George Soros has outlined plans for a new higher education network, to promote his vision of an open society against the likes of populist politicals.

The initiative is called “The Open Society University Network”, and is being endowed with $1bn from the billionaire philanthropist.

Soros tells his audience in Davos tonight that it will be an international platform for teaching and research, offering classes, and aiming to reach places in need of high quality education.

That could include refugees, the Roma people and other displaced people, he adds.

It sounds like a successor to his Central European University, which Soros founded in Hungary - it fled to Vienna after falling foul of prime minister Victor Orbán.

Soros says he will provide $1bn funding to get it going, but is calling on other philanthropists to help too.

Soros, who turns 90 in August, says that he considers OSUM to be the most important and enduring project of his life, adding:

I hope to see it implemented when I’m still around.

George Soros now turns his guns on Donald Trump, saying that the US president’s “impetuous actions have heightened the risk of a conflict in thei Middle East” (he’s thinking of the asssasination of Qasem Soleiman)

Then he really wades in:

Trump is a con man and the ultimate narcissist who wants the world to revolve around him.

When his dream of the presidency came true, his narcissism took on a pathalogical dimension, Soros continues.

And it’s now become a malignant disease, because Trump has build a following who believe him.

Hello again. George Soros, the billionaire philanthropist is speaking at an event in Davos now.

He starts by warning that open societies (Soros’s big cause) is under threat, and Climate crisis is threatening our civilisation.

It is easier to influence events than understand what’s going on, he warns.

This is leading to widespread unhappiness in the population, which populists have taken advantage of, he says.

Here’s a summary of the key points from another busy day here in Davos.

Greta Thunberg has hit back at criticism from US treasury secretary Steven Mnuchin, as the climate emergency continues to dominate the World Economic Forum.

Mnuchin claimed that Thunberg should go and study economics before pronouncing on fossil fuel. He also defended America’s record on sustainability, hailing its private sector’s work.

Thunberg pointed out that you don’t need a college degree to see which way the (hot, polluted) wind is blowing.

Angela Merkel also hailed the contribution of young activists, as she warned that the cost of inaction would be hugely higher than the cost of action.

In other news:

Leading experts in viruses and infection control have warned that the Wuhan coronavirus is a global issue, as they announced new partnerships to find a vaccine.

But with the virus spreading fast, experts are very concerned -- and want people to be meticulous about hand-washing and getting a flu vaccine to lower the burden on doctors.

Steven Mnuchin and Microsoft’s Satya Nadella wouldn’t say whether they might be caught up in the WhatsApp hacking scandal suffered by Jeff Bezos.

UK chancellor Sajid Javid tried to reassure businesses that Brexit won’t lead to a bonfire of EU rules.

At a lunch with top UK corporate leaders, he pledged:

We won’t diverge just for the sake of it”

Just in: Greta Thunberg has responded to Treasury secretary Steve Mnuchin’s claim that she should go and learn economics.....with a dose of climate science:

There’s so much uncertainty about the coronavirus, Jeremy Farrer of Wellcome Trust adds, and he won’t get into guesswork about what the future holds.

In particular, he wants to know more about exactly how the virus spreads -- how long is the incubation period, and the infection period?

This will become a global issue. This isn’t just a China issue, it’s going to affect us all.

Richard Hatchett of the Coalition for Epidemic Preparedness and Innovations (CEPI) agrees. Other countries have to accept that it isn’t just a China problem.

Q: How can you calm people watching in China, and panicking?

The message needs to come from a Chinese voice, Farrer replies. We need to trust the Chinese authorities - they’re making decisions without knowing all the information.

Q: What can people do to help?

The importance of hand-washing can’t be overstated, says Farrar, along with avoiding schools and crowded places.

And he has advice for Europeans too -- go and get your flu vaccine.

It’s currently the flu season, so medical staff presented with a potential Wuhan coronavirus victim need to tell if it’s actually coronavirus, or influenza.

Hatchett agrees, and also cites the use of the ‘elbow bump’ technique instead of shaking hands.

If everyone assumes responsibility for this virus, we can beat it.

Q: What more can the authorities in China do?

Reliant on classic public health measures -- hand-washing, keeping people apart, masks, and travel restrictions.

Q: Why is there such panic?

The world has been getting ready for this to happen since SARS 18 years ago.

When you see a virus moving from animals to humans, people will worry.

Farrer then says:

We want to keep a calm, moderated approach, but we need to take this incredibly seriously

And he warns that a virus which spreads from animals to humans, and then between humans, and spreads by the respiratory route, is a very serious issue.

It’s what Richard and I, and others, have been worried about, Farrer adds.

Richard Hatchett announces three new partnerships to develop vaccines to combat the Wuhan Coronavirus.

Our hope is to have these vaccines developed very rapidly and moved into human trials soon, maybe as soon as this summer.

Q: What do we know about the Wuhan Coronavirus?

