• A photographer snapped pictures of a rare white reindeer calf.
• White reindeer are rare, and said to be a symbol of happiness to the indigenous people of northern Europe.
• Photographer Mads Nordsveen said the calf got very close and looked him right in the eyes.
• "It was a very special moment," he said.

A photographer in Norway spotted a rare white deer while hiking with friends, and he has shared the photos which appear to show the reindeer "posing."

Mads Nordsveen, who is 24 and from Oslo, spotted the blindingly white calf in the show, although he was well camouflaged.

"It did blend extremely good with the snow," Nordsveen told INSIDER.

"It was a very special moment, felt so magical. We looked straight into each other's eyes. I was actually so stunned that it took some seconds before I got reminded by my photographer instinct to grab the camera and save the moment forever!"

Nordsveen said it was almost like the reindeer posed for the camera.

Click the arrows below to see the photos:

According to Nordsveen, the local Sami people — indigenous people of northern Europe — told him that these white animals are so unique that they bring happiness in Sami tradition.

"The calf seemed a bit scared at first, but we sat completely quiet and were very calm, and eventually it came quite close," he said.

"Before trips I do quit a lot of research to find the best locations and views. However you can not plan magical moments like the reindeer's photos!"

Nordsveen started photographing the Norwegian landscape because it's so "wonderful and dramatic," he said.

He also runs one of the biggest travel accounts on Instagram, Discoverer, which has over a million followers.

"I am specialized to capture magical moments at unique destinations around the world," he said.

Join the conversation about this story »

NOW WATCH: Here's how easy it is for the US president to launch a nuclear weapon

• The Monterey Bay Aquarium has mocked Apple's squid emoji for being inaccurate.
• The aquarium pointed out that Apple misplaced the squid's siphon, meaning it was upside down.
• Business Insider has contacted Apple to ask whether it plans to correct the error.

Apple's squid emoji has been lambasted by the Monterey Bay Aquarium for being anatomically inaccurate.

The aquarium tweeted on Wednesday, pointing out a huge flaw in Apple's rendering of the cephalopod.

In particular, the aquarium took issue with the siphon, the muscular tube which the squid uses to breathe, get rid of waste, and propel itself backwards through the water.

According to Emojipedia, the squid emoji first made its debut in 2016. Business Insider has contacted Apple to ask whether it plans to alter the design.

Apple has been known to change its emojis in response to public opinion. A preview of a bagel emoji drew such ire from New Yorkers in October that Apple changed it to include cream cheese.

SEE ALSO: Apple changed its bagel emoji after outraged New Yorkers called the original design a 'monstrosity'

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NOW WATCH: Why it's so difficult to land a spacecraft on Mars

• The Queen visited the UK's oldest charity on Wednesday.
• She was opening the Queen Elizabeth II Centre — a national centre for Coram, which helps improve the lives of the UK’s most vulnerable children and young people.
• As part of the visit, the Queen met a number of children who had benefited from the charity, including nine-year-old Nathan Grant.
• Grant found the encounter a tad overwhelming, and promptly dropped to his knees before crawling through the nearest exit.

Meeting the head of the British monarchy can be pretty overwhelming.

Nine-year-old Nathan Grant found this out firsthand when Queen Elizabeth II visited Coram, the UK's oldest children's charity, which is based in the Foundling Hospital in London.

Coram is committed to improving the lives of the UK’s most vulnerable children and young people.

Read more:A 5-year-old boy broke royal protocol to rub Prince Harry's beard because his favorite person is Santa Claus

The Queen was calling in to open the Queen Elizabeth II Centre, a national centre for children launched to celebrate the 350th anniversary of the birth of the charity's founder, Thomas Coram.

As part of her visit, the Queen was introduced to a number of children who had benefited from the charity, including nine-year-old Nathan Grant.

The young boy found the encounter a bit too overwhelming, though, and dropped to his knees before heading for the nearest exit.

"That's his version of a bow," the boy's mother Carrie, who is a former British TV presenter, said as the room erupted with laughter. Grant then shouted "bye" to the crowd from an adjacent room.

You can watch the adorable footage of Grant making his escape below.

The Queen was also greeted somewhat less nervously by 102-year-old Edward Newton, who is the oldest surviving pupil of the Foundling Hospital.

Newton had had experience with the royals in the past, though — he recalled meeting King George on his visit to the hospital in 1926, saying: "I was a little tot."

The author Dame Jacqueline Wilson, who was one of the first Coram fellows, said: "I just think it's a wonderful organisation and it's very much to do with helping children now in new ways."

Join the conversation about this story »

NOW WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

• The Inner Circle is a selective dating app with 1.3 million users across the world, but they only approve about half the number of people who apply.
• There's one particular thing that will mean applicants are immediately rejected: "duck face" mirror selfies.
• According to the app's founder, David Vermeulen, people who take such pictures are not "the perfect fit" for the Inner Circle.

Group shots, half-naked gym mirror torso pictures, and Snapchat filters: there are certain types of photos that dating app users are tired of seeing.

But it turns out there's one style of picture in particular that may not just be putting off potential matches, but actually hindering your chances of getting accepted onto selective apps.

Anyone who posts a "duck face" mirror selfie will not be allowed to join elite dating app The Inner Circle, the company's co-founder David Vermeulen told INSIDER.

The app has 1.3 million users in 41 cities across 25 countries around the world, but there are currently 1.2 million people on the waiting list. What's more, there are 3,000 to 4,000 more people applying to become a member every day.

About half the people who apply are approved immediately, but people with "duck face" mirror selfies will be rejected. 

"When somebody registers for The Inner Circle we look at whether they have a good picture," Vermeulen says. "Are you the only person in it? Is it a selfie with 'duck face' in the mirror? We still have those unfortunately… that’s not the perfect fit."

Read more: Why saying no to a second date could be sabotaging your love life

The selection process is not only down to photos, though — the team of seven dedicated screeners (aided by an initial algorithm) also look at age, profession, and education.

