Fears of job losses at Fletcher Building shakeup

The construction industry is facing a major shakeup following Fletcher Building's shock loss announcement yesterday. The company has racked up close to $1 billion of losses in the past 18 months. The company's having to talk to its banks about new lending conditions after it breached its agreements. Yesterday its shares fell sharply on opening ending up down 10 percent at the end of trading. Faced with massive losses Fletcher Building will focus solely on completing the 16 large projects still on its books. It says it has given up on any new big projects because the financial risks are too high. RNZ's Conan Young reports on what it could mean for those working in the sector.