$(document).ready(function() {

      $("#news li").hide().first().show();
      step();

});


function step() {
      var $current = $("#news li:visible").fadeOut();
      if ($current.next().is("li")) {
            $current.next().fadeIn(500);
      } else {
            $("#news li:first").fadeIn(500);
      }
      setTimeout(step, 5000);
}