diff --git a/DESCRIPTION b/DESCRIPTION
index f8fd643a..1ff31853 100644
--- a/DESCRIPTION
+++ b/DESCRIPTION
@@ -1,6 +1,6 @@
 Package: mlr3measures
 Title: Performance Measures for 'mlr3'
-Version: 0.4.1
+Version: 0.5.0
 Authors@R:
     c(person(given = "Michel",
              family = "Lang",
@@ -30,7 +30,7 @@ Suggests:
 Encoding: UTF-8
 Config/testthat/edition: 3
 Roxygen: list(markdown = TRUE)
-RoxygenNote: 7.1.2
+RoxygenNote: 7.2.1
 Collate:
     'assertions.R'
     'bibentries.R'
diff --git a/NEWS.md b/NEWS.md
index c3a13e77..ed1ecf2f 100644
--- a/NEWS.md
+++ b/NEWS.md
@@ -1,3 +1,8 @@
+# mlr3measures 0.5.0
+
+* Added some observation-wise loss functions: `ae()`, `ape()`, `se()`, 
+  `sle()`, and `zero_one()`, 
+
 # mlr3measures 0.4.1
 
 * Calculation of `fbeta` is now more numerically more stable.