Alcohol ban: Consol, hanging by a thread, burns through millions to stay alive
The glass is half empty.Optimist
Consol Glass is burning through R8 million per day – hoping it can keep it up until the prohibition on the sale of alcohol is lifted.
It cannot stop its furnaces, so it must keep them going despite there being no orders for wine and beer bottles.
The company has warned of imminent job cuts and added disinvestment if the third alcohol ban is not lifted very soon.
The first two alcohol bans resulted in losses of more than R1.5 billion to the glass packaging industry.
Consol has, in a desperate bid to save jobs in the short-term, reallocated R800 million meant for the upkeep of its furnaces towards surviving the alcohol ban by maintaining operations.
The Money Show’s Bruce Whitfield interviewed Mike Arnold, CEO at Consol Glass.
In the next couple of weeks, warehouses will be full… We are still producing… but our sales will [soon] ground to a halt.Mike Arnold, CEO - Consol Glass
If there’s no certainty… We’re not going to rebuild those furnaces…Mike Arnold, CEO - Consol Glass
The alcohol industry employs well over a million people…Mike Arnold, CEO - Consol Glass
Listen to the interview in the audio below.
Source : https://www.123rf.com/photo_119065042_bottle-cap-beer-brewery-package-drinking-bar-warehouse-storage-logistic.html
People who are office-bound got jabs while healthcare workers are being turned away, says reporter Mia Lindeque.Read More
13 989 prisoners were released on special Covid-19 parole. 126 are back in prison for serious crimes, says Singabakho Nxumalo.Read More
Struggling with sheer numbers, it seems people are immersing bodies in the Ganges before cremation, says Adam Gilchrist.Read More
"It’s going to be a very different experience," says Olympic swimming star Chad le Clos. "London was the craziest atmosphere!"Read More
Only the Free State is technically in a third wave, says Health Minister Zweli Mkhize.Read More
The NICD confirmed this weekend that four cases of the Indian variant of Covid-19 have been discovered in South Africa.Read More
“The pandemic is at a fearsome stage,” warns Dr. David Nabarro, Special Envoy on Covid-19 for the World Health Organisation.Read More
Refilwe Moloto interviews Brooks Spector, a US foreign policy expert and associate editor at Daily Maverick.Read More
Almost half of the respondents gained weight during the lockdown. Many Wiener interviews Nicole Jennings of Pharma Dynamics.Read More
The Money Show’s Bruce Whitfield interviewed Isobel Frye, Director at the Studies In Poverty And Inequality Institute.Read More
"There’s a Constitutional obligation on the state to ensure that nobody goes hungry," says Lynette Maart (Black Sash).Read More
Dr Angelique Coetzee explains why you should get a flu vaccine before getting one for Covid-19 if you are older than 60.Read More
Bruce Whitfield interviews Ruth Maforimbo of People Advisory Services at EY Europe, Middle East, India and Africa.Read More
The Money Show’s Bruce Whitfield interviews Dr Ryan Noach, Chief Executive at Discovery Health.Read More
Exactly one year ago, the government banned alcohol. Hospitals emptied out, and the economy crashed and burned.Read More
"SA has managed to do well compared to EU countries, but not so well compared to other African countries," says Dr Anam Nyembezi.Read More
Bruce Whitfield interviews Prof Jeffrey Mphahlele (SA Medical Research Council) about the significance of the vaccine's arrival.Read More
Can employers make it compulsory for employees to get vaccinated against Covid-19? A labour lawyer explains on The Money Show.Read More
Treasury is mulling raising taxes, says Prof Adrian Saville, Chief Executive of Cannon Asset Managers.Read More