September 3, 2010 - 1:34PM
AAP
The bodies of the four victims of this week's plane crash in
The bodies of the three Australians and one New Zealander will be flown to
The New Zealander's body was expected to be repatriated home from
September 3, 2010 - 1:34PM
AAP
The bodies of the four victims of this week's plane crash in
The bodies of the three Australians and one New Zealander will be flown to
The New Zealander's body was expected to be repatriated home from
CIVIL Aviation Minister Benjamin Poponawa has promised a full and thorough investigation into the air crash in Misima, Milne Bay, that killed four people, The National reports.
He said the Accident Investigation Commission (AIC), under its chief executive officer David Inau, would conduct a thorough and independent investigation in accordance with international civil aviation rules with the help of Australian experts.
“The AIC has invited the technical assistance of CASA PNG, the operator, the Australian Transport Safety Bureau and other independent agencies.
“Onsite component of the investigation will continue for several days and an airspace restriction remains over the crash site.
“It is expected that an interim factual report will be released within 28 days,” Poponawa said in a statement.
He confirmed that Darren Moore, a flying operations inspector with the Civil Aviation Safety Authority, was killed in the crash.
He expressed condolences to the family and friends of those killed.
Poponawa said Trans Air (PNG) had no connection to Transair (
“The links to the Transair (
“The investigation and inquiries into the Lockhart river accident, including the
He said Trans Air (PNG) had an existing air operator certificate (AOC) since 1998, prior to the Lockhart river accident.
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| Darren Moore and Munchkin, his pet cuscus who lived with him in Port Moresby |
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| The first time Moore came to PNG was to deliver an old C-172 for a bloke who gave him some bad information about weather and radio communications. Everyone saw the funny side of that - ultimately. |
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| Darren Moore in the cockpit of a plane |
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.
| Moasing Nalu with a baby whilst a nurse at Buangi hospital, Finschhafen |