WELLINGTON, NEW ZEALAND // Thousands of panicked South Pacific islanders raced away from the coastline after three strong earthquakes rocked the region and generated a small tsunami today, just over a week after a massive wave killed 178 people in the Samoas and Tonga.
There were no immediate reports of damage, and all tsunami warnings and watches were soon cancelled. But people across the South Pacific took no chances, scrambling up hillsides and manoeuvring through traffic-clogged streets to reach higher ground.
"There is panic here, too," Chris McKee, assistant director of the Geophysical Observatory in the Papua New Guinea capital, Port Moresby, said.
"Offices have closed. People have rushed out onto the streets and are climbing hills. A lot of places have shut down ... We tried to put the dampeners on it, but it was already out of hand."
The Hawaii-based Pacific Tsunami Warning Center issued a regional tsunami warning for 11 nations and territories after a quake with a magnitude of 7.8 struck 294 kilometres north-west of the Vanuatu island of Santo at a depth of 35 kilometres.
Two other quakes of magnitude 7.7 and 7.3 followed in the same area. The centre cancelled the tsunami warnings after sea-level readings indicated that the wave generated by the quakes was too small to cause much damage. There were no immediate reports of injury or damage from officials in Vanuatu, a chain of 83 islands.
It lies about 2,200 kilometres north-east of Sydney, Australia.
"We felt the quake - it shook the ground, but not very strongly," said a police officer in the town of Luganville on the island of Santo, the Vanuatu island nearest to the quakes' epicentre.
"We haven't received any reports of damage or injuries from the quakes or tsunami," he said, adding they were still waiting for reports from other small islands nearby.
*AP
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
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The Disaster Artist
Director: James Franco
Starring: James Franco, Dave Franco, Seth Rogan
Four stars