CURRENT AFFAIRS

Actis, which is the privatised fund management arm of the Commonwealth Development Commission (now CDC), made a $19 million dollar profit last year, after having been privatised in 2004, when 60% of it was sold for £373,000. That price was assessed by KPMG, which has since received $1.1 million in audit fees and other services from Actis. The NAO recently valued the government’s remaining 40% share at between £182 million and £535 million, casting some doubts on the valuation of Actis just three years ago at £620,000. There is a regulatory device to stop these errors, the Shareholder Executive at the Department for Business Environment and Regulatory Reform. The person responsible for giving the 2004 numbers the thumbs up joined BERR from KPMG. So it is good to know that Panorama is picking on racing as a subject again and not wasting it’s time on the quite possibly corrupt giveaway of several hundred million pounds of taxpayers money. You do begin to wonder if there is some hidden agenda there

ADVERTISING STANDARDS

It has not gone unnoticed that Virgin Rail have taken to using the theme from 'Big Train' for their TV advertising. Those with not so long memories may recall that Big Train was innovative, surreal, witty and often hilarious comedy. Whereas travelling on Virgin is simply tragic.

THIRD WAY NEEDED...

Rugby World Cup prompted, it becomes clear that two apparently opposite theories have a gap to fill between them. Watching the close and enjoyable match between Fiji and Japan, in which the islanders appeared to have hands that are no longer capable of catching a rugby ball, and reading Bruce Millington's column in the Racing Post, where he clearly enjoys sport but has a problem with those involve any brains to follow, it is obvious some human traits are neither derived from a Darwinian need for a natural advantage nor any vaguely Intelligent Design.

...AND A THIRD WAY FOUND

Due to timing convenience, I was forced to watch the rugby highlights on S4C. Still as disappointing imbalance of chat over action, but as I could not understand a word of it, the raising of ire for pundits being paid to sit and talk rubbish did not occur. Much more enjoyable all round. Will they do racing?

THE ONGOING CORRUPTION STORIES

Certain areas of the press have become very Messianistic (made up word, but does the job) about this. In some instances very validly, in other cases - where a rider has done no more than express an opinion that proved correct, and picked up a reward for it - with less strength of case. However, we should remember two of the latest innovations in the betting market, spreads and exchanges. How did these take off? Advertising for sure, but also by entertaining, buttering up and even giving preferential rates to journalists to mention them in columns where the writer had a more or less free role on the topic. A comparison worth bearing in mind. 

WHY NOBODY SANE BELIEVES BOOKMAKERS' PR GUFF

The VCBet piece in the Racing Post on the Greyhound Derby was the latest, where they bemoaned the fact that they were down as heavy losers on ante-post betting for the three heading the market prior to the quarter-finals. Yet looking at their prices on the same day, of the other 21 runners, they were clear top price about none, and joint top price about nine. Hardly a sign of being desperate to balance their book - and VCBet were also still joint longest about one of the dogs that they bemoaned. Of course, their two worst outcomes both were knocked out...

In the interest of balance, after the Derby with the tabloids screeching in the usual ill-informed hysterical fashion about the amount a Dettori win cost bookmakers, one bookies PR did point out that the figure quoted was the payout not the net loss. But credit cannot be given where credit is due, because I have forgotten who it was.

IS THIS A RHETORICAL QUESTION

Another of which I was reminded. It could just be shoddy script writing, but as it was from Sky Sports News, it probably is guff-witted, and is cricket related

"Scotland and Ireland in action today in the Friends Provident Trophy after their World Cup heroics." Ireland yes. Scotland heroically played 3 and lost 3

It's about spin again. Two recent examples of complete cobblers.

The Premiership pleased as punch as the addition of 150,000 spectators shows, they say, interest continuing to rise. Well, Arsenal's increased capacity in the new stadium saw nearly 400,000 extra fans whose only added interest was the ability to get a ticket. So a net drop then, which is entirely dependent on the capacities of the clubs promoted over or under those relegated.

A weekend of rugby league in a deserted giant stadium in Cardiff. Apart from the only three blokes in South Wales that do really care who wins out of Hull FC and Hull KR, all it did was annoy the real fans who either spent a miserable day or two stuck in Bank Holiday traffic (and, as the Racing Post observed, destroying the environment), or they did not go at all because of expense and inconvenience. It was clearly, to anyone who watched a few seconds, not the tremendous success that was claimed. 

Are there enough people who are so idiotic that all this effort is worth making?

BRITISH ELECTION

After their election successes, the Scottish Nationalists and Plaid Cymru have really come of age. It is clear that the upsurge in results came because plenty of people felt obliged to vote, and finding no party that had an especially attractive manifesto, went for someone who was not Labour, Tory or Lib Dem. However, arriving on the big stage the SNP and PC have joined the big three in overlooking this uncomfortable truth, so qualifying as genuine politicians.

A BACKWARD STEP

After the fiasco at Kempton, where the course spent a fortune on refurbishing it exactly how the regular customers did not want it, and in complete defiance of the pitiful crowds at all-weather meetings, the man in charge, Julian Thick, has moved to Sandown. In relative prestige this appears like an upwards move from Kempton. Like the Cheltenham Gold Cup, meritocracy is not what it used to be. Mind you, having presided over the utterly inept Defra and the spending of millions of pounds on the Rural Payments Agency to  fail to achieve what every other EU country did in a fraction of the cost and time, Margaret Beckett was inexplicably promoted. Other examples of the anti-meritocracy will be gratefully received.

HYPOCRISY AT IT’S WORST