Jeremy Farrar of the Wellcome Trust says the virus probably crossed the species barrier from bats to humans at an animal market in the city of Wuhan, with the first case detected in December.

It can now clearly spread between humans, though coughing and sneezing.

It is not SARS, but it’s a similar family. It looks different -- and it finds it easier to pass between humans than SARS did, Farrar says.

Farrar warns:

When a virus can spread between humans easily, it is very hard to bring it under control.

We can expect many more cases in China, and many more cases in the rest of the world.

But the mortality rate might be lower than SARS (which had a mortality rate of 10%).

German chancellor Angela Merkel, a Davos regular, is now addressing the World Economic Forum.

She says the world has changed a lot in the 50 years since the first Davos meeting -- Merkel never imagined in 1971 that she’d be standing here today.

The cold war ended 30 years ago, and the Bipolar world turned into a multipolar world.

There has been major progress since - increases in per capita income, sharp declines in poverty, and major progress fighting infections diseases.

Those achievements were build on countries cooperating at an international level, Merkel says pointedly.

Similar cooperation is needed on climate, as we are under pressure, and we have to act, says the German leader.

If the world is going to keep global warming to below 1.5 degrees C, we need to speed up.

The global community has to act together, Merkel insists, adding that “unfortunately not everyone is with us”, but most are there.

The news that Jeff Bezos has - a UN report says - been hacked via Saudi Arabia’s crown prince, Mohammed bin Salman’s WhatsApp account has caused a stir.

But those who have met MBS in recent years aren’t keen to discuss the issue here at Davos.

US Treasury secretary Steven Mnuchin declined to comment on the issue, having met with the crown prince back in 2018.

I caught up with Mnuchin in Davos after his morning press conference and asked whether he’d ever received a WhatsApp message from MBS, and whether his phone could have been hacked.

Mnuchin would only say:

“I only know what I’ve read in the paper.”

Microsoft’s CEO, Satya Nadella, also met the crown prince in 2018. My colleague Larry Elliott caught up with him in Davos, and asked if he was concerned.

Nadella said:

“I haven’t seen it. Perhaps I need to catch up and we can talk again then.”

Apple CEO Tim Cook wouldn’t talk about the issue last night either - he also met MBS during his tour of the US in 2018.

Nor would Majid Al-Kasabi, Saudi Arabia’s Minister of Commerce and Investment, who I tried to speak to in the hall this morning.

Sajid Javid also seeks to reassure business that there won’t be a bonfire of deregulation from the EU rule book after Brexit.

The chancellor says:

“We won’t diverge just for the sake of it.”

UK chancellor Sajid Javid is telling UK business leaders that the UK needs a “course correction”.

Speaking at the CBI’s lunch in the Belvedere hotel in Davos, Javid identifies three priorities -- skills, infrastructure and fiscal responsibility.

Javid says:

In Britain today there are too many people who feel hopeless and let down by the way politics works.

There is a sense of anger and betrayal in some communities.”

He adds that the problem goes back decades, to decades before financial crisis.

Saudi Arabia’s energy minister has launched his own attack on the move against fossil fuels.

Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud argued that the world still needs fossil fuels - so oil and gas need to remain part of the mix.

We want to make sure that the world focuses on every sort of energy, Al Saud said, pointing to the ‘big issue’ of energy poverty.

There are 2.6 billion citizens who do not have accessibility to a clean cooking fuel, mainly in Africa, Al Saud continued.

He was appearing on a panel on Saudi Arabia’s priorities when it takes on the G20 chair this year.

But some of the climate message seems to have got through to the Saudis, with Al Saud talking about the need to mitigate emissions.

“We owe it to ourselves, and the generation to come to come, that this world has to attend to all gases that cause climate change.”

Newsflash: The head of the CBI is telling some of Britain’s top corporate leaders that last month’s general election result has lifted business uncertainty.

Speaking at the CBI’s annual, exclusive, lunch here in Davos’s Belvedere hotel, Carolyn Fairbairn says:

There is a real sense of relief that we are moving on and there is a sign of spring in our steps.”

French finance minister Bruno Le Maire has just been discussing the agreement with the US over the digital sales tax (our friends at France 24 tell us).

Le Maire said that France’s unilateral tax on US tech giants has been deferred from April (when it was due) to December.

In return, the US are not imposing tariffs on EU automobiles, while talks on a multinational approach to the taxation of companies such as Facebook and Amazon are held (with the OECD playing a role).

Le Maire said France has succeeded in getting all sides to talk about the issue.

“We also have an aggressive tactic… and it has been efficient. We can be tough too.”

Without France’s efforts, the issue of a digital tax “would have been buried” otherwise, Le Maire claimed, adding:

“We will never give up.”

But what about Britain’s own plans for a unilateral digital sales tax, in the face of US opposition?

Le Maire says it is up to the UK to decide what to do but an agreement at an OECD level would be best.

