SHANGHAI - A MAJOR auction of land by Shanghai's government drew poor demand and weak prices despite the introduction of steps to stimulate the Chinese property market, the official Shanghai Securities News said on Saturday.

In late Oct, authorities announced nationwide measures designed to support sagging property prices, including a cut in the property deed tax and a reduction in the downpayment for people buying their first homes.

DUBAI (United Arab Emirates) - BUSINESS leaders gathered in Dubai on Saturday warned the world to brace for even more painful economic times ahead, but said the victory of US President-elect Barack Obama offers hope for fresh leadership at a crucial time for the global economy.

The financial crisis that began with bad US home loans is now moving from the banking sector into wide swaths of the global economy - costing millions of jobs, forcing working families to cut back and driving once-mighty companies into bankruptcy.

LONDON - A BRITISH car dealer has found one way around the looming recession by offering a buy-one-get-one-free offer on new cars, a report said on Saturday.

Online car broker Broadspeed.com, based in Colchester near London, offered customers two Dodge Avenger SXT saloon cars, complete with leather seats and air conditioning, for 20,000 pounds (S$46,856).