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Money Talks from The Economist

Money talks: Goodbye Benito

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 18 July 2017

⏱️ 13 minutes

🧾️ Download transcript

Summary

Brazil’s rigid labour market regulations were transplanted wholesale from Benito Mussolini’s Italy back in 1943. Now President Michel Temer has approved  an overhaul. Will it encourage job creation? Also, an exorcist in Paris fighting “bad spirits”. And why President Trump is playing hardball in renegotiating NAFTA. Hosted by Andrew Palmer.

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Transcript

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0:00.0

Attention at all passengers. You can now book your train tickets on Uber and get 10% back in Uber credits to spend on your next train journey.

0:11.0

So no excuses not to visit your in-laws this Christmas.

0:16.5

Trains now on Uber. T's and C's apply check the Uber app. Hello, I'm Andrew Palmer, the Economist's Business Affairs Editor, and this is Money Talks.

0:29.6

Later in the programme, an Exorcist in Paris, and how the city is reported to be

0:33.8

contaminated with bad spirits. There are some who are connected to the church who

0:37.7

complained that the church has been too passive, too unwilling to get

0:41.9

involved in this that maybe the priests are not so

0:44.6

keen to do it.

0:45.9

And why President Trump is playing hardball in renegotiating NAFTA?

0:49.7

One thing that trade geeks in Washington have been really frustrated with the Trump

0:55.0

administration is that they tend to see each trade deal in isolation.

1:00.6

But to start we head to Brazil. In the litany of bosses' gripes about that country's

1:05.1

poor business climate, rigid labour laws vie for pride of place with the convoluted

1:09.5

tax and licensing rules. No wonder, Brazil ranks a miserable 117th out of 138 countries on

1:16.4

labour market efficiency according to the World Economic Forum. Its rigid labour code

1:21.0

was transplanted wholesale from Benito Mussolini's Italy back in the 1940s.

1:25.9

But things are changing and I'm joined from San Paolo by the economist Brazil correspondent Jan Pietrowski.

1:32.2

Jan President Michel Timaire, has just signed a sweeping reform into law.

1:36.0

What's he done?

1:37.0

Well, he has basically finally addressed these gripes that you just mentioned of Brazilian bosses who have for decades

1:44.8

I mean literally decades been trying to lobby for more relaxed labor rules.

1:53.0

They introduced new types of flexible working hours,

...

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