I’m going to list the steps below which worked for me:
Step 1) In the Admin Panel create a Page called “Latest News” which will have the slug you want latest-news
.
Step 2) In your Theme Folder create a blank file and save it as page-latest-news.php
. Inside the file, add this:
<?php
$recent = wp_get_recent_posts(array('numberposts' => 1));
$blogID = get_option('page_for_posts');
if(!empty($recent))
wp_redirect(get_permalink($recent[0]->ID) ,307);
else
wp_redirect(get_permalink($blogID), 307);
Step 3) Upload your page-latest-news.php
file and test it out.
I decided to go with 307 redirects because of the Temporary status, which I imagine the latest post will change frequently. Hope it works for you!