Money in a Minute: Headlines From Around the Web

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In today's news: OPEC is fighting with itself, home equity is dropping, Ford is set to plug in, kids are costing more, and anti-cancer drugs may cause cancer.

OIL: Saudi-Iran split fractures OPEC’s dominance of oil market

OPEC members are fighting amongst themselves – and oil prices are climbing because of the spat. “OPEC’s stunning admission of major dissent within its ranks has left it reeling and its status as the world’s oil power-broker tarnished, perhaps beyond repair,” USA Today reports.

HOUSING: Americans’ home equity near a record low

Homes prices are at record lows, and so is the amount of equity Americans have in their homes. “Average home equity plunged from more than 61 percent at the start of 2001 to 38 percent in the January-March quarter this year,” MSNBC reports.

CARS: Ford announces Chevy Volt competitor, C-Max Energi

Next year, Ford will challenge the Chevy Volt with a plug-in car of its own, although the name doesn’t exactly roll off the tongue: the C-Max Energi. “Ford said it will triple production of ‘electrified’ vehicles in the U.S. by 2013,” CNN reports.

FAMILY: Cost to raise 2010 U.S. newborn is $226,920

With the price of everything going up, is it really shocking that the cost of children is also rising? “A middle-income family may spend $226,920 to raise a child born in 2010 to the age of 18,” Bloomberg reports. “The estimate is up 2.1 percent from 2009.”

HEALTH: FDA expands cancer warning on two popular prostate drugs

Two drugs meant to shrink men’s prostates – which reduces the odds of getting cancer – may actually lead to more serious tumors. “While the drugs have been shown to reduce the risk of prostate cancer overall, the FDA said the drugs were linked to an increased risk of more serious cancers,” USA Today reports.

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