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Don't be fooled by the staggeringly beautiful beaches and laid-back lifestyle-Sydney's image as a modern-day Eden masks a pulsating financial hub. Eighty percent of the banks operating in Australia, including the ten largest investment banking groups, have headquarters here. Proximity to Asia has prompted scores of global giants-including online god Google, data specialist American Power Conversion, and banking colossus Lehman Brothers-to locate Australian or Asia-Pacific bases here. The city's time zone also makes it a front-runner in the stock market, literally: The Stock and Futures exchanges are the first worldwide to open each day. The city's foreign exchange market is also buzzing, with daily turnover hitting $167 billion. Despite such impressive statistics, Sydney continues to be defined by the outdoors. Vodafone CEO Russell Hewitt often darts around town on a Harley-Davidson. And Warner Music Australasia CEO Ed St. John goes surfing whenever he can: before work, on lunch breaks, late in the afternoon. It makes perfect sense given Sydney's unofficial mantra of work hard, play hard, and dive right in.

Where to Sleep
The harbor-hugging hotels capture the corporate clientele, thanks to jaw-dropping views and proximity to the city. News Corporation bigwigs stay at the Park Hyatt, which is slightly removed from the tourist traffic and offers easy access to downtown and to the ferries. Coca-Cola Amatil, the soda company's licensee in Australia, parks executives at hotels near its offices at Circular Quay East-usually the Sheraton or the InterContinental. The latter property also hosts publicity-shunning CEOs and such diversely iconic guests as Britney Spears and the Baroness Margaret Thatcher. Dick Cheney, Sophia Loren, and Burt Bacharach prefer the Shangri-La for the gorgeous vistas of Sydney's iconic harbor, bridge, and Opera House. Its Horizon Club executive floors have a large Club Lounge, with canapés daily from 6 P.M. to 8 P.M. and complimentary suit pressing. Think of it as a mixer for the multi-millionaire crowd.

Where to Eat
Sydney's food scene is legendary. The current top table is Tetsuya's, where Japanese decor provides the backdrop for fine modern Japanese-Australian cuisine and a wine list beyond compare. The wait for a reservation can be three months. At Est., the uncluttered approach of Peter Doyle, a maestro of new Australian cuisine, is hard to match. Telstra Group managing director Phil Burgess favors Forty One Restaurant, with its private dining rooms and Asian-European dishes. Sarah-Jane Clarke-one of the founders of fashion label Sass & Bide-is a regular at the revolving Summit, while local golf guru Greg Norman drops in to Astral's glass-walled private dining room in the inner-city district of Pyrmont. Nearby Flying Fish, specializing in seafood, is a favorite with the TV crowd from Network 10 and hosts radio execs. The clutch of harborside eateries includes Aria, frequented by everyone from Lachlan Murdoch to Canadian crooner Michael Bublé (who confounded the waiters by ordering oysters with maple syrup on the side).