This is the news item in full. News items are added in the Posts section. To get it to appear in the panel on the Home Page you just assign it to the ‘News’ category. You’ll find the categories listed to the right of the main text editing area.
The news item can be as long as you want of course. The bit that shows on the Home Page can be added in the excerpt section below (beneath the layout settings). If the excerpt panel isn’t visible, you may need to switch it n in the Screen Options section at the top of the page.
Once the news is done with, you can change the category to News Archive. It will then appear in the News Archive, which is accessible from the Information menu tab. Items can appear in both News and the News Archive at the same time.
If you don’t want it to appear at all, but don;t want to delete it, you can move it to the Old News category.