P&O Ferries started its day on Thursday by issuing an ominous notice that services were being halted ahead of a major announcement.

The fleet, purchased by Dubai logistics giant DP World in 2019, was called back to port and crew told no more than to offload passengers and cargo.

The news was then delivered in pre-recorded message with the tone and compassion of a disembarkation announcement.

Some 800 staff, many who had worked for the firm for decades, would lose their jobs, with virtually no notice.

Agency workers were said to have been waiting dockside to board the vacant vessels.

The Herald:

There was what was described by some as the usual feigned Cabinet anger over what was a fait accompli that was known about by the UK Government a day before the workers were told.

First Minister Nicola Sturgeon said she “made clear my utter disgust at this appalling treatment of its workers” in conversation with its chief executive.

In the United Kingdom there is employment law related to the consultation required prior to making large groups of workers redundant.

It dictates that a consultation must start at least 45 days before any dismissals in cases of groups of employees over 100 in number.

The Herald: Demonstrations were held around the country. Getty Images. Demonstrations were held around the country. Getty Images.

Prime Minister Boris Johnson’s administration rejected the chance to curb flagrant disregard of some aspects of employment law by blocking new legislation on fire and re-hire, opting instead to rely on guidance.

It was reported the crews contracts may have originated in Jersey, and that unions believe this may have had an impact.

It was also reported Downing Street was “looking closely” at whether rules were broken.

“In its current state, P&O Ferries is not a viable business,” P&O said in a statement in which it also pointed to a £100 million loss year on year, covered by DP World, which operates about 70 ports, but, it added: “This is not sustainable.

“Our survival is dependent on making swift and significant changes now. Without these changes there is no future for P&O Ferries.”

As Russia’s invasion of Ukraine upended markets and fanned the flames of inflation, Kristy Dorsey spoke to experts on their strategies for navigating financial markets in a two-part special this week.

In part one people were urged to avoid potentially damaging knee-jerk reactions as global stock markets plunged in the ensuing days, with London suffering its biggest weekly loss since the start of the pandemic.

The spotlight then turned to how markets were bearing up three weeks in. "Because Russia and Ukraine are also major exporters of many other commodities ranging from wheat and sunflower oil to neon gas and palladium, their prices have been soaring as well.”

The Tories look hell-bent on making another major policy error, business editor Ian McConnell writes in his Called to Account column this week. A national insurance hike was dressed up by Mr Johnson as a “health and social care levy” when it has been clear from the outset that it is a huge tax hike, plain and simple.

A North Sea gas field start-up was welcomed amid fall-out from war in Ukraine, business correspondent Mark Williamson says, with production starting at the landmark development that won backing from US billionaire Warren Buffet.

An unexpected development in the Stagecoach takeover story emerged that could spell good news for Scotland as well as shareholders in the transport giant, opines deputy business Scott Wright.