ON IP TI SC R SU B
TUESDAY, AUGUST 2, 2011
RAMADAN 2, 1432 AH
Israeli, Lebanese troops exchange fire on the border
Kuwait marks anniversary of Iraqi invasion
Obama unfurls 11th-hour deal
www.kuwaittimes.net
Serena Williams captures first title in comeback
national carrier stake
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18 5Kuwait9 seeks13bids for Etihad, Qatar Airways deny media reports Ramadan Kareem
Purpose of fasting By Sayyed Abul A’la Al-Maududi
T
here are essentially two component factors in any work which a man has to perform. The first thing is the purpose for which a work is done and the second thing is the particular shape of that work which is chosen to achieve that purpose. For instance, take the case of food, your object in taking food is to remain alive and maintain your strength. The method of achieving this object is that you take a morsel, put it in your mouth, masticate it and push it below the throat. This method is adopted by you since it is the most effective and proper one to achieve this object. But everyone of you knows that the main thing is the purpose for which food is taken and not the form and procedure of this action. What will you say if anybody were to make a morsel of saw-dust or cinder or mud, put it in his mouth, chew and gulp it? You will say only this that his brain is out of order. Why? Because this idiot did not understand the real purpose of eating and is suffering from the misunderstanding that only the aforesaid four component acts constitute eating. Continued on Page 13
WEST BANK: A Palestinian Muslim woman reads from the Quran, during the first day of the Muslim holy fasting month of Ramadan, in a mosque in the West Bank city of Jenin. — AP
KUWAIT: Kuwait yesterday invited bids from local and international investors to buy a stake in Kuwait Airways as part of a privatization process to turn the loss-making airline into profit. The privatization committee of Kuwait Airways said in a statement that interested parties should submit their “expression of interest” to participate in the bidding for 35 percent of the airline. The process, open to companies listed on the Kuwait Stock Exchange and specialized international companies, closes on August 25. Local airline operators are banned from taking part. The privatization committee has been formed to transform the state-owned Kuwait Airways Corp into a private company and to transfer assets, liabilities, rights and benefits from KAC in accordance with a law passed in January 2008. International firms have valued the assets of Kuwait Airways at KD220 million dinars ($800 million). The airline’s privatization law stipulates the sale of 35 percent of the private company to a strategic investor and 40 percent to be sold to Kuwaiti citizens in an initial public offering. Five percent will be granted to Kuwaiti employees while the remaining 20 percent will be held by Kuwait Investment Authority, the OPEC member sovereign wealth fund. Kuwait
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Airways has posted a loss in all but one of the past 21 years, accumulating losses of more than $2.7 billion. The airline has an ageing fleet of 15 Airbus and two Boeing aircraft. Meanwhile, UAE’s Etihad airways said yesterday that media reports that it would be interested in Kuwait Airways are “speculative”. Qatar Airways also stayed clear of claims that they may be potential suitors. “I don’t see how buying into a part ownership of a very specific national airline with issues will be of any interest to investors,” said Peter Morris, chief economist at Ascend Aviation, a UK-based consultancy. Continued on Page 13
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