The API is open for everyone. If you want a feed with each and every post from your friends and the pages you follow, you can build one yourself.

Why can't you sort news by "newest first" then?

Either this options has become very well hidden, either it has totally disapeared. Either way, I cannot find it.

Also, don't forget that this didn't actually show all of the news. Just the news that passed the timeline algorithms in the chronological order (instead of just putting them all over the place). That's why nobody complained when it got removed, it just wasn't doing what it was supposed to do when it was there.