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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
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Syria to Receive Electricity-generating Ships from Qatar, Türkiye

FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo
FILE PHOTO: A view shows electricity pylons in Kiswah, Damascus suburbs, Syria September 8, 2021. REUTERS/Yamam al Shaar/File Photo

Syria will receive two electricity-generating ships from Türkiye and Qatar to boost energy supplies hit by damage to infrastructure during President Bashar al-Assad's rule, state news agency SANA quoted an official as saying on Tuesday.
Khaled Abu Dai, director general of the General Establishment for Electricity Transmission and Distribution, told SANA the ships would provide a total of 800 megawatts of electricity but did not say over what period.
"The extent of damage to the generation and transformation stations and electrical connection lines during the period of the former regime is very large, we are seeking to rehabilitate (them) in order to transmit energy,” Abu Dai said.
According to Reuters, he did not say when Syria would receive the two ships.
The United States on Monday issued a sanctions exemption for transactions with governing institutions in Syria for six months after the end of Assad's rule to try to increase the flow of humanitarian assistance.
The exemption allows some energy transactions and personal remittances to Syria until July 7. The action did not remove any sanctions.
Syria suffers from severe power shortages, with state-supplied electricity available just two or three hours a day in most areas. The caretaker government says it aims within two months to provide electricity up to eight hours a day.

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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Strengthens on Elevated US Bond Yields, Tariff Talks

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar rose for a second day on Wednesday on higher US bond yields, sending other major currencies to multi-month lows, with a report that Donald Trump was mulling emergency measures to allow for a new tariff program also lending support.

The already-firm dollar climbed higher on Wednesday after CNN reported that President-elect Trump is considering declaring a national economic emergency as legal justification for a large swath of universal tariffs on allies and adversaries.

The dollar index was last up 0.5% at 109.24, not far from the two-year peak of 109.58 it hit last week, Reuters reported.

Its gains were broad-based, with the euro down 0.43% at $1.0293 and Britain's pound under particular pressure, down 1.09% at $1.2342.

Data on Tuesday showed US job openings unexpectedly rose in November and layoffs were low, while a separate survey showed US services sector activity accelerated in December and a measure of input prices hit a two-year high - a possible inflation warning.

Bond markets reacted by sending 10-year Treasury yields up more than eight basis points on Tuesday, with the yield climbing to 4.728% on Wednesday.

"We're getting very strong US numbers... which has rates going up," said Bart Wakabayashi, Tokyo branch manager at State Street, pushing expectations of Fed rate cuts out to the northern summer or beyond.

"There's even the discussion about, will they cut, or may they even hike? The narrative has changed quite significantly."

Markets are now pricing in just 36 basis points of easing from the Fed this year, with a first cut in July.

US private payrolls data due later in the session will be eyed for further clues on the likely path of US rates.

Traders are jittery ahead of key US labor data on Friday and the inauguration of Donald Trump on Jan. 20, with his second US presidency expected to begin with a flurry of policy announcements and executive orders.

The move in the pound drew particular attention, as it came alongside a sharp sell-off in British stocks and government bonds. The 10-year gilt yield is at its highest since 2008.

Higher yields in general are more likely to lead to a stronger currency, but not in this case.

"With a non-data driven rise in yields that is not driven by any positive news - and the trigger seems to be inflation concern in the US, and Treasuries are selling off - the correlation inverts," said Francesco Pesole, currency analyst at ING.

"That doesn't happen for every currency, but the pound remains more sensitive than most other currencies to a rise in yields, likely because there's still this lack of confidence in the sustainability of budget measures."

Markets did not welcome the budget from Britain's new Labor government late last year.

Elsewhere, the yen sagged close to the 160 per dollar level that drew intervention last year, touching 158.55, its weakest on the dollar for nearly six months.

Japan's consumer sentiment deteriorated in December, a government survey showed, casting doubt on the central bank's view that solid household spending will underpin the economy and justify a rise in interest rates.

China's yuan hit 7.3322 per dollar, the lowest level since September 2023.