I have created a static front page for this web site using the very easy-to-follow tutorial over at the WordPress Codex.
You just have to create two pages, one called Home, the other News (or similar) and then go to Settings > Reading and set the Front page displays static.
I have also changed my Permalinks to Month and name, so that the year, month and postname are displayed by default, and then I’ve given each of the ‘static’ page URLs a custom Permalink. Nice and easy 