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A leading consulting company reaches a legal settlement with 47 American states to pay $573 million for its role in the catastrophic opioid crisis. The opioid crisis led to the deaths of almost half a million Americans between 1999 and 2018, from overdoses of prescription pain killers and illegal opioids, according to the US CDC.

McKinsey worked with Purdue Pharma to boost sales of opioid painkiller Oxycontin, says this report in DW.com. 

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Andy Jassy joined Amazon in 1997, three years after it was founded in 1994 by Jeff Bezos. He is credited with the rapid growth of cloud computing into a $51 billion business for Amazon with market share of 28%. He now takes over the role of CEO of Amazon with day to day responsibilities just as Bezos shifts his attention to other opportunities. Jassy shares the traits of inventive spirit and investing heavily in growth opportunities one finds in Jeff Bezos. Careful planning and a long term plan in entering a business and achieving one goal after another as the business accelerates.

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This Times report looks at the management style of Jeff Bezos who started Amazon as a online store selling books and the extraordinary growth of the company. Bezos is stepping down from the day to day role of CEO to focus on new growth opportunities. His role as CEO will be taken by the head of the cloud computing business, Andy Jassy. He joined in 1997. Amazon was started in 1994.  Amazon's growth comes from carefully focussing on specific growth fields, first retail, then cloud computing, and changing the way business is run with innovative ways of conducting business. One click and Prime in retail, Kindle e reader in books, and massive investments in logistics, warehousing, cloud computing to run its business efficiently. During the pandemic criticism of low wages for warehouse workers was met with an increase in wages to $15 an hour.  Management style discourages meetings. Most meetings are held in the morning, and after 10 am. The person presenting is asked to hand out a six page memo which is read in silence before the meeting. The idea is that writing it out helps make the ideas clear. Decisions are made in this way. Employees are asked to think in innovative ways to run the business. Thrift is practiced as part of the Bezos way. Bezos is relatively young, only 57 years. Bezos was born in Albuquerque, New Mexico in 1964 when his mother was in high school. His mother married a Cuban immigrant, Miguel Bezos 4 years later and the boy took the name Bezos. He spent much time at his grandparents ranch in South Texas working on the farm, and went to school at Princeton University, graduating in 1987. In 1993 he married Mackenzie Tuttle, a novelist, then started an online bookstore called Amazon from Seattle. Before this he worked at a telecom company and at a hedge fund, which helped him finance his new online bookstore. Bezos turned Amazon into a retail store selling a wide variety of merchandise, an built up a strong warehousing and delivery network. ...

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Italy and the European Union turn to former ECB president Mario Draghi for leadership of the new government in Italy. He is seen as the best choice for Italy's recovery with financial help from EU funds. Mr. Draghi has his personal reputation as ECB president for recovery of the euro currency in the face of austerity policies pushed by the German finance ministry, and the 200 billion euro funds going to Italy, to ensure a recovery. "Consciousness of the emergency entails answers that are up to the challenge," says Draghi.

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Cloud computing is a growing $300 billion business, with Amazon a key player having 28% of the market. It competes with Google and Microsoft in cloud computing. Andy Jassy has built the cloud computing business with $51 billion in sales. It generates 10% of sales in the final quarter of 2020 for Amazon but over half the profit. Renting out server space and software to customers is a profitable business compared to online retail. Sales of $12.7 billion in the final quarter of 2020 generated $3.6 billion in profit. And growth a brisk 28% over the prior year quarter.

Satya Nadella ran the cloud computing business at Microsoft before becoming CEO. IBM named a new CEO from this business that revived growth. Now Andy Jassy is promoted to CEO at Amazon in the sequence of new CEO's from cloud computing.

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Mario Draghi, former head of the European Central Bank, who ran ECB policy to rescue the Euro currency in 2012 is being asked to form a new government by the president. Mr. Conte's coalition failed to get the support of Matteo Renzi's left party in parliament leading to its collapse.  Italians are wary of the austerity policies of Mario Monti,  professor and EU bureaucrat appointed by premier Berlusconi to the EU Commission, who was appointed  during the eurozone financial crisis in November 2011 by the president.  At the time prime minister Berlusconi had lost the confidence of EU officials. Mario Draghi has a different history after his work at the European Central Bank counteracting the austerity approach of German finance ministry. He also steered the ECB policy at a difficult time for Italy with rising interest on debt. Today Italy has lost about 89,000 lives, and 8.8% of GDP was lost in 2020. Moderate factions of all parties right and left wing are expected to support Draghi. Draghi also has the advantage of 200 billion in euro funds coming from the EU for Italy's recovery in 2021. Germany today is not the austerity policy Germany of 2011, as it supports going big and spending for the recovery. ...

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A 2011 film "Contagion" with Matt Damon and Gwyneth Paltrow, Jude West, showed vaccine supplies so inadequate in a pandemic that the limited supply had to be given out in lottery system.

This idea of prioritization stuck in the minds of planners in Britain including Health minister Matt Hancock. The idea of prioritization after the vaccine was manufactured and distributed caused British health authorites to seek the advice of Britain's best health scientists and clinicians. Hancock says "we ask the clinicians and we do it on the basis of how we can save the most lives most quickly." Britain concentrated on ensuring the most supplies to vaccinate every British citizen with two doses very early during the time when the vaccine was being developed.

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The Labour party's support for not withdrawing from the European Medicines Agency is the subject of an argument after Prime Minister's Questions in the British parliament. Labour leader Keir Starmer confronts prime minister Boris Johnson in parliament after Johnson reminds Labour that it had on repeated occasions called for the UK not to withdraw from the European Medicines Agency.  The UK vaccination drive is far ahead of the vaccination drive in European Union countries including France and Germany, because of British initiative in boldly betting money on vaccine supplies with pharmaceutical companies, and earlier approval by the UK health regulatory authority. Here is the comment in the House of Commons by Boris Johnson- "If we had listened to (Starmer), we would still be at the starting blocks because he wanted to stay in the European Medicines Agency and said so four times from that dispatch box." Starmer disputes the statement. The Times cites Hansard, the official record of the House of Commons. It records that Starmer questioned why Britain would want to withdraw from the Medicines Agency in Jan. 2017. In 2018 Labour party supported an Amendment to the Trade Bill that called for the UK to seek participation in the European Medicines Agency. Germany, Spain and France are hit hard by the second wave of the coronavirus and the lack of adequate vaccine supplies is causing grief in European Union. The EU president Von der Leyen, another European Union style bureaucrat, seen as having bungled the handling of vaccine supply. ...

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The Oxford second generation vaccine is being developed to handle several strains of the mutating virus at the same time. The Oxford team developing the vaccine is following what the vaccine is doing, in the way it is mutating, to develop the new vaccine.

The Oxford vaccine uses a virus that has been modified to contain a piece of genetic code from the coronavirus. When injected it causes human cells to produce the coronavirus spike protein, which the immune system learns to recognize. A single vaccine would contain different lines of benign virus, each containing the genetic code for the spike protein of a different variant so that the immune system can recognize several mutated coronavirus strains at the same time. This is also how the flu vaccine works. 

Quick regulatory approval is expected with much smaller trials that would be followed by immunization shots given in September 2021 when winter arrives.

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A sharp increase in capital expenditure for infrastructure projects of 35% in the Indian Budget for 2021-22 over the prior year. The fiscal deficit will be at 6.8% in the coming year.