Average prices of dairy products fell from a three-month high in Fonterra's latest online auction, as commodity prices and equity markets weakened on doubts about the pace of US economic growth and Greece's debt woes.

Pumpkin Patch plans to close its US stores, write-off unprofitable outlets in the UK and cut head office staff, saying there's no sign that 'challenging and volatile' markets will improve any time soon.

Financial Markets Authority chief executive Sean Hughes has taken a big knife to the former Securities Commission's staff perks.