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Ten Things You Need to Know Today: Friday 4 May 2012

LOCAL ELECTIONS: LABOUR WINS BIG Labour is expected to win 700 new seats in local elections, with a projected vote share of 39 per cent to the Conservatives' 31. Ed Miliband's party has made significant inroads into southern and Midlands councils. But Tory Boris Johnson is expected to be re-elected as London mayor, despite his party's unpopularity. Labour wins big as UKIP eats into Conservative support FACEBOOK SETS VALUE AT $95 BILLION Facebook has set the share price for its initial public offering (IPO) on 18 May at between $28 and $35 per share, valuing the company at between $85bn and $95bn.
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