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Airbus' bottom line climbs by 15%; ads touting "free" TurboTax help lead to $2M settlement for SC

TurboTax-Settlement

Intuit is the company behind TurboTax software. File/AP

Airbus posts profit; will build more A320s

PARIS — Boeing rival Airbus said May 4 that its first-quarter profit rose sharply from a year ago, as the airlines that buy its planes recover from the worst of the pandemic.

The company said it earned $1.28 billion in the first three months of this year while revenue was up 15 percent, to $12.65 billion.

Airbus said it plans to speed up production of its A320 family of planes that compete with Boeing 737s to 75 per month by 2025.

However, the Toulouse, France-based manufacturer said the start of passenger service for its new A321 XLR long-range plane will be delayed from late 2023 until early 2024. Airbus has encountered more difficulty than it expected in meeting certification requirements set by Europe's aviation regulator.

Intuit to pay $141M over TurboTax ads

NEW YORK — New York's attorney general is announcing that the company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services.

Under the terms of a settlement signed by the attorneys general of all 50 states, Intuit Inc. will suspend TurboTax’s “free, free, free” campaign and pay restitution to nearly 4.4 million taxpayers.

New York Attorney General Letitia James began investigating Intuit after the news organization ProPublica reported in 2019 that the company was charging low-income customers for tax services that they should have received for free.

South Carolina is receiving about $2 million from the settlement, S.C. Attorney General Alan Wilson's office said Wednesday.

Calif. is 1st state to delve into crypto

SACRAMENTO, Calif.  — California is the first U.S. state to formally begin examining how to broadly adapt to cryptocurrency and related technologies, following a path laid out by President Joe Biden in March.

Gov. Gavin Newsom signed an executive order May 4 for state agencies to move in tandem with the federal government to craft regulations for digital currencies. It also calls for the state to explore incorporating broader blockchain technologies into state operations.

Ohio was the first to attempt to accept virtual currency for government services in 2018, though the program was soon discontinued. Colorado Gov. Jared Polis says his state will begin accepting cryptocurrency for government services later this year.

Musk asked to testify on Twitter by UK

LONDON — A British parliamentary committee scrutinizing draft online safety legislation has invited Elon Musk to discuss his plans to buy Twitter and the changes he’s proposing for the social media platform.

Parliament’s digital committee asked the Tesla CEO on May 4 to give evidence about his proposals “in more depth.” Musk said it’s too early to give an answer because shareholders haven't voted on the Twitter deal yet.

The committee said it’s interested in Musk’s plans, especially his intention to roll out verification for all users, which echoes its own recommendations. The U.K. government's online safety bill would give regulators wide-ranging powers to crack down on digital and social media companies.

Maersk posts big quarter as demand surges

COPENHAGEN, Denmark — The world’s biggest shipping company, Denmark’s A.P. Moeller-Maersk, says it's delivered its “best earnings quarter ever,” driven by higher freight rates and more contracts being signed.

The company said Wednesday that its revenue for the first three months of the year came in at $19.3 billion, up from $12.4 billion for the same period last year. Profits before taxes came in at $7.3 billion, up from $3.1 billion a year ago.

Its CEO said that while global supply chains remain under significant pressure, “we continue to demonstrate superior ability to help customers overcome logistic challenges.”

Moderna profit up threefold on vaccine sales

CAMBRIDGE, Mass. — COVID-19 vaccine sales helped Moderna triple its net income to $3.7 billion in a better-than-expected first quarter.

The vaccine maker said May 4 that revenue from its coronavirus preventive shots jumped to $5.92 billion from $1.73 billion a year ago, when the vaccines were debuting in most markets.

More than 217 million doses of Moderna's Spikevax vaccine have been administered in the U.S., where it is one of three approved options for adults.

Associated Press