I prefer them to be split but improvement is required next year.
I have an idea tough: split between inbox and newspaper.
INBOX :
Inbox remain the same of the one on FM08, maybe with some news features.
NEWSPAPER :
Here you have a new journal-like feature (with a shortcut icon in the panel of course) where you can search the news you want simply checking the right section or maybe read it all like a journal and you can have variuos section :
- Player League News -> where you find various info about teams and players of your league, with news about injuries,moaning),discussion between managers,etc.
- League A ->
- League B ->
ecc. -> those work exactly like Player League News but are about the others league in the country (like if you are a Premiership manager you can check the progression of the teams that will go to Premiership next year,check teams where you have loaned players,check your birthtown progress in Blue Square Premier; or maybe check as England boss how Billy Sharp is doing in Championship...). This of course can be adapted in every country you are managing...
Transfer -> Check out the news about transfer in your league and the more important one of other league of your country/foreign leagues
Job -> Here will appear news about sacked manager, news about manager that are in a risk position and national manager sacked after failing Euro 2008 qualification
Foreign -> Here will go all the important news regarding the rest of the world, like information about others league progression, league and trophy winners (without check them manually), cup contenders, news about important match in leagues (ex: derbies,decisive match,etc...) of the others country (the one that the player load in the database) and foreigner award winners.
Here is my idea, i thinked like i was checking a sportive newspaper,and every section must be easily checked from the newspaper section (if someone is courious about general progress in the world of FM like me :cool

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Post your thinking and you think my idea is crap tell me or maybe post some thoughts that can be discussed.
Cheers.