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<!-- pagination on custom post type start-->

    <?php 
      $temp = $wp_query; 
      $wp_query = null; 
      $wp_query = new WP_Query(); 
      $wp_query->query('showposts=6&post_type=news'.'&paged='.$paged); 

      while ($wp_query->have_posts()) : $wp_query->the_post(); 
    ?>

      <!-- LOOP: Usual Post Template Stuff Here-->

    <?php endwhile; ?>

    <nav>
        <?php previous_posts_link('&laquo; Newer') ?>
        <?php next_posts_link('Older &raquo;') ?>
    </nav>

    <?php 
      $wp_query = null; 
      $wp_query = $temp;  // Reset
    ?>

<!-- pagination on custom post type end-->