The average Inner Circle user is 31, but most are between the ages of 25 and 45. Celebrities or models, however, may get approved even if they're in their early 20s. The app has had applications from "Game of Thrones" cast members and famous DJs — "We triple-check those people," Vermeulen says.

Although being selective is controversial, Vermeulen says the screening is "necessary" in order to "connect like-minded people" and create "balance."

And balance is interpreted in various ways — in Amsterdam when the app first launched, for example, The Inner Circle found it was being dominated by people working for KLM Royal Dutch Airlines as colleagues recommended it to each other. 

"It was like KLMdating.com," Vermeulen laughs. "I'm not approving everyone from KLM any more because you don't want it to be only that. You want to have more balance."

Despite the fact that Vermeulen says the Inner Circle is about connecting like-minded people, he also says they want it to be a diverse platform: "We don't want just City workers, we want people in the creative industries too, people working in sports and entertainment."

The app may have a reputation of being "elite," but that doesn't necessarily mean you won't be accepted if you're a student or working in a lower-paid job — you just need to show that you're serious about dating and put effort into your profile.

It's probably best to leave the "duck face" mirror selfie out, though.

Join the conversation about this story »

NOW WATCH: 6 airline industry secrets that will help you fly like a pro this holiday season

• Apple shares fell 4% on Tuesday and were down more than 2% in premarket trading on Thursday amid growing concerns around a slowing iPhone cycle.
• At least four of the tech giant's suppliers have cut their own guidance due in part to weakness in the smartphone market. 
• The slowdown in the smartphone market is due largely to rising prices and consumers holding onto their models for longer periods of time relative to previous cycles, one bullish analyst said.
• Watch Apple trade live here.

Apple shares have taken a beating of late, and a growing roster of Wall Street analysts say a slowdown in its iPhone cycle is to blame.

But the reason for the slowdown may be more straightforward than investors think, according to some analysts.

iPhone owners are holding onto models for longer periods as their quality improves and the average selling price rises, leading to a slowdown in the product's replacement cycle, said Angelo Zino, senior equity analyst at CFRA.

Apple "continues to try to push toward these higher-price devices, and we think that is continuing to cause a slowdown in the replacement cycle," Zino said on Tuesday, adding he doesn't see that as a broader warning for the state of the US consumer.

He told Business Insider that he expects the current iPhone cycle to trend down for the first time since 2007. That year, on the heels of the global financial crisis and due to high comparable numbers, revenue fell 12% and units sold slid 8%.

Apple said in its quarterly earnings report last month that it would no longer disclose the number of units sold for products including the iPhone, an announcement that weighed on the stock during the November earnings call.

Still, Zino remains a bull, even as some of his peers have turned bearish on Apple. He maintains a "buy" rating with a price target of $255, implying a 45% rise from current levels, and said he would change his tune on Apple if he saw a meaningful reduction in the company's active user base. 

"The most ominous sign, and the most tell-tale sign that the Apple bull story could decline, is the decline of its installed base at some point," Zino said in a phone interview, adding he remains bullish on the company's free cash flow.

Others echo a similar sentiment. The iPhone "ownership period is lengthening: users are not upgrading as frequently as they used to, possibly a combination of high retail prices but also because a significant step-up in technology upgrades means that users are more likely to want to wait for the next wave of upgrades," HSBC analysts led by Erwan Rambourg wrote in a sweeping Apple report on Tuesday.

The firm downgraded the stock to a "hold" rating, from "buy," and lowered its price target to $200 from $205. HSBC followed other Wall Street firms like Goldman Sachs, which cut its price target on the stock three times in November.

Some of Apple's suppliers, too, have cut their guidance in recent months because of falling iPhone demand. On Tuesday, the Texas-based semiconductor manufacturer Cirrus Logic slashed its revenue guidance for its fiscal third quarter of 2019 due to a weakening smartphone market. Last month, the Austrian semiconductor manufacturer AMS cut its revenue forecast, suggesting slowing iPhone demand, days after chipmaker Lumentum slashed its own revenue and profit expectations.

• Microsoft just passed Apple to become the most valuable tech company — here's why Apple has been in such a slump
• This chart reveals a growing problem for Apple — that 'customers are getting less excited for each new generation of iPhone'

Join the conversation about this story »

NOW WATCH: 6 airline industry secrets that will help you fly like a pro this holiday season

• Homebuilders were under pressure this week after Toll Brothers warned of a housing-market slowdown in its quarterly earnings report.
• Peers like KB Home, PulteGroup and Lennar fell in sympathy.
• Traders are building larger short positions in many of these names, according to analysis by S3 Partners.

Homebuilder stocks were under pressure this week after Toll Brothers issued a warning about a slowdown in the housing market, and an analysis of short interest in the sector suggests there is more pain ahead.

"There has been a recent upswing in short selling in the Homebuilding Sector after short interest in the sector fell by almost a third to $2.96 billion at the end of October," Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, a financial technology and analytics firm, wrote in a note on Tuesday.

Rising interest rates have weighed heavily on the group this year, as a jump in borrowing costs traditionally deters first-time home buyers. The Federal Reserve has announced three interest rate hikes so far this year, and eight hikes since late 2015, when the central bank set out to normalize monetary policy following the global financial crisis. As rates have jumped, the XHB, an exchange-traded fund tracking the S&P 500 homebuilders sector, has plunged 21% over the past year.

At the same time, new home sales are declining. The Commerce Department reported last week that new home sales in the US fell 8.9% in October to the lowest level since March of 2016.

Here are the most heavily shorted stocks in the homebuilders sector, according to S3 Partners data. 

