Australian shares edged higher while those in Japan ticked down due to the stronger local currency. Equity index futures pointed to initial gains in Hong Kong after a gauge of US-listed Chinese shares climbed as Alibaba Group Holding Ltd. announced its fastest pace of revenue growth in more than a year.
FCNR(B) hurdle: Singapore holds ground on withholding tax
Given the spread between interest offered on FCNR deposits and interest charged on loans, a 10% WTH on loan interest on tax grossed-up basis would