Query custom post type based on post id and custom field value

If I understand you correctly, you want a news_region meta_query IN comparison for All or the first letter of the current region post’s title (N, S, E, W)

// get first letter of this region post title
$this_region = substr($post->post_title, 0, 1);
// query news items with news_region All or $this_region
$args = array(
    'post_type' => 'news',
    'meta_query' => array(
        array(
            'key' => 'news_region',
            'value' => array( 'All', $this_region ),
            'compare' => 'IN'
        )
    )
);
$news_posts = new WP_Query( $args );