Today in Business: October 8, 2025

Welcome to Today in Business - Powered by Spark for Business, an experimental AI podcast by the New Zealand Herald.
Each weekday, we bring you five stories, the best of the New Zealand Herald business journalism, summarised and delivered by an AI voice as an easily digestible recap.
It's Wednesday, October 8, 2025, and here are five stories you should know about.
The Reserve Bank's cut the Official Cash Rate by 50 basis points to 2.5 percent in its latest Monetary Policy Review this afternoon. The Monetary Policy Committee reached a consensus on the reduction, noting it remains open to further adjustments if needed to keep inflation near the 2 percent target. Economist Kelvin Davidson says the move is "shock treatment" to help restart the economy. ASB chief economist Nick Tuffley says inflation pressures appear weaker than expected. Following the announcement, the S&P NZX50 Index rose to 13,621, close to its all-time high.
In other news, Cooks Coffee Company's signed a partnership agreement with Tesco Ireland to open five Esquires cafes inside supermarkets by November. The dual-listed company operates 108 Esquires stores across 10 markets, mainly in Europe and the Middle East. Executive chairman Keith Jackson says the Tesco deal aligns with the company's growth strategy. Founded through a merger and holding global Esquires rights since 2013, Cooks Coffee reported revenue of $6.73 million for the year ended March 31, up 43 percent from 4.7 million. The new cafes will feature full layouts and broad food options.
Meanwhile, financial trouble's hit two major Auckland apartment projects worth a combined $435 million. Insolvency practitioners have been appointed to companies involved in the 350 million dollar Amaia development in Takapuna and the 85 million dollar Beachcroft Residences in Onehunga. Subcontractors have raised concerns about payments at Amaia, where 15 more buildings are planned. Both projects include 88 units, with Amaia designed to expand to 500 apartments. Operators are also being sought for Amaia's planned childcare centre and gym.
In dairy, the Global Dairy Trade price index fell 1.6 percent, led by declines in key products, but economists are maintaining farmgate milk price forecasts near $10 per kilogram of milksolids. Fonterra's current forecast range is $9.00 to $11.00 per kilogram. Whole milk powder dropped 2.3 percent compared to the last sale a fortnight ago. Skim milk powder was down 0.5 percent. Butter prices fell 3 percent and buttermilk powder declined 2.3 percent. Analysts attribute the softness to strong milk production during the October peak.
And at the High Court in Auckland, former Minister for Workplace Relations and Safety, Michael Wood, has described what he called "serious deficiencies" in workplace safety at the Talley's group. Wood oversaw WorkSafe's probe after TVNZ aired reports in 2021 and 2022 alleging unsafe practices and injury claim mismanagement. Talley's is suing TVNZ for defamation, claiming the stories damaged its business. Wood says he was told orally by officials that deficiencies reached the board level, though the phrase did not appear in written briefings. Talley's lawyer Brian Dickey challenged how Wood formed his assessment. The trial continues.
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