Hidden Chinese Billionaire Cruises to Yacht Clubs

April 26 (Bloomberg) -- Billionaire Wang Dafu has made his fortune building apartment complexes and hotel resorts in China’s Hainan and Guangdong provinces. Now he's betting on yacht clubs amid a rise in affluent Chinese embracing Western sailing culture. Wang, the chairman of property developer Visun Group, has a net worth of at least $1.2 billion, according to the Bloomberg Billionaires Index. Wang has never appeared on an international wealth ranking as a billionaire. Bloomberg's Matthew G. Miller reports. (Source: Bloomberg)

Trump's View of U.S. Economy Is Flawed, Says Posen
52:55 - The Federal Reserve looks poised to forgo a chance to prove its favorite points. A rate hike at the Federal Open Market Committee’s Nov. 1-2 meeting would show they mean what they say. Economic data have been strong since it met last month. The decision comes just days before the U.S. presidential election. Inflation is below the Fed’s 2 percent goal, reducing the urgency for action. What’s more, the committee has a meeting in mid-December, so officials could wait to see how markets react to a White House win by either Republican Donald Trump or Democrat Hillary Clinton and still be able to deliver a rate rise in 2016. Peterson Institute President Adam Posen discusses the U.S. election with Nejra Cehic and Manus Cranny on "Bloomberg Daybreak: Europe."
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