I set all my category parameters to specific settings, e.g. hide date and time created etc. However upon saving it, they still do not reflect these settings on my live website. I've tried template override without success either. Any advise on this issue please?

Make sure that that category is not inheriting its settings from another category.
Also if it belongs to a menu item which points towards multiple categories, then the menu item's settings will be respected instead.

Right, all my settings are set correctly in the 'News' category, so when I post an item I ensure it is in 'News' Category and in the 'item view options in category listings' is set to inherit from category. So ideally it's supposed to inherit from 'News' category right? But it's still not working...

Browse this page with the default template to ensure that it is not hardcoded in the template.
To browse it with the default template add ?template=system (&templat... if you are not using SEF) to verify this.