Man Utd defend David Moyes after fans criticise transfer policy

Man Utd defend David Moyes after fans criticise transfer policy Manchester United have defended manager David Moyes after fans criticised the club's late and limited transfer activity during the summer window. Marouane Fellaini's arrival from Everton was their only summer signing. "The club has demonstrated its commitment to David Moyes in the award of a six-year contract," said director of communications Phil Townsend. "Allowing him to shape the future Manchester United team is a long-term project not an eight-week panic." Marouane Fellaini Age: 25 Nationality: Belgian Clubs: Standard Liege, Everton Everton appearances: 166 Everton goals: 33 Fellaini's arrival came late on transfer deadline day, but the club failed with moves for Everton defender Leighton Baines, Athletic Bilbao midfielder Ander Herrera and Real Madrid left-back Fabio Coentrao. Moyes was also unsuccessful earlier in the summer with two bids for Barcelona players when former Arsenal midfielder Cesc Fabregas chose to stay at the Nou Camp and midfielder Thiago Alacantara opted to join German side Bayern Munich. "The club had two main priorities for the transfer window," added Townsend in a letter to supporters. "The first was to keep Wayne Rooney. "He is a world-class player and the manager is very keen to have Wayne as a key part of the club's drive to retain the Premier League trophy. That aim was fulfilled. "The second priority was to add a midfield player, and the capture of Fellaini has met that need."

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Blackberry Z30 offers firm's biggest handset yet

Blackberry Z30 offers firm's biggest handset yet By Leo Kelion Technology reporter Blackberry Z30 The Z30 may help Blackberry compete against large Android handsets Continue reading the main story Related Stories Microsoft to buy Nokia phones unit Blackberry to explore sale of firm UK first to get Blackberry 10 phone Blackberry has announced its biggest smartphone to date. The Z30 features a 5in (12.7cm) screen and a relatively large battery, which, the company says, should last more than two days between charges. It is the first product to be released by the Canadian company since it announced last month that it was considering putting itself up for sale. Some analysts have suggested a deal could result in its handset division being shut down. They say the company's patents, software and cash reserves could make it worth about $5bn (£3.1bn). However, they add the hardware unit itself has "negative value" and any suitor might wish to do a deal in which they did not have to acquire it. "Why would you want to own a platform that is obviously in decline?" asked Colin Gillis, director of research at investment advisers BGC Financial. "Android is clearly number one, Apple's iOS is number two, and now Windows Phone is number three. "Blackberry's hardware and operating system themselves are fine, but there's not much more beyond that - it's not a meaningful platform." App store gaps According to market-research company IDC, Blackberry accounted for 9.3% of all smartphones shipped to the UK during the first half of the year, thanks in part to interest generated by the launch of its new operating system BB10. But its position elsewhere is much weaker. The company only accounted for 1.7% of all smartphones shipped to the US and 0.1% to China, the world's biggest markets, during the same period, according to IDC. The announcement of the new handset indicates the company wish to emulate the several Android manufacturers who have found success with larger screens. Samsung and Sony are among the companies that have recently unveiled new so-called "phablets". But Blackberry faces the problem that its app store is still missing several of the big-name programs available for Google's operating system. One expert warned that the current uncertainty over its future might discourage software writers from filling in those gaps. "The rumours might affect developers and that in turn might affect consumers - even if many are not aware of the problems that Blackberry currently finds itself in," said Tony Cripps, principal analyst at the telecoms consultancy Ovum. "The same issue really surrounds a 5in Blackberry device as their other smaller ones. Blackberry handsets The updated operating system will be made available to all BB10 devices "By going it alone as far as its platform and ecosystem strategy is concerned, it's pretty much left itself at great risk of not putting together an offering that is very appealing either to the end user or the third-party developers." System update Blackberry said the Z30 would be released in the UK and Middle East next week, ahead of other regions. It is also releasing an update to its operating system - taking it to version 10.2 - which it said offered "hundreds of refinements plus many new features". These include the ability to preview and respond to messages without having to switch out of whatever app the owner is using, and the introduction of a "priority hub" that groups together information and emails that the device judges to be most important to the user. The firm said that the update should be available to owners of its existing Z10 and Q10 devices from mid-October.

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Will US Federal Reserve ease back on stimulus?

