The H in "ha," of course, is silent; the A in "ha" and the U in "un" are elided -- so that, to my American ears, it sounds like "lay-on-jore-nah-lay." Just listen closely: Native speakers run vowel sounds together like this all the time, and you're SPOHSTAH (i.e., "supposed to") know that.
In Italian, the formal/polite singular "you" is Lei (with a capital L) and the formal/polite plural "you" is Loro (with a capital L). They also take the 3rd person verb conjugations.
So without any context,
Lei ha un giornale could just as easily be "She has a newspaper" or "You have a newspaper".