Money in a Minute: Headlines for Feb. 25, 2011

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In today's news: The sky's the limit for airfare and oil prices, Toyota's recalling another 2 million cars, widespread foreclosures are still a bargain, and Brits are trying out breast milk ice cream.

FLIGHT: Airlines increase airfares again

For the third time this month, business travelers saw a bump in pricing — $20 to $60 more round-trip. And it’s the fourth time this year for leisure travelers, an additional $10 that appeared this past weekend. USA Today reports “domestic airfares are generally 8% higher” than a year ago, and more increases are likely soon because of rising fuel costs and steady demand.

OIL: Oil may surge to $220 if Libya, Algeria halt, Nomura says

We’ve already seen the price of oil above $100 this week, but experts from one Japanese bank says it may more than double if growing Mideast unrest cuts into exports. “Nomura said the $220 prediction may be an underestimate,” BusinessWeek reports, because speculative investors “who were not active in the early 1990s may amplify the price.”

HOMES: Discount for foreclosed homes widened in 2010

Foreclosure bargains are up and likely to be available through the year, averaging about a 28 percent discount. Banks reclaimed more foreclosed properties than were sold off last year, and experts say “the housing market won’t fully recover until banks find buyers for those properties,” AP reports.

CARS: Toyota recalls another 2.17 million vehicles in the U.S.

Following a Ford recall earlier this week, Toyota will also be calling back some vehicles, dating back as far as ’03 models. It’s an expansion of the huge recall related to random acceleration issues. Toyota said the recall is an effort to wrap up “any possible issues that could relate to unintended acceleration,” The Wall Street Journal reports, “and not because of any newly unearthed problems.”

MILK: London shop to make breast milk ice cream

Londoners will now be able to enjoy a “Baby Gaga” from the Icecreamists shop. The new ice cream flavor features real, fresh breast milk not from Lady Gaga, but from local “mothers who answered an advertisement on online mothers’ forum Mumsnet,” MSNBC reports.

Stacy Johnson

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