Wordpress template alterations

On this page http:// www . beanstalktelesales . co . uk / news / (remove the spaces) We need the post shortening to 1 paragraph with an HR between each post. We then need a 'read more' link under each post linking to an individual page for the post. Also on the homepage of this site there's a section where the latest news article should be displayed, I have some code for this already but it needs fixing and adapting.