Wipro’s outgoing CEO Abidali Neemuchwala sees 12% rise in pay package


Wipro’s chief executive officer Abidali Z Neemuchwala’s pay package rose 12 per cent to $4.42 million (around Rs 31 crore) in fiscal year 2020. Incidentally, Neemuchwala left the company on June 1, the day this regulatory filing was done by the Bengaluru-headquartered firm.

In comparison, Infosys’ CEO drew a pay package of $6.15 million (around Rs 40 crore) in the last financial year, a rise of 27 per cent over the previous fiscal. Market leader TCS’ CEO took home a pay package of over Rs 13.4 crore last fiscal, a decline of over 16.3 per cent compared to previous fiscal.

Wipro’s chairman Rishad Premji and promoter (founder chairman) received a compensation of $0.68 million and $0.13 million in FY20, as both voluntarily decided not to take profit-linked commissions in the fiscal.

“In view of the current situation caused by Covid-19, uncertainty in business is likely to last for the next few months. To show solidarity with the team in facing the challenge Azim H Premji, Founder Chairman, has foregone the profit linked commission payable to him for the relevant period for financial year 2019-2020,” said in the

Turkey’s Grand Bazaar Reopens, Along With Cafes, Restaurants


Turkey reopened restaurants, cafes and Istanbul’s iconic 15th century Grand Bazaar market on Monday as the government further eased coronavirus restrictions.

Many other facilities including parks, beaches, libraries and museums reopened across the country, while millions of public sector employees returned to work.

At Istanbul’s landmark Grand Bazaar, traders were dusting the shelves and tidying their shops while janitors scrubbed floors as the world-famous site welcomed visitors again.

The bazaar on the historic peninsula also home to tourist sites such as the Hagia Sophia museum and the Blue Mosque, was closed on March 23 to stem the spread of the coronavirus.

It was the market’s longest closure in its more than 550-year-old history that did not involve fires or earthquakes.

Its reopening was a symbolic move not only for Turkey, but for the world, said celebrity chef Nusret Gokce, nicknamed Salt Bae, who runs a steak restaurant in the bazaar.

Restaurants were open again in Istanbul, but diners were encouraged to keep apart
 AFP / Ozan KOSE

“Istanbul is the capital of the world and the (Grand Bazaar) is the first shopping mall of the world. We are waiting for everyone,” he said.

Diners at his popular eatery are encouraged

Cayman Islands now India’s 10th largest source of foreign direct investment


Famous offshore tax haven Cayman Islands is now the 10th largest source of Foreign Direct Investment (FDI) for India, leaving behind major nations like South Korea and the United Arab Emirates.

While inbound from tax havens have risen over the past few years, estimates released by the earlier this week show it spiked unprecedentedly in 2019-20.

Foreign direct equity investments in 2019-20 grew by 14 per cent, a four-year high, to a record $49.8 billion, according to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT) on Thursday.

The figures are expected to comfort policymakers who were worried about tepid growth in equity investments, which had contracted by 1 per cent in 2018-19 and risen only 3 per cent in the year before that.

ALSO READ: Q4 GDP figures overstated? Economists raise doubts over quality of data

But sources say the is wary of inflows shooting up from tax havens, generally defined as a country or place with very low effective rates of taxation for foreign investors. “We have noticed the increasing incidence of potential round tripping

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