Diversified managed fund for workers

By REG RENAGI

 

As apart from the traditional pension or superannuation funds in Papua New Guinea, , the government needs to make it a big part of its financial market reforms to also establish other diversified types of ‘managed funds’ with specific benefits products to cater for the overall needs of the majority of income-earners in the country. 

The public needs other alternative investment choices other than just putting their hard-earned savings in the banks and only getting a pittance for it.

While most super funds have grown over the years due to membership increases, fundamentally they have not changed much since being established.

 New managed funds are needed for future investments by the public and should be creatively designed so that the fund benefits also extend not only to members, but also to their spouses, children and immediate families.

The super funds in PNG so far are set up fundamentally for single purposes to generally provide for future needs.

 They are a single old savings scheme to give workers some security at retirement and in their old-age. 

Simply, they are life-long financial plans – an investment vehicle of member’s personal financial planning.

 All in all, they provide a great advantage to the average worker who might otherwise not have the means available for a planned retirement.

The government when designing future managed funds must be careful to ensure inbuilt hedging mechanisms are in place to safeguard against two factors: inflation and increasing life-expectancy. 

For the benefit of citizens, the government will need to introduce other suitable managed funds for all categories of workers and their families to enjoy new fund benefits as:

 

·        Home savings to buy a home;

 

·         Medical bills;

 

·         Children’s tertiary education;

 

·         Invest in shares; and

 

·         Premium for personal and home insurance.

 

The country’s new fund’s products must also cover a wide range of financial instruments from property, insurance to stocks (shares) and unit trusts. 

So upon retirement, workers have a sizeable ‘nest-egg’ to see them through in retirement years. 

What’s more, it must also be made a future government policy to encourage all citizens the importance of long-term financial planning.

 Hence, the future challenge now is for both the government and managed funds trustees to continue introducing innovative, yet conservative savings and investment strategies of allowing its national workforce in all categories to intelligently use their managed funds in meeting their future expectations.

You are always on our minds

Moasing Nalu with a baby whilst a nurse at Buangi hospital, Finschhafen

In loving memory of Mrs Moasing Nalu August 18, 1938 – September 2, 2009

In loving memory of Mrs Moasing Nalu, who passed away at Angau Memorial Hospital in Lae on Wednesday, September 2, 2009, at 10.15am.
Aged 72, she is survived by her children Alison, David, Malum, Lepung and Anna Nalu as well as 14 grand children.
My mum was a committed Christian until the day she died, and worked with my father, the late Mathias Nalu, all over the country in the colonial pre-independence days.

Papua New Guinea losing "millions" from Japanese tourism market

THE Tourism Promotion Authority says Papua New Guinea is currently losing millions in tourism dollars from the Japanese market and all relevant government agencies must quickly work together to address the problem.

PNG TPA chief executive officer Peter Vincent said major tour operators across the country were experiencing large booking cancellations by Japanese tourists following a Level 2 Travel Alert issued by the Japanese government for the interest and safety of its citizens.

The Level 2 Travel Alert prevents group travels by Japanese tourists to PNG however individuals can travel here but “at their own risk”.

Vincent said the Level 2 Travel Alert was issued in August following major security breaches at the Jacksons Airport including the killing of a local businessman and the exchange of gunfire between a disgruntled resource landowner and police.

He said while these incidents may be localised in nature, however, given the existing negative image perception of PNG abroad, that in the overall scheme of things, they caused more damage than good for PNG’s standing overseas.  

He said many PNG tourism operators have expressed their concern to the TPA that they were losing business in the millions because of booking cancellations by Japanese agents and tourists.

“This has now become a government-to-government matter which needs to be addressed immediately to safeguard our growing tourism industry and particularly our local tourism operators,” he added.

Vincent said the Japanese Government was adamant that it would not relax the travel alerts unless it was convinced that the safety of its citizens was guaranteed particularly at Jacksons Airport which is the gateway to PNG.

Vincent said while TPA was already working with police and other relevant government agencies including Civil Aviation and Air Niugini to address the issue, the national government needed to be more proactive in its approach as such incidents can also impact on Air Niugini’s second weekly flight to Tokyo and the billion kina LNG project.

He said as a nation, our people also seriously needed to do away with their attitude problems which gave rise to such issues and they must take responsibility and ownership in the progress and development of this country.

Papua New Guinea losing "millions" from Japanese tourism market

THE Tourism Promotion Authority says Papua New Guinea is currently losing millions in tourism dollars from the Japanese market and all relevant government agencies must quickly work together to address the problem.

