Five major airlines have received the lion’s share of federal aid Treasury Secretary Steven Mnuchin has approved in the past six weeks as the industry copes with an economy forced to shut down by the coronavirus pandemic. American Airlines Groupis the biggest recipient, getting $5.8b in payroll assistance from the federal government, according to details the Treasury Department released Tuesday. The agency posted a table listing the participants and some loan details for its airlines payroll assistance program on its website. Mnuchin has approved $25b in payroll assistance for 352 applicants, which included contractors, passenger and cargo carriers, the Treasury said. The data posted is current as of April 27 and accounts for about $23b that has gone out from the $35b set aside for payroll support. The program, part of the $2.2t virus stimulus passed by Congress, is intended to keep employees at passenger carriers, cargo hauler and airline contractors on the job. Most of that money was disbursed within a one-week period last month. An additional $2 billion has been committed for use since the end of April, according to an agency spokeswoman. The website will be continue to be updated. “Treasury is committed to the highest standards of public transparency as we provide this critical relief,” Mnuchin said.<br/>
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Qatar Airways, the third-largest shareholder in Cathay Pacific, said it was willing to provide an equity injection into Hong Kong’s financially battered flagship carrier if approached. “Cathay is a well-established company and as a shareholder, if Cathay Pacific were to approach us for an equity injection, we will definitely support them,” said Al Baker, Group CEO of the Doha-based carrier. Qatar said it was in a position to help, despite being hit hard by the collapse in global air travel demand. The airline holds a 9.99% stake in Cathay and previously expressed interest in raising its holding, but has been restricted by the limited volume of publicly traded shares. Cathay’s two main shareholders are Swire Pacific and Air China, which hold a 45% and 29.99% stake each. One way for Cathay to bolster liquidity could be to issue new shares. In March, Singapore Airlines issued US$3.8b in new shares as part of a wider US$13b cash-raising exercise. The airline, which flies to 170 destinations worldwide in normal times, would be a smaller one “only in the short term”, Baker said, adding it had already moved to substantially shrink its workforce of 45,000 people and reduce its fleet by a quarter, with a view of recovery as far away as 2023.<br/>