We're going to contain this problem Summers said

authoritiesending a damaging tax probe, the NZZ am Sonntag reported. Stocks Regulatory News Funds News ETFs News The U.S. has accused UBS of helping rich Americans hidebillions of dollars of untaxed money in Swiss accounts Theyhave asked UBS to hand over the names of its U.S. clients, astep that would breach Switzerland's bank secrecy laws and maydamage the country's status as leading offshore centre. clients out of the estimated 20,000 that haveundeclared accounts with the Swiss banking giants. "An agreement could be formally clinched shortly, possiblyin the next few days," the newspaper said. UBS would also have to pay a large fine possibly $1billion or more to have the investigation put behind it andget on with a much-needed restructuring after making $49 billionof credit crisis-linked writedowns.

UBS and the finance ministry declined to comment on thenewspaper article. tax investigation has been a major headache forUBS, which is struggling to rebuild its reputation at home andabroad after coming close to bankruptcy in the credit crisis In November U.S. prosecutors indicted UBS' global wealthmanagement chief, who says he is innocent and has since steppedaside to prepare his defence. The Swiss bank decided in July to stop offering offshoreaccounts to U.S.

clients and is now closing down all Swiss bankaccounts by Americans. (Writing by Lisa Jucca; editing by John Ston4estreet) Stocks Regulatory News Funds News ETFs News. WASHINGTON, Jan 18 (Reuters) - President-elect BarackObama's senior economic aide, Lawrence Summers, said on Sundayhe does not see the U.S rate of unemployment topping 10percent. Stocks Bonds "I think while we're going to see some substantial joblosses. Frankly, what is important about the president'sprogram here is that it is going to contain what wouldotherwise be just a vicious cycle, people spend less, thereforethey earn less," Summers, incoming director of the NationalEconomic Council, said on the CBS television's "Face theNation." "We're going to contain this problem," Summers said. By Adam Entous JERUSALEM, Jan 18 (Reuters) - Israel is weighing a proposal for Egypt to increase the number of its guards on the border with the Gaza Strip as part of stepped-up efforts to prevent Hamas from rearming, Israeli officials said on Sunday. Outgoing Israeli Prime Minister Ehud Olmert cited new security arrangements with Egypt in unilaterally calling off military operations in the Gaza Strip after a 22-day offensive, but he offered no specifics.

Israel has long resisted an increase in Egyptian border forces on the grounds that it would run counter to the 1979 peace treaty between Egypt and Israel. The treaty limits the number of Egyptian guards to 750 but Israeli officials said Cairo proposed doubling that number to 1,500. Egypt has said it would not allow foreign troops to patrol its side of the Gaza border. "The issue has not been a problem in the talks," one official said. Washington has privately questioned Israel's resistance to Egyptian requests for an increase, arguing that the 750 border guards authorised under the 1979 treaty was not enough to do the job, diplomats said. "It would not be extraordinary for Israel to agree (to an increase) at this time, though implementation would pose problems in terms of keeping such a change separate from the demilitarisation pact," an Israeli defence official said Egyptian officials had no immediate comment. Israel wants Egyptian border guards to prevent rockets and other arms from reaching the Gaza Strip.