| Hard calculation | Chancellor of the Exchequer Rishi Sunak unveils his second U.K. budget today as he tries to balance the need for prolonged aid to protect jobs and stem the economic damage caused by the pandemic with calls to restrain the deficit. With Prime Minister Boris Johnson setting June 21 as the earliest the economy can emerge fully from a third lockdown, Sunak has promised to support "people and businesses." - The chancellor will extend furlough payments to the end of September, paying 80% of wages for workers in the program through the end of June, with the allowance declining over the following three months.
Scots fight | A bitter feud between Scotland's First Minister Nicola Sturgeon and her predecessor and onetime mentor, Alex Salmond, is dominating the political agenda just weeks ahead of elections to the Scottish Parliament. Sturgeon faces a grilling in parliament today over her role in the mishandling of a case against Salmond that has prompted calls for her resignation. The infighting threatens to undermine the case for independence which Sturgeon plans to advance in May's election. Diverging tactics | Germany and Italy diverged in tackling the coronavirus, with Chancellor Angela Merkel's government relaxing some restrictions and Italy tightening its lockdown. Relenting to public pressure, the German leader agreed to ease limits on meetings between households while keeping restaurants and non-essential shops closed. In Italy, Prime Minister Mario Draghi's administration put new curbs on internal travel and imposed a nighttime curfew to fight a surge in contagion. Climate wakeup | Businesses are starting to understand the risks of climate change in India, with a report showing an increase in extreme weather may sour more than $84 billion in debt at the nation's biggest financial institutions. The investigation from environmental disclosure platform CDP highlighted exposure to businesses including cement, coal, oil and power and the effects of cyclones and floods on loan repayments in industries such as farming. Chilean rewrite | Chile's constitutional overhaul will bring decades of stability, ensuring social peace and investor allure, Finance Minister Rodrigo Cerda said in a Bloomberg TV interview. The rewrite, prompted by civil unrest that erupted over laws put in place under late dictator Augusto Pinochet, looks set to be steered by moderates and maintain liberal economic pillars that many Chileans say fuel inequality and ignore the need for better public services from health care to pensions.  Demonstrators last year at Plaza Italia in Santiago. Photographer: Cristobal Olivares/Bloomberg What to Watch - Ten rockets targeted an airbase in western Iraq that hosts U.S.-led coalition troops with initial reports of no casualties.
- Hong Kong has made its 100th arrest under a national security law imposed on the former British colony by China last year, while dozens of pro-democracy activists returned to court for a mass bail hearing before their trial on subversion charges.
- The European People's Party is expected to approve new internal rules today that could increase strains with Hungarian Prime Minister Viktor Orban's Fidesz, potentially triggering a divorce between them after a long feud over democratic norms.
- Japan's government clinched a symbolic victory in their prosecution of Carlos Ghosn with the successful extradition of two Americans accused of helping the ex-chairman of Nissan Motor Co. escape trial over a year ago.
And finally ... New York Governor Andrew Cuomo, who's dominated the state's politics for more than a decade, is seeing his power curbed as scandals raise pressure on him to resign, Ryan Teague Beckwith and Keshia Clukey report. After enjoying a rising national profile — earning the moniker "America's governor" — with his approach to the pandemic, Cuomo has been forced to submit to an investigation of sexual harassment claims and faces an inquiry over accusations of a possible coverup regarding Covid-19 deaths in nursing homes.  Cuomo in New York on Oct. 5. Photographer: Jeenah Moon/Bloomberg | 
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