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Almost 80 percent of construction companies reported vacancies in 2016, with 58 percent of those saying jobs were hard to fill, according to new data from Statistics New Zealand. Labor pains are already weighing on markets. The country's biggest builder now expects full-year operating earnings of between NZ$610 million and NZ$650 million ($427.42 million and $455.45 million), versus a NZ$720 million to NZ$740 million ($504.5 million and $518.51 million) range forecast just a month ago. Chief Executive Mark Adamson cited spiraling wages and labor-related project delays for the downgrade. "It's the tightness of the market, the availability of subcontractors, and subcontractors obviously pricing to economics 101," he told investors on a conference call. And while the RBNZ stood pat Thursday, citing "extensive geo-political uncertainty," the longer-term outlook is positive, supported in large part by construction. The building boom is a decade in the making, as infrastructure spending increases and house prices climb. "Residential construction is obviously booming," Guy Davidson, director of construction specialists Cobalt Recruitment, told CNBC. "There's a shortfall of about 30,000 to 40,000 homes in Auckland currently and more around New Zealand generally." "Non-residential construction is absolutely booming as well the sector is actually doing precisely double today than it was back in 2011." In 2011, an earthquake killed 185 and leveled large parts of the southern city of Christchurch. Damage to homes and infrastructure was also extensive after a magnitude 7.8 earthquake hit the Kaikoura area last November. And as the rebuilding kicks into high gear, the construction industry is at capacity.
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The first-up Pune win was no more important than the long-haul Ranchi draw. But three favourable results were needed out of four, and twice the third was there but for two bad hours to wash it away. Twice Australia returned from lunch for a session that began with a fresh new second innings and ended in a soiled tea-time mess: 101-6 in Bengaluru chasing 188 and 92-5 in Dharamsala trying to set a lead. In hindsight Pune was always likely to prove anomalous, as Virat Kohli insisted. Huge margins often dont reflect the overall quality of the teams, but rather match situations where one has crashed out of the contest early. But halfway through Bengaluru the Australians were carrying the same momentum, first with Nathan Lyons extraordinary 8-50, then more solid batting for an 87-run lead on another difficult track. It was down to Indias bloody-mindedness that they found a way back, at the tail-end of their 13-Test season. Ajinkya Rahane and Cheteshwar Pujara set the example and created the half chance, Ravichandran Ashwin took it. Indias lead spinner was so cooked by the fourth Test that the meat was falling off the bones: whenever the ball passed him in the field he preferred to act as a sort of jogging escort to the boundary rope. His Bengaluru effort, though, gave his team the chance to make a grander scale of save.