Waiver for drivers extended in Pa.
Gov. Tom Corbett authorized the Pennsylvania Department of Transportation to extend a temporary waiver that allows commercial drivers delivering heating oil and propane gas to drive longer than normally permitted.
Usually, drivers must take a mandatory rest period after 11 hours on the road. But under the waiver, commercial transporters can now drive for up to 14 hours until Feb. 11 or until emergency conditions end.
Central banks in emerging markets take action
After a bout of market turmoil that’s weighed on their currencies, central banks in emerging economies are moving fast to contain the damage.
Late Tuesday, Turkey’s central bank raised its key interest rate to 12 percent from 7.75 percent to try to stave off inflation and support the national currency, which has fallen sharply in recent weeks.
The decision was taken at an emergency meeting the central bank called for after the currency, the lira, hit a record low.
The People’s Bank of China on Tuesday injected more money into the country’s financial markets to ease strained credit conditions. India’s central bank unexpectedly raised interest rates to prop up its ailing currency.
Much of the turmoil in global financial markets over the past week has been due to developments in emerging economies.
However, there are broader worries that emerging markets, which have been some of the fastest-growing in recent years, are particularly vulnerable at the moment.
Among the key risks are China’s economic slowdown and the U.S. Federal Reserve’s decision to scale back on its monetary stimulus.