South Africa’s R3.7 trillion climate bill, and Nvidia CEO facing the boot

The rand was trading at R16.60 against the US dollar on the morning of Thursday, 12 November 2026, continuing its weakening trend.

South African shares retreated on Wednesday, with the JSE All Share Index losing 1.08% while the Top 40 Index lost 1.11%.

Woolworths stock fell 8.52% after its trading update showed just 0.2% growth in group sales, reflecting heightened pressure on household spending.

Chinese carmaker Chery recalled almost 24,000 vehicles due to potential defects, prompting an investigation by the National Consumer Commission.

On Wall Street, equities rebounded after CoreWeave shares jumped 24.7%, the company’s strongest daily advance in three months.

The Nasdaq gained 1.60%, while the S&P 500 was up 1.31%, as investors were reassured by demand for AI infrastructure.

In Europe, stocks finished at record closing levels amid strong corporate forecasts, with the STOXX 600 up 0.72%, close to its intra-day trading record.

Germany’s economic advisers raised their 2026 growth forecasts to 1.3% but flagged spending pressures.

Asian markets began Thursday unevenly following Nvidia’s after-hours selloff, with the Hang Seng down 0.98% while the Nikkei 225 was up 1.31%.

A Reuters survey found that one-third of Japanese firms had experienced cyberattacks this year, underscoring the need for higher security spending.

In the commodities market, crude oil prices dropped more than $1 to around $91 per barrel as diplomatic developments reduced supply concerns.

On Thursday morning, the rand was trading at R16.60 to the US dollar, R18.39 to the euro, and R22.01 to the British pound.

Important finance and investing news

Nvidia CEO to get the boot: The board of Nvidia is reportedly preparing to oust CEO Jensen Huang after the reveal that he had two extramarital affairs, one with an employee and another with a suspected Chinese spy. Huang’s departure would close an era in which he led the global AI boom. [Wall Street Journal]

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South Africa’s R3.7 trillion climate bill: Over the next decade, the country’s climate bill could reach R3.7 trillion, as coal dependency and fiscal constraints impede the country’s climate ambitions. A hotter climate and costly disasters reinforce the importance of the low-carbon Just Energy Transition. [BusinessDay]

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Pizza chain closes 239 restaurants: American pizza chain Papa John’s has closed 239 restaurants globally in 2026 so far, with 146 of those being in North America. The chain, which operates almost 6,000 restaurants across 50 countries, said it plans to close 300 underperforming stores by the end of 2027. [Yahoo Finance]

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Major airline in £5.7 billion takeover: EasyJet’s shareholders approved the budget airline’s £5.7 billion takeover by Apollo, one of the biggest private-equity buyouts of a European carrier. The airline hopes to complete the deal before the end of the first quarter of 2027, after which EasyJet will leave the UK stock market after more than 25 years. [Reuters]

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Fashion retailers kiss R47 billion goodbye: A total of R47 billion has been lost from the combined market value of South Africa’s five listed apparel retailers since the start of the year. Only one of the five, Mr Price Group, has posted a positive return in the first 10 months of the year. [The Citizen]

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