Shouldn't it translate into English as: "I am reading a newspaper"? The verb קורא is in the present tense.
אני לומד עברית ומדבר יידיש, כל כך מתי אני קורא ’עיתון’, אני גם חשוב על ’צייטוג' בידייש.
It really varies in spoken Hebrew, but the textbooks I've seen say that the Sephardic Ayin and Aleph are both simply silent characters, though the Ayin is thought to have originally been either a glottal stop or a voiced uvular fricative /ʁ/. There have been many changes over the centuries and different dialects treat it differently. https://en.wikipedia.org/wiki/Ayin#Phonetic_representation