That format was created in Cuba when literacy was much lower than we are accustomed to in today's world. Many could not read a paper, and many more could not afford one anyway. So the "diario hablado" or "spoken daily paper" was a mainstay of many Latin American radio stations in mornings and afternoons.
What I liked about the format was that they would have two anchors, and each would read a one minute story, then give the time with the audio "logo" and then the other announcer would read the next story. It was a fast-paced system, and quite exhausting for in the announcers.
The Cuban version today is nowhere nearly as dynamic as the original incarnation was. And, of course, the cheap digital watch and the improved literacy across Latin America did that system in.
But the morning news block is still popular, but tends to be more a magazine format with news, commentary, weather, even listener reaction all some of the ingredients. At Emmis' Radio 10 in Buenos Aires in 1999 we had a morning staff of nearly 50 people just for the "First Morning" (6 to 9 AM) which even had a staff comedian who would do an hourly parody of some news event.