The Editor's Desk: Thu 12 Feb 2026 - Thoughtful patriots and political treason

In today’s edition, Alec Hogg reveals the true architect behind the "greatest private equity deal of all time"—the Naspers acquisition of Tencent—and shares a personal story of South African honesty encountered on the road to Mossel Bay. He also addresses the disturbing cancellation of a school tennis match between Roedean and King David, calling for a rejection of the ignorance and "bad agents" that threaten South Africa’s inherent culture of tolerance..Don't miss out on future episodes of The Editor's Desk. Subscribe to BizNews Premium and get the podcast delivered to your inbox daily..Listen here.Edited transcript of today's Editor's Desk episode.Hello and welcome. I’m Alec Hogg, and by now you’ve likely scanned the headlines on BizNews.com and caught the interviews on our radio and TV channels. Well, the real story, though, often lives in the margins—the context that doesn't make the press release and the whispers we pick up after the record button stops, whether it’s the shifting sands of geopolitics or the political currents shaping our economy. That is what we do here. We strip away the polish to tell you the backstory and why it actually matters. This is the Editor’s Desk: exclusive analysis for our premium members. It’s Thursday, the 12th of February, 2026, and I’m glad to have you with me. I want you to keep your eye out for two big stories based on interviews that I did this morning. The first of these was with David Shapiro. I’ve known David for decades; we worked together. In fact, he was the very first guest in the very first business program aired in South Africa back in April 1997. It’s a long backstory that I won’t go into here, but that first show was on a Monday at twenty-to-seven—a "dead time" when no one was really listening to the radio. I asked David to come into the studio, which he duly did. That’s how it all began. For 15 years thereafter, David used to come into the studio most evenings, always ready with a smile, insights, and suggestions. If he didn't know something, he would say so, which is refreshing in the world I come from. More than anything, he was never critical. We have a tribe member, a medical doctor, who told me recently that he likes BizNews because we are "thoughtful patriots." David Shapiro personifies that idea. So, when I was away for a long weekend break earlier this week, it was a great surprise to get a WhatsApp from David sharing a voice message from a teacher at King David School. David expressed his concern at the blatant anti-Semitism displayed by Roedean, one of the private schools in Johannesburg. I am a product of a very modest, rural high school, so for me, these private schools were always out of reach. I don't really understand the culture or the "old school tie," but I’ve always believed that the people who attended these schools—and the parents who paid a lot of money for them—were quite engaged with the institutions. Roedean, being a Christian school, has always produced a high-quality product in my mind: well-educated people with a good work ethic and integrity. To see this message from David—saying that Roedean girls had refused to play tennis against King David girls because King David is a Jewish school—really shook him. David’s mother-in-law was a famous member of the struggle; she was finally unbanned in 1994 after being banned since 1964. The ideas of equality, freedom, and respect are very deep in his heart. He was quite shaken by this, and we spoke about it today. Watch out for that interview with David Shapiro regarding the Roedean-King David issue. He had some very interesting things to say, not least about leadership in South Africa. The other story I want to point you towards is my interview yesterday with Theo de Jager. If you haven't listened to the "Director’s Cut"—the full 45-minute interview—it takes a bit of an investment of your time, but I can assure you it will be worthwhile. By absorbing that, you will realise that the Democratic Alliance leader and Minister of Agriculture, John Steenhuisen, is in a deep hole. He has been backing some very strange horses and listening to the wrong people. I first met Theo de Jager in Davos in his capacity as the Executive Chairman of the World Farmers’ Organisation. He is a South African farmer who worked his way up through organised agriculture. He has a PhD and has always struck me as a very sensible, hard-working person. When he retired and returned to South Africa, he got involved in Saai, an organisation representing family farmers. In our interview yesterday, he raised the alarm about foot-and-mouth disease. Saai uses artificial intelligence systems to monitor cases. Last year, 68 farmers reported concerns over an outbreak, and it became clear an epidemic was gathering momentum. They engaged with the Department of Agriculture, and Theodor repeated yesterday that he was told by the Director-General that Steenhuisen is not listening to the people in the department. Consequently, they are "teaching him a lesson" by not implementing steps to prevent the spread of the disease. "Treason" is almost too small a word for it, because the cost to South Africa of that kind of small-minded approach is huge. It suggests Mr Steenhuisen’s time in politics may be limited. He is already stepping down as the leader of the DA. When the "new brooms" sweep in April, the party will likely look for young blood and energy. Helen Zille has been an absolute stalwart, but she is now in her 70s and has stepped aside for a last "throw of the dice" by standing for Mayor of Johannesburg. Looking at the next category of DA leadership, there is incredible talent in the 30-something age group. You can't see them wanting to keep certain cabinet ministers hanging around if they are from a different grouping. I live in a world where numbers are more important than narrative. I am an interested observer of the political economy, but these backroom politics suggest to me that something big is happening regarding foot-and-mouth disease. I worry the country will be the loser because of internal fighting and antagonism. I received similar feedback from an interview today with Peter Major. Peter noted that there were effectively five "Mining Indabas" in Cape Town this February. He mentioned that my former colleague, Timothy Wood—who was employee number one at Moneyweb and a highly competent man—once turbocharged the Mining Indaba as chief executive. However, Peter says this year was an opportunity missed. Despite 13 days of conferences and the biggest turnout ever, South Africa’s presence was effectively non-existent. Advantage was not taken of the opportunity. One hopes that with new energy injected into our system, we can move toward "South Africa first" rather than "ideology first." I read a statement from the Department of Trade and Industry today regarding a deal with China that referred to Lenin’s policies. China does what is good for China, not what is good for Lenin or South Africa. Watch out for the interview with Peter Major and the full "Director’s Cut" with Theo de Jager. And of course, the conversation with David Shapiro—he was particularly superb today. I’m going to leave it there for today. Thank you for trusting us with your time. I’m Alec Hogg, until tomorrow, cheerio.

The Editor's Desk: Thu 12 Feb 2026 - Thoughtful patriots and political treason

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