Inside the high-frequency trading floor where grads are paid $250,000
Here, graduate salaries head north of $250,000. Then there's the new office, five levels in the centre of Sydney CBD that opened this week and will act as the firm's headquarters in Asia. Sure, Optiver has offices in Taipei, Hong Kong, Shanghai and Singapore. But the timezone in Sydney is ideal, and the lifestyle is attractive enough to lure the best traders.
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West Australian
3 hours ago
- West Australian
What is McDonald's like in Bali?
Earlier this year, I visited a KFC restaurant in Bali to see if it was as good, or at least the same, as KFC in Australia. It was not. KFC in Bali is 'a substandard product made with cheap inputs drowning in oil,' I wrote. But what about McDonald's in Bali? The last time I tried it was in early 2020, at the height of the pandemic, at McDonald's at Kuta Beach — one of the few food outlets on the beachfront that continued to trade. Despite being nearly empty, the kitchen took about half an hour to produce my meal. When it finally arrived, the burger and fries were cold and my drink was warm. For a fast-food chain with a reputation based entirely on serving hot burgers and cold drinks quick-time, they could not possibly have screwed up more. To order, customers must use a self-service kiosk, which has an option for English on the home page. The menu is quite similar to McDonald's in Australia but there are also a few significant differences catering to the Asian market. Meal deals can be ordered with sides of steamed white rice or scrambled eggs instead of fries. The breakfast menu includes Nasi Uduk, Indonesian-style steamed rice cooked in coconut milk, and Bubur Ayam, a rice congee with shredded chicken and condiments. The fried chicken has an extra-thick, extra-crispy coating composed of rice flour instead of wheat flour. The drinks menu also caters to local preferences with floats — soft drinks served with big wallops of vanilla ice-cream — iced coffee served with jelly and cream plus six kinds of iced tea, including lychee flavour. The bill came to $13.26: almost exactly the price of a Big Mac meal in Australia, which makes it significantly cheaper than Australia. But with the exception of the fries and drinks, every item on the menu is smaller than they are in Australia. McDonald's burgers in Indonesia are about 30 per cent smaller while their apple pies are tiny, about a third of the size of a McDonald's apple pie in Australia. The self-service kiosk crashed when I tried to pay with my credit card. A staff member who tried and failed to fix the problem led me to the counter so I could pay. She also cleaned and wiped down a table for us, and offered to bring the food directly to our table. It took 19 minutes for our food to arrive. The first thing that struck me was the poor presentation of the Korean soy garlic wings, which were bleeding sauce into a cardboard tray and looked extremely oily. They were served lukewarm but tasted alright. My Big Mac was also lukewarm yet tasted exactly the same as a Big Mac in Australia. The fries were nearly cold and had no taste at all. The apple pie was the only item served hot and was delicious. My bottled water had not been refrigerated, and was also lukewarm. I had to walk to the counter to ask for a cold one. The pandemic ended three and a half years ago but McDonald's in Bali still hasn't figured out how to serve fast food or hot food or cold drinks to its customers. It gets one star out of five, and that's only because of the staff. Despite working for minimum wage — about $300 a month in Bali — they were professional, punctual, courteous and kind.
