Please accept our apologies, this is how it's supposed to behave, but there seems to be a bug that's preventing these setting to apply dynamically. I've logged the bug with ID#112210 in our system and we'll fix it as soon as possible. I've updated your Telerik points accordingly.Here's a workaround which performs the renaming:
1) localize the label as Ivan said
2) delete the News page from the Backend pages (all children+Group page)
3) open the SystemConfig and remove the "version" from the news module (this will force the module to reinstall)
4) restart the application and it's there - up and running with the new label
Once again thank you for the patience and kind cooperation in resolving this issue.
the Telerik team