Washington- US Secretary of State Condoleezza Rice says the United States and Europe must "stand up to" Russian aggression and convey to Moscow that it has become increasingly isolated in world affairs.

Rice is to deliver a speech in Washington later Thursday on Russia. The speech comes as relations between Washington and Moscow reached the lowest point since the end of the Cold War following Russia's invasion of Georgia last month.

Valletta - The European Commission is increasing pressure on the Maltese government to declare its ailing shipyards bankrupt and liquidate the state-owned company before continuing with the privatization process, The Times of Malta reported Thursday.

Commission sources told the newspaper: "Under normal circumstances, a company that is no longer viable and is registering losses - like Malta Shipyards is - should be declared bankrupt and put to liquidation."

However, the same sources said Brussels would not impose its views on the government as long as the privatization process would not involve further state aid.

Frankfurt - Major central banks have intervened in foreign exchange markets to improved liquidity, a statement early Thursday from the European Central Bank (ECB) in Frankfurt said.

It said the concerted move aimed to ease strains in worldwide exchange of dollars. Together with other moves by individual central banks in recent days, it would improve liquidity on world financial markets.

The participating banks were the ECB, the Bank of Canada, the Bank of England, the US Federal Reserve, the Bank of Japan and the Swiss National Bank.

With the view to diversify its business footprints in the international business arena, Hindustan Sanitaryware and Industries (HSIL) has announced that it is eyeing to acquire a company in Europe.

According to the sources, the proposed acquisition will be the company’s first ever overseas venture for which it has recognized three Europe-based conglomerates.

The sources further revealed that through the acquisition, the company is hoping to apply the innovative overseas technological development in the field of sanitary products in its domestic operations.

The company has also drawn its road map to foray into new export markets such as New Zealand, South America and Singapore which will boost their export business.

Frankfurt - European stock markets remained jittery on Wednesday after the US central bank's bailout of insurance giant American International Group (AIG) failed to impress investors.

After opening sharply higher in the wake of the Federal Reserve's 85-billion-dollar rescue action, French shares dipped into the red following Wall Street's weak opening.

At mid-afternoon the Paris Bourse's benchmark CAC 40 had fallen by 0.05 per cent, to 4,085.53. Insurance giant Axa still led the winners, up by 2.66 per cent to 20.29 euros, while banking shares were managing to stay in the black.

Societe Generale was up by 0.63 per cent, to 56.32 euros, and Credit Agricole, France's largest retail banking group, had gained 0.12 per cent, to 12.09 euros.

Brussels - The European Commission on Wednesday approved Greek government plans for the privatization of Olympic Airlines, but told the carrier that it must pay back 850 million euros (1.2 billion dollars) in illegal state aid from the sale of its assets.

Transport Commissioner Antonio Tajani said an investigation had shown that Greece's ailing flagship carrier had receive financial help from the government since 2005.

"This aid is incompatible with the (European Union) treaty," Tajani said.

At the same time, the commissioner approved plans for a new, smaller carrier, which will be born from the ashes of Olympic and will likely be called Pantheon Airways.