The Advertiser
3 hours ago
- The Advertiser
US tariffs 'second fiddle' to overseas student caps
Australia's limits on international students could be a bigger issue than US tariffs, an expert has warned. President Donald Trump's tariffs have become arguably the biggest economic story of the year, with most Australian goods being hit with a 10 per cent levy while 50 per cent tariffs are imposed on steel and aluminium sent to the US. But the direct impact of the measures on Australia is relatively small as most exports tend to go to China, Japan and Korea, according to University of Sydney economics lecturer Luke Hartigan. The bigger issue may be one Australia has already inflicted on itself. "It's important to look at the larger scheme of things," Dr Hartigan told AAP. "The tariff exemption is important, but if we wanted to shoot ourselves in the foot, we would reduce the number of international students." "What's happening with our tariffs with the US is second fiddle." International student education was worth $51 billion for the Australian economy in 2023/24, but both political parties have vowed to slash numbers, with Labor already revealing a 270,000 cap from 2025 after more than 445,000 commenced study the year before. Dr Hartigan said international students were important for soft power. "They get to see Australian culture, they get to learn about Australia and they go back and speak favourably about Australia, so it's a very positive thing," he said. But most Australian political commentary has taken on the tariff issue, especially as Mr Trump is set to lift his tariff pause on July 9. Prime Minister Anthony Albanese has said the government will continue negotiating for exemptions while keeping the national interest in mind, and dismissed Trump-style isolationist policies. However, opposition trade spokesman Kevin Hogan has said the government has "waved the white flag" and called out Mr Albanese for failing to meet Mr Trump face-to-face. "There are countries dealing and talking to the new US president, but not ours ... it is embarrassing," Mr Hogan said. Australia could feel some indirect effects when the pause lifts, Dr Hartigan said. Tariffs on China could cause issues for Australia and uncertainty around the levies could play out in the stock market. Australia's limits on international students could be a bigger issue than US tariffs, an expert has warned. President Donald Trump's tariffs have become arguably the biggest economic story of the year, with most Australian goods being hit with a 10 per cent levy while 50 per cent tariffs are imposed on steel and aluminium sent to the US. But the direct impact of the measures on Australia is relatively small as most exports tend to go to China, Japan and Korea, according to University of Sydney economics lecturer Luke Hartigan. The bigger issue may be one Australia has already inflicted on itself. "It's important to look at the larger scheme of things," Dr Hartigan told AAP. "The tariff exemption is important, but if we wanted to shoot ourselves in the foot, we would reduce the number of international students." "What's happening with our tariffs with the US is second fiddle." International student education was worth $51 billion for the Australian economy in 2023/24, but both political parties have vowed to slash numbers, with Labor already revealing a 270,000 cap from 2025 after more than 445,000 commenced study the year before. Dr Hartigan said international students were important for soft power. "They get to see Australian culture, they get to learn about Australia and they go back and speak favourably about Australia, so it's a very positive thing," he said. But most Australian political commentary has taken on the tariff issue, especially as Mr Trump is set to lift his tariff pause on July 9. Prime Minister Anthony Albanese has said the government will continue negotiating for exemptions while keeping the national interest in mind, and dismissed Trump-style isolationist policies. However, opposition trade spokesman Kevin Hogan has said the government has "waved the white flag" and called out Mr Albanese for failing to meet Mr Trump face-to-face. "There are countries dealing and talking to the new US president, but not ours ... it is embarrassing," Mr Hogan said. Australia could feel some indirect effects when the pause lifts, Dr Hartigan said. Tariffs on China could cause issues for Australia and uncertainty around the levies could play out in the stock market. Australia's limits on international students could be a bigger issue than US tariffs, an expert has warned. President Donald Trump's tariffs have become arguably the biggest economic story of the year, with most Australian goods being hit with a 10 per cent levy while 50 per cent tariffs are imposed on steel and aluminium sent to the US. But the direct impact of the measures on Australia is relatively small as most exports tend to go to China, Japan and Korea, according to University of Sydney economics lecturer Luke Hartigan. The bigger issue may be one Australia has already inflicted on itself. "It's important to look at the larger scheme of things," Dr Hartigan