Greece’s Ambassador Eleni Pouriki has underlined the need to create chances for Pakistani skilled professionals in Greece as both nations are eager to diversify trade, investment and economic relations outside conventional industries.

Greek Ambassador to Pakistan, Mr. Andreas Papastavrou, while visiting Lahore Chamber of Commerce and Industry (LCCI) held talks with the LCCI President Faheem-ur-Rehman Saigol and discussed improvement of bilateral commerce and establishment of direct business contacts between business communities of the two countries.

Pouriki emphasized the important role the private sector might have in the expansion of Pakistan-Greece economic relations and urged for more intensive business-to-business (B2B) contacts.

There is demand for Pakistani qualified workforce in Greece and employment opportunities are accessible in agriculture, engineering and other areas, she said.

The envoy also pointed on the importance of diversifying bilateral commercial ties. Apart from textiles, she said, tourism and renewable energy were other fields with great potential for cooperation between Pakistan and Greece.

When asked about the tourist business, which is a major revenue earner for Greece, Pouriki said her country can share the expertise in improving tourism infrastructure with Pakistan.

President LCCI Faheem-ur-Rehman Saigol said that Pakistan and Greece should look for more cooperation in agriculture and minerals and mining as partnership can provide new economic potential.

“Greece could benefit from Pakistan’s technology, expertise and experience in a number of sectors, particularly tourism,” he said.

Saigol said that the two countries need to have more exchange of business delegations and B2B meetings to enable the entrepreneurs to find possible partners and investment prospects.

Both sides agreed that enhanced cooperation between the Pakistani and Greek business sectors might help unlock latent trade possibilities and expand bilateral economic relations.

The discussion also underlined the prospects of enhancing Pakistan-Greece economic connections beyond traditional commerce to include cooperation in technology, skilled personnel, renewable energy, tourism, agriculture and mineral development.

The dollar held near ​a two-week high on Wednesday as renewed hostilities in the Middle East drove oil prices higher, reviving inflation concerns and adding upward pressure on bond ‌yields.

The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.11% to 99.79, its highest point since August 17. The euro was down 0.13% at $1.1577.

The currency’s appeal as a safe haven has been reinforced by rising Treasury yields and growing expectations of a Federal Reserve rate hike, even as recent economic data came in below forecasts.

The U.S. launched a barrage of airstrikes ​on Iran on Tuesday, prompting Iranian retaliation, in the most serious escalation in weeks. Oil prices rose on Wednesday, extending the previous session’s surge, with Brent futures ​up 1.15% at $95.74 a barrel and U.S. West Texas Intermediate (WTI) crude 0.85% firmer at $91.05.

“Continued vigilance is needed over the situation in the Middle ⁠East today,” said Kumiko Ishikawa, a senior FX analyst at Sony Financial Group.

Meanwhile, the New Zealand dollar weakened 0.8% against the greenback to $0.5844, its lowest point since August 13, even ​after the country’s central bank raised its official cash rate by 25 basis points to 2.75%. Analysts said market participants viewed the decision as less hawkish than expected.

“Relative to where ​markets were and what they might have expected, it doesn’t meet their expectations,” said Westpac New Zealand strategist Imre Speizer.

July JOLTS job openings and the August ISM manufacturing index, released overnight, were below market expectations, but money markets have reinforced expectations of a Federal Reserve rate hike following Chair Kevin Warsh’s speech in Jackson Hole, Wyoming, last week.

Markets are now pricing in a 68% chance of a September Fed hike, up ​from around 40% a week earlier, according to CME Group’s FedWatch tool.

“As for the U.S. data, it is worth bearing in mind that, if the figures are weak, their impact ​could be offset by heightened tensions in the Middle East,” Ishikawa said.

August’s jobs and consumer price inflation data are both due before the Fed’s next meeting on September 15 and 16. This Friday’s ‌employment report is ⁠expected to show that employers added 56,000 jobs last month, according to the median estimate of economists polled by Reuters.

Fed Governor Michael Barr said on Tuesday that if inflation does not cool quickly, it will be time for the central bank to raise interest rates.

The yield on the benchmark U.S. 10-year note rose to 4.81%, its highest since November 2023, while Japan’s benchmark 10-year yield extended its rally to 3.01% on Wednesday morning after reaching a three-decade milestone of 3% on Tuesday.

Higher yields drive investors to buy safe-haven currencies, including the U.S. dollar, while ​undermining the case for riskier assets like ​equities.

The British pound lost 0.09% to $1.3503, while ⁠the Australian dollar eased 0.04% to $0.7141.

In cryptocurrencies, bitcoin fell 0.24% to $77,242.62. Ether declined 0.51% to $2,407.74.

YEN UNDER PRESSURE

The Japanese yen weakened 0.08% against the greenback to 160.28 per dollar, its lowest level since July 31, remaining beyond the psychologically important 160-per-dollar threshold despite overwhelming expectations of a ​Bank of Japan rate hike this month.

U.S. Treasury Secretary Scott Bessent voiced strong support for “decisive” monetary steps to combat yen weakness ​in a meeting with BOJ ⁠Governor Kazuo Ueda, the Treasury Department said.

Ueda told reporters he hoped to discuss with his board at this month’s meeting whether the economy is moving in line with its forecast, and whether inflation risks were heightening.

The BOJ’s hawkish board member, Hajime Takata, said on Wednesday the bank should conduct interest rate hikes nimbly in response to inflationary pressures.

A rare joint intervention by the U.S. and Japan at ⁠the end of ​July provided short-lived relief for the fragile yen, pulling it away from the 40-year low of 163.99, but ​the currency has since surrendered around half of the gains from the joint action.

“There appears little chance of another round of actual co-ordinated intervention until there is some de-escalation in the Strait of Hormuz that takes heat ​out of the oil price,” said Tony Sycamore, a market analyst at IG, in a note.

The federal government has raised the prices of petrol and high-speed diesel, effective midnight for a one-day pricing cycle.

The Petroleum Division statement stated that the fuel price has been hiked by Rs1.08 per litre, from Rs342.79 to Rs343.87 per litre.

High-speed diesel (HSD) price increased by 51 paisas per litre to Rs370.92 per litre.

The latest revision follows a day after the government had reviewed the petroleum prices for the new pricing period commencing September 1. The previous rates were Rs342.79 per litre for petrol and Rs370.41 per litre for high-speed diesel.

The increased petrol price will now see consumers paying Rs343.87 for each litre they buy, while diesel consumers will have to shell out Rs370.92 a litre.