Independent News and Media is attempting to plug the €162 million hole in its pension fund that could pay out only about 15% of what pensioners need if it were wound up today.

Independent News & Media has reached a debt-for-equity agreement with its lenders, which will slash its debt by nearly €140 million.

Three well-developed bids are expected to be formally tabled for Independent News & Media’s South African assets in the first half of next month, although no sale of the business is anticipated until the new year.

AUSTRALIA’S government is reportedly considering a taxpayer levy to help pay for massive flood rebuilding, while preserving the budget’s path back to surplus in 2012-13, as one major bank warned yesterday the damage bill could reach AUD$20 billion (€14.9bn).

Melbourne: Australia & New Zealand Banking Group Ltd said it was shocked to learn that a drug trafficking ring was allegedly operating from a bank office in Melbourne, and is helping police with the investigation.

Oil prices eased below $60 (€43) a barrel today as investors awaited the latest meeting of the Opec oil-producing cartel later this week.

The last member of former Royal Bank of Scotland boss Fred Goodwin's failed top team is set to leave the group with a £517,000 (€585,529)-a-year pension.

Nick Flanagan was inspired by Tiger Woods’ sensational performance at the 1997 Masters to take up golf himself.

PADRAIG HARRINGTON is all for it; Greg Norman, Ernie Els and Colin Montgomerie are all against it.

Share prices were sharply higher in midday trade following a rebound on Wall Street overnight on speculation about the possibility of a further US Fed interest rate cut this year, dealers said.