Aus state to ban single-use plastic bags

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Sydney, May 24 | Australia’s New South Wales (NSW) state is gearing up to institute its total ban on single-use plastic bags as it looks to slowly phase out all single-use packaging.

From June 1, all single-use bags would be banned in the state, meaning businesses and individuals will need to find alternatives in reusable plastic or non-plastic bags, reports Xinhua news agency.

NSW Minister for Environment James Griffin said single-use plastics make up 60 per cent of all the state’s rubbish, and as such it would be crucial to transition away from them.

“I think all of us can see the impact plastic pollution is having on our environment, which is why we’re making major changes in New South Wales this year.”

The state will also ban a slew of other single-use plastics from November, among them is plastic cutlery, plates, polystyrene cups, plastic straws, and cotton buds.

“We each have the power to make positive environmental change at an individual level, and I encourage everyone to choose to go plastic-free as often as they can.”

Overall, the staged phase-out of plastic is projected to prevent almost 2.7 billion plastic items from entering the environment over the next 20 years.

The state has already begun to support over 40,000 small businesses with the phase-out.

“The NSW government has worked with stakeholders to support small businesses to understand how they will be affected, how to comply with new laws and what alternatives they can use to single-use plastics,” said state Minister for Small Business Eleni Petinos.

The ruling makes NSW the last Australian state or territory to put into effect its ban of single-use plastic bags.

As a nation, Australia is set to phase out “problematic single-use plastics” by 2025.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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