Now read: The CEO of one of America's biggest homebuilders sounds the alarm on a 'housing slowdown' (TOL)

Now read: US construction spending down 0.1% in October

PulteGroup

Ticker: PHM

Short interest: $747 million

Short interest change in 2018: +$136.2 million

Year-to-date performance: -23%

Source: S3 Partners

Lennar

Ticker: LEN

Short interest: $717 million

Short interest change in 2018: +$368.9 million

Year-to-date performance: -37%

Source: S3 Partners

DR Horton

Ticker: DHI

Short interest: $347 million

Short interest change in 2018: +$144.3 million 

Year-to-date performance: -29%

Source: S3 Partners

• President Donald Trump reportedly dismissed a future debt crisis because he "won't be there" when it reaches a critical point.
• US debt currently sits around $21 trillion, and the federal government is expected to issue $1.34 trillion in new debt this year — the most since 2010.
• Trump campaigned on reducing the federal debt, but sources told The Daily Beast that the president does not talk about it.
• Trump has reportedly developed a new interest in the issue recently and told Cabinet officials to work on a way to reduce the deficit.
• But people close to him say he does not see the issue of rising debt as crucial to his legacy as president.

President Donald Trump is not worried about setting the US up for a massive debt crisis after his presidency as he "won't be here" when it erupts.

Sources close to the presidency told The Daily Beast that Trump has repeatedly shrugged off any concerns about the rising national debt because he will not be here when the national debt reaches a critical point.

Trump told senior officials in a 2017 briefing that economic data suggests this point would come after he sat a second term in office and addressed charts and graphics by saying: "Yeah, but I won’t be here," a source that witnessed the comment told The Daily Beast.

US debt currently sits around $21 trillion, and in a few years the US could be paying more in interest on that debt than on the military or Medicare.

The Treasury Department said in October that the federal government will issue $1.34 trillion in new debt during 2018 — a 146% jump from 2017 and the highest amount of new debt issued since 2010.

Read More:The US will issue over $1.3 trillion in new debt in 2018, the highest amount since the depths of the recession

The GOP's tax reform law is expected to add $1.5 trillion in debt over the next 10 years and is expected to drive the US's exploding deficit.

Reducing the national debt is typically a major platform for Republicans and one that Trump campaigned on. At a campaign rally in 2016,  he accused Obama of  "doubling" the national debt.

But sources close to the president told The Daily Beast that Trump does not raise the issue. One former senior White House official said: "I never once heard him talk about the debt."

Trump may have recently shifted his attention to addressing the ballooning deficit. According to a report from The Washington Post in November, Trump has demanded that Cabinet officials work on a way to reduce the federal deficit. 

A  former senior White House official told The Daily Beast that "he understands the political nature of the debt but it’s clearly not, frankly, something he sees as crucial to his legacy."

Other reports have also suggested Trump has had a dismissive attitude towards national debt. The Post article confirmed an anecdote in the journalist Bob Woodward's latest book, "Fear: Trump in the White House": When Gary Cohn, Trump's former economic adviser, brought the issue to Trump's attention, the president suggested the US could simply print more money to pay off the debt.

Marc Short, Trump's former legislative affairs director, told The Daily Beast that Trump does "recognize the threat that debt poses" and said that Trump's concern about "rising interest rates" shows his concern for the matter. 

Senior Republicans have acknowledged the mounting debt. House Speaker Paul Ryan said in October that one of his biggest disappointments as speaker was his inability to address the growing federal debt.

Read More:Paul Ryan says one of his biggest regrets is the ballooning federal deficit. The evidence shows he has himself to blame.

"On healthcare itself and debt and deficits, it's the one that got away," Ryan said at a Washington Post event.

Join the conversation about this story »

NOW WATCH: Fox News' Harris Faulkner is the only black woman in cable news with a daily show: 'It's a tremendous amount of responsibility'

• Markets are capping off 2018 in uninspiring fashion, and the difficult conditions look primed to spill over into 2019.
• Vincent Deluard, a macro strategist at INTL FCStone, reveals one development that could save the day, and lays out four ways it could happen.

As markets limp towards an uninspiring finish to 2018, it's starting to look increasingly like nothing can save it from a disappointing year ahead.

Traditionally balanced portfolios are offering their lowest forward returns since the Great Depression. Once-dominant tech stocks look shaky at best. And market-leading growth shares are being shunned in favor of their safer value counterparts.

Even though the landscape looks dire,  INTL FCStone macro strategist Vincent Deluard sees light at the end of the tunnel. But his optimistic scenario comes with one major caveat: the strenghtening US dollar must sell off versus its global peers.

It's a shift that's likely easier said that done. The US Dollar Index is in the midst of a roughly 10% rebound since hitting a multiyear low in early 2018, and it's shown few signs of weakness during that period.

The recovery is an inevitable byproduct of the 14% plunge the gauge experienced from December 2016 through mid-February 2018. At this point, the greenback still has much further to go to reach its late-2016 peak.

Still, a sharp reversal in the dollar would hardly be unprecedented. And, to that end, Deluard can think of three ways a move lower could help the broader market landscape.

First, a weaker dollar would help emerging markets address their outstanding debt, which would bring relief to China. Deluard points out that countries with large amounts of dollar-dominated debt, low dollar revenues, large current deficits, and minimal currency reserves are the most at risk when the greenback rallies.

By that same token, a falling greenback would help them. The chart below shows which nations in particular would be most affected.

The second benefit of a weaker dollar would be stronger US growth, since a soft greenback is beneficial to exports. Deluard notes that this type of development could boost President Donald Trump's chance of re-election in 2020.

Third, Deluard says that the strengthening dollar has thrown off the Federal Reserve's normalization schedule. That's resulted in central bank chair Jerome Powell trying to talk the dollar back down, which has derailed his plan for interest rates, at least temporarily. This dynamic is shown in the chart below.

"A US dollar selloff could be the deus ex machina that saves the year because it is in the interest of the Fed, China, D. Trump, and emerging markets," Deluard wrote in a recent client note.

But the dollar isn't just going to magically reverse course. It's going to require a major catalyst — four of which Deluard has outlined.

1) A redux of the 1985 Plaza Accord

Deluard is referring to the instance in 1985 when President Ronald Reagan locked the German and Japanese finance ministers in the Plaza hotel and threatened them with tariffs until they agreed to help weaken the dollar. After that, the greenback fell by half versus the yen over a two-year period.

