Davos 2020: Greta Thunberg vs Mnuchin; Coronavirus fears; Soros's $1bn university - Day Three as it happened

Graeme Wearden

from on 2020-01-24 07:40 (#4YA74)

Rolling coverage of the third day of the World Economic Forum in Davos

7.40am GMT

Finally, here's our news story on George Soros's new initiative:

8.48pm GMT

The key points:

George Soros at #Davos: "President trump is a conman and the ultimate narcissist who wants the world to revolve around him. His narcissism has approached a pathological level. His narcissism has become a malignant" https://t.co/T3HEPK8hUz

George Soros just pledged a billion dollars - a major chunk of his fortune - to create a university network for the politically persecuted. The Open Society University Network (OSUN). "The most important & enduring project of my life & I'd like to see it while I'm still around"

George Soros: "Facebook basically only has one guiding principle: Maximise your profits, irrespective of what harm it will do to the world."
"Facebook will work to re-elect Trump and Trump will protect Facebook."

8.32pm GMT

George Soros is also stingingly critical of Facebook, saying the social network has not improved its behaviour.

He suggests it will now work to ensure Donald Trump is re-elected in November.

8.28pm GMT

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.

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

7.55pm GMT

Soros is also concerned about President Xi, and his attempts to control Chinese society.

With the climate crisis a growing threat too, 2020 and next few years, may determine the fate of both Xi and Trump and the whole world, he adds.

7.51pm GMT

George Soros says there is now a torrent of protests from people around the world against closed societies.

The biggest is Hong Kong, he says, which "may well destroy the city's economic prosperity."

7.49pm GMT

Onto economics and markets ....Soros warns that Trump has pumped up an already overheated economy through tax cuts.

That's why the markets have risen so high - high enough to guarantee Trump's re-election, Soros says, except there's still 10 months to go.

7.47pm GMT

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.

7.42pm GMT

Soros then gives a searing assessment of the global situation.

The strongest powers - the U S, China and Russia - have all ended up in the hands of would-be or actual dictators.

7.38pm GMT

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.

4.54pm GMT

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.

So either you tell us how to achieve this mitigation or explain to future generations and those already affected by the climate emergency why we should abandon our climate commitments. 2/3

We won't diverge just for the sake of it"

4.53pm GMT

A few photos from today:

3.46pm GMT

If you missed this morning's blog, here's a reminder of what Steven Mnuchin, the US treasury advisor, said about Greta Thunberg's anti-fossil fuel campaign:

Is she the chief economist? Who is she, I'm confused.

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

3.28pm GMT

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:

My gap year ends in August, but it doesn't take a college degree in economics to realise that our remaining 1,5 carbon budget and ongoing fossil fuel subsidies and investments don't add up. 1/3 pic.twitter.com/1virpuOyYG

So either you tell us how to achieve this mitigation or explain to future generations and those already affected by the climate emergency why we should abandon our climate commitments. 2/3

Graph from @CarbonBrief by @hausfath and @robbie_andrew based on United Nations Environment Programme (UNEP) emissions gap report. 3/3

3.10pm GMT

The press conference ends with another reminder of the uncertainty, from Jeremy Farrar.

We don't know if we're at the influenza end, or the SARS end.

3.05pm GMT

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.

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

2.49pm GMT

Jeremy Farrer is taking more questions now (I think the video feed has been cut).

He explains that the transmission of Wuhan coronavirus began in the animal market, but it's now moved beyond that phase.

2.45pm GMT

Q: What more can the authorities in China do?

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

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

2.41pm GMT

Q: What can we learn from previous outbreaks?

Richard Hatchett cites the H5N1 virus, when there was no vaccine when it first appeared.

When you don't have treatment and you don't have vaccines, non-pharmaceutical interventions are the only thing you have got.

2.34pm GMT

One of the three vaccines is being developed by Moderna, which uses a new class of drugs, messenger RNA Therapeutics.

Sti(C)phane Bancel, its CEO, says the company is trying to develop the vaccine faster than ever before, with the US government helping with its design.

2.31pm GMT

2.29pm GMT

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.

2.27pm GMT

Q: What impact will travel restrictions have?

Jeremy Farrar says the actual impact of travel restrictions is quite limited.

2.24pm GMT

Richard Hatchett, CEO of the Coalition for Epidemic Preparedness and Innovations (CEPI), says there's a lot we don't know about the Coronavirus.

