Latest news with #Corio
Yahoo
3 days ago
- Business
- Yahoo
Leading energy firm sent into tailspin due to US policy changes: 'Refocusing its global operations'
Reuters reported that Macquarie, an Australian investment bank, canceled the sale of Corio Generation because of a lack of interested buyers. Corio owns and oversees a major 25-gigawatt collection of offshore wind projects that span several continents, from Asia-Pacific to Europe and the Americas. The update comes at a time when President Trump's administration has sent global economies into a tailspin with aggressive tariffs, leading to overall market instability. However, the hesitancy also comes as the Trump administration has doubled down on dirty fuel sources like oil and gas, backpedaling on the significant advancements in renewable energy projects made in previous years. Now, Corio is downsizing instead. A spokesperson told Reuters that with the "challenging" market conditions, the company is "refocusing its global operations to prioritize the development of a smaller portfolio of projects which have the clearest route through to construction." Additionally, they said, "This will also require a restructure of the organization to reflect that change in strategy." Corio's projects are also facing challenges with skyrocketing construction costs, higher interest rates, and supply chain issues, Reuters explained. Wind power is both a positive economic force as well as a boon for the environment, curbing planet-heating pollution as it creates high-paying jobs. The U.S. Department of Energy predicts that the wind industry will have the potential to support hundreds of thousands more jobs in the coming decades. It also provides critical tax dollars, contributing an estimated $2 billion in state and local tax payments and land-lease payments annually, per Clean Power. Yet despite this, the Trump administration suspended leasing for new offshore wind projects on his first day back in office in January; the president has also halted the development of other existing projects. This setback could prove incredibly damaging, delaying progress on converting the global economy to renewable energy. This green transition is crucial for achieving carbon neutrality and ensuring the atmospheric stability and the future of the planet. But in the short term, projects like Corio's also generate positive financial returns for investors. While Corio is downsizing, the march toward a renewable-powered future still persists. Projects across solar, wind, hydro, and even nuclear power are contributing to massive growth in the renewable energy sector. In fact, renewable energy is set to be able to meet nearly half of the global electricity demand by 2030, according to the International Energy Agency. And when it comes to wind project development, many states are pushing back on the Trump administration's anti-environmental actions. Seventeen states and Washington, D.C., recently announced that they are suing the administration over its wind power obstruction. On a personal level, both voting for pro-climate candidates and investing personally in green stocks and companies are great ways to put your money where your priorities are. Do you think we should deal with air pollution by burying things underground? Sounds great No way Only for certain waste I'm not sure Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
News.com.au
6 days ago
- Business
- News.com.au
Geelong global fashion company eyes new headquarters
Geelong-based fashion company Stage II is dressing up its digs as it prepares to relocate its warehousing headquarters to the north of the city. The firm is the latest company to pre-commit to the large, new industrial development under construction adjoining the Geelong Ring Road. Stage II and national HVAC supplier Polyaire are the latest high-profile businesses to commit to the Wilmac Corio development at 128-146 O'Briens Rd in Corio. It's the only industrial project in the region offering new warehouses of 1000sq m or more. Three of the 12 warehouses remain on the market for sale or lease, as the developer clocks up $43.7m in transactions in the $56.5 million project. Stage II, which began in a Geelong garage and has evolved into a multinational clothing wholesaler and retailer, has doubled down on the estate, purchasing Lot 4 and leasing Lot 6 for a combined 4811sq m of floorspace. The move will relocate its head office from South Geelong, supporting their expanding logistics operations across Australia, New Zealand, and Asia, Stage II chief financial officer Rohan White said. Stage II has clothing brands including Edge Clothing, Elm Lifestyle and All About Eve. 'Driving Stage II's national wholesale and retail logistic requirements was the need for quality large scale warehousing solutions in the Greater Geelong region – an offering that has been rare in recent years,' Mr White said. 'With convenient access to Geelong's CBD and proximity to our distribution network in Melbourne, the Wilmac estate in Corio quickly stood out as a strategic choice. 'It has since provided to be an ideal location for servicing our customers.' Polyaire has signed a seven-year lease with a five-year option for Lot 1 in Stage 1, securing a 1400sq m facility with mezzanine office space and dual roller doors. The building, on a 2185sq m allotment with 17 car parks, will serve as the new Geelong base for the company as it relocates from Belmont to a more modern, growth-aligned footprint. Polyaire national property and fleet manager Dean Placanica said the development supported the company's commitment to deliver the highest level of service. 'Our Wilmac Corio location is strategically positioned to support our customers' needs and growth well into the future,' Mr Placanica said. 'We believe this site will play a key role in enabling us to serve our clients effectively for the next decade and beyond.' Knight Frank and Darcy Jarman are marketing the warehouses in the two-stage development on behalf of Victorian-based developer, Wilmac. The warehouses, which have been constructed by C3 Constructions, range in size from 1320sq m to 2558sq m. Lot sizes for the remaining warehouse range from 2393sq m to 2656sq m. Knight Frank's Steve Jones said warehouses in Wilmac Corio had been sought after from a range of industrial occupiers. 'Geelong offers relative affordability for industrial users compared to Melbourne, but it also has strong growth prospects given its strategic location as a gateway city, accessibility to key areas such as Melbourne, the Geelong Port and Avalon Airport via key arterial roads, and its growing workforce,' Mr Jones said.
