Select 'List' in the left hand menu and the folder in the page tree.
To see translation options, make sure that the check-box 'Localization view' below the news-listing, is checked. (img. 7.2.1)
On the right hand side of the news items, a flag for each language is visible. Click the flag to create a translation-copy. Replace the default text with translated text. Unhide if news item is hidden, then save and close. (img. 7.2.2)
The translated item will now appear below default item. (img. 7.2.3)