The Department of Justice is asking the Court to allow the IRS to issue a summons to UBS AG demanding the names of wealthy U.S. clients who used the Swiss bank to keep 'undeclared accounts' in order to evade U.S. taxes.

Middle Eastern countries know their oil supplies aren’t going to last forever. So they’re pumping more than $2 trillion into new, long-term economic projects - such as brand new cities that will function as both business and vacation hot spots.

The stock market continued its losses on Tuesday after Fannie Mae, D.R. Horton Inc. and Swiss bank UBS reported quarterly losses. We also recorded a new record for crude oil, $121.49.

Andrew Corn of of Clear Indexes (CSD) believes that "Spin-Offs stand to become increasingly prevalent in the near future." Why? Because you can "Give a high growth unit the chance to reap the benefits of a high growth stock, shed a non-core business, or give investors the chance to buy into a specific industry without taking on other divisions."

UBS AG, already wincing from massive write-downs caused by the subprime crisis, has taken another blow as a former CEO is pushing the Swiss bank to separate its private client operations from the stumbling investment unit.

Stocks started off the second quarter with a rally on Tuesday as investors weighed a fresh round of mortgage-related write-offs at UBS and Deutsche Bank, two of the world’s largest financial institutions.

UBS AG, battered by the biggest writedowns from the collapse of the U.S. subprime mortgage market, reported a 12 billion-franc ($11.9 billion) first-quarter loss and said Chairman Marcel Ospel will step down.

Wall Street rallied Tuesday, the first day of the second quarter, on news that two banks slammed by the credit crisis are working to raise cash and that U.S. manufacturing is faring better than expected. The Dow Jones industrial average soared more than 220 points.

UBS has significantly increased its estimate of huge fourth-quarter losses from the American sub-prime mortgage crisis, further increasing the pressure on Marcel Ospel, its chairman.

The cloud of uncertainty hanging over the credit markets was thrown into sharp relief yesterday as UBS told investors that it still could not be sure about the full financial impact of the credit crunch.