told AAP. "The tariff exemption is important, but if we wanted to shoot ourselves in the foot, we would reduce the number of international students." "What's happening with our tariffs with the US is second fiddle." International student education was worth $51 billion for the Australian economy in 2023/24, but both political parties have vowed to slash numbers, with Labor already revealing a 270,000 cap from 2025 after more than 445,000 commenced study the year before. Dr Hartigan said international students were important for soft power. "They get to see Australian culture, they get to learn about Australia and they go back and speak favourably about Australia, so it's a very positive thing," he said. But most Australian political commentary has taken on the tariff issue, especially as Mr Trump is set to lift his tariff pause on July 9. Prime Minister Anthony Albanese has said the government will continue negotiating for exemptions while keeping the national interest in mind, and dismissed Trump-style isolationist policies. However, opposition trade spokesman Kevin Hogan has said the government has "waved the white flag" and called out Mr Albanese for failing to meet Mr Trump face-to-face. "There are countries dealing and talking to the new US president, but not ours ... it is embarrassing," Mr Hogan said. Australia could feel some indirect effects when the pause lifts, Dr Hartigan said. Tariffs on China could cause issues for Australia and uncertainty around the levies could play out in the stock market. Australia's limits on international students could be a bigger issue than US tariffs, an expert has warned. President Donald Trump's tariffs have become arguably the biggest economic story of the year, with most Australian goods being hit with a 10 per cent levy while 50 per cent tariffs are imposed on steel and aluminium sent to the US. But the direct impact of the measures on Australia is relatively small as most exports tend to go to China, Japan and Korea, according to University of Sydney economics lecturer Luke Hartigan. The bigger issue may be one Australia has already inflicted on itself. "It's important to look at the larger scheme of things," Dr Hartigan told AAP. "The tariff exemption is important, but if we wanted to shoot ourselves in the foot, we would reduce the number of international students." "What's happening with our tariffs with the US is second fiddle." International student education was worth $51 billion for the Australian economy in 2023/24, but both political parties have vowed to slash numbers, with Labor already revealing a 270,000 cap from 2025 after more than 445,000 commenced study the year before. Dr Hartigan said international students were important for soft power. "They get to see Australian culture, they get to learn about Australia and they go back and speak favourably about Australia, so it's a very positive thing," he said. But most Australian political commentary has taken on the tariff issue, especially as Mr Trump is set to lift his tariff pause on July 9. Prime Minister Anthony Albanese has said the government will continue negotiating for exemptions while keeping the national interest in mind, and dismissed Trump-style isolationist policies. However, opposition trade spokesman Kevin Hogan has said the government has "waved the white flag" and called out Mr Albanese for failing to meet Mr Trump face-to-face. "There are countries dealing and talking to the new US president, but not ours ... it is embarrassing," Mr Hogan said. Australia could feel some indirect effects when the pause lifts, Dr Hartigan said. Tariffs on China could cause issues for Australia and uncertainty around the levies could play out in the stock market.
West Australian
3 hours ago
- West Australian
China slammed ‘blind box' addiction — but that shouldn't faze Labubu-maker Pop Mart
Beijing may have warned against 'blind box' toys, but analysts are betting that Pop Mart International — the company behind Labubu dolls — will remain one of China's hottest consumer brands this year. In an editorial on June 20, China's state media People's Daily called for tighter regulations around selling blind-boxed toys and trading cards to children under the age of eight, such as verifying buyers' age upon payment and requiring parental approval in online transactions. Without naming Beijing-headquartered Pop Mart, the paper slammed businesses for enticing young children to spend heavily on 'blind cards' and 'mystery boxes' — a model central to Pop Mart's appeal. The company often sells its dolls in a blind box to buyers who don't know what character is inside until they open it. Sequentially, Pop Mart's share price plunged 12.1 per cent for the week ending June 20, marking its steepest fall since late 2023, denting a massive rally that sent its shares over 600 per cent higher over the last 12 months. Its stock has regained some ground since then, hovering near the all-time high levels hit in mid-June. The state media commentary on blind-box toys is reminiscent of Beijing's regulations on video games in recent years, which were aimed at curbing gaming addiction and unsupervised in-game purchases by minors. That led to restrictions on how long minors can play video games, as part of a sector-wide crackdown that wiped out billions of dollars in value from China's gaming giants. 