Many of the answers may not become available for some time.

We going to have to make decisions under ambiguity and uncertainty.

2.22pm GMT

Farrar adds that he can't predict the future, but we should give China credit for responding and publicising the issue quickly.

2.21pm GMT

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.

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

2.12pm GMT

WEF are holding a press conference now on the Wuhan Coronavirus.

It will examine the priorities for responding to the outbreak, and lessons from previous epidemics.

1.40pm GMT

Angela Merkel hails the work of the new generation of climate activists, saying;

"The impatience of our young people is something that we should tap"

"Whenever facts and emotions clash, one can always try to develop an anti-fact position."

I am totally convinced that the price of inaction will be far higher than the price of action.

1.29pm GMT

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

1.07pm GMT

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.

"I only know what I've read in the paper."

"I haven't seen it. Perhaps I need to catch up and we can talk again then."

12.53pm GMT

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."

12.52pm GMT

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.

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."

12.46pm GMT

Greta Thunberg hasn't responded to Mnuchin's comments yet -- but she will be making her case tomorrow, at a school strike here in Davos.

Tomorrow at 11.00h we will have a climate strike at Bubenbrunnenplatz/Postplatz, Davos. You are more than welcome to join us!

12.06pm GMT

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

11.58am GMT

If you're just tuning in, here's our news story on Mnuchin's dismissal of Greta Thunberg today:

11.56am GMT

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."

11.48am GMT

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.

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

"We will never give up."

10.28am GMT

Microsoft boss Satya Nadella has been talking about the importance of trust in technology.

We will go backwards unless there is trust in the factor of production that is supposed to fuel the 4th Industrial Revolution.

We need global norms to ensure trust in technology.

I would urge us to think about what would happen if we decouple the internet or trade.

It will increase the transactional costs of our economy and we will all be worse off.

10.03am GMT

Economics professor Mariana Mazzucato has heard a fine description of Davos:

In bus today heard great summary of Davos: Billionaires telling millionaires how the middle class should live.

10.00am GMT

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

Juan Guaido told delegates that Maduro's government were a "criminal" group, who needed to be removed.

"We have to take on this criminal band....We need to bring pressure to bear on this dictatorship." -Venezuelan opposition leader Juan Guaido in Davos. #WEF2020 pic.twitter.com/pch0s71QDl

Great to meet with Venezuela's interim President @jguaido. He is a brave leader & needs our support. Venezuela will soon have a worse refugee crisis than Syria, due to the Maduro regime. The West needs to be much more focussed on the issue -Tony Blair #WEF2020 pic.twitter.com/Wgv1cpUPm3

9.48am GMT

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.

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.

9.17am GMT

Trump's cabinet also sounded upbeat about the prospects of a swift trade deal between the US and UK after Brexit.

That puts the NHS in the spotlight.

asked Mnuchin/Ross if raising prices paid to US pharma & detaching UK from EU food standards on eg pathogens (chicken) still US aims for deal:
Ross:"what we think is drugs should have similar prices wherever they are, but dont believe we're in any position to tell UK what to pay"

9.11am GMT

Economist Jonathan Portas isn't impressed by Mnuchin's swipe at Thunberg.

Coming from @stevenmnuchin1, who made the self-evidently absurd claim that the Trump tax cuts would "pay for themselves", this is hard to take seriously... https://t.co/fvenJhsxfP

8.56am GMT

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.

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

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

In #Davos this morning, Sec. Mnuchin is asked about @GretaThunberg's call to divest from fossil fuels.

Mnuchin: "After she goes and studies economics in college she can go back and explain that to us."#WEF50

7.59am GMT

Mnuchin adds that people who call for fossil fuel divestment should remember there are significant economic issues, issues with jobs.

Many economies are transitioning to a lower-emissions economy.

7.55am GMT

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.

7.51am GMT

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.

7.48am GMT

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.

7.46am GMT

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.

7.40am GMT

With a political crisis brewing in Italy, prime minister Giuseppe Conte has pulled out of Davos.

Conte's coalition is looking shaky, following the resignation of foreign minister Luigi Di Maio - a move that has hurt Italian bonds:

Oops! Italy PM Conte cancels trip to Davos amid coalition turmoil in #Italy. Italy 10y risk spread over Germany now at 160bps. #WEF20 pic.twitter.com/tOYhals65W

7.28am GMT

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.

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."

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