THE DAILY BRIEFING

CAR TALLY A total of 136,397 new cars rolled off British production lines last month – a 7.8pc rise on July last year, according to the Society of Motor Manufacturers and Traders.

TESCO COMPENSATION Supermarket Tesco has opened its £85m compensation scheme for shareholders affected by its misleading trading statement in August 2014, which overstated expected half-yearly profits by more than £300m.

BHP DEPARTURE A former Shell executive, Malcolm Brinded, is standing down from the board of BHP due to his ‘involvement in ongoing legal proceedings in Italy relating to his prior employment,’ BHP said yesterday.

ZINC B0OST Profit at miner

Vedanta Resources has risen to £606m, up from £411m the year before, boosted by higher zinc production, with renewed demand for the metal due to higher steel production in China.

REVENUE RISE Mining royalty fund Anglo Pacific Group saw a 295pc boost in first-half revenue, to £16.1m, up from £4.1m in 2016, boosted by higher commodity prices and the fall of the pound.

REVENUES HIT Profits have slumped 20pc at Independent

News and Media, the Irish media group whose publications include the Irish Independent and Belfast Telegraph. Profits for the six months ending June 30 fell from £17m to £13.7m, with revenues down 8pc to £136m.

SHELL START Production has started at a key Shell oil and gas project in Nigeria, which is expected to produce around 175,000 barrels of oil equivalent per day in 2019.

PROFITS WOE Profits at plastic packaging manufacturer Robinson have slumped to £2,000 for the six months to the end of June, compared with £284,000 during the same period last year, partly due to a rise in resin costs.

RENTAL RISK Landlords are switching from long-term rentals to holiday lets because of a tax squeeze, the Residential Landlords Association claims. It said there was a 75pc rise in the number of people advertising more than one property on the holiday website Airbnb in London. It said this hurt tenants by creating a shortage of properties.