Tough times for one of New Zealand's largest listed construction companies.

Fletcher Building's annual net profit fell 46 percent to $235 million, according to a statement released to the NZX today.

CEO Ross Taylor says the extra costs incurred by the troubled international convention centre in Auckland are causing the company some grief.

"We're committed to getting the convention centre delivered and open, it'll be a world-class facility. But it's fair to say it's causing us some grief on the way through."

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Tough times for one of New Zealand's largest listed construction companies.
Fletcher Building's annual net profit fell 46 percent to $235 million, according to a statement released to the NZX today.
CEO Ross Taylor says the extra costs incurred by the troubled international convention centre in Auckland are causing the company some grief.
"We're committed to getting the convention centre delivered and open, it'll be a world-class facility. But it's fair to say it's causing us some grief on the way through."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Ross Taylor: Fletcher Building Chief Executive on Fletcher net profit dropping 46 percent after convention centre costs escalate

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years.

The cash rate has been raised to 2.5 percent.

Governor Anna Breman says inflation's been eating up household budgets.

She says getting inflation back down helps everyone.

"It will actually make sure that households get their purchasing power back, they can spend more, they can get more demand, and we will see better growth and employment coming back." 

LISTEN ABOVE

The Reserve Bank Governor says Kiwis will ultimately benefit from today's OCR hike - the first in more than three years.
The cash rate has been raised to 2.5 percent.
Governor Anna Breman says inflation's been eating up household budgets.
She says getting inflation back down helps everyone.
"It will actually make sure that households get their purchasing power back, they can spend more, they can get more demand, and we will see better growth and employment coming back."&nbsp;
LISTEN ABOVE

Anna Breman: Reserve Bank Governor explains why OCR increase was necessary

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/0bfeeb8c-41f3-4629-a764-b481005c0a38/transcript

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy.

The central bank raised the cash rate to 2.5 percent - the first hike in more than three years.

Some economists thought inflation could surge as high as 4.8 percent this quarter.

Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so this was the right move.

LISTEN ABOVE

The Reserve Bank moved to increase the OCR, prompting concern from some over what it could mean for the economy.
The central bank raised the cash rate to 2.5 percent - the first hike in more than three years.
Some economists thought inflation could surge as high as 4.8 percent this quarter.
Newstalk ZB senior political correspondent Barry Soper says inflation needs to be brought under control - so this was the right move.
LISTEN ABOVE

Barry Soper: Newstalk ZB senior political correspondent on the Reserve Bank moving to increase the OCR for the first time in three years

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/491172ac-08aa-4069-ac1c-b481005a9eab/transcript

Hostilities have ignited again between Iran and the US, undermining the fragile memorandum of understanding. 

US Central Command claims it's bombed more than 80 Iranian targets - the vast majority being small boats in the Strait of Hormuz. 

It says this is retaliation for Iran attacking three commercial vessels in the waterway.

Middle East correspondent Gordon Robison says it's not clear why the ships were hit - but there's been a noticeable back and forth between both nations, leaving the ceasefire on 'life support'.

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Hostilities have ignited again between Iran and the US, undermining the fragile memorandum of understanding.&nbsp;
US Central Command claims it's bombed more than 80 Iranian targets - the vast majority being small boats in the Strait of Hormuz.&nbsp;
It says this is retaliation for Iran attacking three commercial vessels in the waterway.
Middle East correspondent Gordon Robison says it's not clear why the ships were hit - but there's been a noticeable back and forth between both nations, leaving the ceasefire on 'life support'.
LISTEN ABOVE

Gordon Robison: US correspondent on the US launching new strikes on Iran

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e9199fa4-d5dc-4e7f-a30a-b48100530ff3/transcript

Ross Taylor: Fletcher Building Chief Executive on Fletcher net profit dropping 46 percent after convention centre costs escalate

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