Good morning! We are back to make you more of a Londoner. So here is a quick update on all the latest business news:

• Here comes summer, and with it the spectacle of swathes of public sector workers taking to the streets. Soaring inflation is cutting real-terms pay, say the unions, but employers claim they can’t afford any more. From PublicFinance.co.uk

• Disgraced Tory MP Derek Conway given year to repay money Derek Conway, the MP who paid his son £50,000 as a researcher while he was away at university, has been given a year to repay a quarter of the money, it has been reported. From the Telegraph.co.uk

• European Stocks, U.S. Futures Fall; Banks, Airlines Lead Drop. European stocks and U.S. index futures fell as concern deepened credit losses and the economic slowdown will hurt earnings. Most Asian shares advanced. From Bloomberg.com

• Ryanair profits plunge 85%. Shares in airlines slumped today as budget carrier Ryanair reported an 85% fall in first-quarter net profit and warned it could plunge into the red for the full year. Ryanair shares tumbled 15% to €2.74 (217p), dragging down low-cost rival EasyJet, which fell 10% to 301.75p. From Guardian.co.uk

• MPs seek windfall tax on energy profits. There is a “compelling rationale” for a windfall tax on the profits of energy companies, MPs argue in a report on Monday. They also claim businesses and households are paying excessive fuel bills because of failures in the British energy market. From FT.com

• House Prices ‘Will Soar by 25%’. House prices fell for the 10th month in a row during July – but there are claims the property market will bounce back stronger than ever. House prices fell for the 10th month in a row during July – but there are claims the property market will bounce back stronger than ever. Homes in England and Wales lost a further 1.2% of their value during the past four weeks, new figures show. From Sky News

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