Basically, there isn't just "news" as in stories -- there's tons of data that's annoying, hard or impossible to find without paying various parties for it and scraping it, which Bloomberg makes available in one place, sorted and sortable and searchable, and possible to import automatically into Excel. Eg., it's the most reliable source of dates, times, and data content for upcoming and past macroeconomic announcements and earnings announcements; you can fetch stock index components with their current weights in the basket; and you can graph all sorts of things against each other using their powerful graphing software.