ALRiM: Luxembourg Association
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BarcelonaBanks operating in Spain, both native and foreign entities, are strengthening their solvency and are reaching their maximum profitability levels, according to the latest data from the Bank of Spain. Enroll in the newsletter economy Information that affects your pocket Sign up According to the historical series, the profitability obtained by the sector is, with […] The post Banks’ profitability approaches their maxims appeared first on Archysport.

This research examines the cognitive and psychological mechanisms underlying young adults’ reactions to ESG-labeled online advertisements, specifically resistance to persuasion and purchase intention. Based on dual-process theories of persuasion and digital literacy theory, we develop and test a structural equation model (SEM) of perceived greenwashing, online advertising literacy, source credibility, persuasion knowledge, and advertising skepticism as predictors of behavioral intention. Data were gathered from 690 Greek consumers between the ages of 18–35 years through an online survey. All the direct effects hypothesized were statistically significant, while advertising skepticism was the strongest direct predictor of purchase intention. Mediation tests indicated that persuasion knowledge and skepticism partially mediated perceptions of greenwashing, literacy, and credibility effects, in favor of a complementary dual-route process of ESG message evaluation. Multi-group comparisons revealed significant moderation effects across gender, age, education, ESG familiarity, influencer trust, and ad-avoidance behavior. Most strikingly, women evidenced stronger resistance effects via persuasion knowledge, whereas younger users and those with lower familiarity with ESG topics were more susceptible to skepticism and greenwashing. Education supported the processing of source credibility and digital literacy cues, underlining the contribution of informational capital to persuasion resilience. The results provide theoretical contributions to digital persuasion and resistance with practical implications for marketers, educators, and policymakers seeking to develop ethical ESG communication. Future research is invited to broaden cross-cultural understanding, investigate emotional mediators, and incorporate experimental approaches to foster consumer skepticism and trust knowledge in digital sustainability messages.

Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds that go beyond the headlines to explore the ideas and voices shaping the future of crypto. If 2024 was the year of the dragon, 2025 has been the year of the stablecoin. U.S. dollar-backed digital assets, in particular, have taken...

The relationship between public debt and economic health is multifaceted, dynamic, and often paradoxical. The debt is traditionally viewed as a burden on national economies, it can also be a strategic tool for development, if it is used wisely and managed efficiently. The debt-to-GDP ratio is one of the most cited metrics for evaluating fiscal health, yet its implications vary significantly across countries depending on governance, institutional maturity, economic structure, and strategic investment. In this scenario, it is relevant to examine how countries such as Japan, Singapore, Greece, Italy, and the United States manage high levels of national debt while experiencing low inflation rates and relatively high living standards. On the contrary, Pakistan, with a lower debt-to-GDP ratio, faces challenges related to higher inflation, slower economic growth, and poor in quality of life. Global debt levels vary significantly as Japan leads advanced economies with a debt-to-GDP ratio over 240%. Yet, it enjoys low inflation (around 3.3% as of June 2025), a nominal per capita income of approximately US$39,285, and one of the highest standards of living globally. Singapore’s debt hovers around 175% of its GDP, but its inflation is a mere 0.8%, and its per capita income is an astonishing US$72,000 to US$75,000. Greece and Italy, despite having debt ratios above 130%, have also stabilized inflation around 2.8% and 1.8% respectively, while maintaining advanced infrastructures and solid living standards. The United States further exemplifies this paradox with a debt-to-GDP ratio of 123%, the U.S. has maintained inflation around 2.7% and boasts a per capita income exceeding US$80,000. Its global dominance in capital markets, deep institutional strength, and innovation-driven economy allow it to comfortably maintain high debt levels. In all these countries, the state’s ability to borrow at low interest rates, paired with strong tax collection systems, accountable governance, and strategic spending, contributes to stable economic environments. On the other hand, Pakistan despite having a debt-to-GDP ratio of just 69–75%, which is significantly lower than all the economies, battles an inflation rate of over 12.6% (2024), a nominal per capita income of merely US$1,485, and nearly 45% of its population living below the poverty line. The gap between debt burden and public welfare in Pakistan reveals systemic failures in governance, economic strategy, and institutional capacity. The first and most critical factors behind this discrepancy lie in quality and fiscal management. Countries like Japan and Singapore have long-established traditions of transparent governance, policy continuity, and well-functioning public institutions. Their borrowing is typically invested in infrastructure, technological advancement, and productivity-enhancing projects. Whereas Pakistan’s borrowing is overwhelmingly short-term, consumption-oriented, and externally dependent. According to official figures, Pakistan secured US$26.7 billion in foreign loans in the 2024-25 fiscal year, with nearly 50% comprising rollovers of existing loans, and only US$3.4 billion allocated for project financing. The remainder was used for budget support and foreign exchange stability measures, which do not produce enough revenue for repayment. The second structural weakness lies in Pakistan’s tax system, plagued by inefficiency and non-compliance. The Federal Board of Revenue (FBR), despite being the country’s supreme tax collection agency, has repeatedly failed to enforce legal obligation of filing of tax returns under section 114 of the Income Tax Ordinance, 2001, along with statements of assets and personal expenditure [section 116 and 116A] . The failure to implement existing tax laws on the part of FBR has resulted in a tax-to-GDP ratio stagnating around 10%, one of the lowest in the region. An overwhelming segment of the population, especially high-net-worth individuals and influential business groups remains outside the formal tax net, living lavish lifestyles and contributing nothing to the state’s coffers. The incompetence of tax officials and lack of legislative further compounds the problem. Instead of creating a culture of compliance, tax officials often resort to coercive tactics, harassment, and selective enforcement. These practices have fostered distrust between the state and the business community, deterring investment and stifling entrepreneurship. The political leadership across party lines has lacked the courage to reform the ailing tax system. Successive governments have failed to digitalize land records, audit large businesses impartially, or implement property valuation reforms. As a result, the informal economy continues to thrive, depriving the state of much-needed revenue. The blackmailing of businesses by vested interests adds another layer of structural dysfunction. In the absence of genuine reform, the state has relied on squeezing already compliant sectors, imposing arbitrary taxes on salaried individuals and registered businesses and ignoring politically connected cartels and non-tax filers. This has increased the cost of doing business, pushed industries toward informality, and discouraged foreign investment. The lack of political will to tax the untaxed elite is perhaps the most damning indictment by the global lender. Despite public outcry and repeated IMF recommendations, no government has seriously pursued real estate tycoons, luxury car owners, and high-end retailers who evade taxes. Political parties, often funded by these very groups, have avoided introducing progressive taxation or wealth disclosure requirements. The result is a skewed system where the poor bear the burden of indirect taxes while the wealthy escape scrutiny. Pakistan’s growing debt, in this regard appears even more alarming as the country’s reliance on external borrowing, especially expensive rollovers and commercial loans without any corresponding improvement in productivity or exports, points to an unsustainable model. The IMF, in its latest review, warned that Pakistan’s gross financing needs exceed sustainable levels, and projected external financing requirements of US$70.5 billion over the next three years. The reliance on high-interest deposits from Saudi Arabia, China, and the UAE often renewed annually, has made Pakistan’s economic sovereignty increasingly fragile. Pakistan needs a multifaceted reform approach to boost quality of life, cut inflation, and support business. First, the government must revamp the tax system by enforcing section 114 of the Income Tax Ordinance, 2001 across the board. This includes using technology and data of National Database and Registration Authority (NADRA) to identify non-filers, linking property ownership and luxury spending to income declarations, and prosecuting The post Public debt, FBR & Reforms appeared first on Minute Mirror.