Deluard says Europe — specifically Germany — could come under similar pressure from Trump in 2019. But why? Allow him to explain:

"First, because the German surplus is objectively monstrous, exceeding the Chinese surplus of the 2000s and the Japanese surplus of the 80s. Second, because Trump will need another scapegoat after he is done blaming China. Third, because Europeans are weak and likely to cave in and give Trump the big win he craves."

2) A Watergate redux

In this case, Deluard is comparing Trump to former president Richard Nixon.

"Commonalities with the 70s include a demographically-induced global savings squeeze, exploding budget deficits, social and cultural wars, hatred between the Presidency and the media, and an impeachment investigation."

Deluard notes that, amid all the turmoil of the Nixon years, the dollar lost 80% of its gold value and dropped 30% against the Swiss franc. And once it was down, it didn't recover for another 10 years.

3) A Euro taper tantrum

Since a stronger euro inevitably means a weaker dollar, Deluard builds this scenario around the conditions that could push the European currency higher.

He points out that a so-called temper tantrum in Europe could reverse what he describes as the "massive undervaluation of common currency."

"Because the euro and closely-correlated European currencies such as the pound and Swiss franc account for close to 80% of the Dollar Index, a big 2019 euro rally would necessarily lead to a big 2019 dollar selloff," Deluard said.

4) A big commodity rally

Deluard sees a major oil rally taking place in 2019. He notes that the valuation of oil compared to financial assets is still too low.

"Since commodities are priced in USD, a big 2019 commodity rally would imply a big 2019 dollar sell-off," he said.

SEE ALSO: Investors are staring at the bleakest future since the Great Depression — here's why one market bear thinks a crash could wipe 60% from stocks

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NOW WATCH: The Obamas are worth $40 million — here's how they make and spend their money

• Michael Avenatti has reportedly been told by a California court to hand over some of his luxury assets to fund his divorce, which he owes around $2 million on.
• He'll hand over his Ferrari 488 GT Spider, five of his luxury watches, and shares in a private jet, TMZ cited court documents as saying. 
• Avenatti, Stormy Daniels' lawyer, ruled out a run for president on Tuesday, citing family objections. 

Michael Avenatti was reportedly ordered to hand over some of his more luxurious personal assets to fund his divorce settlement on Tuesday.

The Orange County Superior Court told Avenatti, currently in divorce proceedings with his estranged wife Lisa Storie-Avenatti, to sell off personal assets, TMZ cited court documents as saying.

Avenatti, the activist lawyer who represented a Stormy Daniels and a number of other women attempting lawsuits against President Donald Trump and other conservative political figures, will surrender five of his top-of-the-range watches, some estimated to cost at least $50,ooo, the report said. 

The news follows Avenatti ruling out a 2020 White House bid on Tuesday, citing family reasons. 

Avenatti has also been ordered to hand over some of his art collection, including a Frank Gehry sculpture, the report says.

The ex-professional sports car driver will also give up his leased $300,000 2017 Ferrari 488 GT Spider the report said. 

Read More: Meet Michael Avenatti, the high-profile lawyer and professional sports car driver who represents Stormy Daniels and has ruled out a 2020 presidential bid

Storie-Avenatti will reportedly receive funds connected to shares in a 2016 Honda private jet too, which lawfirm Avenatti & Associates have been required to hand over.

Avenatti also has to pay his ex-wife $37,897-a-month in child support, back-dated to January 1, 2018, TMZ added. 

Storie-Avenatti will also receive spousal support totalling $124,398-per-month, which the judge also made retroactive for all of 2018, TMZ said.

That is a combined payout of $1,947,540 in 2018.

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NOW WATCH: Anthony Scaramucci claims Trump isn't a nationalist: 'He likes saying that because it irks these intellectual elitists'

• CityMD founder Richard Park wanted to open up an urgent care location in the Jackson Heights neighborhood of Queens, but knew it would be a tough sell. 
• In the end, CityMD lost more than $5 million, Park told Business Insider. 
• Even so, the experience led CityMD to open more sites in lower-income areas of New York, and the Jackson Heights location is still open today. 

Richard Park knew it was going to be a tough sell.

Park, the CEO of CityMD, wanted to set up an urgent care site in Jackson Heights, an ethnically diverse neighborhood in Queens not far from where he grew up. The idea would be to have a less-expensive alternative to the emergency room where a mother with two kids under the weather could go. 

Park didn't have any Medicaid contracts lined up — and he let his board know that he expected to lose money opening the clinic. But his employees were excited: many were from the neighborhood and didn't have access to CityMD clinics without traveling far to other parts of New York City.

"It doesn't make sense when people don't get basic care," Park said. The clinic opened in 2014. 

It was a big step: before then, CityMD had set up urgent care clinics in more affluent neighborhoods like the Upper East Side of Manhattan and out in the suburbs. The new location started under a different brand name, HEAL, short for Health Education Access and Love.

"Everyone told us they can't coexist, you can't take care of billionaires next to the Medicaid patient," Park said.  

Read more: The doctor who founded CityMD and sold it for $600 million explains how a new kind of medical clinic is changing how Americans get healthcare

In the end, CityMD lost north of $5 million at the location. But the pilot was a success. The site in Jackson Heights led CityMD to open locations in other lower-income areas of the city, including the South Bronx. 

Since then, the company has managed to ink contracts with Medicaid health plans, and Park said about 15% of CityMD's visits come from patients who get their health coverage through Medicaid, the joint federal-state health program that provides coverage for low-income people.

As for the Queens location? After six months, the clinic returned to the name CityMD, and it's still open today. 

To date, CityMD has more than 100 locations in New York, New Jersey, and Washington state. And in April 2017, private-equity firm Warburg Pincus took a majority stake in CityMD in a deal that reportedly valued the urgent-care company at $600 million.

"We have sites in the South Bronx because of that experience," Park said. "You don't just go from the Upper East Side to the South Bronx. There is a learning curve."

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Here is what you need to know. 

