The Editor's Desk: Fri 13 Feb 2026 - Mining, markets, and the Epstein "tentacles"

In today’s Editor's Desk, Alec Hogg pulls back the curtain on the State of the Nation address, exploring why Pretoria may finally be waking up to the neglected potential of the mining sector. We dive into the "golden straitjacket" of international capital markets that is forcing a shift in South Africa's ideological approach to Eskom and privatization. Plus, a look at the staggering data from the Jeffrey Epstein email troves—revealing deep connections to global financial elites—and a defense of Paul O'Sullivan’s recent interrogation by a parliamentary committee..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. This is the Editor’s Desk: exclusive analysis for our BizNews premium members. It's Friday the 13th of February 2026. Let's have a look behind the curtain. Friday the 13th is, in some people's view, a very unlucky day. For me, for personal reasons which I won't go into here, it's my best day of the year. We've got a really good content slate for you today, so let's get into our three big stories. The first story follows last night’s State of the Nation address. We’ve provided a summary of the analysis, though it is difficult to get into a great deal of detail because these are promises, ideas, and suggestions. While the trend seems more positive than in the past, one never knows; the difference between where the "tyre hits the tar" and the person on the podium can be a chasm as deep as the bladder of a Kenyan. One thing we can pick up is that, for the first time in ages, mining is getting some attention. It seems President Ramaphosa and his team have noted the huge success of the mining indaba this week, which saw a 25% increase in attendance. The whole mining world seems to be in Cape Town in February. This sector is the biggest tax generator, the biggest foreign exchange generator, and one of the largest employers in South Africa. Yet, it has been so neglected and abused by legislators that our mining sector—once the undisputed heavyweight of Africa—has been driven down to a level where it is now smaller than the DRC in terms of revenue generated. It boggles the mind what a mess they have made of this sector. Hopefully, this indicates that someone in Pretoria has finally had their eyes opened. The second point involves the "golden straitjacket." I was alerted to this years ago by Thomas Friedman’s book, The Lexus and the Olive Tree. He explained how, in the past, autocrats could get away with almost anything. Now, because developing countries like South Africa must borrow from international capital markets, the lenders get to make the calls. They can say, "If you do that, I'm not going to give you money."This "straitjacket" stops the worst excesses of populist leaders. We are seeing this play out in South Africa’s State of the Nation. The ANC’s natural instinct is toward "command and control"—a socialist approach where they believe they know better than the markets. Even Deng Xiaoping understood decades ago that it doesn't matter if a cat is black or white, as long as it catches mice. In South Africa, the ideologues seem to care more about the colour of the cat than whether the mice are caught. However, the golden straitjacket is forcing a realisation. After a sharp kickback from the global community regarding Eskom, Ramaphosa has reaffirmed the programme of unbundling and partial privatisation. Finally, we look at the Epstein saga. You might ask what it has to do with us, but it has everything to do with how things happen behind the scenes. Bad actors often use "useful idiots" or "sock puppets" in social and independent media to shape narratives. For every one journalist serving the public, there are at least six paid mouthpieces or "corporate journalists" shaping the narrative for those with money. The Economist, working with a sophisticated AI-driven tech company, has analysed 1.4 million emails from the Jeffrey Epstein trove. The sheer volume of correspondence reveals how close he was to powerful figures. For example, the head of legal at Goldman Sachs—an organisation that pulls the strings of the global economy—shared over 11,000 emails with Epstein. She has since resigned. Other names on the list include Peter Mandelson (over 4,500 emails), Michael Wolff, Ariane de Rothschild, Deepak Chopra, and Jess Staley. Even Bill Gates, Peter Thiel, and Elon Musk appear in the records. Epstein’s tentacles went far and deep, and there is almost certainly a South African connection yet to be fully uncovered. I also want to point you to an article by John Matisonn regarding Paul O'Sullivan's performance in front of the parliamentary ad hoc committee. O'Sullivan went to Parliament to provide information but spent two days having his own integrity interrogated by ill-informed, agenda-driven individuals. They questioned his qualifications as if the lack of a university degree disqualified him from his work. We should remember that Bill Gates, Mark Zuckerberg, and Steve Jobs all lacked traditional degrees. Having a degree does not mean you are smarter than those who chose a different path. I'm going to leave it there for today. Thanks for trusting us with your time. I'm Alec Hogg. Until Monday, cheerio.

The Editor's Desk: Fri 13 Feb 2026 - Mining, markets, and the Epstein "tentacles"

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