News.com.au
7 days ago
- Business
- News.com.au
Sold in 10 days: New price guide finds buyer for grand Corio home
A grand Tudor-style Corio home designed by the architects behind Geelong's Dalgety woolstores has sold at the second attempt for $300,000 lower than when it last went under contract. The five-bedroom home at 159-163 Bacchus Marsh Rd, Corio, was snapped up for $1.4m after 10 days on the market, after it was relisted with $1.3m to $1.4m price hopes. The home had changed hands only twice since being built in 1931, last trading for $10,500 in 1978. Geelong suburbs where buying is better than renting revealed The historic house sits among lush private gardens on a huge corner block covering two titles. Buchan, one of Australia's oldest architecture firms, originally designed the two-storey house for the Lowrey family, who acquired the surrounding land in the 1870s. The character-filled interior still displays exposed Australian red cedar beams, polished Tasmanian oak hardwood floors and a grand entrance foyer dressed with vintage 1920s lighting. While the large kitchen/meals area was updated with Corian benchtops, custom timber cabinetry and integrated appliances, there's an old world charm to the stately lounge and dining rooms where a bay window and brick fireplaces feature. Even the bathroom has beautiful stained glass detail. The home was initially listed last September with $1.5m to $1.65m price hopes. Cotality records show contracts were signed for a $1.7m transaction in December that ultimately fell through. Price expectations were subsequently edged back to $1.37m to $1.5m in search of landing a buyer. The median house price in the northern suburb is $490,000, while the top price is $1.5m for a 4033sq m Matthews Rd property with a five-bedroom residence. Barry Plant South Barwon director Chari Emirzade handled the campaign to sell the 1778sq m property, which started with a new price guide, but also a tweaked sale strategy to widen the potential buyer pool. A General Residential Zone Schedule 4 zoning is designed for increased housing diversity, but the site could also be suitable for other commercial uses. 'We sat down and had a look at why the property hasn't sold and what kind of buyers they were trying to get,' Mr Emirzade said. 'I think the missing puzzle piece was not mentioning the zoning. We came up with a different way to showcase the design and what they can do to add more value to the property in different ways. 'It's suitable for a kindergarten, it's suitable for a drive-through business. You can use multiple purposes.'
Sydney Morning Herald
05-05-2025
- Politics
- Sydney Morning Herald
Deputy PM's son lands election night knockout blow
Deputy PM Richard Marles found his attention divided on Saturday night. That's because there was a co-main event taking place in Logan City, Greater Brisbane: his 29-year-old son, Sam Marles, was the star of the Eternal 95 Mixed Martial Arts fight. We were going to make analogies about the brutalities of political bloodsport on election night but thought that a little too obvious, even for us. The clash of events required some deft multimedia handling by Marles on perhaps the most politically important night of his career, but you can't be member for Corio, deputy prime minister and minister of defence as well as being dad to four kids without mastering the juggle. Marles expected the fight in the welterweight division about 10.30pm, so he joked with Prime Minister Anthony Albanese during the week that Labor had to claim victory well before then. But the fight was shifted earlier and took place as media outlets were calling victory for Labor. Marles scrambled to get the fight up on his iPad, and Labor supporters in the room took his subsequent whooping as evidence that Labor had just won an avalanche of seats when, in fact, Marles was cheering on his son. And what a fight it turned out to be, said Eternal MMA chief executive Cam O'Neill, who praised young Marles as 'the kind of athlete every promoter wants on their card – tough, skilled and composed under pressure'. 'It was a knockout night for the Marles family – Sam in the cage, and Richard at the polls,' he said. Marles told CBD: 'There were a couple of events taking place on Saturday night: the election, the Cats' triumphant win over Collingwood and Sam's massive win in Logan. 'He knocked him out in the third round – it was the biggest fight of his career and I know how hard he had worked for it, and so as a dad I couldn't have been happier for him about what he achieved on Saturday night.'
The Age
05-05-2025
- Politics
- The Age
Deputy PM's son lands election night knockout blow
Deputy PM Richard Marles found his attention divided on Saturday night. That's because there was a co-main event taking place in Logan City, Greater Brisbane: his 29-year-old son, Sam Marles, was the star of the Eternal 95 Mixed Martial Arts fight. We were going to make analogies about the brutalities of political bloodsport on election night but thought that a little too obvious, even for us. The clash of events required some deft multimedia handling by Marles on perhaps the most politically important night of his career, but you can't be member for Corio, deputy prime minister and minister of defence as well as being dad to four kids without mastering the juggle. Marles expected the fight in the welterweight division about 10.30pm, so he joked with Prime Minister Anthony Albanese during the week that Labor had to claim victory well before then. But the fight was shifted earlier and took place as media outlets were calling victory for Labor. Marles scrambled to get the fight up on his iPad, and Labor supporters in the room took his subsequent whooping as evidence that Labor had just won an avalanche of seats when, in fact, Marles was cheering on his son. And what a fight it turned out to be, said Eternal MMA chief executive Cam O'Neill, who praised young Marles as 'the kind of athlete every promoter wants on their card – tough, skilled and composed under pressure'. 'It was a knockout night for the Marles family – Sam in the cage, and Richard at the polls,' he said. Marles told CBD: 'There were a couple of events taking place on Saturday night: the election, the Cats' triumphant win over Collingwood and Sam's massive win in Logan. 'He knocked him out in the third round – it was the biggest fight of his career and I know how hard he had worked for it, and so as a dad I couldn't have been happier for him about what he achieved on Saturday night.'
