Alistair Darling took to the airwaves to clarify his comments in a newspaper interview, saying that he was referring to global economic conditions rather than those in Britain.
The Japanese government unveiled on Friday a policy package worth about 107 billion US dollars in an effort to stimulate the country's faltering economy by easing the negative impact from rising energy and raw material costs.
Current falls in commodity and food prices could be temporary and have not reduced concerns over their impact on developing nations, the head of the United Nations' Food and Agriculture Organisation (FAO) said on Friday.
Separate figures have shown as easing of inflation in the Euro zone, but a fall in economic confidence. An initial estimate from EU statistics agency Eurostat showed that the annual rate of inflation eased in August to 3.8% from a record 4% in July as oil prices cooled.
Land Rover has announced plans to cut production at its Solihull plant in England, including the introduction of a four-day week on some lines. Discoveries and Land Rover Sport models will no longer be manufactured on Fridays
Chile's former Finance minister Nicolas Eyzaguirre was named to head the International Monetary Fund Western Hemisphere Department that oversees Latin America, the United States and Canada.
Since its historic reunification almost two decades ago, Germany has been easily the European Union's most populous nation, with 20 million more inhabitants than its closest rival.
Britain's Standard Chartered Bank has been authorized to open a representation office in Chile, according to an official release from the country's banking regulator, Superintendencia de Bancos e Instituciones Financieras, SBIF
Britain is to formally present its case to the United Nations in New York for extending its territorial rights around Ascension Island in the South Atlantic. States have rights over their resources, including oil or gas reserves, up to 200 nautical miles from the shoreline.
Sea ice in the Arctic Ocean has melted to its second lowest level since satellite observations began according to the National Snow and Ice Data Center in Boulder, Colorado. The extent of sea ice in the Arctic is down to 2.03 million square miles and the lowest point since 1979 is 1.65 million square miles set last September.