Daily Briefing: Gov't to amend ABSD rules to include share transfer; Singapore's Block71 opens Jakarta branch

And here's what you need to know when using credit cards to pay in foreign currencies.

The authorities are planning to amend the rules to plug a loophole that allows some companies to avoid paying Additional Buyers Stamp Duty (ABSD), by acquiring shares in a company that owns the property, rather than buying the property outright. Read the rest of the story here.

Block71 has set up a new incubator and co-working spot in the middle of Jakarta. It’s already home to a number of startups like online pawnshop Pinjam and on-demand cleaning service KliknKlin, but hasn’t had a public launch yet. Block71 Jakarta is a branch of the Singaporean startup hub by the same name. Click here to find out more about the story.

Credit cards afford us unparalleled convenience as well as rewards when we use them to pay for purchases, but note that besides the foreign exchange rate, other fees and charges such as the currency conversion fees set by payment networks like MasterCard/Visa/American Express and banks' administrative fees apply as well. And this is why the amount reflected in our credit card statement tends to be higher than we'd imagined. To find out what you need to know when using credit cards to pay in foreign currencies, click here.

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