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Watson sued in US$100m fraud claim by Egyptian billionaire family
Tim Hunter
Wed, 17 Sep 2025
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Whole milk powder price slips again at latest dairy auction
Global dairy prices have eased again at the latest overnight dairy auction. Key export commodity whole milk powder fell 0.8% to US$3790 per metric tonne, the second consecutive decline. Most other commodities on offer also fell, while cheddar cheese rose. The overall GDT index fell 0.8% to US$4041 per metric tonne. Last month, dairy giant Fonterra raised the 2024/25 season forecast Farmgate Milk Price from $10 per kg of milk solids to $10.15 per kgMS. Fonterra will confirm the final price next week. The co-op also retained the $10 per kgMS forecast for the current 2025/26 season, while cautioning it was still early in the new season and there were volatility risks.
Craigs acquires Hawke's Bay wealth management firm
Craigs Investment Partners will increase to 10 investment advisers across two offices in Hawke's Bay, following the acquisition of wealth management firm Somerset Smith Partners for an undisclosed sum.
The deal grows Craigs' advisory network to more than 200 investment advisers across 21 offices, with more than $35 billion in funds under management.
Craigs chief executive Simon Tong said the acquisition was an important step in the firm's growths ambitions.
“The acquisition aligns with Craigs’ growth strategy and strengthens our position as an independent and nationwide leader in personalised wealth management services. Somerset Smith is a great example of New Zealand’s many reputable, regional firms that have built enduring client relationships over time."
Somerset Smith partner Andrew Pearson, meanwhile, said: "We are confident that Somerset Smith’s clients and investment advisers will enjoy a bright future with Craigs.”
Pessimistic consumers remain wary to spend: Westpac
Consumers remain overly pessimistic about the economy amid ongoing price pressures at the supermarket and rising unemployment.
The latest Westpac-McDermott Miller Consumer Confidence Index eased 0.3 points to 90.9 in the September quarter, largely unchanged from the June quarter. A reading below 100 indicates that pessimists outnumber optimists.
The survey suggests households are still doing it tough despite ongoing cuts to the official cash rate. Last month, economists suggested an OCR low of 2.5% by Christmas to support the economic recovery. Yesterday, Statistics NZ data also showed ongoing price pressures, especially for dairy products.
Westpac senior economist Satish Ranchhod said it could take time for OCR cuts to flow through to households.
“For now, households are still seeing their spending power squeezed by continued increases in living costs. At the same time, the labour market has been softening, and house price growth remains subdued."
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