1. Canada arrested Huawei's CFO, and the US is seeking to extradite her.  Meng Wanzhou, CFO of the Chinese technology company Huawei, was arrested on suspicion of violating the US's trade sanctions on Iran, adding a new chapter to the US-China trade war.
2. Stocks are getting rocked. Hong Kong's Hang Seng (-2.47%) led the losses in Asia and Britain's FTSE (-2.6%) trails in Europe. The S&P 500 is set to open down 1.66% near 2,655.
3. Bonds are rallying. Buying has pushed the 10-year yield down more than 2 basis points to 2.89%, but the yield curve is slightly steeper with the 2-10-yr spread up to 13 basis points.
4. Oil craters after Saudi Arabia proposes a smaller than expected production cut. West Texas Intermediate crude oil was down more than 3% at $51.25 a barrel after Saudi energy minister Khalid Al-Falih said cutting production by about 1 million barrels a day should be "adequate," Bloomberg reports. OPEC has been considering cuts of up to 1.5 million bpd.
5. There's a 'deus ex machina' that could save the markets from disaster. The strong US dollar needs to weaken in order to save the stock market, and there are four ways that can happen, according to Vincent Deluard, macro strategist at FCStone.
6. There are more details in Tesla's bid for a Gigafactory in China. The state-owned Shanghai Construction Group is doing the bidding, and at least one contractor has started buying materials for the plant's foundations, Reuters reports, citing sources and documents it reviewed.
7. Clues suggest China was behind the huge Marriott hack. Tools, techniques, and procedures that have previously been used in attacks by Chinese hackers were discovered by investigators looking into the breach of up to 500 million customers in Marriott's Starwood reservation system, Reuters reports, citing three people familiar with the matter.
8. There's a simple reason people aren't buying iPhones like they used to. Apple "continues to try to push toward these higher-price devices, and we think that is continuing to cause a slowdown in the replacement cycle," Angelo Zino, senior equity analyst at CFRA, told Business Insider, adding he doesn't see that as a broader warning for the state of the US consumer.
9. Earnings report picks up a bit. Kroger reports ahead of the opening bell while American Outdoor Brands, Broadcom, Lululemon, and Ulta Beauty are set to release their quarterly results after markets close.
10. US economic data is heavy. ADP Employment Change will cross the wires at 8:15 a.m. ET and initial claims is released at 8:30 a.m. ET. Then at 9:45 a.m. ET, Markit services PMI will be released before data concludes at 10 a.m. ET with ISM non-manufacturing, factory orders, and durable goods orders. 

Join the conversation about this story »

NOW WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

• OPEC must balance supply concerns with the whims of two of the world's largest producers.
• Oil prices plunged more than 4% prior to Thursday's meeting in Vienna.
• Gulf State Qatar announced it would leave the cartel in 2019 with OPEC keen to manage prices. 

The plunge in oil prices highlights the divide between Saudi Arabia on one side and the US and Russia on the other.

As OPEC and its allies meet in Vienna Thursday, a geopolitical price war is raging in the background.

The summit has so far had a balanced view between moderate cuts to production to prevent a supply glut while also appeasing President Donald Trump's regular calls for lower prices. 

“We in the kingdom are going to be advocating something adequate to balance the market,” said Saudi energy minister Khalid Al-Falih at the opening session of the group’s meeting. "A cut of about 1 million barrels a day from the whole group should be adequate and “certainly we don’t want to shock the market.”

Markets had previously expected to factor in a cut of around 1.3 million to 1.4 million barrels per day, according to Michael van Dulken, head of research at Accendo Markets. 

Brent crude oil plunged Thursday on fears that OPEC would not meet expectations and were down 2.4% at $60.12 a barrel as of 12:20 p.m. in London (7:20 a.m. ET) having fallen as much as 4.6% earlier in the day. West Texas Intermediate, the US benchmark, was down 2.5% at $51.61.

For Russia, a non-OPEC member, the recent level of oil prices has been "absolutely fine" according to the President Vladimir Putin, with lower prices helping struggling consumers at the pump in a country where annual inflation is sitting at 3.5%. 

Russia's energy minister, Alexander Novak, is not in Vienna for the meeting with concerns around the proposed cut causing some consternation around Russian officials. Saudi Arabia, OPEC's largest member, had previously stated it would not shoulder proposed production cuts alone. 

Trump and Putin's preference for lower prices could limit OPEC's ability to provide meaningful changes to the global picture, particularly with record supply coming out of the US and Russia in 2018.

Oil prices have slumped more than 30% since hitting $87 a barrel in early October. Gulf state Qatar also announced this week it would be leaving the cartel on January 1, 2019, following a lengthy dispute with Saudi Arabia. 

SEE ALSO: US stocks are set to crater again after Huawei CFO's arrest adds to China trade-war jitters

Join the conversation about this story »

NOW WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

• The Canadian environment ministry says that talcum power can cause ovarian cancer if used on genitals.
• If inhaled it can also cause respiratory problems like fibrosis, a draft assessment released on Wednesday says. 
• The reports comes after a string of lawsuits brought against Johnson & Johnson in the US relating to ovarian cancer since 2016.
• 22 women were awarded $4.69 billion from the brand in July, as the court found asbestos infected talcum powder caused their ovarian cancer. 

Environment and Climate Change Canada warned that talcum powder should can cause ovarian cancer — four months after 22 women won $4.7 billion from a talc manufacturer in court.

A report by the government agency on Wednesday set out the concerns, including that some recent studies "have consistently reported a positive association with ovarian cancer and perineal [genital area] talc exposure." 

It cited 29 studies on the connection between ovarian cancer and baby powder, and said 21 of those found a "possible, or positive" relationship between the talc and the cancer. 

The draft paper, which looked at baby, body, face and foot talc powders, also said that inhaling talcum powder can be dangerous and should be avoided as it can cause respiratory problems like fibrosis or scarring of the lungs. 

Talcum powder is made from talc, a naturally occurring mineral crystal, and is commonly known as baby powder.

Read more:Here's what you need to know about baby powder and cancer risk

Baby powder manufacturer Johnson & Johnson has faced several lawsuits over its talcum products, and has suffered financially.

