarwal-led Vedanta Resources Ltd (<keyword id="1432951" type="General" weightage="80" keywordseo="vrl" source="Orion">VRL</keyword>) has repaid USD 250 million in loans that the company took from <keyword id="120129" type="General" weightage="80" keywordseo="barclays-bank" source="Orion">Barclays Bank</keyword> and <keyword id="127691" type="General" weightage="80" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword>, according to regulatory filings. The company had earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns about its financial position. VRL, the majority owner of Mumbai-listed mining and oil &amp; gas company Vedanta Ltd, repaid USD 150 million borrowed from Barclays Bank. "The earlier disclosure was made pursuant to facility agreement dated June 16, 2022...between Twin Star Holdings (borrower), VRL and <keyword id="16815402" type="General" weightage="80" keywordseo="welter-trading" source="Orion">Welter Trading</keyword> Ltd (as original guarantors), Deutsche Bank AG acting through its Singapore Branch, and Barclays Bank PLC (as original lender), for the purposes of availing facility of an aggregate amount of USD 150,000,000 by the borrower from the original lender," the company said in a filing to BSE. However, the said facility has been repaid and the encumbrance released, it said. The company also repaid USD 100 million borrowed from Standard Chartered Bank. "The earlier disclosure was made pursuant to facility agreement... entered into between Twin Star Holding, VRL and Welter Trading (as original guarantors), Standard Chartered Bank (Singapore) Ltd (as original lender), and Standard Chartered Bank (as arranger and agent), for the purposes of availing a facility of an aggregate amount of USD 100,000,000. However, the said facility has been repaid and the encumbrance has been released," another regulatory filing said. Last month, VRL had said it is in the advanced stage of finalisation to tie up USD 1.75 billion through a combination of syndicate loan and bilateral bank facilities. The company had said it has pre-paid all its debt that was due for repayment till March 2023, deleveraging by USD 2 billion in the past 11 months. Further, it is confident of meeting its liquidity requirements for the quarter ending June 2023. Headquartered in London, VRL is a diversified global natural resources company spanning across India, Zambia, Namibia and South Africa. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-appoints-omar-davis-as-its-president-strategy/articleshow/98690407.cms">Vedanta appoints Omar Davis as its President-Strategy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/about-7-in-10-investors-unable-to-generate-even-benchmark-index-returns-says-samco-nielsen-survey/articleshow/98695748.cms">About 7 in 10 investors unable to generate even benchmark index returns, says Samco-Nielsen survey</a>

