The New York-based Signature Bank was closed on Sunday, and the Federal Deposit Insurance Corporation (FDIC) took control of the bank. This move came two days after authorities shut down the Silicon Valley Bank. The former and latter have been the third and second largest collapses, respectively, in US banking history. Both banks had billions of dollars in deposits; the US Treasury Department and some bank regulators released a joint statement affirming that all the depositors would be recompensed and “no losses will be borne by the taxpayer.”
While the Italian coast guard rescued 17 migrants, 30 others are missing and presumed to have drowned after a boat capsized off the coast of Libya. The incident comes just two weeks after a similar incident along Italy’s southern coast resulted in 76 deaths. The incidents have increased concern about Rome’s failure to make timely interventions to save migrants attempting to enter Europe on small boats.
The Islamic State group on Sunday claimed responsibility for an attack targeting journalists in Afghanistan’s Balkh province. The Saturday blast at an event for journalists killed three and injured at least 30 others.
On Monday, former Malaysian PM Muhyiddin Yassin was charged with an additional count of money laundering. Yassin — now facing a total of seven charges — pleaded not guilty and claimed trial for accusations of accepting $1.1 million in proceeds from unlawful activities.
South Korea and the US started Operation Freedom Shield — their largest joint military exercise in five years — on Monday, despite North Korea warning unprecedented military against it. The move comes after Pyongyang fired two “strategic cruise missiles” from a submarine in waters off its east coast over the weekend.
A senior Israeli official informed reporters on Monday that the recent normalisation agreement between Iran and Saudi Arabia, which was brokered by China, was a direct result of US’ weakness towards Iran. “There was a feeling of US and Israeli weakness and this is why the Saudis started looking for new avenues. It was clear that this was going to happen,” the official said, referring to Washington’s inability to contain Tehran’s accelerating nuclear programme. Saudi Arabia and Iran agreed to normalise ties after seven years of hostilities.
The Indian Navy’s guided missile frigate INS Sahyadri participated in a Maritime Partnership Exercise with the French Navy in the Arabian Sea on Friday and Saturday. “The seamless conduct of the exercise reaffirmed the interoperability and high level of cooperation between the two navies,” the Indian Defence Ministry said.
On Sunday, Georgian PM Irakli Garibashvili urged Ukrainian President Volodymyr Zelensky to refrain from getting involved in Georgia’s internal affairs. The Ukrainian leader voiced support for recent protests in the Caucasian country after protesters waved Ukrainian flags. Last week, Georgia witnessed a wave of demonstrations against a proposed ‘foreign agent’ bill, which was allegedly influenced by a Russian law. Following international solidarity with the protests, Tbilisi withdrew the proposed legislation.
The US and Canada held their first Indo-Pacific Dialogue on Friday. The areas of focus were security, economic development, and technology cooperation for shaping the region. The challenges and opportunities for regional architecture were also discussed. Furthermore, Washington and Ottawa affirmed their commitment towards a “free and open” Indo-Pacific.