BOGOTA: Colombian President Gustavo Petro signed into law on Wednesday a controversial labour overhaul with the potential to profoundly shift the balance of power from employers to workers, a key victory for the left-wing leader even as Congress compelled him to scale back his more radical ambitions. The enactment of the law marks a milestone for a president who has struggled to deliver on his promises to reduce inequality in one of the region's most unequal nations. But it's faced opposition from business leaders and Colombian government bonds have suffered as markets worry about the fiscal and economic effects. The law increases overtime pay for salaried workers and limits the use of short-term contract workers, while requiring companies to provide medical coverage and social security for gig workers like food delivery drivers. It also promises student interns proper contracts and benefits like vacation time and severance pay. Many of Petro's efforts to vastly expand social programs have stalled in Congress, with lawmakers shooting down this labour law twice. Lawmakers let the legislation squeak by last week after Petro's moved to call a public referendum. Petro signs the law at the home of Simon Bolivar Petro signed the legislation at the historic home of 19th-century war hero Simon Bolivar, who led South America's fight against imperial Spain. He posted on social media platform X: "I sign the labour reform into law before Bolivar and the working people." "We must...

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