Vedanta Resources repays USD 250 million in loans

Hi. I'm Aaron Weinman. Some of the world's largest banks from Goldman Sachs to Morgan Stanley will cough up nearly $2 billion in penalties to the US regulators for failing to sufficiently monitor their employees' use of unauthorized messaging apps.The financial institutions admitted that their conduct violated recordkeeping provisions outlined in federal securities laws, the Securities and Exchange Commission said in a <a href="https://www.sec.gov/news/press-release/2022-174">press release on Tuesday</a>. The SEC hit 11 firms with $1.1 billion in penalties.At the heart of the matter here are bankers' use of communications platforms like Whatsapp or Signal. These are encrypted messaging apps that bankers regularly use to communicate with clients and even journalists.The Commodity Futures Trading Commission also <a href="https://www.cftc.gov/PressRoom/PressReleases/8599-22">ordered 11 firms</a> to pay over $710 million in penalties.Let's get into it.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9"></a>1. The SEC and CFTC have piled billions of dollars in misery on Wall Street. The largest US banks, boutiques, and European lenders were caught up in a probe around <a href="https://www.businessinsider.com/wall-street-bankers-livid-over-sec-probe-private-messages-whatsapp-2022-5">the use of unauthorized messaging apps</a>.Banks are required to monitor their employees' communications in order to mitigate improper conduct. Bankers have increasingly turned to unauthorized apps to communicate with clients.Whatsapp, for example, is a popular messaging app with bankers dealing with clients based outside the US. The crackdown has resulted in many bankers having to hand over their phones to their employers for inspection in recent months.These penalties come after regulators found that banks failed to stop their employees from communicating internally and externally via unauthorized apps.The SEC has said, however, that banks have begun efforts to improve their compliance policies and procedures around the use of unauthorized apps.Bank of America, for example, has rolled out a <a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9">new communications policy</a> to traders and bankers, Insider's Alex Morrell reported. Employees said the rules are excessive and hinder personal friendships in the industry.<a href="https://www.businessinsider.com/bofa-employees-frustrated-over-crackdown-amid-messaging-settlement-2022-9">Check out the full story here</a>.In other news:<a href="https://www.businessinsider.com/former-morgan-stanley-staffer-tyrone-blackburn-bias-cases-2022-9"></a><div type="image" title="Tyrone Blackburn launched his law practice soon after leaving Morgan Stanley." height="399" width="532" msid="94511526" hostid="261" sizebytes="5732"></div>2. An ex-Morgan Stanley employee has been representing staff who have bias claims against the bank. Tyrone Blackburn worked in Morgan Stanley's legal department before launching his own practice in 2019. His latest client has also accused the bank's global head of macro strategy of <a href="https://www.businessinsider.com/former-morgan-stanley-staffer-tyrone-blackburn-bias-cases-2022-9">making "racist rants."