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Illustration of stacks of money progressively getting larger with the last one so tall that it goes off screen.
Illustration of stacks of money progressively getting larger with the last one so tall that it goes off screen.
Illustration of stacks of money progressively getting larger with the last one so tall that it goes off screen.

Illustration: Aïda Amer/Soixa

Profits are soaring at the nation's biggest banks, the result of a surging optimism in corporate America that's driving dealmaking and capital raising.

Why it matters: When business is humming at the nation's largest financial institutions, it generally reflects an economy that's in good shape.

Southwest Airlines airplanes are serviced at their gates at Fort Lauderdale-Hollywood International Airport in May in Fort Lauderdale, Florida.
Southwest Airlines airplanes are serviced at their gates at Fort Lauderdale-Hollywood International Airport in May in Fort Lauderdale, Florida.
Southwest Airlines airplanes are serviced at their gates at Fort Lauderdale-Hollywood International Airport in May in Fort Lauderdale, Florida.

Photo: Gary Hershorn/Getty Images

Southwest Airlines is being sued and Frontier Airlines fined over chronic flight delays by the Department of Transportation, the DOT announced Wednesday.

Why it matters: Wednesday's announcement by the outgoing Biden administration's Transportation Secretary, Pete Buttigieg, comes days after the DOT fined JetBlue $2 million for chronic flight delays — the first time such a penalty had been imposed on an airline.

Migrants seeking asylum from Mexico, India and Ecuador keep warm by a fire while waiting to be apprehended by U.S. Customs and Border Patrol officers after crossing over a section of border wall into the U.S. on January 05, 2025 in Ruby, Arizona.
Migrants seeking asylum from Mexico, India and Ecuador keep warm by a fire while waiting to be apprehended by U.S. Customs and Border Patrol officers after crossing over a section of border wall into the U.S. on January 05, 2025 in Ruby, Arizona.
Migrants seeking asylum from Mexico, India and Ecuador keep warm by a fire while waiting to be apprehended by U.S. Customs and Border Patrol officers after crossing over a section of border wall into the U.S. on January 05, 2025 in Ruby, Arizona.

Photo: Brandon Bell/Getty Images

Documents obtained by the American Civil Liberties Union (ACLU) show that the U.S. Immigration and Customs Enforcement is considering proposals to expand its immigration detention capacity in at least eight states.

Why it matters: The proposals going back to September show that the Biden administration was preparing for its own expanded detention of immigrants while Democrats attacked President-elect Trump for his mass deportation plan.

Illustration of a paper airplane made of a student loan bill, dollars and a page from a calendar
Illustration of a paper airplane made of a student loan bill, dollars and a page from a calendar
Illustration of a paper airplane made of a student loan bill, dollars and a page from a calendar

Illustration: Natalie Peeples/Soixa

Student loan borrowers impacted by the Los Angeles-area fires, a federally declared natural disaster, are eligible for temporary relief.

The big picture: The wildfires caused much devastation, destroying entire neighborhoods and displacing thousands, with more than 88,000 people still under evacuation orders Tuesday — a week after the fires began.

Illustration of a thermostat wearing earmuffs.
Illustration of a thermostat wearing earmuffs.
Illustration of a thermostat wearing earmuffs.

Illustration: Maura Losch, Lindsey Bailey/Soixa

There are practical ways to stay warm without hiking up your heating costs this season, per the U.S. Department of Energy.

Why it matters: Households that use electricity for heat could see bills climb almost 14% compared to last year, per the National Energy Assistance Directors Association.

Illustration of a liquefied natural gas tanker wobbling atop a pointed finger
Illustration of a liquefied natural gas tanker wobbling atop a pointed finger
Illustration of a liquefied natural gas tanker wobbling atop a pointed finger

Illustration: Natalie Peeples/Soixa

There's plenty to chew on in Venture Global's IPO filing beyond just the topline numbers.

Why it matters: The U.S. LNG exporter hopes to raise up to $2.3 billion in what would be the largest energy IPO in over a decade.

Elon Musk's X profile
Elon Musk's X profile
Elon Musk's X profile

Photo: Anna Barclay/Getty Images

The Securities and Exchange Commission sued Elon Musk on Tuesday, alleging he failed to properly disclose his purchase of Twitter shares before eventually buying the company.

Why it matters: The suit comes just days before President-elect Trump's inauguration as president, amid uncertainty over what legal scrutiny "first buddy" Musk might face in the new administration.

Illustration of the eyes emoji with two coins with the letter s in them for pupils.
Illustration of the eyes emoji with two coins with the letter s in them for pupils.
Illustration of the eyes emoji with two coins with the letter s in them for pupils.

Illustration: Brendan Lynch/Soixa

At one American bank, dollar-backed stablecoin use looks likely to overtake dollars sent over traditional payment rails this year.

Why it matters: Stablecoins are the first killer app of cryptocurrency.

Image of Tasks from OpenAI about setting a reminder
Image of Tasks from OpenAI about setting a reminder
Image of Tasks from OpenAI about setting a reminder

Photo: OpenAI

OpenAI is rolling out a beta feature called Tasks to ChatGPT that lets users schedule future actions and reminders.

Why it matters: Tasks is a step toward making ChatGPT a more helpful AI companion, reducing reliance on other apps such as Apple's Siri and Amazon's Alexa for reminders.

A TikTok logo is displayed on a smartphone in Chongqing, China
A TikTok logo is displayed on a smartphone in Chongqing, China
A TikTok logo is displayed on a smartphone in Chongqing, China

Photo: CFOTO/Future Publishing via Getty Images

The future of accessing TikTok in the U.S. will be decided by the Supreme Court any moment now. So far, the justices seem inclined to uphold a bipartisan law that would ban the app as soon as Jan. 19.

Why it matters: The wildly popular short-form video app, owned by the Chinese company ByteDance, could imminently vanish from Google and Apple app stores. Beyond disappointing devoted users, the move would also disrupt influencers' multibillion-dollar creator economy.

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