In August 2017, a Los Angeles court ordered Johnson & Johnson to pay $417 million to one women who said their talc caused ovarian cancer, and a St Louis court awarded 22 women $4.69 billion in damages from Johnson & Johnson in July, 2018 — the sixth-largest product-defect award in US history.

That decision is under appeal. 

Companies in Canada don't have to label their talc products with the cancer or respiratory risk yet, CTV said.

The Canadian Cancer Society has said talc causes a "possible risk" to developing ovarian cancer. 

Since 1999, the American Cancer Society has recommended that women who regularly use baby powder in their genital area choose cornstarch-based baby powder instead of talc.

The report on Wednesday day did not say there was a definite cause and effect relationship between talc and ovarian cancer, but it did warn that talc may cause the cancer. 

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• There is a "real danger" that the UK's security could be seriously damaged by Theresa May's proposed Brexit plans, said a committee of MPs.
• The Home Affairs committee said the prime minister's proposed deal is "seriously lacking" in detail on security, customs and border arrangements.
• Yvette Cooper MP, chair of the committee, told Theresa May to stop being "complacent" about security arrangements after Brexit.
• "The Government isn’t being open about the implications of this deal. Continued police and security cooperation is in everyone’s interest, but there is far too much complacency," she said.
• With Tuesday's crunch vote on Brexit fast-approaching, it still looks very likely that MPs will reject May's deal.

LONDON — It will be "near-impossible" for Theresa May to agree a security treaty with the EU by the time Britain leaves, meaning there is now a "real danger" the UK's security will be damaged, MPs have warned,

The Home Affairs committee of MPs warned that the political declaration which forms part of May's proposed deal is "seriously lacking" in detail on security, customs and border arrangements.

"The political declaration is seriously lacking in detail and provides insufficient clarity about both the future security partnership and future arrangements at the border," the report states.

It adds: "There is a real danger that the UK’s position will be weakened in the future partnership."

While the withdrawal agreement which covers UK-EU divorce issues like budget payments and EU citizens' rights is highly detailed, the political declaration on the future relationship is vaguer and not legally binding, leading to concerns that key issues like security have been overlooked.

In particular, MPs highlighted the fact that May had secured no long-term access to criminal databases after the UK exits the EU. It said the loss of such capabilities would make the country less safe. Member states rely heavily upon EU information-sharing agencies such as Europol, the Schengen Information System, and the European Arrest Warrant to enforce domestic security and policing arrangements.

The committee also said there was a "significant risk" that the planned transition — which would end in December 2020 — will expire before the UK agrees new security arrangements with the EU, leaving a dangerous window in which the UK's security was weakened.

While May's proposed deal contains a so-called "backstop" emergency measure to avoid the emergence of a hard border on the island of Ireland, there is no similar provision for security arrangements. 

Based on the evidence it received from Home Office officials and others, the report concludes that it would be "near-impossible" to get a full new security treaty in place before December 2020, especially because the deal would need to be fully ratified by all 27 EU member states.

Labour MP Yvette Cooper, chair of the committee, told Theresa May's government to stop being "complacent" and said that its plans for future security cooperation with the EU should be laid clearly before parliament.

"We are worried about the prospect of a security downgrade as a result of this deal," said Cooper.

"It doesn’t include the key criminal databases that the police and border force check 500 million times a year to keep us safe.

"Nor is there a security backstop to make sure that the transition arrangements don’t run out before a new security treaty can be implemented.

"The Government isn’t being open about the implications of this deal. Continued police and security cooperation is in everyone’s interest, but there is far too much complacency," she said.

The warning comes as ministers head out to the UK regions to sell Theresa May's Brexit plan, with Tuesday's crunch vote approaching. The deal still appears very likely to be rejected by parliament, with over 100 MPs so far having publicly opposed the deal. 

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• Both JPMorgan and Nomura now see the prospect of staying in the EU as having around a 40% chance.
• This week has seen the European Court of Justice say that the UK should be able to unilaterally withdraw from leaving the EU.
• That, and a parliamentary amendment that gives British lawmakers more say in the deal should Prime Minister May's deal fail, have raised the likelihood of staying in the EU.

A rising of tide of City of London analysts now see an increased likelihood of the UK deciding not to leave the European Union after all, and simply cancelling Brexit.

JPMorgan's Malcolm Barr now puts the odds of scrapping Brexit at 40%, a sharp spike from 20% odds he had previously put on the scenario. Japanese banking giant Nomura now also sees more probability of the UK staying in the EU, it now puts odds at 40%.

The outlook has shifted because of an eventful week, where the law chief of Europe's highest court advised that the UK should be able to reverse Brexit. The European Court of Justice on Tuesday proposed that Article 50 — the legal mechanism which kickstarted Brexit — allows the "unilateral revocation" of the UK's intention to withdraw from the EU.

In a note on Wednesday, JPMorgan's Barr cited the European Court of Justice proposal when he shifted the bank's matrix of Brexit outcomes. Previously, the bank's odds of various outcomes went like this: A so-called "no deal"— 20%; orderly Brexit (i.e. Brexit with a deal) — 60%; and staying in the EU — 20%. (They're now at 10%, 50% and 40%, respectively.)

Read more: The UK economy could slump 8% into the worst recession since WWII after a no deal Brexit, Bank of England warns

"One of the issues about a second referendum has, in our view, always been the need for an Article 50 extension and potential EU involvement in the design of that referendum," Barr wrote in the report. "The UK now appears to have the option of revoking unilaterally and taking a period of time of its own choosing to decide what happens next."

Here's more from JPMorgan's note (emphasis ours):

Within the "no Brexit" scenarios, a unilateral revocation on the UK’s part looks more likely to us than a joint UK-EU decision to extend the Article 50 negotiating period and thereby keep the existing clock running. And a second referendum strikes us as rather more likely than a general election to be driving a decision to revoke. Hence, within that 40% "no Brexit" possibility, we see a 25% chance of a revocation to facilitate a second referendum, and a 15% chance that it is to facilitate a general election.

