The Economist, bastion of British financial rectitude, has this to say:

1. In the August 14th-20th 2004 edition of The Economist, we published an article (“the Article”) entitled “Temasek, First Singapore, next the world”.

2. We recognise that the Article meant or was understood to mean that:

(a) Mr Lee Hsien Loong had appointed, or was instrumental in appointing, his wife, Mdm Ho Ching to Temasek Holdings Ltd, not on merit, but for corrupt nepotist motives for the advancement of the Lee family’s interests; and

(b) Mr Lee Kuan Yew supported or condoned Mdm Ho’s appointment for like motives.

3. We admit and acknowledge that these allegations are false and completely without foundation. We unreservedly apologise to Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew for the distress and embarrassment caused to them by these allegations. We undertake not to make further allegations to the same or similar effect.

4. We have agreed to pay Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew damages by way of compensation, and to indemnify them for all the costs and expenses incurred by them in connection with this matter.

The implied injustice almost brought me to tears. I may have more on this later.