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AP

SoftBank, which already owns a majority stake in Sprint, said Sunday it plans to increase its holdings after talks to merge with T-Mobile US broke down. SoftBank said it will keep its holdings below the 85% threshold that would trigger a tender offer for the remaining shares.

"We are entering an era where billions of new connected devices and sensors will come online throughout the United States," SoftBank CEO Masayoshi Son said in a statement. "Continuing to own a world class mobile network is central to our vision of ubiquitous connectivity. Sprint is a critical part of our plan to ensure that we can deliver our vision to American consumers and we are very confident in its future."

Why it matters: If it isn't going to join up with T-Mobile, Sprint will have to increase its network spending and chart a new path. The carrier is currently the smallest of the Big 4 U.S. cell phone networks and its capital expenditures have trailed that of rivals in recent years.

Go deeper

Joint Chiefs chair Gen. Mark Milley tests positive for COVID-19

Photo: Olivier Douliery - Pool/Getty Images

Mark Milley, chairman of the Joint Chiefs of Staff, tested positive for COVID-19 on Sunday.

State of play: Joint Staff spokesperson Col. Dave Butler said in a statement that Milley — who is fully vaccinated and has received a booster shot — is experiencing "very minor symptoms" and is "working remotely and isolating himself."

Momentum builds to ban lawmakers from trading stocks

Illustration: Sarah Grillo/Axios

Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.

Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.

Updated 5 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: The Weather Prediction Center said in a storm summary Monday that winter storm warnings are still in effect for portions of the Central Appalachians, Ohio Valley, interior Mid-Atlantic and Northeast, while other portions of the Central Appalachians and coastal New England are under high wind warnings.