As authorities order an embattled tech entrepreneur back to China to handle his growing financial problems, a local court has seized his assets, the Wall Street Journal reported. LeEco Holdings founder Jia Yueting, whose company’s businesses include online video, electric cars and smartphones, was a rising star in China’s tech industry who aimed to take on Apple, Tesla and Netflix. He also invested in U.S. electric-car startup Faraday Future. But the company has been mired in credit woes and a cash crunch since the fall of 2016.

Bitcoin resumed its slide yesterday, dipping below $14,000 as the cryptocurrency’s dizzying drop from a record set 10 days ago intensified, Bloomberg News reported. The latest blow to the world’s biggest cryptocurrency came from South Korea, where the government said it was eyeing options for stamping out a frenzy of speculation, including a potential shutdown of at least some exchanges. Bitcoin fell as much as 11 percent to as low as $13,500 as of 2:02 p.m. in New York, erasing modest gains after the South Korean release, composite Bloomberg pricing shows.

India’s billionaire Ambani brothers have agreed a telecoms infrastructure deal that will expand the footprint of disruptive new entrant Reliance Jio and give rival Reliance Communications a path back from the brink of insolvency, the Financial Times reported. Jio, a subsidiary of Mukesh Ambani-led Reliance Industries, has squeezed Indian mobile industry margins with aggressive pricing over the past year.

Profit growth at Chinese industrial firms slowed in November as producer prices rebound appeared to soften, Bloomberg News reported. Industrial profits rose 14.9 percent last month from a year earlier, compared with previously reported 25.1 percent in October, the statistics bureau said on today. Robust demand and consistent factory inflation have lifted profitability this year. That helps manufacturers pay off their debt and invest more as real corporate borrowing costs decline. Still, as factory-gate prices softens, profit growth may also be due to slow.

Kazakhstan may merge its $23 billion state pension fund with the $57 billion oil fund in order to streamline their management, President Nursultan Nazarbayev said on Monday, Reuters reported. The state pension fund suffered a credibility crisis this year when its former chief executive Ruslan Yerdenayev and other managers were charged with embezzlement over a purchase of bonds issued by a local company in exchange for bribes. The trial started last month. Lawyers have told Kazakh media the executives - who have been sacked by the fund - have denied the charges against them.

Indian telecom company Reliance Communications unveiled a plan to reduce its debt burden by selling off assets to re-position itself as a niche operator targeting business customers, sending its shares soaring to a three-month high, The National reported. Anil Ambani, the company’s chairman, announced on Monday that the operator would sell-off telecom towers, spectrum, optical fibre and land, to reduce its debt to 60 billion rupees (Dh3.4bn) from its current level of 450bn rupees.Rcom shares yesterday ended the day up more than 30 percent following the announcement.

Hyundai Heavy Industries Co., the world’s second-biggest shipbuilder, fell by a record following its plan to raise about 1.29 trillion won ($1.2 billion) selling new shares for working capital, Bloomberg News reported. Hyundai Heavy intends to sell 12.5 million new shares before the end of March at an estimated price of 103,000 won each, a discount of about 24 percent to the closing level on Tuesday. The stock fell 28 percent, the most since the company was listed on South Korea’s main board in August 1999, to 97,300 won today.

Tata Steel Ltd. has sounded out banks about raising the equivalent of $5.1 billion through loan facilities and a bond issue to help refinance debt, Bloomberg News reported. The Indian steelmaker plans a $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte. and NatSteel Asia Pte. The new borrowing will mark Tata Steel’s return to the international loan markets for the first time since the middle of 2016 as it sharpens its focus on the Indian market after selling unprofitable assets in the U.K.

The Japanese economy is picking up more and moving toward the central bank’s 2 percent inflation target, though only gradually, government data released today showed, the Wall Street Journal reported. The core consumer-price index, which excludes volatile fresh food prices, rose 0.9 percent in November from a year earlier, a slightly faster pace than an 0.8 percent increase in October. Another index used by the central bank to assess the state of inflation, which excludes both fresh food and energy, rose 0.3 percent from a year earlier, compared with a 0.2 percent rise in October.

South Korean automaker Hyundai Motor Co.’s labor union said on Tuesday its members have rejected the tentative wage deal its leadership had agreed with management last week, Reuters reported. The union in a statement said 50.2 percent of 45,008 voters rejected the deal as they deemed wage levels were inadequate compared with previous years’ agreements, whereas 48.2 percent accepted the terms. The remaining votes were invalid. The union said it will do its best to reach a new tentative wage deal within the year.