You are not parsing this right. The text of the exercise uses $\delta$ implicitly; traditionally $\delta(uv)$ in the context of graph theory stands for the minimum distance metric. Since the exercise makes perfect sense assuming this definition, I will go along with it.
What the problem asks you to do, in other words, is to compute a function $\delta^*(v)$, defined on all $v \in V$ as the minimum weight $x$ such that there exists a node $u$ for which $\delta(uv) = x$.
I will outline a sketch of the solution, leaving the details to you.
First of all, observe that $\delta^*(v) \le 0$ since $\delta(vv) = 0$. Furthermore, by subadditivity of $\delta$, it is easy to verify that $\delta^*(v) \le \delta^*(w) + \delta(vw)$.
Construct the transpose graph $G^T = (V, \{(u, v) \mid (v, u) \in E\})$. Computing $\delta^*$ on $G$ is equivalent to computing $\delta^{*T}(v) = \min_{u\in V} \{ \delta(vu) \}$ on $G^T$.
First, assume that $G^T$ has no negative-weight cycles, we will deal with this case later. If there are no negative-weight cycles, the shortest paths are acyclic, therefore we can use our second observation from above to compute $\delta^{*T}$ as follows:
- For all $v \in V$ set $\delta^{*T}(v) =0$.
- For $i := 0$ to $|V|-1$ use each edge $uv \in |E|$ to "relax" $\delta^{*T}(u).$
The above procedure yields a correct result for all nodes of $G^T$ that don't reach any negative cycle. Nodes that do reach a negative cycle should be labelled by $-\infty$. We have to find all such nodes to complete our algorithm.
In order to do that,
Compute $G^{SCC}$, the graph of the strongly connected components of $G$. Each negative cycle must be entirely included in one of those components.
Run Bellman-Ford on each component to find those which contain negative cycles. Note that the total running time of this step is $O(|V||E|)$ because, assuming the $i$-th connected component has nodes $V_i$ and edges $E_i$, the inequality: $\sum |V_i||E_i| \le \sum|V_i| \sum|E_i| = |V||E|$ holds by Cauchy-Schwarz.
A node $u$ reaches $v$ in $G^T$ if and only if the equivalence class of $v$ reaches the equivalence class of $u$ in $G^{SCC}$: use a reachability algorithm to find all those nodes.
Piecing together the two parts yields a solution to the original question.