Suez Canal

• According to Egyptian President Abdel Fattah al-Sisi, the Houthi rebels in Yemen have attacked shipping, causing profits from the Suez Canal to have “decreased by 40 to 50 percent” so far this year.

Context:

• One of Egypt’s primary sources of foreign exchange, given the country’s dire financial situation, is the canal.

About Suez Canal:-

• The Suez Canal is a man-made, sea-level waterway that divides Africa and Asia and spans the Suez Isthmus, linking the Red and Mediterranean Seas.
• The 193.30-kilometer canal serves as a vital commercial corridor connecting Europe and Asia.
• It provides the quickest path between the Atlantic and the regions surrounding the western and Indian Pacific Oceans.
• Being one of the busiest waterways in the world, the canal saves up to 7,000 km of travel time by avoiding the need to circumnavigate the African Cape of Good Hope.
• Economic Lifeline: With 12–15% of world trade passing through it annually, the canal still serves as the backbone of all commerce between the West and the East.

Suez Canal’s Long History

• Since the beginning of construction during the reign of Senausret III, Pharaoh of Egypt (1887–1849 BC), the canal has existed in one form or another.
• Around 300 years ago, as maritime trade between Europe and Asia became increasingly important for many economies, construction began to pick up speed.
• The French engineer and statesman Ferdinand de Lesseps persuaded Said Pasha, the viceroy of Egypt, to approve the canal’s construction in the middle of the 1800s.
• The Universal Suez Ship Canal Company was given the responsibility of building and running the canal for 99 years beginning in 1858, after which the Egyptian government would receive the rights.
• The British and Turkish attempts to block building of the canal, along with other issues, did not prevent it from opening for international navigation in 1869.
• The majority of the canal company’s stock was owned by the British and French. As part of a 1936 pact, the British maintained a defensive force along the Suez Canal Zone, using their position to uphold their maritime and colonial interests.

Lebanon

• According to the Israeli military, its air force attacked Hezbollah militant objectives “deep inside Lebanon” on Monday.

Background:

• Since the Israel-Hamas conflict started more than four months ago, these strikes are some of the deepest inside Lebanon. A day prior, the Defense Minister of Israel had promised to intensify attacks against Hezbollah regardless of the outcome of any cease-fire with Hamas in the Gaza Strip.

About Lebanon:

• Located in the Levant region of West Asia, Lebanon is officially known as the Republic of Lebanon.
• Its borders are to the east and north by Syria, to the south by Israel, and to the west by the Mediterranean Sea.
• Beirut is the largest and capital city of Lebanon, followed by Tripoli and Jounieh.
• In addition to being a founding member of the Organization of Islamic Cooperation, Lebanon is also a part of the Non-Aligned Movement and the Arab League.
• Lebanon disputes the boundary with the Israeli-occupied Golan Heights in a small area known as Shebaa Farms.

PREVENTION OF MONEY LAUNDERING ACT (PMLA) 2002

• A single-judge ruling with major ramifications for property confiscated under the Prevention of Money Laundering Act (PMLA) was recently stayed by the Delhi High Court.

Context:

• The ruling in question mandated that the Enforcement Directorate (ED) return any “seized” property to its rightful owner if a PMLA investigation goes unfinished for more than 365 days without any associated legal action. In interpreting the PMLA provisions, the court seeks to achieve a balance between the right to privacy and investigative authority.

About Money laundering

• The act of hiding the source of money gained unlawfully, usually by putting it through a convoluted series of bank transfers or business deals, is known as money laundering.

Core Provisions:

• Money-Laundering Offense: The statute makes it unlawful to conceal the source of funds obtained unlawfully.
• Penalties: It lays out fines for money laundering.
• Attachment, Adjudication, and Confiscation: The statute permits the government to adjudicate over property implicated in money laundering, attach that property, and confiscate it.
• Reporting Entities’ Obligations: The Act imposes certain reporting requirements on banks, financial institutions, and intermediaries.
• Summonses, Seizures, and Arrests: The statute gives law enforcement the right to make arrests, perform seizures, and conduct searches in connection with money laundering investigations.
• Appellate Tribunal and Special Courts: For the purpose of adjudication and appeals, the act creates an Appellate Tribunal and Special Courts.

DHARMA GUARDIAN EXERCISE

India and Japan have commenced a fortnightly military drill.

Context:

• Through this exercise, both countries can exchange best practices, advance interoperability, and fortify their bilateral ties.

About The Dharma Guardian:

• An annual combined military drill between the Japan Ground Self Defense Force and the Indian Army is called Dharma Guardian.
• On February 25, 2024, at the Mahajan Field Firing Ranges in Rajasthan, India, the 5th iteration of this exercise got underway.
• Origins: As part of the two countries’ expanding bilateral defense cooperation, the exercise was started in 2018.
• Goal: Strengthening the strategic alliance between Japan and India and improving military interoperability are the main goals of Dharma Guardian.
• Location Alternation: India and Japan are the alternate locations for this activity. It gives the military forces of the two nations the chance to train together, exchange best practices, and grow from one another.
• Focus Areas: Throughout the drill, soldiers participate in a range of tactical exercises, such as creating makeshift bases, deploying vehicle checkpoints, performing reconnaissance grids, rehearsing cordon and search operations, and carrying out heliborne operations.
• Exhibition of Weapons: In addition to the field exercises, there is a display of weapons and gear. This demonstrates India’s “Atmanirbhar Bharat” (self-reliant India) initiative as well as the nation’s expanding defense industry capacity.
• Mutual Benefits: Dharma Guardian promotes cooperation, mutual understanding, and comradery between the Indian and Japanese armed forces.

AFRICAN UNION

The horrific donkey skin trade is officially outlawed by the African Union.

Context:

• The popularity of Ejiao, an old Chinese remedy usually manufactured from donkey hides, has increased demand for the animals’ hides.Africa is home to almost two thirds of the 53 million donkeys that are thought to exist worldwide. In the most impoverished rural villages, people utilize them to transport items like food, water, and other necessities.The killing of donkeys for their skin has destroyed African livelihoods and deprived the continent of its identity, culture, and biodiversity.

About African Union (AU)

• Founded in 2002, the African Union (AU) is a continental organization with 55 member nations spread over the African continent.
• It is the replacement for the Organization of African Unity (OAU), which was founded in 1963 and lasted until 1999.
• The main objective of the AU is to move the continent as a whole toward prosperity and peace.
• In an effort to promote development, end poverty, and integrate Africa into the global economy, it encourages political and economic cooperation among its 54 member countries.
• Addis Ababa is home to the African Union Commission, which serves as the AU’s secretariat.
• Lagos, Nigeria, is the largest city in the African Union (AU), and Cairo, Egypt, is the largest urban agglomeration.