</a>3. AllianceBernstein's Chief Executive Seth Bernstein is leaning into private assets and exchange-traded funds. The asset manager's recent private markets purchase is now the largest part of AB's alternatives platform, <a href="https://www.businessinsider.com/alliancebernstein-ceo-alternatives-etfs-esg-2022-9">Bernstein told Insider</a>.4. Cathie Wood's ARK launched a venture fund that is open to individual investors, The Wall Street Journal reported. The fund is set to invest in private and public firms, similar to those held by <a href="https://www.wsj.com/articles/cathie-woods-ark-launches-venture-fund-open-to-individual-investors-11664249048?mod=hp_lista_pos1">ARK's high-growth, tech-focused ETFs</a>.5. Thoma Bravo will pause future investments in other cryptocurrency companies, the firm's founder Orlando Bravo said in an interview with the Financial Times. Billionaire Bravo also said he was disappointed to find that ethical standards in parts of the crypto space are <a href="https://www.ft.com/content/c5dd6c35-d3e2-4602-a8e4-54266990cfd3">not as high as in private equity</a>.6. A Citadel Securities employee left the market maker for a startup, but he now faces a lawsuit. Vincent Prieur faces a non-compete lawsuit after he joined crypto-trading <a href="https://www.institutionalinvestor.com/article/b1zyzmvhxf2612/An-Employee-Left-Citadel-Securities-for-a-Startup-Now-He-s-Facing-a-Lawsuit?utm_source=Twitter&amp;utm_medium=organic%20social%20media&amp;utm_term=Editorial&amp;utm_content=7708467012&amp;utm_campaign=II_Editorial_2021-10-26_EG">platform Portofino Technologies</a>.7. Pay data has revealed how much Hollywood giants recently offered for jobs in various divisions. Here are the latest from <a href="https://www.businessinsider.com/hulu-salaries-revealed-for-tech-marketing-more-us-jobs-2022-3">Disney and Hulu</a>.8. Ally vs. Marcus vs. Wealthfront. Here is how three of the most popular high-yield savings accounts stack up <a href="https://www.businessinsider.com/personal-finance/high-yield-savings-ally-vs-marcus-vs-wealthfront">against each other</a>. Wealthfront, meanwhile, offers a high-yield account with a <a href="https://www.businessinsider.com/personal-finance/how-wealthfront-cash-account-works">minimum deposit of just $1</a>.9. Emergency savings account startup SecureSave has partnered with the San Antonio Spurs and Truist to complete a seed-funding round. Here is the 20-slide pitch deck the firm used <a href="https://www.businessinsider.com/fintech-securesave-pitch-deck-esa-seed-round-san-antonio-spurs-2022-9">to net the capital</a>.10. Citadel Chief Executive Ken Griffin's splash on a Miami property is a market-defining moment for Florida real estate. The Miami area saw its first $100 million residential-real-estate sale in September. Homes are still in short supply and it's keeping pressure on luxury and <a href="https://www.businessinsider.com/south-florida-miami-luxury-real-estate-ken-griffin-2022-9">non-luxury home prices</a>.People moves:<ul><li>RBC has appointed Jason Gurandiano its head of US technology banking. He joined the bank in 2015 and was most recently global head of fintech and is a representative on RBC's Crypto Committee, according to a memo seen by Insider. Previously, Gurandiano was head of fintech at Deutsche Bank.</li><li>Bank of Montreal has hired Bo Brown as a managing director in its capital-markets business, Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-09-27/bank-of-montreal-hires-citi-s-bo-brown-for-private-equity-deals?utm_medium=email&amp;utm_source=newsletter&amp;utm_term=220927&amp;utm_campaign=author_19463148">reported</a>. Brown previously worked for Citi, where he handled sell-side M&amp;A transactions for financial sponsors.</li><li>Jens Welter is <a href="https://www.efinancialcareers.com/news/2022/09/jens-welter-credit-suisse-to-citigroup">quitting Credit Suisse</a> less than a year after being named its co-head of global banking. After 27 years with the bank, <a href="https://www.ft.com/content/7f67de02-407c-41bf-aeb5-aa823c8d02c2">Welter is joining Citi</a> as its new co-head of European investment banking. He will also chair Citi's consumer and retail advisory business.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Wall Street shops get dinged for nearly $2 billion in penalties for failing to police bankers' use of Whatsapp

