Latest news of happy times (7)
I believe the answer is:
updates
'latest news' is the definition.
(up to date information)
'happy times' is the wordplay.
'happy' becomes 'up' (I've seen this in other clues).
'times' becomes 'dates' (date is a kind of time).
'up'+'dates'='UPDATES'
'of' acts as a link.
(Other definitions for updates that I've seen before include "Fresh bulletins" , "Brings to current status" , "Moves with the times" , "New versions" , "latest reports" .)