Company news in brief

Loss-making PetroSA seeks revampPetroSA is taking steps to end a legacy of mismanagement and continuing annual losses as it plans a project with TotalEnergies SE, according to its interim chair.The state-owned oil company has reported a string of losses, including a record R20.7 billion in 2019, and experienced a high turnover of executives through the same period. More recently, the government made plans to expand PetroSA’s profile, adding gas and fuel storage businesses as the nation sees an increase in oil and gas activity."To us, leadership is critical," Nkululeko Poya, chair of PetroSA, who has served in the role since last year, said in an interview in Cape Town. The company expects to appoint a chief executive officer and chief operating officer by the end of November. The company reported a profit in September because of a new strategy that focuses on cutting expenses, reviewing service providers and a revamped trading strategy, according to the chairman. – Fin24/BloombergBinance fall prey to scammersScammers have stolen US$100 million in cryptocurrency from Binance, the world's biggest exchange for cryptoassets, the firm said on Friday.Company chief Changpeng Zhao wrote on Twitter that "an exploit" in the system led to extra production of the exchange's dedicated currency, adding: "The current impact estimate is around $100m.""The issue is contained now. Your funds are safe. We apologise for the inconvenience and will provide further updates accordingly," he wrote.It is among the biggest thefts in cryptocurrency history, although it is still dwarfed by the mammoth heist of more than US$500 million from the Axie Infinity blockchain game earlier this year.Scammers are increasingly using weaknesses in "cross-chain bridges" - the means used by investors to move assets from one blockchain to another.Changpeng Zhao wrote that the theft involved "an exploit on a cross-chain bridge, BSC Token Hub", reassuring customers it had been fixed. – Fin24/AFP

Company news in brief

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Republikein 2026-02-25

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Company news in brief

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