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Aaron P. Bernstein/ReutersTesla CEO Elon Musk.</div></div></div><ul><li><a href="http://www.businessinsider.com/category/tesla">Tesla</a> is facing a welter of negative news as it prepares to report Q1 vehicle deliveries and earnings.</li><li>The stock market is struggling to price <a href="http://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> risk, but the bond markets are signaling a lack of confidence in the company.</li><li>Tesla is also dealing with a fatal Autopilot crash that's being investigated by the NTSB.</li></ul>To say that <a href="http://www.businessinsider.com/tesla-under-threat-by-negative-stories-2018-3">Tesla has entered rough waters of late</a> would be an understatement. Ahead of reporting first-quarter vehicle deliveries and earnings, the carmaker has been dealing with a flagging stock price, and Moody's downgrade of its debt into deep junk territory, and a fatal crash in California involving the company's Autopilot semi-self-driving system.Some proactive communications on Tesla's part about details of the crash then drew a rebuke from the National <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">Transportation</keyword> Safety Board, which is investigating the accident (the NTSB, better know for scrutinizing airplane accidents, also investigated a deadly 2016 Autopilot crash in Florida). Tesla declined to comment on the issue, which was <a href="https://www.washingtonpost.com/news/dr-gridlock/wp/2018/04/01/ntsb-unhappy-with-tesla-release-of-investigative-information-in-fatal-crash/?utm_term=.8e49cfdacb2b">reported by the Washington Post</a>.And CEO Elon Musk celebrated the April Fool's weekend by <a href="https://twitter.com/elonmusk">firing off a couple of tweets</a> about Tesla's "bankruptcy" and drinking too much tequila.Analysts are expecting two things from deliveries and earnings (earnings won't come until early May, so investors might catch a breather): production of the mass-market Model 3 coming is well below Tesla's previous projections, but possibly hitting around 2,500 per week for the very end of the quarter; and a massive loss on the financial side and the company struggles to get the Model 3 out the door.Looking at the stock price, it's hard to tell if the bad news has already been priced in. Tesla swooned at the end of March and recovered slightly at the end of the month. On Monday, shares opened at $266, after rising over 3% on Friday.<h2>Investors are confused</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Hollis Johnson/Business InsiderThe Tesla Model 3.</div></div></div>Investors actually do seem to have digested the herky-jerky Model 3 ramp-up. Tesla said that it would be building 2,500 vehicles per week by the end of Q1 and 5,000 by the end of Q2. It hasn't neatly achieved those goals, but prior to the Moody's downgrade and the Model X crash, shares didn't look as if they were going to drop from 2017 highs, and the expectation was that Tesla would be undertaking a capital raise by mid-2018.And at the end of March, shareholders approved an ambitious new pay package for Musk that, if everything works out, would see Tesla's market cap ascend to a staggering $650 billion. Big institutional investors approved the package, so the vote of confidence in Musk's leadership couldn't have been stronger.What's really weighing on Tesla now isn't the slipping share price or the Autopilot crash - although the crash does bring up so serious questions about why Tesla owners are evidently letting their cars drive themselves when the vehicles technically can't - but rather the company's messy balance sheet. The auto industry is extremely capital intensive and almost always closely linked to debt markets. This is why major automaker such as General Motors want to maintain investment-grade bond ratings. Tesla's debt is both complicated and pointedly far from investment-grade; it's high-yield debt has been trading down, hardly a long-term vote of confidence, some additional debt on the balance sheet is convertible to equity, and when Tesla merged with SolarCity in 2016, it took on the company's hefty debt load.<h2>Can Tesla avoid bankruptcy?</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Andy Kiersz/Business InsiderIn 2017, Tesla surpassed Ford and FCA in market cap.</div></div></div>The debt markets are now signaling a lack of confidence in Tesla's ability to avoid bankruptcy down the line, while the equity markets are trying to figure out where Tesla will settle for the inevitable capital raise. Obviously, these factors are pulling Tesla in opposite directions: jittery optimism in the stock side, increasing pessimism on the debt side.All eyes are focused on the car business, as well. The energy-storage and solar roof businesses aren't going to lend any support to the stock. Execution on vehicles has been notably bad, so investors will want to see indications that tesla is turning its Model 3 problems around.If Tesla did surge to 2,000-2,500 in weekly Model 3 production for the final weeks of March, that could represent a rallying point for the stock and provide a runway for a capital raise. But the debt situation isn't going to change, regardless of what happens at Tesla's factory. That's worrisome because debt is what kills cars companies. And it kills them fast. It's impossible to keep the parts coming in and the vehicles rolling off the assembly lines if servicing the debt becomes job one. After losing money for years, GM went bankrupt in about six months in late 2008 and early 2009. Crisis-creation seems to be baked in to Tesla's business model, so nobody should be surprised that the company is once again making things interesting. What's different this time, when you get right down to it, is that increasingly alarming junk debt. Keep an eye on it, no matter what happens with the stock price and the pace of vehicle production.Get the latest Tesla stock price<a href="http://markets.businessinsider.com/stock/TSLA-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jim-chanos-tesla-elon-musk-truck-video-2018-2"> Jim Chanos says Elon Musk just told his 'biggest whopper' about Tesla yet </a></h3> <div> </div> </div>

