Uber, Deliveroo and other online platform companies may have to reclassify some of their workers as employees under draft European Union rules meant to boost their social rights, according to an EU document seen by Reuters. The proposal from the European Commission, the first in the world, comes as countries and courts around Europe try to address shortcomings in the gig economy, with judges in most cases backing the rights of workers to labour rights available to those working in brick-and-mortar shops. The document estimates some 15 companies and between 1.7 million to 4.1 million workers out of 28 million could be affected by the rules, which set out five criteria for determining employees.
London's bid to transform its stock market into a haven for fast-growing technology companies to compete with New York is facing obstacles as trading volumes slide and some big-ticket initial public offerings fall flat. Britain brought in new rules last week to make it more attractive for technology companies to list, tearing up the strict "one share, one vote" regulation and enabling founders to complete a premium listing - which gives access to the prestigious FTSE indices - while retaining significant control. Finance minister Rishi Sunak pledged earlier this year that the new rules would make London more competitive after Britain left the European Union and a number of companies floated on London's market in anticipation of a smoother listing process.
EUROPE MARKETS The food delivery sector was crushed again on Monday, on expectations the European Commission will mandate new rules that will see workers treated as employees rather than contractors.