The object of the puzzle is to separate the News into two parts (as can be seen from the join lines in the puzzle in the photo above). While the medieval looking N, S, E and W letters add to the decorative element, they do in fact play a role in the solving of the puzzle.
I spent quite a while on this puzzle trying every trick I knew in the book. I could hear little noises coming from within the puzzle and these sounded like small ball bearings. Despite the shaking and the pulling, nothing seems to work. I even tried the method which opens the YOT puzzle but this didn't work either. After about half a day (not continuous of course), I decided I didn't want to be frustrated anymore and looked at the solution. Lo and behold...the solution required only 3 easy steps to take the puzzle apart; and here, the medieval letters come into play.
Hanayama rates this at Level 6, the most difficult in their scale. Indeed, like most puzzles where you can't see anything from the outside, it is very difficult to solve...but once you learn how to, this puzzle is easy to solve repeatedly. Overall, I think the News is a nice take-anywhere kind of puzzle to buy and keep.