'The magnitude of Chinese policymakers' impact [on businesses] is way higher than that in other countries,' said Alfredo Montufar-Helu, senior advisor for the China Center at The Conference Board, a think tank. That said, analysts view the fears of regulatory headwinds as overblown as Gen Zers and millennials, rather than young children, are Pop Mart's main consumer demographic. Pop Mart will largely be insulated from intensifying regulatory scrutiny as it targets younger adults with adequate purchasing power, Montufar-Helu said. Local peers that focus on minors, however, will likely be 'heavily impacted,' said Jeff Zhang, equity analyst at Morningstar. There's another factor that could cushion the regulatory impact on Pop Mart. It's increasingly driven by overseas sales, especially in Southeast Asia, he said. And the share of its China revenue will fall to about 30 per cent in the next 10 years, he projected. Pop Mart's overseas sales in 2024 have already surpassed the company's overall sales in 2021. Pop Mart derived about 61 per cent of its revenue from mainland China in 2024, according to its annual report, drawing the rest mainly from Southeast Asia and East Asia, as well as Hong Kong, Macau and Taiwan. Its sales in North America grew more than 550 per cent last year from a year earlier, and the company has 90 physical stores and vending machine spots across the United States. HSBC Bank expects Pop Mart's overseas revenue in 2025 to more than double to 14 billion yuan ($3b) from 2024 on strong sales momentum from 'Labubu 3.0,' released in April. This figure would account for more than half of its entire projected revenue this year, up from 39 per cent in 2024. That just builds on the meteoric growth that the company enjoyed last year, when revenue more than doubled to 13.04 billion ($2.8b) yuan, while profits nearly tripled. The rapidly growing popularity of the ugly-cute toys contrasts with otherwise sluggish consumption in the country, as many become increasingly frugal in the face of an economic slowdown. Younger Chinese consumers want to build toy collections for the sense of 'affordable exclusivity' it gives them, said Montufar-Helu, as it can be satisfying to be 'one of the lucky ones to get the special edition' at a reasonable price. Pop Mart sells blind-boxed toys with prices ranging from about 59 yuan ($12.50) to 5999 yuan ($1277). Collectors often spend hundreds or thousands of yuan, and rare models can fetch six-figure sums at second hand auctions. 'The very point about blind boxes is the unknown, the uncertainty. There is some inherent curiosity about what someone's gonna get. That brings about a certain degree of excitement when people are buying blind boxes,' said Chris Wong, senior clinical psychologist at Singapore-based Resilienz Clinic. 'When that uncertainty is resolved,' he said, referring to when the blind box is opened, '[that] usually comes with certain pleasant emotions, like fun, surprise and delight. That also plays a part in why people just keep on doing that.' Seeing others share their own experiences of blind boxes on social media also amplifies such a response from the brain, as it fulfils the human need for social connection, the psychologist said. But although the Labubu frenzy shows no sign of slowing, Pop Mart still faces other challenges that may dent its momentum, analysts said. 'While Pop Mart's major IPs, such as Labubu have received some global popularity over the past two years . . . there is no guarantee that what is popular now will stay relevant over the next five to ten years,' Mr Zhang said. Other risks include uncertainty around the company's ability to meet shifting demand and scalping, which could drive genuine consumers out of the market, HSBC analysts said. Pop Mart issued a rare apology last month after a surge in orders caused delivery delays, with consumers complaining online about not having receiving orders weeks after placing them. Counterfeit toys may also dampen Pop Mart's reputation at home and abroad, analysts said, despite the government's efforts in stepping up scrutiny at export checkpoints. Customs at the Ningbo port, one of the country's busiest ports, seized over a million counterfeit Labubu dolls in the first six months of this year, over intellectual property violations and smuggling concerns. To keep its brand fresh, Pop Mart has taken a page from Disney's playbook, doubling down on expanding its IP portfolio, launching pop-up stores, a film studio and a theme park. Pop Mart's founder Wang Ning once hinted at his aspiration to turn the company into 'China's Disney.' But those initiatives don't come cheap. 'Animation production requires a strong storytelling team that can consistently deliver compelling narratives,' said Echo Gong, an independent Shanghai-based retail consumption consultant. She added that managing a theme park also demands an entirely different skillset and far greater investment than simply selling toys.
