Originally published on Mon January 23, 2012 12:06 pm
The European Union officially agreed to impose an embargo on Iranian oil, today. The AP reports that the union's 27 foreign ministers agreed on an immediate ban on new contracts for oil and existing contracts will be allowed to run through July 1.
In the race for the Republican presidential nomination, the tally stands at 1-1-1. Over the weekend, former House speaker Newt Gingrich re-established himself as a presidential contender with a resounding victory in South Carolina's primary.
He beat second-place finisher former Massachusetts Gov. Mitt Romney by more than 12 points. That means Romney, Gingrich and former Pennsylvania Sen. Rick Santorum have each won a nominating contest. Now all eyes are on Florida.
Some of the biggest banks in the country are reportedly close to a settlement with authorities over the so-called robo-signing scandal in which mortgage company officials signed and notarizeed foreclosure documents without properly reviewing them.
Many lenders and mortgage servicers acknowledged making serious mistakes in foreclosure paperwork.
The last battle scar of 2011 for the GOP came in December, when House Republicans painted themselves into a corner on extending unemployment benefits and the payroll tax cut. The fight exposed the party's internal rifts and the loose control of its leaders.
One GOP lawmaker called it "a public relations fiasco." They could compromise with the Democrats or allow taxes to go up — neither option palatable to large portions of the majority.
The Arab League sent observers to Syria about a month ago. Their mission: to bear witness to the escalating violence between soldiers loyal to President Bashar Assad and armed opposition fighters.
The presence of the orange-vested observers was supposed to discourage the violent crackdown on protesters, but since they arrived in December, almost 1,000 Syrians have died. Overall, it is estimated that more than 5,400 people have been killed since the protests began last March.