Food delivery firm Deliveroo raises $385m for expansion

Deliveroo has been criticized by unions who say it is exploiting its staff by not offering basic protections. (Reuters)
Updated 24 September 2017

Food delivery firm Deliveroo raises $385m for expansion

LONDON: British takeaway food delivery firm Deliveroo has raised $385 million in new funding, the firm said in a statement on Sunday which set out that the money would help establish operations in new areas of the country and overseas.
The firm said the funding round brought its total valuation to more than $2 billion and would allow it to expand into new “towns, cities and countries,” enlarge its technology team, and work with restaurants to develop delivery-only kitchens.
Deliveroo operates in over 150 cities across 12 countries.
The funding is led by funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, the company said.
“We are excited to see this capital put to use to build out their Editions concept and expand their geographic footprint,” said Henry Ellenbogen, portfolio manager at T. Rowe Price New Horizons Fund.
Like taxi app Uber, which was stripped of its London operating license on Friday, Deliveroo has been criticized by unions who say it is exploiting its staff by not offering basic protections and some riders are pursuing legal action to push for workers’ rights.
Deliveroo has previously said it would give its self-employed riders insurance and sick pay if the government changed the law so it could offer some, rather than all, the entitlements enjoyed by workers.
—  REUTERS


Japanese officials cautious on prospects for US trade deal

Updated 17 September 2019

Japanese officials cautious on prospects for US trade deal

  • A long-sought trade pact with Japan was scrapped when Donald Trump withdrew the US from a pan-Pacific trade agreement shortly after taking office in 2017
  • Trump said he preferred that Washington and Tokyo strike a bilateral deal

TOKYO: Officials in Japan appeared wary over the prospects for a trade deal with the US after President Donald Trump said he was prepared to sign a pact soon.
Japan’s chief government spokesman, Yoshihide Suga, said Tuesday that the two sides are still finalizing details after reaching a basic agreement in late August on trade in farm products, digital trade and other industries.
Suga said Trump and Prime Minister Shinzo Abe are considering signing a deal in late September when they attend the UN General Assembly in New York.
“We are accelerating the work that still remains,” he said. “But I decline to comment further because we have not reached a formal agreement.”
Trump’s notice to Congress, released by the White House on Monday, did not mention tariffs on autos and parts, long a sticking point between the two countries.
It said his administration was looking forward to collaborating with lawmakers on a deal that would result in “more fair and reciprocal trade” between the two countries.
Toshimitsu Motegi, who became foreign minister last week after negotiating the deal as economy minister, said Japan must watch carefully to prevent Washington from forcing any last-minute changes, Kyodo News agency reported.
The agricultural minister, Taku Eto, cautioned against letting down Tokyo’s guard until the final agreement is reached, it said.
A long-sought trade agreement with Japan was scrapped when Trump withdrew the US from a pan-Pacific trade agreement shortly after taking office in 2017.
Japan and the other 10 remaining members of the trade pact, the Trans-Pacific Partnership, then renegotiated their own deal without the US
Trump said he preferred that Washington and Tokyo strike a bilateral deal.
That resurrected the longtime issue of tariffs on Japanese car and auto parts exports to the US and of stiffer duties on US exports of farm and other products to Japan.