When raising its odds, Nomura cited the amendment passed by Parliament on Tuesday, which allows MPs to take control of Brexit if May’s deal is voted down, as expected, next week.

"The probabilities have changed," Nomura wrote on Wednesday, partly because of the amendment. It carries huge political weight and would be very difficult for the government to ignore.

"If the government loses the meaningful vote, then MPs will be able to add, and vote on, amendments instructing the government as to what to do next, Nomura said. "Parliament will do what it can to avoid Hard Brexit," it said, and the amendment "makes it easier to do."

Read more: Brexit is now such a headache that the UK is 'uninvestable,' according to one of Wall Street's best respected research houses

To be clear, both JPMorgan and Nomura both continue to see the Brexit outcome with the highest likelihood being the UK leaving on the terms, or very close to the terms, of May's current deal, both placing that probability at 50%.

Betting markets are also swaying towards the UK remaining in the EU, with betting exchange Smarkets saying its customers now see about a 53% chance of the UK not leaving the EU by March next year.

Financial advisory firm deVere Group said people are less certain: "Nothing is currently priced in because of the enormous question marks hanging over the many different outcomes," said Nigel Green, founder and chief executive of deVere.

SEE ALSO: UBS: A UK recession and pound-dollar parity are on the horizon, and Brexit risks are rising 'literally' by the minute

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• Chinese state media outles have attacked Washington over the arrest Huawei's CFO Meng Wanzho.
• China Daily said the arrest was part of a US plan to stifle Huawei's growth, while the Global Times said Washington was acting like a "despicable rogue."
• The US has reached out to allies in the past to warn against Huawei, claiming it poses a national security risk.

Chinese media has launched a stinging attack on the US following the arrest of Huawei's CFO Meng Wanzhou in Canada on Saturday.

Meng was arrested on December 1 and faces extradition to the US. On the same day, President Trump sat down with President Xi Jinping in Argentina to discuss the countries' ongoing trade war. White House officials told Reuters Trump did not know about the extradition request.

An editorial in the state-run China Daily said the arrest was part of an effort by the US to stifle Huawei's growth, saying it was "undoubtedly true and proven is the US is trying to do whatever it can to contain Huawei's expansion in the world simply because the company is the point man for China's competitive technology companies."

Global Times, also state-run, said Washington is "resorting to a despicable rogue's approach as it cannot stop Huawei's 5G advance in the market."

"With the arrest, the US is sending signals to the international community that it is targeting Huawei," The Gobal Times added.

Read more:Britain's spy chief joined the US in sounding the alarm on the Chinese company that sells more phones than Apple

The US has led the charge against Huawei, reaching out to allies to convince them that its technology poses a national security threat. Australia and New Zealand have rejected bids from Huawei to set up its 5G networks in their countries on these grounds.

On Wednesday, Japan also announced that it will ban government purchases of Huawei and ZTE's equipment.

The Chinese government demanded Meng's release on Thursday, claiming she was arrested without an explanation of the charge in potential violation of her human rights. According to reports from The Globe and Mail and South China Morning Post, Meng was arrested on suspicion of violating trade sanctions on Iran.

Huawei said in a statement:

"Recently, our corporate CFO, Ms. Meng Wanzhou, was provisionally detained by the Canadian Authorities on behalf of the United States of America, which seeks the extradition of Ms. Meng Wanzhou to face unspecified charges in the Eastern District of New York, when she was transferring flights in Canada.

"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng. The company believes the Canadian and US legal systems will ultimately reach a just conclusion.

"Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and EU. "

SEE ALSO: Here's everything you need to know about Huawei, the Chinese tech giant whose founder's daughter was arrested and which could spark an all-out trade war

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• YouTuber Logan Paul has given credibility to a theory that the video site is censoring videos that mention him.
• Fellow YouTuber Keemstar claims that videos tagged "Logan Paul" receive fewer views, but gain more traction when the tags are removed.
• YouTube said it doesn't downrank videos based on specific creators or words.
• Paul is still the 10th richest YouTuber, according to Forbes, netting a reported $14.5 million in 2018.

Popular and controversial YouTuber Logan Paul has joined the ranks of vloggers claiming that the video site is censoring content.

Paul appeared to buy into a theory put forward on Wednesday by fellow YouTuber Daniel "Keemstar" Keem, who suggested that YouTube was deliberately downranking videos tagged "Logan Paul."

Keemstar, who runs a gossipy, YouTube-focused news channel called DramaAlert, claimed that he posted a video featuring the words "Logan Paul" in the title and tags, and that it received fewer views than normal. The video, he claimed, did better once Paul's name was removed.

Paul wrote in reply: "i hate to say this & i mean i REALLY hate to say this but i think these are facts, pls love me again @YouTube."

Here's the exchange on Twitter:

YouTube said the site doesn't downrank videos based on specific creators or words.

And there are reasons to take Keemstar's claims with a pinch of salt.

He has proven to be an unreliable source in the past. In 2016, he falsely accused an elderly online gamer of being a paedophile. Despite a retraction from Keemstar, the elderly gamer received death threats and online harassment thanks to the false accusation.

Read more: KSI and Logan Paul probably generated up to $11 million with their YouTube boxing match

And YouTube rarely, if ever, "censors" individuals' channels without publicly flagging it. The company openly disclosed that it was terminating conspiracy channel InfoWars, for example.

And while YouTube has punished Logan Paul in the past due to his controversial content, it has been open in explaining why.

Paul made headlines at the beginning of this year for posting a video of himself wandering through a so-called "suicide forest" in Japan and stumbling across a dead body.

YouTube dropped him from its preferred ads programme, which gives advertisers access to the top YouTube channels, and delayed the release of his Originals film on the video site. It switched ads back on in February. The site also temporarily suspended Paul because of his continued "pattern of behaviour" in his videos, such as tasering dead rats, and published its decision on Twitter.

None of the above actually got him booted from the site, and Paul's Originals film — a sci-fi movie — appeared on his channel in October this year.

