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(file photo) Photo: RNZ Pacific / Lydia Lewis Redacted receivers' report raises serious concerns about Du Val Group Irregular accounting, questionable asset values need further investigation Level of concerns about financial management of group warranted statutory management Receivers for the collapsed Du Val property group have highlighted irregular accounting, questioned valuations of assets, and related party transactions which led to the group being placed into statutory management last month. A redacted initial report from the receivers of accounting firm PwC last month has just been released on High Court orders and it said further investigations were needed into various aspect of the Du Val group's property and investment businesses. "There is evidence of irregular accountin...

Chinese restaurants in Auckland appear to be embroiled in a cut-throat price war in a desperate bid to attract customers. Since August, set meals in the city that comprise meat, vegetables, rice and unlimited helpings of soup have been available at several establishments for less than $10. Restaurant owners say the heavily discounted meals are necessary to combat reduced consumer spending. However, industry observers have expressed concern the strategy could push small businesses to the brink of closure. Yongli Noodle on Auckland's North Shore introduced a Chinese-style bento meal worth $9.90 on 7 August that has attracted a steady stream of customers. Owner Victor Hou says the price-cutting strategy is a last-ditch attempt to keep his business afloat. Hou says his restaurant lost hundreds...

The Commerce Commission's changes require providers to produce standard coverage maps so consumers can compare options. Photo: 123RF Mobile network operators will be required to make it easier for consumers to compare coverage between providers, and to exit without penalty if they run into problems. The Commerce Commission's changes require providers to produce standard coverage maps so consumers can compare options, which must be easy to find on their websites. The maps must be accessible within two clicks from the providers home page. Telecommunications commissioner Tristan Gilbertson said too many consumers were not getting the coverage they expected. Mobile network operators were expected to work together to standardise their maps within 12 months, with regular progress reports. The...

Celery prices are down, which is hurting growers. Photo: Adreas Fischer / 123rf Some established celery growers say their future in the sector is uncertain after nearly a year of being paid below the cost of production. Stats NZ figures show celery prices for July were down 56 percent on the same time last year. While low prices are great for the consumer, growers said they will push them out of business or force them to downsize. Auckland region growers who have all been in business more than 50 years, said they appreciate the ebb and flow of supply and demand, but said something more is happening to market dynamics. They believe a newer entrant is trying to squeeze them out, and for over ten months they have been forced to sell their celery at a big loss. The growers said they have no...