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Web news items work very much like letter templates. You can enter any amount of text, format that text as you want, and even paste images into the body of the news item. Along the top there are fields for editing the news item's title, dates shown, and effective date.
Page setup options will have no effect on the way that news items are displayed on the website, and some formatting features may not work as expected if they have no HTML equivalent.
To add a hyperlink to a news item, use the 
button. This will create a proper link which will work in the user's browser.