The Markets

LAGOS (Capital Markets in Africa) – Bharti Airtel Ltd.’s initial public offering of its Africa unit is expected to price at 80 pence a share, the bottom of its range of 80 pence to 100 pence, according to terms seen by Bloomberg. The books, which close at 2 p.m. in London on Thursday, are oversubscribed on the full size of the deal, the documents show. Bharti is seeking to raise $750 million on Friday through listings in London…

LAGOS (Capital Markets in Africa) – The Kings Arms Hotel is a 300-year-old inn next to London’s Hampton Court Palace, once the home of Henry VIII. It’s poised to open soon after refurbishment, with rooms costing about 250 pounds ($318) a night. Guests can dine on traditional fare in the Six restaurant, a reference to the monarch’s many wives, or grab a pint on the terrace. In this most English of settings, it’s fitting the owner…

HARARE (Capital Markets in Africa) – For Zimbabwe’s government, the reintroduction of the national currency a decade after its demise is a return to “normalcy.” For most of the country’s citizens, it’s a bitter reminder of years of hyperinflation, which destroyed their savings and left them bartering for daily basics. “Remember 2008, when you needed trillions of dollars to buy bread? In Zimbabwe time goes backward,” said Edwin Mapondera, 34, who sells wooden sculptures in the affluent…

LAGOS (Capital Markets in Africa) – Last month, the U.S. Treasury increased the number of economies it scrutinizes to 21 from 12 and expanded its watch list from four to nine, adding countries such as Ireland, Italy and Singapore under new tougher criteria. It again refrained from labeling China a manipulator. The Commerce Department on May 23 proposed allowing U.S. companies to seek trade sanctions against goods from countries with “undervalued’’ currencies, though it said it did not intend…

LAGOS (Capital Markets in Africa) – President Donald Trump has already given the global economy trade wars. Now there are signs he may be gearing up for a currency war, too. With a series of tweets on Tuesday aimed at the European Central Bank and an announcement by Mario Draghi, its president, that he was prepared to cut interest rates further below zero in response to Europe’s slowing growth, Trump made a rare American presidential intervention into another…

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. plans to fire Chief Executive Officer Peter Moyo after suspending him due to a conflict of interest. The board gave Moyo a “notice of termination of employment” and will “shortly” start the process to find his replacement, the Johannesburg-based insurer said in a statement. Chief Operations Officer Iain Williamsonwill continue as acting CEO. The 174-year-old insurer suspended Moyo last month to investigate a conflict involving his investment firm NMT Capital. It…

HARARE (Capital Markets in Africa)  – Zimbabwe’s stock market has hit a record high, for all the wrong reasons. The southern African nation’s Industrial Index rose 5.6% on Monday to extend its gain this quarter to 80%, the most among any of the primary equity gauges tracked by Bloomberg globally. Stocks are rising because local investors are desperate to hedge against inflation, which accelerated to 98% in May, the statistics agency said on Monday. Prices are rocketing amid a scarcity of…