(RTTNews) - Financial services firm HSBC Holdings Plc (HBC: News ,HSBA.L: News ) Friday said that it has completed the acquisition of 88.89% of PT Bank Ekonomi Raharja Tbk or Bank Ekonomi, for US$607.5 million in cash through its subsidiary HSBC Asia Pacific Holdings, UK, Ltd. As per the terms of the agreements, HSBC is required to make a Mandatory Tender Offer for a further 10.11% of Bank Ekonomi, which will be distributed to shareholders, subject to approval by the local regulators.

Despite declining purchasing power, higher sales taxes on electronic goods and falling export demand, the local electronics industry remains optimistic that it can achieve both higher domestic and overseas sales this year, an official said.

Aditya Wikrama Wood products exporter PT Sumalindo Lestari Jaya sees gloomy prospects ahead this year after being hit hard by the global crisis, resulting in falling exports and higher foreign-exchange losses. “This year we’re no longer talking about profits, but rather how to minimize our losses,” Sumalindo’s deputy president director, David [who goes by only one name], said at a media briefing on Friday.

Ni Komang Erviani , The Jakarta Post , Denpasar The ongoing electricity crisis has hampered both domestic and foreign investments to the tourist island of Bali since the last few years. Tedja Nandi Yasa, vice chairman of the Bali chapter of the Indonesian Chamber of Commerce and Industry (Kadin), said that many potential investors felt so worry over the shortage of electricity supply, one of the most important factors needed to lure capitals to the island.