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1,reading the newspaper is of great benefit to students.这句话觉得有点问题，the newspaper改为newspaper,还有就是这句话不大完整吧我感觉

2，Nowadays the newspaper possesses considerable value. Everybody should read it.

Nowadays the newspaper has a so great value that every person should read it.

对比一下，possesses比has高级一点，considerable比so great高级一点(有一本托福写作上写的，我觉得差不多)

不加a

你第一句的翻译基本上是对的，“匀出一两个小时”可以译为：they should spare one hour or two reading newspaper,"总而言之，看报对学生很有益处"译成这样可能好点：in short，reading newspaper can benefit students in many aspects. 另外我也觉得newspaper不用加the。

第二句话合起来翻译可能好一些，比如：Everyone should read newspaper, since it contains/possesses/embody considerable/substantial value. 另外value是不可数名词，除非用a lot of, a bunch of等词组修饰时才能加a的

个人意见，仅供参考～