Meanwhile, Forbes has just ranked Logan Paul 10th on its annual list of the wealthiest YouTubers, pegging his 2018 earnings at $14.8 million, mostly thanks to merchandise purchases from fans. It was an increase on his earnings of $12.5 million in 2017. 

SEE ALSO: Controversial YouTuber Logan Paul is tanking on views and new subscribers

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• The subreddit r/nosleep is a place to read original horror stories. 
• A popular story "The Patient Who Nearly Drove Me Out Of Medicine" was clearly enjoyed by Ryan Reynolds.
• It is set to be made into a film with Twentieth Century Fox.
• Author Jasper DeWitt is thrilled with the project.

This week, Variety broke the news that Ryan Reynolds is working with Twentieth Century Fox and writer Jasper DeWitt to recreate a spooky story from the subreddit r/nosleep.

The subreddit is known as a place for authors to post their original horror stories. Some of the stories have been so popular, authors go on to publish versions of them in books, like Dathan Auerbach's "Penpal."

The story Reynolds is helping bring to the big screen is called "The Patient Who Nearly Drove Me Out of Medicine," which was published by author Jasper DeWitt two years ago in a nine-part series.

The plot centers around a psychiatric doctor and a patient known as "Joe" who he's trying to help. Joe was committed in a hospital for over twenty years, despite never getting a diagnosis, and is known as a patient "so intractable that no one bothered to read his file anymore."

According to Variety, no actors or director have joined the project yet.

On social media, people are excited about the film adaptation, although they know it'll be unsettling.

On Twitter, DeWitt said he was "thrilled" to be working on the film with Reynolds. He told Mashable how the collaboration came about.

"My manager texted me," he said. "I know that sounds mundane, but it really was that simple. I may have scared some people with the loud noise of happiness and triumph I made, reading that."

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• "South Park" poked fun at Amazon on Wednesday, portraying Jeff Bezos as a sinister, giant-headed supervillain.
• The episode also satirized reports of working conditions at Amazon's warehouses.

Amazon was the subject of a "South Park" roasting on Wednesday night, with CEO Jeff Bezos portrayed as a giant-brained, telepathic supervillain.

The episode, titled "Unfulfilled" in an apparent reference to Amazon's fulfillment centers (the name it gives its warehouses), satirized reports of Amazon's working conditions, as Butters' father works inside a warehouse.

At one point a montage showed him working to "Sixteen Tons," a song about working in a coal mine made famous by Tennessee Ernie Ford in the 1950s.

Bezos appears as a supervillain with an enormous head who communicates telepathically, resembling the Talosian alien race from "Star Trek." He intimidates the mayor, threatening repercussions after the town's Amazon workers go on strike.

Amazon's working conditions have been portrayed unfavorably by numerous reports. On Wednesday, 24 warehouse workers in New Jersey required treatment at hospitals when an automated machine punctured a 9-ounce can of bear spray, releasing its fumes into the warehouse.

Do you work at Amazon? Got a tip? Contact this reporter via email at ihamilton@businessinsider.com. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Amazon got a hostile welcome from a New York labor union, which savaged its working conditions as 'deadly and dehumanizing'

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• Reports say that Venezuelan officials are in London to meet with senior Bank of England staff over gold repatriation.
• Venezuela is seeking to take back 16.5 tons of gold reserves currently held in the Bank of England's vaults.
• Venezuelan finance minister Simon Zerpa, and central bank governor Calixto Ortega Sanchez are reportedly set to meet Bank of England Deputy Governor Dave Ramsden on Friday.
• Britain's central bank is seeking "clarity" before returning the metal.

Senior officials for the Venezuelan government have reportedly travelled to London for crunch talks with the Bank of England as they seek to repatriate more than $500 million of gold back to Caracas.

The government of Venezuelan President Nicolas Maduro in early November approached the Bank of England about removing roughly 16.5 tons of gold — worth in the region of $550 million — from the central bank's vaults and returning it to South America. Emerging market nations frequently store gold reserves in foreign central banks.

At the time the request was first reported, Reuters said that the Bank of England had "sought to clarify" Venezuela's intentions in taking back its gold. It now appears that officials, including Venezuelan finance minister Simon Zerpa, and central bank governor Calixto Ortega Sanchez, have come to London to provide further clarity, according to Reuters.

City AM reports that Bank of England Deputy Governor Dave Ramsden will attend a meeting with the officials, but that it is unclear if Governor Mark Carney will be in attendance. Reuters reported that it was "not immediately evident" if any meeting would actually take place.

The Bank of England declined to comment.

Read more: Venezuela's inflation rate just hit 830,000% — and is likely to keep rising

The expected meeting has drawn criticism from British politicians, with Conservative MP reportedly writing to Carney and Chancellor of the Exchequer Philip Hammond, asking the pair to call off any contact with Venezuelan officials.

"Were such a meeting to take place it would pose a significant reputational risk to the Bank and may be in violation of US Treasury-imposed sanctions," Lewer wrote in a letter, reported by City AM.

Venezuela has in recent years been a major seller of gold, and this year alone it has sold about 26 tons, worth close to $900 million, to Turkey. In the past four years, Venezuela's gold reserves have decreased to about 175 tons from about 400 tons, Reuters reported, citing statistics from the country's central bank.

Venezuela has been selling its sizeable gold reserves, built up under Hugo Chavez, to try to address the economic crisis plaguing the country. Hyperinflation of goods means everyday items are unaffordable for many Venezuelans, and poverty and violence are widespread.

Most recently, its drive to repatriate gold has been related to sanctions announced by the US aimed at disrupting the South American country's gold exports.

President Donald Trump in November signed an executive order to bar US persons from dealing with entities and people involved with "corrupt or deceptive" gold sales from Venezuela.

A report from the International Monetary Fund in July said Venezuela's economy was expected to contract by about 18% this year, while inflation was forecast to reach a whopping 1 million percent.

SEE ALSO: Venezuela really wants its $550 million worth of gold back from the Bank of England

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