Portugal plans up to $1.4b in aid for airline TAP

Portugal’s supplementary budget for 2020 includes as much as E1.2b ($1.4b) in aid for TAP after the airline had to suspend most of its operations due to the coronavirus outbreak. The process to provide aid for TAP hasn’t been concluded yet, Secretary of State for Treasury Alvaro Novo said Tuesday. The government has already sent a request for state aid approval to the EC, which should take a decision this week, according to Novo. Portugal has previously said it won’t let its national flag-carrier collapse and won’t rule out any instruments it can use to intervene. The government already controls 50% of TAP. Airline entrepreneur David Neeleman and Portuguese investor Humberto Pedrosa jointly own another 45% through the Atlantic Gateway venture.<br/>