ICBC to launch biggest ever IPO
Shanghai: The Industrial and Commercial Bank of China plans to raise $21.9 billion in the world's largest initial public offering after exercising a 15-per cent overallotment option on the Shanghai stock exchange. It is the first Chinese company to do so on a mainland bourse.

ICBC China's largest lender which had raised a record $19 billion in the first simultaneous Hong Kong and Shanghai IPO, is expected to exercise the overallotment option in Hong Kong after the Shanghai move, analysts said.
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Cisco comes out with new video-conference product
New York: Network gear manufacturer Cisco Systems Inc has launched a high-definition, video conferencing system. The company says the product can grow into a billion dollar business in five to seven years.

Branded TelePresence, the product is the latest move by Cisco to expand from its traditional business of network routers and switches into video. Analysts said TelePresence is likely to compete with Hewlett-Packard Co's Halo Collaboration Studio and other high-end video conferencing products by specialist technology firms like Teliris Ltd and Polycom Inc.

The product will be available from December in two versions: A basic TelePresence 1000 model, designed for one-on-one meetings, priced at $79,000 per station and TelePresence 3000, meant for larger meetings and installed in the form of a small conference room with three high-definition screens on which participants are displayed life-size. It is listed at $299,000 per station.
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