PNG TPA chief executive officer Peter Vincent said major tour operators across the country were experiencing large booking cancellations by Japanese tourists following a Level 2 Travel Alert issued by the Japanese government for the interest and safety of its citizens.

The Level 2 Travel Alert prevents group travels by Japanese tourists to PNG however individuals can travel here but “at their own risk”.

Vincent said the Level 2 Travel Alert was issued in August following major security breaches at the Jacksons Airport including the killing of a local businessman and the exchange of gunfire between a disgruntled resource landowner and police.

He said while these incidents may be localised in nature, however, given the existing negative image perception of PNG abroad, that in the overall scheme of things, they caused more damage than good for PNG’s standing overseas.  

He said many PNG tourism operators have expressed their concern to the TPA that they were losing business in the millions because of booking cancellations by Japanese agents and tourists.

“This has now become a government-to-government matter which needs to be addressed immediately to safeguard our growing tourism industry and particularly our local tourism operators,” he added.

Vincent said the Japanese Government was adamant that it would not relax the travel alerts unless it was convinced that the safety of its citizens was guaranteed particularly at Jacksons Airport which is the gateway to PNG.

Vincent said while TPA was already working with police and other relevant government agencies including Civil Aviation and Air Niugini to address the issue, the national government needed to be more proactive in its approach as such incidents can also impact on Air Niugini’s second weekly flight to Tokyo and the billion kina LNG project.

He said as a nation, our people also seriously needed to do away with their attitude problems which gave rise to such issues and they must take responsibility and ownership in the progress and development of this country.

 

Probe starts into air crash

Among 3 Aussies and Kiwi killed was Trans Air co-owner

By STEPHANIE ELIZAH

Villagers and curious onlookers, Australian air safety officials and CASA and Accident Investigation Commission investigators at the scene of the crash on Misima Island, Milne Bay, inspecting the remains of the Cessna  Citation yesterday. – Picture by SINEWATA ISHMAEL

AMONG those killed in the plane crash on Misima in Milne Bay was Les Wright, the co-owner of Trans Air, which ran the charter, The National reports.

Wright, 59, was from Queensland, Australia.

The others were identified as Chris Hart, 61, from Sydney, and Darren Moore, 44, from Leonora in Western Australia, who was a civil aviation flight operations inspector.

The name of the fourth victim, an employee of medivac company International SOS, a New Zealander, was not released.

The survivor, another New Zealander who is a permanent resident of Australia, arrived in Port Moresby yesterday afternoon on a chartered flight from Misima Island.

The unnamed 25-year-old co-pilot of the doomed Cessna Citation was immediately whisked onto another plane and flown to Australia for medical treatment for “heavy bruising”.

Trans Air (PNG), a charter and medivac operator, is linked to the now-defunct Australian airline Transair, which went into liquidation after a 2005 crash at Lockhart River in north Queensland, killing 15 people.

Investigations have begun into the crash, which occurred on Tuesday afternoon.

The bodies of the four are at the morgue at Misima Hospital and would be flown to Port Moresby today.

Around 4pm yesterday, a chartered Airlines PNG Twin Otter arrived in Port Moresby with the injured co-pilot, heavily sedated.

Local and international media were locked out of the Trans Air hangar at the airport by security guards.

Accident Investigation Commission (AIC) chief executive officer David Inau confirmed “that a Cessna Citation jet ran off the end of the runway on landing”.

Inau gave no further details, only stating that  “until all findings have been gathered and finalised, then a formal statement will be made”.

Civil Aviation Safety Authority and AIC investigators were accompanied by Australian officials to the crash site yesterday.

They would try and establish the cause

of the accident.

Australian leaders, including prime minister Julia Gillard and foreign affairs and trade minister Stephen Smith, yesterday expressed sorrow at the loss of their citizens’ lives.

“On behalf of the government, I offer my condolences to the families of the three Australians that will be grieving the loss of a loved one today,” Gillard told reporters in Australia yesterday.

“I also offer our condolences to the New Zealand family that has lost a loved one.

“And, I wish a speedy recovery and a return to good health to the New Zealand citizen, Australian resident who has been injured.”

Smith said the tragedy came just weeks after the first anniversary of the Kokoda plane crash in which nine Australians died.

“This will be a very sad reminder to nine Australian families,” Smith said.

“It follows on very closely from the first anniversary of the Kokoda air crash, so this will be painful not just for the families of the five involved but a painful reminder of the Kokoda air crash.”

Smith confirmed that the plane was chartered by Trans Air and one of those killed was employed by the company but he would not say whether it was its owner Wright.

However, an industry source told AAP: “Les Wright from Trans Air was on board and died.”

