A consortium building Turkey’s Gebze-Orhangazi-Izmir motorway has started seeking international advisers to value the project ahead of a possible stake sale, Otoyol Investment company said on Tuesday, Reuters reported. In a first stage, the consortium will determine the value of the project and potential buyers, the consortium, which includes Italian construction group Astaldi, said in a statement. “It is a lengthy process to sell a stake in a project of this scale,” the consortium said, adding it would be up to the partners to decide whether to dispose of their share.

India’s economic activity showed signs of slowing in December, belying hopes of a quick turnaround suggested by the previous month’s data. A gauge measuring overall activity, or “animal spirits”, moved two notches lower in December from a month ago, underpinning a view that India’s growth has slowed and it might need a dose of fiscal and monetary stimulus to boost demand, Bloomberg News reported. The indicator, compiled by Bloomberg, reflects a pullback in new orders and business activity, as well as easing inflationary pressures.

Jet Airways India Ltd., the carrier that is struggling under a pile of debt, may get some respite. India’s largest lender State Bank of India is set to swap part of its loans into a stake of at least 15 percent in Jet Airways, people with knowledge of the matter said. Other creditors to the carrier also plan similar conversions of some debt into equity to help keep the carrier alive, they said.

India’s bankruptcy court said on Tuesday creditors could reject a $7.5 billion offer from the owners of debt-stricken Essar Steel to settle the company’s debts, giving a boost to global steel giant ArcelorMittal’s bid to takeover the plant, Reuters reported. The settlement proposal presented to the consortium of lenders by the billionaire Ruia family was not “maintainable”, and it would not be illegal for the banks to reject the offer, the National Company Law Tribunal (NCLT) said, according to television news channels.

Australia’s banking regulator said on Tuesday it had decided to keep the countercyclical capital buffer (CCyB) for banks on hold at zero percent, though it was considering setting a different rate in time. The Australian Prudential Regulation Authority (APRA) reviews the buffer quarterly and it has been held at zero since it started in 2016, Reuters reported. The buffer is an additional amount of capital that banks can be required to hold during periods of heightened systemic risk.

Bank of India Ltd aims to return to profit in the January-March quarter as it focuses on reducing bad loans, its chief executive said on Monday, after the state-run lender logged its biggest quarterly loss since at least 2005, Reuters reported. A spike in bad loan provisions dragged the bank to a net loss here of 47.38 billion rupees ($666.50 million) in the three months ended Dec. 31. In the same period the year before, it registered a loss of 23.41 billion rupees.

Questions have emerged over whether one of Indonesia’s wealthiest families has in effect dragged itself into court to prevent a foreign creditor from recovering a loan — a case experts say threatens the credibility of the country’s bankruptcy laws, the Financial Times reported. The case against a subsidiary of Lippo group, which is controlled by Indonesia’s Riady family, comes at a time when defaults are rising in the country. It is expected to spark concerns over powerful local conglomerates forcing out foreign creditors through bankruptcy proceedings.

The Kazakh authorities are urgently looking for a bank to take over no. 2 lender Tsesnabank as they believe it needs new financing to prevent a collapse, three sources familiar with the discussions told Reuters. Officials from the government and central bank have approached at least three other Kazakh banks and hope to tie up a deal in February, the sources said. They are offering financial incentives for any bank prepared to take it over, Reuters reported.

When Ofo launched in Beijing in 2015, it had seemingly everything going for it: a brilliant idea, a stash of cash and impeccable Communist party connections. But just four years later, the bike-sharing service has been reduced to empty offices, graveyards of disused bright yellow bikes and virtual queues of disenchanted customers demanding their deposits back, the Financial Times reported. Venerable investors, including tech giant Alibaba, are braced for writedowns and the company’s founder, Dai Wei, has warned that bankruptcy is on the horizon.

After sliding for six straight years, borrowing costs of Chinese companies from the offshore syndicated loan market are expected to grow in 2019 as their own funding rates rise and defaults from the country surge, according to a Bloomberg survey, Bloomberg News reported. With Chinese offshore syndicated loan costs still near a decade-low, lenders are seeking higher pricing to cushion margins squeezed by rising competition. Such demand is getting louder as default risks deepen amid a faltering economy and trade tensions with the U.S.