In other Davos news, Venezuelan politician Juan Guaidó has called for international help to dislodge Nicolas Maduro.

Juan Guaidó told delegates that Maduro’s government were a “criminal” group, who needed to be removed.

Guaidó, who declared himself the legitimate president a year ago, blasted Venezuela’s failed economic model.

But his presence here is also a reminder that his bold attempt to lead a popular uprising against Maduro has stalled.

Former UK prime minister Tony Blair fears a massive refugee crisis is building.

Alarmingly, the head of the World Bank hasn’t even come to Davos this year. That’s another indication that the US isn’t stepping up to the climate challenge.

My colleague Larry Elliott reports that David Malpass’s absence has caused disappointment.

Hopes of using Davos to forge a new international consensus to tackle poverty and the climate crisis have been thwarted by the decision of the World Bank president, David Malpass, to boycott the event.

To the surprise of the other multilateral institutions, Malpass turned down his invitation to attend despite being in Europe this week for the UK government’s Africa investment summit in London.

In the past, World Bank presidents have played a prominent role at the annual meeting of the World Economic Forum, taking the opportunity to make the case for concerted action to tackle global poverty.

But there may be reasons, Larry adds:

Those more sympathetic to Malpass said he was a shy man who did not know how to do smalltalk and hated events such as Davos.

Welcome to the club, David!

After trying to clip Greta’s wings, US treasury secretary Steven Mnuchin argued that there are no easy choices when it comes to the environment.

He told reporters:

When I was allowed to drive I had a Tesla. I drove in California. I liked it.

But nobody focuses on how that electricity is made, and what happens to the storage and the environmental issues on all these batteries.

The environmental issues are clearly complicated.

Mnuchin also argues that America is taking a lead -- but through its companies.

If you look at the US from a leadership standpoint - driven by private industry not governent control, we’ve been a leader.

And he says that people who call for fossil fuel divestment (such as Thunberg this week) should realise there are significant economic issues, and potential job losses.

Many economies are transitioning to more efficient and cleaner energy. That doesn’t have to be all renewables.

Q: Does Greta Thunberg’s call for an end to fossil fuel investment threaten US economic growth?

“Is she the chief economist...that’s a joke” says Mnuchin sarcastically.

After she goes and studies economics in college, she can come back and explain that to us, he adds.

Q: The UK is planning to use Huawei equipment in its 5G networks - is that sensible?

Mnuchin says he’ll be meeting Sajid Javid in London this weekend, when this will be discussed.

Q: What’s happening with the threat of tariffs on EU auto industry?

Wilbur Ross says the US has not abandoned the option of imposing these tariffs, they’re still available to be used if necessary.

We are eager to reach a resolution with the EU, he adds. But president Trump has said the tariffs are still an option if we go down a different route.

Donald Trump left Davos yesterday, but several member of his cabinet are still here - and they’re holding a briefing now.

Treasury Secretary Steven Mnuchin, commerce secretary Wilbur Ross and Eugene Scalia are here.

Mnuchin speaks first, outlining about how Donald Trump’s tax cuts and deregulations have been good for growth (this has been a regular theme from the US this week).

Mnuchin adds that Trump met an enormous number of CEOs, and also held a meeting about WTO reform.

On the US-French tax spat, Mnuchin confirms that presidents Trump and Mnuchin reached an agreement under which the digital sales tax will be postponed this year.

We’ll continue to have discussions at the OECD on the wider issue, Mnuchin adds.

Good morning from the third day of the World Economic Forum in Davos.

With barely a week until Brexit, UK chancellor Sajid Javid will attempt to reassure British business leaders as they face choppy waters ahead.

Javid is speaking at the CBI’s traditional lunch on the sidelines of the World Economic Forum. He’s expected to talk up the “opportunities of Brexit”, saying:

With the Brexit question settled, we have the chance to move forward and tackle the hard problems facing our economy.

To level up and spread opportunity; to raise the potential of our country; and decarbonise our economy.”

Businesses are alarmed, though, by Javid’s talk of diverging from the EU after Brexit.

Trade tensions are also bubbling away here. France and the US have reached a temporary truce in their dispute, with Paris dropping its digital sales tax (to avoid tariffs on its car sales).

Angela Merkel is speaking later, while Venezuelan opposition leader Juan Guaidó is expected to appeal for help from Davos attendees.

Plus tonight we hear from billionaire philanthropist George Soros.

The agenda

• 9am Davos time: Session on taxing the digital economy with French finance minister Bruno Le Maire
  
  
• 9.30am Davos: Venezuelan politician Juan Guaidó speaks
  
  
• 10.30am Davos: Microsoft chief Satya Nadella speaking about inclusive growth
  
  
• 12.30pm Davos: Sajid Javid speaks at CBI business leaders lunch
  
  
• 2.15pm Davos: Special address by German chancellor Angela Merkel
  
  
• Evening: George Soros’s annual Davos speech