Deliveroo boss Will Shu gives himself 22.5% rise amid battle over riders’ pay

  • Will Shu, the boss of Deliveroo, handed himself a 22.5% pay rise last year at the same time as the company spent more than £1.5m on legal fees, partly because of the food delivery firm’s battle over pay and conditions for its thousands of couriers.
  • Shu, a former investment banker who set up Deliveroo from his London flat in 2013, increased his salary to £124,999 and handed out close to £4.5m in share bonuses to directors and hundreds of other head office staff, despite a 300%-plus widening in losses.
  • The pay rise also comes as the Central Arbitration Committee investigates whether Deliveroo’s drivers are independent contractors, as the company argues, or whether they should be classified as workers with rights to holiday pay, the national minimum wage and collective bargaining via a union.
  • Deliveroo’s revenues soared sevenfold to £128.6m in the year to 31 December 2016 as it expanded operations in the UK and overseas to 25,000 restaurants in more than 140 cities and 12 countries.
  • Deliveroo’s cash resources stood at nearly £180m at the end of last year after the company raised £209m in new funding from the issue of shares.

Will Shu hikes salary to £125,000 a year as dispute over workers’ status continues and losses mount at the food delivery company
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Bitcoin’s explosive gains could spell good news for stocks

#Bitcoin's explosive gains could spell good news for stocks

  • REUTERS/Lucas Jackson

    Bitcoin is trading at a record high on Monday, up 3.92% at $3,356 a coin.

  • These kinds of astronomical gains in bitcoin, it turns out, are correlated with a strong showing by stocks too, according to Nautilus Investment Research.
  • To be more specific, the firm says that of the 18 previous instances when bitcoin returned at least 30% in a month, the S&P 500 was higher 15 times two months later and 17 times three months out, averaging gains of 3.61% and 4.66%, respectively.
  • Nautilus doesn’t offer a reason, but it does note that it could just be that bitcoin is a “barometer for animal spirits in the markets.”
  • In other words, when traders are going nuts about a highly-speculative investment like bitcoin, that same risk-loving attitude might turn up among the folks who trade stocks.

Bitcoin is trading at a record high on Monday, up 3.92% at $3,356 a coin. It has gained…
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Ariana Grande made an honorary citizen of Manchester

  • Image copyright
    Dave Hogan for One Love Manchest

    Image caption

    Grande organised and performed at the One Love Manchester concert in June

    Ariana Grande is being made an honorary citizen of Manchester as a thank you from the city for the way she responded to the arena attack in May.The city council passed the motion unanimously at a special meeting.The singer was praised for returning to stage the One Love Manchester concert less than two weeks after the attack on her arena gig, which killed 22 people.Manchester City Council leader Sir Richard Leese said it would have been understandable if she hadn’t returned.

  • “In doing so, she brought comfort to thousands, she raised millions for the We Love Manchester Emergency Fund and became the first patron of that fund.
  • “And that’s why I propose that Ariana Grande is made the first honorary citizen of the city of Manchester.
  • “There are currently no plans for a ceremony to award Grande her citizenship in person.Sir Richard Leese also hailed those who helped in the aftermath for showing the “spirit of Manchester… of strength and defiance”.
  • Anne Marie McNally from Prestatyn, Denbighshire, who was at the Manchester Arena concert, told the BBC’s Victoria Derbyshire programme that the council should prioritise official recognition for the emergency services and members of the public who helped on the night.

Manchester honours the the singer to say thanks for the way she responded to the arena attack.
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