The foreign minister said he had spoken to the Australian acting high commissioner in PNG and was told “everything that Australian officials can do is being done both on the ground in Misima and Port Moresby”.

Smith said the Australian Transport Safety Bureau had offered assistance in any formal investigation into the cause of the crash.

“We regrettably have a lot of experience with plane crashes in PNG and we have in the past, and I expect on this occasion, will work closely and successfully with PNG officials,” he said.

Tribute to a 'supreme pro'

A MARITIME pilot who died in the Misima plane crash has been praised as a “supreme professional” and mentor, The National reports.

Father-of-three Chris Hart was a passenger on board a Trans Air plane which slid off the runway on Misima Island and burst into flames on Tuesday afternoon.

The 61-year-old Sydney man was on his way to guide a ship from Misima, about 500km southeast of Port Moresby, through the Great Barrier Reef.

Two other Australians – one believed to be Trans Air owner Les Wright and the other a worker for medivac company International SOS – and a New Zealander also died.

Don Mclay, from Australian Reef Pilots, told reporters in Australia Hart was a “supreme professional” and mentor for younger boat pilots.

The former British navy submariner worked for cruise ship firm P&O, where he met his wife Hilary.

After a secondment to the Maritime Services Board in Sydney, Hart joined Howard Smith and returned to sea in the firm’s merchant shipping division.

He became a coastal pilot with Australian Reef Pilots in 1997.

Mclay said Hart took great pride in his two daughters and son.

“While his duties meant he was frequently away from home, he made sure he always had quality time with them,” Mclay said.

“We have lost a respected friend and colleague.

“We will always remember Chris’ quirky sense of humour, his passion as a chef and his insatiable love for country and western music.”

 

Four Australians killed in air crash

By STEPHANIE ELIZAH and WALLACE KIALA

 

FOUR expatriates were killed in a plane crash yesterday afternoon on Misima Island in Milne Bay, The National reports.

The pilot is seriously injured and has been admitted into hospital.

Reports received yesterday said a chartered Trans-Air Ltd aircraft, with five Australians, including the pilot, en route from Port Moresby to Bwagaoia, crash-landed in nearby sago palm trees as it over-shot the runway.

Misima police chief Sgt Moses Hilibobo told The National bad weather might have caused the accident as it was raining heavily around 4pm when the crash occurred.

He said technical fault had not been ruled out as eye witnesses reported seeing flames coming out from the plane as it was attempting to land.

Hilibobo, who was among the first at the scene, including emergency health personnel from the Misima District Hospital, said the aircraft had its wheels and wings ripped off when it landed.

Hilibobo said: “The passengers were badly burnt when we arrived at the scene, because the main body of the plane caught fire immediately with the passengers still trapped inside.

“The dead were taken to the morgue while the pilot was immediately treated for burns and other injuries. He was conscious when we rescued him from the swamps.

“He might have been thrown off the plane when it crashed,” Hilibobo added.

Meanwhile, Southern region police commander Chief Supt Jerry Frank said in Port Moresby last night that according to the provincial police commander’s office in Alotau, a crash investigation team would be dispatched to Misima today.

Frank said the Australians were on their way to international waters off Misima to resume duties aboard ocean liners via tugboats.

Acting director of Civil Aviation Authority Safety Wilson Segati also confirmed news of the air crash but did not give details.

Works and Transport Minister Don Polye said he was briefed about the accident and was “very sad that lives have been lost in the crash”.

“It is very distressing news.

“I am told that it is a small Cessna jet owned by Trans-Air, and was on a charter run.

“An investigation is underway and I cannot comment further until we get more details,” Polye said.

Meanwhile, Australian Reef Pilots (ARP) told AAP one of their staff members died in yesterday’s crash.

The other Australians on board were not working with ARP.

Acting chief executive officer for PNG Ports Jerome Peniasi told AAP the Australians on the plane were working with ARP near Misima Island.

“We are aware of the accident but we still do not have much information as communication has been difficult,” he said.

ARP chief executive officer Craig Southerwood issued a short statement yesterday evening.

“ARP is shocked and saddened by the loss of one of our marine pilots in a chartered plane crash in PNG this afternoon,” he said. 

“Chairman Don McLay is visiting with the family of our deceased workmate and friend to offer them the company’s sympathy and any assistance at this terrible time.

“We are all shattered by this tragedy.”

ARP provides help for vessels navigating in difficult shipping lanes and provides emergency and temporary port pilots and marine consultancy.

According to ARP’s website, the company has been involved in marine pilotage through Queensland’s shipping channels for more than 100 years.