Facebook launches Groupon rival

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The world’s largest online social network unveiled its Deals on Facebook service, mimicking some of the fastest-growing discount businesses on the Web.

Facebook’s new venture launched in five  U.S. cities as it seeks to lure bargain-hunting consumers with the same sort of online discounts found on such sites as Groupon and LivingSocial.

Full story: Facebook wants to save you dough, launches Groupon rival to sniff out bargains