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WireTap 0900 15/05/12

A round-up of the key stories across the specialist financial media, including news that German growth has far outstripped economists' estimates

German economy grew more than forecast in first quarter

The German economy grew five times more than economists forecast in the first quarter as exports to emerging markets offset waning euro-area demand.

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Euro chiefs may offer leniency to Greece

European governments hinted at giving Greece extra time to meet budget-cut targets, as long as the financially stricken country’s feuding politicians put together a ruling coalition committed to austerity.

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JPMorgan moves to protect Dimon

JPMorgan closed ranks around chief executive James Dimon ahead of a shareholder meeting and announced the departure of a senior executive at the centre of a trading blunder that has cost the bank more than $2 billion in losses.

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Moody's downgrades Italian banks

Moody's Investors Service kicked off its long-awaited downgrades of European and global banks by docking the credit ratings of 26 Italian lenders, a move that could ratchet up the continent's banking woes at a critical time for the currency union.

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Facebook raises IPO range, targets $12.1 billion: source

Facebook Inc has raised the price range on its initial public offering to $34-$38 a share in response to strong demand, a source familiar with the situation said, giving the number-one social network a valuation exceeding $100 billion.

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