Will US Federal Reserve ease back on stimulus? By Kim Gittleson Business reporter, BBC News, Wayne, New Jersey Stephanie Flanders examines the impact of the Federal Reserve's stimulus measures Continue reading the main story US Economy Q&A: What is tapering? US prices rise slightly in August Summers pulls out of US Fed race US retail sales growth slowing Eyes across the globe will be trained on Washington on Wednesday as the Federal Reserve concludes its two-day meeting. US Federal Reserve chairman Ben Bernanke is expected to announce an end to the central bank's extraordinary stimulus efforts. Fed watchers believe that the bank will begin to slow down its purchase of $85bn of bonds monthly. This would indicate that Fed officials think the US economy is back on track. Markets have been primed to expect a slowdown in the bank's efforts at quantitative easing, in a move known as a "taper", ever since Mr Bernanke hinted at a pullback in front of Congress in June. "A small taper seems to be what the market is expecting," says former Fed economist Joseph Gagnon, who thinks the central bank will pull back its bond purchases to somewhere between $70bn and $75bn a month. But the challenges confronting the Fed are vast as it tries to navigate a completely new situation: how to return to normal, five years after the housing market collapse and subsequent recession forced the bank into new and untested stimulus tools. In the middle-class suburb of Wayne, New Jersey, both the impact of the Fed's policies over the past few years and the conundrum the bank currently faces are fully on display. 'They'll never go lower' To see the Fed's stimulus efforts in action, look no further than David and Julianne Philp. David and Julianne Philp David and Julianne Philp sit outside their home with a binder full of their mortgage refinance papers They've lived in the same quaint white house on a leafy side street in Wayne for the past 17 years. In the middle of the recession, David lost his job. "By 2009, I'd been out of work for about 14 months and we needed to save money," says David. Continue reading the main story “Start Quote This was our first summer in a long time when were able to not worry” Julianne Philp So, after seeing an advertisement about low mortgage rates - rates that were lowered as part of the Fed's initial efforts to stimulate the economy, in the wake of the housing market collapse - David and Julianne decided to refinance their home. "The rate went from 5.25% in 2009 to 4.5%," says David, which allowed the couple to stay afloat during those lean years. "After we refinanced in 2009, we thought, 'Well, they'll never go any lower than that,'" says David. But of course, rates did go lower, because of the Fed's extraordinary efforts to lower longer-term mortgage rates by buying mortgage-backed securities as part of quantitative easing. Once more, the couple did the maths - and figured out that another refinancing effort could help them. The Philps playing catch The Philps say that now they're on more secure financial footing, they can begin to save again This time around, the rate on their 30-year mortgage was lowered to 3.785%, which allowed them to save more than $300 a month on mortgage payments. Additionally, they could pay off credit card debt that had accumulated during the recession. "We just wanted to get back on our feet, feel good about our money situation and start saving," says Julianne. Now, they can repaint their home, go out to dinner and begin saving for the future college tuition of their two daughters, aged nine and 12. "This was our first summer in a long time when were able to not worry," says Julianne. 'A dramatic increase' The US economy was also relatively worry free this summer, with job growth holding relatively constant at 160,000 a month and good, if not great, GDP figures. Wendy Nastasi Wendy Nastasi worries that higher interest rates could hurt the US economic recovery The Fed's efforts to boost consumer spending by keeping mortgage rates low and then lower seems to have worked, as the Philps and others like them recover from the wounds of the recession and begin to find themselves with extra cash on hand. But the question remains: is the US economy strong enough to continue to grow without the Fed's extraordinary efforts? Wendy Nastasi, the mortgage broker who helped the Philps with their refinancing, worries that the tap might be prematurely turned off. "We've seen a dramatic increase in mortgage rates, almost overnight," says Ms Nastasi. Over the summer, the rate on a 30-year fixed mortgage rose one percentage point, and already the number of US homeowners looking to refinance has plunged from 17% in early 2013 to just 2% today. "You're going to see what improvements we're seeing in the housing market stall," cautions Ms Nastasi. This stall could have a knock-on impact. Continue reading the main story “Start Quote If the economy's improving, you can't prove it by me” Travis Nonn Park Wayne Diner patron "If you have fewer mortgage refinancings, that suggests that households will have less cash than otherwise to spend on a variety of goods and services," says John Lonski, chief economist at Moody's Capital Markets. Mr Lonski says that since consumer spending makes up two-thirds of US economic activity, a slowdown in refinancing could have profound effects. 'I've been out of work nine months' So this is the tightrope walk that the Fed must negotiate. On the one hand, Mr Bernanke and his fellow central bankers worry about keeping their foot on the accelerator for too long, potentially leading to higher inflation. But take their foot off too soon and they risk prematurely slamming on the brakes of a fragile US recovery. "Personally, I think it is too soon to taper, because the economic data have been disappointing and inflation is below target," says Mr Gagnon, who is now at the Peterson Institute for International Economics, a think tank in Washington DC. "But I think several members of the committee are nervous about buying so many bonds." Diner patrons Patrons at the Park Wayne diner are mixed on whether or not the US economy is back on track At the Park Wayne Diner, just a few minutes away from the Philps' house, the difficulties of the situation are on full display. Owner John Stoupakis says that business has been good, but not great. "I think the economy is going to be better, but it's not where it's supposed to be - here, business has been off," he says as he surveys his busy, if not bustling, dining room. Diner patron Jerry Eisenberg says he's impatient for the Fed to stop its stimulus efforts. As a retiree, he says low interest rates have hurt his savings. "We could feel a little more freer to spend [if rates were higher]," he says. Park Wayne diner exterior Park Wayne diner owner John Stoupakis says business is good, but not great "To make money on savings, you have to take risks now." But for others, the situation remains grim. "I haven't worked in nine months, I'm looking for anything that will pay me," says 30-year-old Travis Nonn. "If the economy's improving, you can't prove it by me."

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