NEWS BITES

Internet service provider TPG Telecom recently unveiled plans to build a new billion-dollar mobile network to compete with Telstra, Vodafone and Optus. The company plans to spend close to $600 million to roll out the network over three years and hopes to provide coverage to around 80% of the population.

Randwick City Council in Sydney’s eastern suburbs has entered into an agreement with Cbus Property to create an affordable housing precinct. “Newmarket Randwick” will include a minimum of 10 affordable apartments which will be available for rent or purchase for very low to moderate income earners. The development is expected to be completed by early 2021.

Colonial First State Asset Management has announced the launch of a new high-yield team to add to its global fixedincome business. The team of five investment professionals will manage dedicated subinvestment-grade corporate bond portfolios and will work closely with Colonial First State’s other fixed-income teams around the world.