CONSENSUS BUILDER: John Thain started his career on the bond desk at Goldman Sachs. Now he has the chance to rebuild a firm hit hard by the credit market crisis
Merrill Lynch & Co said on Wednesday it has named New York Stock Exchange head John Thain to lead the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses.

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FUTURE STRATEGY: The US central bank's reports will provide more detail on why interest rates were adjusted and offer a map for where they might go
US Federal Reserve Chairman Ben Bernanke's decision to publish more details about the outlook for economic growth and prices represents a break with the legacy of former chairman Alan Greenspan and the cryptic phrases he used to signal policy.

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United Auto Workers (UAW) members have ratified a historic four-year contract with Ford Motor Co that sets lower pay for some newly hired workers and puts the company's huge retiree health care debt into a UAW-run trust.

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The number of new cars considered the safest by the US insurance industry nearly tripled in the past year, helped by automakers' push to make certain safety equipment more widely available.

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European banks face increased risks in the second half of this year as a result of the US subprime meltdown, the European Central Bank (ECB) warned on Wednesday.

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Billionaire Warren Buffett's Berkshire Hathaway Inc has bought nearly 14 million shares of Carmax Inc, the US' largest specialty used-car retailer, according to a regulatory filing on Wednesday.

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