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| Subscribe to The Daily Money newsletter. Come for our roundup of each day's top stories from USA TODAY Money. Stay for the pop-culture references and financial news-inspired playlist. |
| Happy Friday, Daily Money readers. It's Jayme Deerwester again, here to report that so far, Doggie Rojas has been here for two full work days and is already 6 for 6 on Zoom call bombings. |
🗞 News you should know 🗞 |
| The past two weeks have brought one product recall after another. First it was Kia and Hyundai over for a possible fire risk, followed by one for Tesla over its Boombox external speaker system. Then came the deodorant recall and the one for Anthropologie candles. And the latest product impacted? Baby formula. |
| Abbott Nutrition is voluntarily recalling three types of infant formula after four babies became sick with bacterial infections after consuming the products. The recall, announced Thursday, is for select lots of Similac, Alimentum and EleCare formulas that were manufactured at an Abbott facility in Sturgis, Michigan. |
| The Food and Drug Administration warned consumers not to use or purchase the formulas or certain powdered infant formula produced at the facility. |
| Three of the babies were sick with Cronobacter sakazakii and one had Salmonella Newport, the FDA said. Cronobacter bacteria can cause severe, life-threatening sepsis infections or meningitis while salmonella can cause gastrointestinal illness and fever, according to the FDA. |
🚨 More stories you shouldn't miss 🚨 |
| DEFRAUDED DEVRY STUDENTS. $415 million worth of federal student loans will be repaid to nearly 16,000 students defrauded by for-profit universities. |
| AVOCADO CRISIS: Will the ban on avocados from Mexico raise prices? |
| UKRAINE AND THE US STOCK MARKET: Dow, markets fall as Russia-Ukraine conflict fears rattle investors. |
| NO MORE NEEDLE IN A HAYSTACK? How to find a hotel with testing, quarantine facilities anywhere. |
| GREAT HIDDEN IPHONE AND ANDROID APPS: From QR code readers to live video captioning, you'll use these all the time. |
💡Daily insight 💡 |
| Don't count on corporations showing women the money anytime soon. |
| The pay gap between top women executives and their male counterparts at the nation's largest companies widened in 2020, according to a new report from Morningstar. |
| Even though there were more women in the highest-paying jobs among companies in the Standard & Poor's 500 index, they earned 75 cents for every dollar men pocketed, the widest gap since 2012 and down from 88 cents in 2018. |
| The reason? Men's massive gains from stock-based compensation which makes up most of executive pay. |
| In 2020, awards of stock options, restricted stock and performance shares made up 63% of the compensation of top executives, up from 54% in 2012. Men saw a 20% increase in stock-based compensation but men got a 49% increase. Out of 18 executives taking home more than $50 million in 2020, one was a woman. |
💵 Tax hacks 💵 |
| There are several tax deductions you can claim just for investing for your later years. You just need to know how to take advantage of them to reduce the amount you owe. Check out the rules governing common tax-advantaged retirement accounts such as a 401(k), Roth or traditional IRA or HSA. |
🎶 Mood music 🎶 |
| Thanks to Jessica Guynn's story on women executive pay, today's lyric was an easy decision. How could it be anything other than "9 to 5" by Dolly Parton? "They let you dream just to watch them shatter. You're just a step on the boss man's ladder. But you got dreams he'll never take away. In the same boat with a lot of your friends, waiting for the day your ship will come in." |
| LISTEN WHILE YOU WORK: Remember, you can listen to this song and every track I've quoted in the newsletter in the Daily Money Mood Music playlist on Spotify. |
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