This could be the most critical week in Tesla's history

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Xi Jinping, China's president, has lately had little choice other than to ponder foreign policy. Last month his country played host to the leaders of the 21-member Asia-Pacific Economic Co-operation forum; he then flew to Brisbane for a G20 summit, going on to visit other parts of Australia, New Zealand and Fiji. 
In between, his prime minister, Li Keqiang, was in Myanmar for yet another summit, the 18-nation East Asian one.
This welter of diplomacy seems to have inspired Mr Xi--the most powerful leader in a generation of a country more powerful than for centuries--to spell out his foreign-policy vision. He did so in a speech at the end of November apparently intended in part to reassure China's neighbours that a strong and rising China need not be feared. It was a good attempt, but not entirely successful.
Reassurance is needed. Hopes that China's spectacular climb to superpower status might be completed without conflict have been dented in recent years. Its assertive approach to old but until recently largely quiescent territorial disputes with Japan, the Philippines, Vietnam and India has jangled nerves. In Asia, defence spending has risen sharply. America's allies in the region have encouraged America to "rebalance" its military might into Asia and begun to strengthen co-operation between their own armed forces. Relations between America and China have been marred by fraught public disagreements.
The forum for Mr Xi's speech was a high-level conference on foreign affairs in Beijing, the first such gathering since 2006. It was attended by his Politburo colleagues, senior soldiers and officials, including some ambassadors hauled back from abroad. The context and official media coverage suggested the speech was a big deal. It had three main messages. The first, which was largely implicit, was that China is now a great power and needs a foreign policy--and <keyword id="6356001" type="COMPANY" weightage="60" keywordseo="international">international</keyword> respect--to match. Mr Xi seemed to suggest that China could no longer "hide its light" as Deng Xiaoping used to urge.
The second is that the world order and China's neighbourhood are in flux. The trend, he argued, was to a "multipolar" world. But his audience would have understood this to mean that American power has begun to wane as China's waxes. The third is that, although China will be no pushover when its interests are threatened, this delicate process can be managed peacefully, as a "win-win" for it and the outside world. "Peace and development" remain "the underlying trend of our times".
This third message inspires the most optimistic interpretation of the speech: that China has realised that provocative behaviour has not only already harmed its own interests by alarming friendly countries, but also carries the risk of unintentional conflict. The emollient words follow some magnanimous gestures. In Beijing Mr Xi had shaken hands with men his government previously regarded as untouchables, such as Benigno Aquino, president of the Philippines, and Shinzo Abe, Japan's prime minister (albeit, in the latter case, as if the act caused him physical pain).
<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>
Far from punishing Australia and South Korea for their churlish, American-encouraged refusal to join its new Asian Infrastructure Investment Bank as founder members, China rewarded them by concluding bilateral free-trade agreements. In meetings with regional leaders Barack Obama talked about Ebola, Islamic State and tension in the South China Sea; Mr Xi talked development and infrastructure and backed it up with tens of billions of dollars that China is ready to invest. Most striking of all, Mr Xi and Mr Obama announced a number of agreements, including on climate change and on confidence-building measures between the two armies, that transformed the tenor of their countries' bilateral relations.
But probably not their substance. America and China are too intertwined in too many ways not to co-operate in some. But that does not remove the sources of tension and rivalry. In a speech in Brisbane, Mr Obama outlined the alternative security orders that might dictate Asia's future: one based on "alliances of mutual security, international law and international norms that are upheld and the peaceful resolution of disputes"; or one based on "spheres of influence, or coercion, or intimidation where big nations bully the small". It was clear which country he thought was leading each order.
<div class="KonaFilter image-container float_left"><div class="image on-image"></div></div>When he spoke to Australia's parliament in Canberra, Mr Xi went out of his way to stress that, although China was like "the big guy in the crowd", it would not push people around or stand in their way. But this was also a reminder that China sees even relatively far-flung parts of the Pacific, such as American-allied Australia, as part of its local playground, where it could act the bully if it chose. And his speech in Beijing left open the possibility that it might have to. It referred to the "grave nature of international tensions and struggle" and "the protracted nature of contest over the international order".
Nor did Mr Xi's softer tone encompass any concession on China's disputes with its neighbours. It has not stopped building on disputed rocks in the South China Sea. And after the awkward meeting with Mr Abe that seemed at least to mark an easing of tensions over the disputed Senkaku (or Diaoyu) islands, it sent coastguard boats to patrol there.
<h3>You can't win-win them all</h3>
It is not just Mr Xi who hopes China's rise can be win-win. Its neighbours and America agree that a prosperous, strong China, comfortable with its place in the global order, is preferable to a poor, weak and angry one. But on some issues, it is impossible for both sides to win. China's territorial disputes, for example, with the possible exception of the one with India, which is big enough to allow room for a conceivable compromise, are zero-sum. Most fundamentally, China's aspiration for regional leadership challenges American naval supremacy in the western Pacific. And little so far suggests that any American leader would be willing to lose enough to let Mr Xi's China feel it had won.
Click <a href="https://subscriptions.economist.com/nwcd">here</a> to subscribe to The Economist.

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Vedanta Resources repays USD 250 million in loans

PTI

Wall Street shops get dinged for nearly $2 billion in penalties for failing to police bankers' use of Whatsapp

Aaron Weinman

This could be the most critical week in Tesla's history

Matthew DeBord

The World Is Xi Jinping's Oyster Right Now

The Economist

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