Take a look at NewsTin (www.newstin.com), a relatively new site aggregating news from multiple sources and languages. Currently Newstin features content in Arabic, Chinese, German, French, Spanish, Portuguese, Italian, Russian and Czech.
Newstin organizes information into various topical categories (Top Stories, World, Sports, Business, Politics, Tech, Entertainment), and it allows users to search by keywords as well. Nifty features include the ability to search and read information from other languages (see: http://www.newstin.com/info/crosslinguality_help for more information), as well as featuring a large source list and advanced features such as duplicate detection, so readers won't encounter the same press release multiple times.
I'll be testing the service out in depth over the next few weeks; I think this could be a valuable tool for the individual user, as well as corporate users in PR or media monitoring.